Globus Spirits LimitedQ1 FY27 Results & Financial Update
Globus Spirits Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,151.88 Cr, PAT ₹26.48 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Globus Spirits Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit before tax was ₹37.18 Cr for the reported quarter. EPS was ₹9.13 for the reported quarter.
Globus Spirits reported Q1 FY27 revenue from operations of INR 7,888 million, representing a year-on-year growth of 13%. EBITDA grew 33% year-on-year to INR 795 million with an overall EBITDA margin of 10%, while PAT grew 49% year-on-year to INR 276 million with a PAT margin of 4%.
The manufacturing segment grew 11% year-on-year to INR 4,720 million, with sales volume standing at 56.11 million litres and capacity utilization reaching a record 89%, supported by strong ENA demand and flexible product capabilities between ENA and ethanol.
Prestige & Above (P&A) revenue grew 35% year-on-year and 38% sequentially to INR 550 million on volume growth of 45% year-on-year to 0.42 million cases, while Regular & Others (R&O) revenue grew 10% year-on-year to INR 2,564 million with volumes up 13% to 4.48 million cases.
Profit after tax was ₹26.48 Cr for the reported quarter. EPS was ₹9.13 for the reported quarter.
01 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,151.88 Cr |
| Total income | ₹1,153.62 Cr |
| Profit before tax | ₹37.18 Cr |
| Profit after tax | ₹26.48 Cr |
| EPS | ₹9.13 |
02 · Why it moved
Why the quarter looked the way it did
What drove margins
Management maintained its all-India manufacturing EBITDA margin guidance of INR 5 to INR 7 per litre, supported by fixed-price raw material cover from FCI and targeted maize hedging.
As Uttar Pradesh scales up at a lower price point and margin profile compared to Rajasthan, overall R&O EBITDA margins are expected to normalize toward the 15% to 17% band.
03 · Demand, customers & order book
Where demand is coming from
Industry ethanol offtake remains very sticky, growing year-on-year at about 7.5%, with ENA supply successfully placed across domestic and international markets leveraging firm overseas prices.
Uttar Pradesh R&O volumes exceeded an exit run rate of 0.2 million cases per month exiting the quarter in a massive market sized at approximately 0.95 million cases a month.
04 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
Final regulatory approvals for R&O entry in West Bengal are expected within the quarter, with plans to re-enter the market within 60 days of receipt.
Haryana is being maintained as a modest growth state through portfolio upgrades and elimination of legacy lines, while Delhi is being re-entered following a tender-driven process.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Overall capacity utilization reached 89% during the quarter, with the UP facility operating at over 90% utilization across its molasses and grain capabilities.
Apart from annual maintenance capex guided at INR 50-60 crores, the company has no plans to increase ENA/ethanol capacity beyond current installed levels of approximately 334 million litres through the FY29 strategy horizon.
06 · Reported developments
What changed operationally
Uttar Pradesh R&O volumes grew 2.4 times year-on-year, crossing 0.2 million cases per month during the quarter, underpinned by local manufacturing presence and distribution capability.
Growth in the Prestige and Above segment was broad-based across states, supported by stronger traction in brands such as Terai, Snoski, and Brothers & Co., moving away from dependence on a single brand or market.
Newer market entries in Assam and Jharkhand are providing positive energy, with high levels of consumer and trade partner acceptance and strong initial engagement.
07 · Pressure points & risks
What is not going smoothly
The Prestige & Above segment recorded a negative EBITDA of INR 13 million for the quarter as investments were directed toward distribution, brand visibility, and market development.
The business experienced mid-teen double-digit cost-push inflation in glass and PET packaging (moving between 10% and 16%-17% depending on the brand and pack), which management expects to persist.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net debt stood unchanged at approximately INR 650 crores as of June 2026 compared to INR 660 crores in March 2026, alongside an improved interest coverage ratio of 3.14x and a current ratio of 1.01x.
The P&A business continues to be entirely self-funded from free cash flows generated by the manufacturing and R&O businesses, keeping balance sheet discipline intact.
09 · Management guidance & targets
What management is targeting from here
Management reaffirmed its guidance for manufacturing margins to remain range-bound within INR 5 to INR 7 per litre for the remainder of FY27.
The company aims to expand its total operational presence to 11 states, scaling core markets from 5 toward a target of 10 core states over the next couple of years.
10 · Management call deep dive
What management said on the conference call
Operating takeaways
12 key pointsFinal regulatory approvals for R&O entry in West Bengal are expected within the quarter, with plans to re-enter the market within 60 days of receipt.
Haryana is being maintained as a modest growth state through portfolio upgrades and elimination of legacy lines, while Delhi is being re-entered following a tender-driven process.
Industry ethanol offtake remains very sticky, growing year-on-year at about 7.5%, with ENA supply successfully placed across domestic and international markets leveraging firm overseas prices.
Uttar Pradesh R&O volumes exceeded an exit run rate of 0.2 million cases per month exiting the quarter in a massive market sized at approximately 0.95 million cases a month.
Overall capacity utilization reached 89% during the quarter, with the UP facility operating at over 90% utilization across its molasses and grain capabilities.
Apart from annual maintenance capex guided at INR 50-60 crores, the company has no plans to increase ENA/ethanol capacity beyond current installed levels of approximately 334 million litres through the FY29 strategy horizon.
Management maintained its all-India manufacturing EBITDA margin guidance of INR 5 to INR 7 per litre, supported by fixed-price raw material cover from FCI and targeted maize hedging.
As Uttar Pradesh scales up at a lower price point and margin profile compared to Rajasthan, overall R&O EBITDA margins are expected to normalize toward the 15% to 17% band.
Net debt stood unchanged at approximately INR 650 crores as of June 2026 compared to INR 660 crores in March 2026, alongside an improved interest coverage ratio of 3.14x and a current ratio of 1.01x.
The P&A business continues to be entirely self-funded from free cash flows generated by the manufacturing and R&O businesses, keeping balance sheet discipline intact.
Management reaffirmed its guidance for manufacturing margins to remain range-bound within INR 5 to INR 7 per litre for the remainder of FY27.
The company aims to expand its total operational presence to 11 states, scaling core markets from 5 toward a target of 10 core states over the next couple of years.
Important analyst Q&A
4 key pointsResponding to Abneesh Roy on ethanol trends, Shekhar Swarup stated that while cooking fuel adoption via canisters faces distribution hurdles in India, E20 petrol blending remains the primary sticky demand driver growing at 7%-7.5%, insulated from recent social media ambiguity regarding engine damage.
Addressing Nitin Awasthi on the UK FTA, Paramjit Singh Gill noted it represents a potential tailwind, though actual transformation on paper requires time depending on base price adjustments by overseas partners and potential FX movements.
In reply to Himanshu Shah, Nilanjan Sarkar confirmed that net debt stood at INR 650 crores at the end of June 2026, slightly down from INR 660 crores in March 2026.
Clarifying for Tarang Agrawal, Paramjit Singh Gill stated that the West Bengal IMIL market is sizable at approximately 2.5 to 2.7 million cases a month, making it slightly smaller than Rajasthan and Haryana individually.
11 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit before tax was ₹37.18 Cr for the reported quarter. EPS was ₹9.13 for the reported quarter.
What drove revenue or demand?
Industry ethanol offtake remains very sticky, growing year-on-year at about 7.5%, with ENA supply successfully placed across domestic and international markets leveraging firm overseas prices.
What mattered most for margins or profitability?
Management maintained its all-India manufacturing EBITDA margin guidance of INR 5 to INR 7 per litre, supported by fixed-price raw material cover from FCI and targeted maize hedging.
What changed operationally beyond the headline numbers?
Overall capacity utilization reached 89% during the quarter, with the UP facility operating at over 90% utilization across its molasses and grain capabilities.
What is management guiding or targeting from here?
Management reaffirmed its guidance for manufacturing margins to remain range-bound within INR 5 to INR 7 per litre for the remainder of FY27.
What are the main pressure points disclosed for the quarter?
The Prestige & Above segment recorded a negative EBITDA of INR 13 million for the quarter as investments were directed toward distribution, brand visibility, and market development.
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