G M BREWERIES LTD

G M Breweries manufactures and sells Country Liquor, operating entirely in that single segment for FY26. Revenue stood at Rs 2,976.57 crore with a net profit of Rs 156.83 crore and an EBITDA margin of 7.087%. The cost structure is unusual: materials account for 17.2% of revenue and employees for just 0.4%, while 'other opex' runs at 76.3% of revenue, which in the Indian liquor industry typically reflects state excise duties and related statutory levies that pass through the P&L. Depreciation is 0.2% and capex is shown at 0.0% of revenue. The company has floated a wholly-owned subsidiary, Buildfort Infra Dev Private Limited, with Rs 1 Lakh of initial capital to explore real estate, but the subsidiary has not commenced business and had no transactions in the reporting period. The board declared a Rs 9 per share final dividend (90% on face value) for FY26, which the chairman noted was achieved despite high raw and packing material costs.