GLOBUS SPIRITS LTD

Operates a distillery-led spirits business split into three segments: bulk alcohol manufacturing, premium branded spirits under Prestige & Above (P&A), and mass-market branded spirits under Regular & Others (R&O). Manufacturing produces Extra Neutral Alcohol (ENA) and ethanol with installed capacity of about 334 mn litres; Q1 FY27 ran at 89% capacity utilisation with 56.11 mn litres of sales volume and EBITDA per litre of INR 6.5-6.6, supplying fuel blenders for India's ethanol blending programme and industrial buyers. The P&A consumer segment sells premium brands including Terai, Snoski and Brothers & Co; Q1 FY27 revenue grew 35% YoY to INR 550 mn on 0.42 mn cases sold. The R&O consumer segment sells mass-market liquor through state retail networks; Q1 FY27 revenue rose 10% YoY to INR 2,564 mn on 4.48 mn cases, with Uttar Pradesh emerging as the structural growth engine at 0.2 mn cases per month. Material inputs are the largest cost line at 50.9% of FY26 revenue, driven by agricultural feedstock (molasses and grain) plus glass and PET packaging that has seen 10-17% inflation. Net debt stood at INR 650 cr in Q1 FY27, down from INR 660 cr at March-end 2026, and CARE Ratings has reaffirmed A+ Stable on the long-term bank facilities.