BSE: 523309
SHRI GANG INDUSTRIES AND ALLIE
Bottles Indian Made Foreign Liquor (IMFL) and country liquor at its Sandila plant in Uttar Pradesh, generating revenue of Rs 402.34 crore in FY26. Liquor operations accounted for Rs 401.91 crore of FY26 revenue, while edible oil operations contributed negligibly and remained loss-making at the EBIT level. A contract manufacturing tie-up with Diageo-owned United Spirits supplied 2.9 million IMFL cases worth Rs 236 crore, about 64% of FY26 revenue. Own brands Golden Cascade and Bulldozer in the UPML segment saw volumes rise 36% year-on-year to 141,000 cases. A 5-year lease and manufacturing agreement with Tilaknagar Industries, effective April 2026, covers bottling of Tilaknagar's IMFL brands, with a Letter of Intent for 2 lakh cases per month. Current bottling capacity is 5.6 million cases, with stated plans to expand to 10 million cases. Raw materials — primarily extra neutral alcohol and inputs — are the biggest cost at 67.6% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Liquor Operations (100%), Edible Oil Operations (0%). Cyclical, regulated alco-bev contract bottler concentrated in Uttar Pradesh.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 80 | 139 | 289 | 353 | 402 |
| EBITDA (ex other income) | 8 | 18 | 34 | 48 | 36 |
| margin % | 10.0 | 12.9 | 11.8 | 13.7 | 9.0 |
| Owners' profit | 6 | 13 | 15 | 29 | 19 |
| EPS, as reported (₹) | 7.07 | 8.65 | 8.25 | 16.36 | 10.06 |
| ROE % · ROCE % | (8.3) · (18.4) | (29.4) · 31.9 | (49.4) · 42.1 | 276.5 · 44.6 | 36.1 · 28.9 |
| Debt / equity (x) | (1.93) | (2.80) | (4.26) | 8.03 | 0.96 |
| Cash from operations | 16 | 13 | 14 | 45 | 26 |
| Capex | (46) | (26) | (7) | (6) | (5) |
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 | 106 | 100 | 63 | 86 | 88 | 124 | 105 | 112 |
| Profit before tax | 18 | 11 | 2 | 1 | 2 | 19 | 3 | 3 |
| Net profit | 18 | 10 | (1) | 1 | 2 | 14 | 2 | 2 |
| EPS (₹) | 10.05 | 5.78 | 0.78 | 0.53 | 0.94 | 7.49 | 1.01 | 1.01 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Edible Oil Operations | 0 | 0.0 |
| Liquor Operations | 105 | 26.1 |
| Edible Oils operations | 0 | 0.0 |
| Liquor operations | 209 | 52.0 |
| Edible Oils Operations | 0 | 0.1 |
| Liquor Operation | 88 | 21.8 |
| Total, before eliminations | 402 | 100.0 |
Exhibit 4: 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 | 1,02,805 | 54.5 | 11.34 | 44.6 | 9.8 | 9.8 | 0.3 | 9.2 |
| RADICO KHAITAN LTD | 60,497 | 75.9 | 16.48 | 59.5 | 12.6 | 15.4 | 15.1 | 6.4 |
| UNITED BREWERIES LTD | 31,450 | 64.9 | 6.89 | 39.9 | 6.6 | 7.9 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,831 | 86.9 | 11.96 | 38.5 | 6.9 | 7.8 | — | 6.7 |
| TILAKNAGAR INDUSTRIES LTD | 12,016 | — | 3.98 | 33.6 | — | — | 29.9 | 6.8 |
| PICCADILY AGRO INDUSTRI L | 5,737 | 40.5 | 6.37 | 26.8 | 15.3 | 17.5 | 18.3 | 16.2 |
| GLOBUS SPIRITS LTD | 2,170 | 21.7 | 1.66 | 10.3 | 3.1 | 3.7 | 16.7 | 5.5 |
| INDIA GLYCOLS LTD | 1,976 | 6.0 | 0.67 | 5.4 | 10.0 | 7.3 | 12.6 | 5.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.8 | 26.2 | 1 of 20 | 100% |
| P/B | 2.1 | 2.0 | 14 of 25 | 46% |
| ROCE | 23.4 | 2.4 | 1 of 25 | 100% |
| ROE | 36.1 | 4.3 | 1 of 24 | 100% |
| Debt / Equity | 1.0 | 0.5 | 21 of 25 | 17% |
| EBITDA margin | 4.5 | 5.7 | 16 of 24 | 35% |
| Revenue growth | 31.2 | 12.5 | 7 of 22 | 71% |
| Profit growth | 115.1 | 13.0 | 4 of 24 | 87% |
| Market cap | 106 | 720 | 21 of 26 | 20% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · BSE has no objection to four promoters becoming public shareholders | ownership changes | medium | — | — |
| 23 Oct 2026 · Promoter converts warrants into 269,360 equity shares | fund raising | medium | — | — |
| 7 Oct 2026 · Quarterly dematerialization compliance certificate filed with BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 27 Sept 2026 · Scrutinizer report on 37th AGM, all 4 resolutions passed | compliance | minimal | — | — |
| 26 Sept 2026 · 37th AGM held; 4 items transacted including FCW object change and COO pay hike | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Notice published in newspapers for proposed share transfer | compliance | minimal | — | — |
| 5 Sept 2026 · Intimation of 37th AGM notice publication and e-voting details | compliance | minimal | — | — |
| 3 Sept 2026 · Intimation of 37th AGM and Annual Report for FY 2025-26 | compliance | minimal | — | — |
| 3 Sept 2026 · Shri Gang Industries submits FY25-26 Annual Report to BSE | compliance | medium | — | — |
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.