NSE: GLOBUSSPR · BSE: 533104
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (ENA / ethanol), Prestige & Above (P&A), Regular & Others (R&O). Asset-heavy integrated distiller with both B2B bulk alcohol (ENA/ethanol) and B2C branded spirits in the Indian alco-bev market.
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,267 | 1,672 | 3,147 | 3,519 | 3,613 |
| EBITDA (ex other income) | 125 | 255 | 169 | 151 | 258 |
| margin % | 9.8 | 15.2 | 5.4 | 4.3 | 7.2 |
| Owners' profit | 50 | 141 | 96 | 23 | 92 |
| EPS, as reported (₹) | 17.33 | 48.90 | 33.32 | 7.59 | 31.70 |
| ROE % · ROCE % | 11.1 · 14.7 | 24.1 · 29.2 | 9.9 · 10.1 | 2.2 · 6.3 | 8.4 · 12.6 |
| Debt / equity (x) | 0.31 | 0.23 | 0.33 | 0.52 | 0.47 |
| Cash from operations | — | — | 170 | 67 | 268 |
| Capex | — | — | (176) | (208) | (191) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 875 | 883 | 875 | 952 | 1,823 | 938 | 851 | 1,152 |
| Profit before tax | 2 | 1 | 9 | 23 | 50 | 42 | 30 | 37 |
| Net profit | 1 | 0 | 5 | 18 | 39 | 30 | 21 | 26 |
| EPS (₹) | 0.45 | 0.14 | 1.70 | 6.16 | 13.74 | 10.59 | 7.37 | 9.14 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 89,211 | 46.4 | 9.96 | 33.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 55,582 | 66.6 | 16.76 | 54.9 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 31,387 | 79.3 | 6.93 | 35.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,588 | 89.4 | 11.62 | 36.5 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,448 | — | 4.17 | 68.1 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,604 | 39.6 | 6.22 | 25.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,209 | 6.7 | 0.75 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD ◆ | 2,143 | 18.1 | 1.97 | 9.8 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.1 | 31.2 | 8 of 21 | 65% |
| P/B | 2.0 | 1.9 | 14 of 25 | 46% |
| ROCE | 8.5 | 3.7 | 11 of 26 | 60% |
| ROE | 8.4 | 5.6 | 12 of 25 | 54% |
| Debt / Equity | 0.5 | 0.5 | 11 of 25 | 58% |
| EBITDA margin | 6.9 | 6.4 | 8 of 23 | 68% |
| Revenue growth | 21.1 | 10.2 | 7 of 22 | 71% |
| Profit growth | 49.7 | 6.1 | 5 of 23 | 82% |
| Market cap | 2143 | 726 | 8 of 26 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Conference call on 30 Oct 2026 to discuss Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 and H1 results | results | low | — | — |
| 25 Sept 2026 · Globus Spirits to meet Ambit Investment Advisors on Sep 30 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Globus Spirits to meet institutional investors on Sept 29, 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Schedule of analyst/investor meeting with HDFC Securities on Sept 28 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · AGM results: Rs 6.53 dividend cleared, executive pay resolutions see dissent | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · AGM Scrutinizer Report: All 9 Resolutions Passed, Dividend of Rs 6.53 Approved | compliance | minimal | — | — |
| 15 Sept 2026 · Globus Spirits 33rd AGM held; FY26 dividend of Rs 6.53/share proposed | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Corrigendum to Annual Report FY 2025-26: UDIN number corrections | general | low | — | — |
| 9 Sept 2026 · Globus Spirits to meet institutional investors on September 15 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.