Globus Spirits LimitedQ2 FY27 Results & Financial Update
Globus Spirits Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,098.93 Cr, PAT ₹14.02 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 Q2 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
Globus Spirits reported consolidated revenue from operations of INR 1,098.93 crore for the second quarter of fiscal 2027, representing a sequential contraction of 4.60% compared to INR 1,151.88 crore registered in the preceding quarter ended June 30, 2026.
Profitability faced notable sequential headwinds during the quarter under review. Profit before tax (PBT) stood at INR 19.25 crore, down 48.22% from INR 37.18 crore in Q1 FY27, while profit after tax (PAT) contracted by 47.07% sequentially to INR 14.02 crore from INR 26.48 crore.
Earnings per share (EPS) for Q2 FY27 dropped to INR 4.64 compared to INR 9.13 in the previous quarter. The sequential decline in operating profitability was primarily attributed to seasonal factors affecting volumes in the regular consumer segment, alongside shifting cost structures in the manufacturing division.
Standalone financial highlights disclosed in the company's investor presentation indicate net revenue from operations of INR 762.40 crore for Q2 FY27, marking a 15% year-on-year increase from INR 660.60 crore in Q2 FY26, though down 3% sequentially from INR 7,888.00 crore in Q1 FY27.
Standalone EBITDA for the quarter was reported at INR 638.00 crore, reflecting a modest 2% year-on-year rise over INR 626.00 crore in the corresponding period of the previous year, but a 20% decline sequentially from INR 795.00 crore in Q1 FY27.
Standalone profit after tax for Q2 FY27 stood at INR 149.00 crore, down 36% compared to INR 233.00 crore in Q2 FY26 and 46% lower than INR 276.00 crore in Q1 FY27, impacted by higher depreciation charges associated with Uttar Pradesh operations and elevated employee expenses.
The company's balance sheet adjustments during the period reflect capital deployment from a Qualified Institutional Placement (QIP), resulting in a reduction of long-term borrowings and an increase in treasury investments, positioning the firm for lower interest outflows in subsequent quarters.
01 · Business model
What does Globus Spirits do?
Globus Spirits Limited is an integrated Indian alcoholic beverages enterprise operating across the entire value chain from grain to consumer-facing spirits. The company's business model rests on two interconnected pillars: a high-margin manufacturing segment that supplies Extra Neutral Alcohol (ENA), ethanol, and by-products such as animal feed and corn oil, alongside a consumer division spanning value, premium, and luxury brands.
The consumer portfolio is organized into distinct categories including Regular & Others, Prestige & Above, and Luxury market makers. Core brands anchor scale and cash generation across key consumption geographies, while premium labels like TERAI Gin, Snoski, Brothers & Co., and recently introduced offerings like Dwaar Indian Craft Whisky drive portfolio premiumization.
Manufacturing infrastructure comprises multiple state-of-the-art distillation units located across strategic states including Haryana, Rajasthan, West Bengal, Jharkhand, Bihar, and Uttar Pradesh, providing deep supply security, operational flexibility, and robust route-to-market support.
Geographically, the company maintains a footprint spanning thirteen states and union territories, leveraging regulatory frameworks and direct institutional relationships to scale its consumer brands and service regional demand for industrial and potable alcohol.
02 · Historical context
What shaped the business before this quarter
The contribution of the Prestige & Above category within the consumer revenue mix expanded from approximately 6% in FY24 to approximately 19% by H1 FY27.
The company completed a QIP raising INR 200 crore during the period leading up to September 2026, which facilitated a net reduction of INR 155 crore in term loans.
Globus Spirits improved its ESG score from 50 in the previous assessment period to 59 out of 100 in FY2026, bringing it closer to the 'Strong' category threshold.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹1,098.93 Cr | ₹1,151.88 Cr |
| Total income | ₹1,102.09 Cr | ₹1,153.62 Cr |
| Profit before tax | ₹19.25 Cr | ₹37.18 Cr |
| Profit after tax | ₹14.02 Cr | ₹26.48 Cr |
| EPS | ₹4.64 | ₹9.13 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone segment reporting for Q2 FY27 showed Prestige & Above revenue at INR 59.90 crore (INR 599 million), reflecting 54% growth year-on-year and 9% growth sequentially, supported by stable net sales value (NSV) trends and scaling volumes.
Regular & Others consumer revenue reached INR 242.80 crore (INR 2,428 million) in Q2 FY27, up 14% year-on-year but down 5% sequentially due to seasonal demand patterns.
Manufacturing segment revenue registered INR 455.00 crore (INR 4,550 million) for the quarter, representing an 11% increase year-on-year alongside a 4% sequential moderation.
What drove margins
Manufacturing segment EBITDA per litre stood at INR 4.60 in Q2 FY27 (compared to INR 5.59 in H1 FY27), reflecting the impact of changes in product and raw material mix on realization levels.
Standalone cost of goods sold for Q2 FY27 was recorded at INR 513.60 crore, while employee expenses increased to INR 36.20 crore from INR 25.70 crore in Q2 FY26, exerting pressure on operating margins.
Standalone gross profit margin remained stable at 33% in Q2 FY27, matching the levels seen in Q2 FY26 and Q1 FY27.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Sales volume for Prestige & Above reached 0.46 million cases in Q2 FY27, up 64% year-on-year and 10% sequentially, with EBITDA losses narrowing to INR 0.20 crore (INR -2 million) and profitable states increasing to 5 out of 12.
Regular & Others sales volume stood at 4.24 million cases in Q2 FY27, growing 16% year-on-year while declining 6% sequentially; segment EBITDA contributed INR 38.60 crore (INR 386 million).
Manufacturing volume reached 55.26 million litres in Q2 FY27, up 11% year-on-year and down 2% sequentially, with overall capacity utilization maintained at 82%.
Geography and market mix
Uttar Pradesh continued to deliver strong volume growth, emerging as a major volume growth opportunity for the company and scaling operations meaningfully across both regular and craft portfolios.
The company maintained a presence across 13 states and union territories for its consumer and manufacturing operations, aligning capacity directly with key consumption markets to improve serviceability.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Installed annual distillation capacity across manufacturing units stood at approximately 334 million litres, supported by around 30 million cases of annual bottling capacity.
Manufacturing operations maintained an aggregate capacity utilization of 82% during the quarter under review.
Projects, capex and execution
Capital WIP increased by INR 36 crore between March 2026 and September 2026, primarily driven by investments in malt and bottling capital expenditure projects.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The company introduced 'Dwaar', an Indian craft whisky featuring a PX sherry cask finish, designed to capture growing consumer demand in the premium whisky segment and strengthen brand relevance.
08 · Reported developments
What changed operationally
NSV trends in the Prestige & Above segment stabilized sequentially, supporting healthier revenue conversion as volumes scaled across emerging markets.
The company's ESG score rose from 50 to 59 out of 100, driven by 36% renewable energy utilization, Zero Liquid Discharge (ZLD) operations, and zero lost-time injury rates.
09 · Pressure points & risks
What is not going smoothly
Changes in product and raw material mix within the manufacturing division impacted realization per litre, leading to lower sequential EBITDA contributions from both manufacturing and regular consumer segments.
10 · Items worth noticing
The line items that can distort a quick read
Fiscal 2027 PAT includes a Uttar Pradesh depreciation impact of INR 14 crore per annum (INR 7 crore in H1 FY27), which was absent in the previous year and is expected to be offset as related regional income ramps up.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Trade receivables (net of prepaid excise duty) increased by INR 88 crore between March 2026 and September 2026, driven by underlying business growth and the timing of collections.
Capital allocation & funding
Following INR 200 crore of receipts from a QIP and funds released from bank deposits, the company reduced its term loans by INR 155 crore, establishing a treasury investment portfolio of INR 165.32 crore.
Management expects debt repayments to yield estimated finance cost savings of approximately INR 6 crore for H2 FY27 (INR 11-12 crore on an annualized basis), alongside expected interest income of INR 2.5 crore in H2 FY27 at an estimated yield of 7.3%.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Leadership and governance continuity
The management team remains led by Ajay Kumar Swarup as Managing Director and Shekhar Swarup as Joint Managing Director and CEO, supported by specialized functional heads across technical operations, commercial, and finance.
13 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue from operations decreased by 4.60% and net profit declined by 47.07% compared to the quarter ended June 30, 2026, driven by seasonal demand shifts and cost variations.
14 · Key Q&A
The quarter, answered directly
What does Globus Spirits do?
Globus Spirits Limited is an integrated Indian alcoholic beverages enterprise operating across the entire value chain from grain to consumer-facing spirits. The company's business model rests on two interconnected pillars: a high-margin manufacturing segment that supplies Extra Neutral Alcohol (ENA), ethanol, and by-products such as animal feed and corn oil, alongside a consumer division spanning value, premium, and luxury brands.
What is the clearest takeaway from Q2 FY27?
Globus Spirits reported consolidated revenue from operations of INR 1,098.93 crore for the second quarter of fiscal 2027, representing a sequential contraction of 4.60% compared to INR 1,151.88 crore registered in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Standalone segment reporting for Q2 FY27 showed Prestige & Above revenue at INR 59.90 crore (INR 599 million), reflecting 54% growth year-on-year and 9% growth sequentially, supported by stable net sales value (NSV) trends and scaling volumes.
What mattered most for margins or profitability?
Manufacturing segment EBITDA per litre stood at INR 4.60 in Q2 FY27 (compared to INR 5.59 in H1 FY27), reflecting the impact of changes in product and raw material mix on realization levels.
What changed operationally beyond the headline numbers?
Installed annual distillation capacity across manufacturing units stood at approximately 334 million litres, supported by around 30 million cases of annual bottling capacity.
What are the main pressure points disclosed for the quarter?
Changes in product and raw material mix within the manufacturing division impacted realization per litre, leading to lower sequential EBITDA contributions from both manufacturing and regular consumer segments.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Finance cost reduction realization: Monitor the actual reduction in finance expenses and realization of interest income from treasury deployments in H2 FY27 following the repayment of term loans.
- 02
Prestige segment breakeven progress: Track the trajectory of EBITDA breakeven in the Prestige & Above segment as profitable states expand beyond the current count of 5 out of 12.
- 03
Malt and bottling capex commissioning: Observe the progression of capital work-in-progress and the operational commissioning of new malt and bottling capacities.
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