NSE: SDBL · BSE: 507514
SOM DIST & BREW LTD
Manufactures alcoholic beverages under the breweries and distilleries classification, with FY26 consolidated revenue of ₹2,301.67 crore and standalone revenue of ₹82,822 lakh. The cost structure is dominated by materials at 34.9% of revenue and other operating expenses at 58.8%, while employee costs are just 2.2%. Capital expenditure stood at 13.7% of revenue in FY26. Operations at the Bhopal plant have been temporarily suspended after the Madhya Pradesh Excise Department rejected the plant's excise licence application for FY 2026-27, and Infomerics downgraded the credit rating to BBB from BBB+ on long-term and A3+ from A2 on short-term. Consolidated net profit came in at ₹10.36 crore for FY26. The company is pursuing legal remedies to restore the Bhopal licence and has been filing regular compliance disclosures with the exchanges. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Alcoholic beverages (breweries and distilleries). Asset-heavy, regulated brewery and distillery with FY26 consolidated revenue of ₹2,301.67 crore.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 654 | 1,498 | 2,464 | 2,831 | 2,302 |
| EBITDA (ex other income) | 17 | 102 | 149 | 176 | 74 |
| margin % | 2.6 | 6.8 | 6.1 | 6.2 | 3.2 |
| Owners' profit | (10) | 60 | 86 | 0 | 9 |
| EPS, as reported (₹) | (1.45) | 8.47 | 11.22 | 5.28 | 0.49 |
| ROE % · ROCE % | (3.4) · 0.7 | 16.1 · 14.5 | 14.6 · 18.1 | 13.3 · 17.3 | 1.3 · 4.6 |
| Debt / equity (x) | 0.68 | 0.65 | 0.28 | 0.22 | 0.26 |
| Cash from operations | 10 | 14 | 98 | 42 | 211 |
| Capex | (7) | (99) | (106) | (101) | (316) |
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 | 573 | 562 | 683 | 885 | 476 | 483 | 458 | 609 |
| Profit before tax | 26 | 29 | 32 | 58 | 27 | 7 | (71) | 2 |
| Net profit | 19 | 22 | 24 | 42 | 20 | 5 | (57) | 2 |
| EPS (₹) | 0.96 | 1.10 | 1.15 | 2.02 | 0.94 | 0.26 | (2.75) | 0.08 |
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/B | 1.8 | 1.9 | 12 of 25 | 54% |
| ROCE | 2.4 | 3.7 | 15 of 26 | 44% |
| ROE | 1.3 | 5.6 | 15 of 25 | 42% |
| Debt / Equity | 0.3 | 0.5 | 8 of 25 | 71% |
| EBITDA margin | 2.5 | 6.4 | 17 of 23 | 27% |
| Revenue growth | (31.1) | 10.2 | 21 of 22 | 5% |
| Profit growth | (96.3) | 6.1 | 22 of 23 | 5% |
| Market cap | 1502 | 726 | 10 of 26 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Quarterly Compliance Certificate for Dematerialisation Submitted | compliance | minimal | — | — |
| 30 Sept 2026 · 33rd AGM results: All 4 resolutions passed, warrants issue to promoters approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 33rd AGM held via video conferencing; key resolutions passed | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Court orders renewal of excise licences; Som Distilleries can resume Bhopal operations | regulatory legal | high | — | — |
| 26 Sept 2026 · MP High Court orders renewal of Som Distilleries excise licences | regulatory legal | high | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Revised notice of 33rd AGM on Sept 29, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Newspaper publication of corrigendum to AGM notice | compliance | minimal | — | — |
| 21 Sept 2026 · Corrigendum to AGM Notice on Promoter Warrant Conversion Issue | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Monthly demat and remat compliance certificate for August 2026 | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.