Globus Spirits Q2 FY27 results: net profit down 64.5% to ₹14.02 crore, revenue down 39.7%

How did Globus Spirits perform in Q2 FY27?

Globus Spirits reported consolidated revenue of ₹1,099 crore in Q2 FY27, down ₹724.41 crore or 39.7% from Q2 FY26. EBITDA fell ₹56.66 crore or 48.5% to ₹60.18 crore, and the EBITDA margin declined 0.9 percentage points to 5.5%. Net profit was ₹14.02 crore, down ₹25.48 crore or 64.5%, and basic EPS was ₹4.64.

Against Q1 FY27, consolidated revenue fell ₹52.95 crore or 4.6% to ₹1,099 crore. EBITDA declined 22.4% to ₹60.18 crore, while the margin fell 1.2 percentage points to 5.5%. Profit before tax was ₹19.25 crore, down 48.2%, and net profit fell 47.1% to ₹14.02 crore; basic EPS fell 49.2% to ₹4.64.

The company also reported standalone revenue of ₹1,098.93 crore and standalone profit after tax of ₹14.92 crore for the quarter. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, with the independent auditor reporting no material misstatement identified during its review.

What changed in Globus Spirits' costs and profit?

Total expenses fell ₹696.41 crore or 39.2% from Q2 FY26 to ₹1,082 crore, but declined less than revenue. Cost of materials consumed fell ₹425.84 crore or 45.8% to ₹503.14 crore, other expenses fell ₹237.01 crore or 32.7% to ₹488.85 crore, employee cost fell ₹18.13 crore to ₹36.31 crore, finance costs fell ₹11.77 crore to ₹16.57 crore, and depreciation fell ₹16.88 crore to ₹26.97 crore.

Other income fell ₹1.97 crore or 38.4% to ₹3.16 crore, while tax expense fell ₹3.30 crore or 38.6% to ₹5.24 crore. The quarter included an exceptional charge of ₹0.55 crore; no exceptional item was reported in Q2 FY26. The filing does not state reasons for the year-on-year movements in these cost lines.

Against Q1 FY27, total expenses fell 3.1% to ₹1,082 crore. Other expenses declined ₹25.17 crore and cost of materials consumed fell ₹6.16 crore, while employee cost rose ₹5.52 crore, finance costs rose ₹0.91 crore and depreciation rose ₹0.53 crore. Other income increased ₹1.42 crore, tax fell ₹4.62 crore and there was no exceptional item in Q1 FY27.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹2,388.25 crore, compared with ₹2,248.51 crore as of 31 March 2026. Total equity rose to ₹1,306.11 crore from ₹1,089.24 crore, while borrowings fell to ₹357.0 crore from ₹515.08 crore and cash increased to ₹19.39 crore from ₹10.41 crore.

Inventories declined to ₹264.51 crore from ₹286.65 crore, while trade receivables rose to ₹458.75 crore from ₹321.37 crore. Trade payables increased to ₹298.72 crore from ₹244.38 crore. Management said the ₹200 crore QIP during the quarter enabled debt reduction and strengthened the balance sheet.

H1 FY27 operating cash flow was ₹139.19 crore, compared with ₹268.23 crore in H1 FY26. Investing cash flow was an outflow of ₹106.89 crore, compared with an outflow of ₹147.12 crore, and financing cash flow was an outflow of ₹23.32 crore, compared with an outflow of ₹106.17 crore. Capital expenditure was ₹0.00 crore in H1 FY27, against ₹124.45 crore in H1 FY26.

How has Globus Spirits done over the last 8 quarters?

Revenue reached its highest point in the available series at ₹1,823.34 crore in Q2 FY26 and its lowest at ₹851.08 crore in Q4 FY26. It recovered to ₹1,151.88 crore in Q1 FY27 before easing to ₹1,098.93 crore in Q2 FY27, indicating a lower revenue direction in the latest quarter.

Net profit bottomed at ₹0.41 crore in Q3 FY25 and peaked at ₹39.5 crore in Q2 FY26. It was ₹26.48 crore in Q1 FY27 and fell to ₹14.02 crore in Q2 FY27, so profit has moved lower from the year-ago peak and the previous quarter.

The EBITDA margin rose from 3.4% in Q3 FY25 to a peak of 8.0% in Q3 FY26, eased to 6.7% in Q1 FY27 and fell to 5.5% in Q2 FY27. The latest quarter therefore shows lower revenue, profit and margin than Q1 FY27, although revenue remained above the lows recorded in the earlier series.

What else did the company announce?

On 30 October 2026, the board approved the unaudited standalone and consolidated financial results for Q2 and H1 FY27, along with the limited review report of the auditors. The same-day investor presentation was released to investors and analysts; its headline stated that Q2 revenue was up 15% but profit after tax was down 36%.

The earlier board notice filed on 5 October 2026 said the board would consider the standalone and consolidated results for the quarter and half year ended 30 September 2026. It also stated that the trading window, closed since 1 October 2026, would remain closed for directors and senior employees until 3 November 2026 and reopen on 4 November 2026.

The earnings presentation stated that the company had completed a ₹200 crore QIP during the quarter. No dividend decision, appointment or other fund-raise approval beyond the disclosed QIP was stated in the same-day result filing.

What did Globus Spirits' management say?

Management maintained annual manufacturing EBITDA guidance at ₹5-7 per litre and reiterated R&O EBITDA margin guidance of 16-18%. It expected overall consumer margins of 15-18% in the near term, said manufacturing utilisation was recently 80-85%, and expected utilisation to be meaningfully higher in FY27 as grain-based ethanol demand rises.

Management said Q2 manufacturing faced grain, fuel and maintenance pressure, with EBITDA per litre at ₹4.6. It was hopeful of higher H2 FY27 manufacturing realisations and EBITDA as grain prices cool after the festive-season harvest, but said actual allocations, offtake and input prices would determine the outcome.

Management identified excess industry ethanol and ENA capacity as a price risk despite demand growth. It also said grain, fuel and packaging inflation could compress manufacturing and R&O margins, while higher trade receivables reduced H1 operating cash flow. CEO Shekhar Swarup said: “At this point, do I want more profitability or do I want more growth? I would pick growth.”

How did Globus Spirits shares react?

After the filing appeared, the stock was down 4.1% after five minutes, down 7.9% after 15 minutes and down 5.8% after 30 minutes. From the previous close of ₹734.9, it closed the reaction session down 7.6% at the filing price of ₹720.65; the industry median move was down 1.6%.

By the next day's close, the stock was down 9.0% from its pre-results close, while the Breweries & Distilleries median was down 1.0%. It underperformed the industry by 7.9 percentage points over that period, against an excess-sector move of 6.0 percentage points on the reaction day. No five-day reaction was available.

Earlier results-day moves were mixed: down 5.9% on 17 July 2026, down 12.0% on 7 May 2026, down 4.4% on 9 January 2026 and up 7.4% on 12 November 2025. The remaining listed reactions were down 4.7%, down 2.1%, up 5.4% and down 10.6%, respectively.

How did other Breweries & Distilleries companies do?

Six other Breweries & Distilleries companies had filed for the quarter as of 6 November 2026. Their median revenue growth was 2.1%; two peers grew more slowly than Globus Spirits and four grew faster. Five peers reported higher profit, based on a comparison with seven peers.