Globus Spirits Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Globus Spirits Ltd filed with BSE on 25 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Globus Spirits reported Q1 FY27 revenue growth of 13% year-on-year with EBITDA up 33% and PAT up around 49%, driven by manufacturing capacity utilization of 89% and stronger growth in the prestige and above consumer segment. Management described continued expansion in Uttar Pradesh for both manufacturing and regular and others volumes, while prestige and above revenue grew 35% year-on-year though it remained at a negative EBITDA of INR13 million during the quarter. Executives discussed input cost pressures from glass and agri-commodities, regulatory developments in West Bengal and Bihar, and reiterated margin guidance ranges for both the manufacturing and regular and others businesses.
Numbers mentioned
Revenue from operations: INR7,887 million (Q1 FY27)
p. 3
“Revenue from operations grew 13% year-on-year to **INR7,887 million.”
Shekhar Swarup, page 3 of the filed PDF · View the filing
EBITDA: INR795 million (Q1 FY27)
p. 3
“EBITDA grew 33% to INR795 million and PAT grew **50% year-on-year to **INR278 million.”
Shekhar Swarup, page 3 of the filed PDF · View the filing
EBITDA margin: 10% (Q1 FY27)
p. 3
“EBITDA margins improved to 10% at an overall basis and PAT margins improved to 4%.”
Shekhar Swarup, page 3 of the filed PDF · View the filing
Manufacturing segment revenue: INR4,720 million (Q1 FY27)
p. 4
“Segment grew 11% year-on-year to INR4,720 million.”
Shekhar Swarup, page 4 of the filed PDF · View the filing
Manufacturing sales volume: 56.11 million litres (Q1 FY27)
p. 4
“Sales volume stood at 56.11 million litres with capacity utilization at 89%.”
Shekhar Swarup, page 4 of the filed PDF · View the filing
Manufacturing EBITDA per litre: INR6.6 per litre (Q1 FY27)
p. 4
“Overall, the EBITDA margin for this business was *INR6.6 per litre.”
Shekhar Swarup, page 4 of the filed PDF · View the filing
P&A revenue: INR550 million (Q1 FY27)
p. 4
“P&A revenue grew 35% yearon-year and 38% sequentially to INR550 million.”
Paramjit Singh Gill, page 4 of the filed PDF · View the filing
P&A volumes: 0.42 million cases (Q1 FY27)
p. 4
“Volumes grew 45% year-on-year and 45% sequentially to 0.42 million cases.”
Paramjit Singh Gill, page 4 of the filed PDF · View the filing
P&A EBITDA: negative INR13 million (Q1 FY27)
p. 5
“EBITDA for the quarter was negative INR13 million.”
Paramjit Singh Gill, page 5 of the filed PDF · View the filing
R&O revenue: INR2,564 million (Q1 FY27)
p. 5
“Revenue grew 10% year-on-year to INR2,564 million.”
Paramjit Singh Gill, page 5 of the filed PDF · View the filing
R&O volumes: 4.48 million cases (Q1 FY27)
p. 5
“Volumes grew 13% year-on-year to 4.48 million cases and EBITDA grew 13% yearon-year to INR440 million.”
Paramjit Singh Gill, page 5 of the filed PDF · View the filing
UP R&O volume growth: 2.4 times year-on-year, crossing 0.2 million cases per month (Q1 FY27)
p. 5
“UP R&O volumes grew 2.4 times year-on-year and crossed 0.2 million cases per month during the quarter.”
Paramjit Singh Gill, page 5 of the filed PDF · View the filing
Revenue: INR789 crores (Q1 FY27)
p. 6
“The company reported a revenue of INR789 crores, representing a year-on-year growth of 13%.”
Nilanjan Sarkar, page 6 of the filed PDF · View the filing
EBITDA: INR79.5 crores (Q1 FY27)
p. 6
“EBITDA for the quarter stood at INR79.5 crores, registering a growth of 33% over the corresponding period last year, while EBITDA margin stood at 10%.”
Nilanjan Sarkar, page 6 of the filed PDF · View the filing
PAT: INR28 crores (Q1 FY27)
p. 6
“Profit after tax for the quarter was INR28 crores, reflecting a strong year-on-year growth of 49%.”
Nilanjan Sarkar, page 6 of the filed PDF · View the filing
Current ratio: 1.01x (Q1 FY27)
p. 6
“Alongside the refinancing and debt optimization actions already undertaken, including the improvement in current ratio to 1.01x and the interest coverage to 3.14x.”
Nilanjan Sarkar, page 6 of the filed PDF · View the filing
Net debt: INR650 crores (June 2026)
p. 10
“The debt is the same level at INR650 crores. March was at INR660 crores.”
Nilanjan Sarkar, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Manufacturing capacity utilization — around 85%
stated firmly by Shekhar Swarup
p. 10
“Our guidance is around 85%, so this quarter has been significantly higher than our guidance.”
Shekhar Swarup, page 10 of the filed PDF · View the filing
Manufacturing capex — INR50 crores to INR60 crores a year · annual
stated firmly by Shekhar Swarup
p. 10
“we aside from maintenance capex which we have a guidance of about INR50 crores, INR60 crores a year, we don't have any plans for capex in increasing ENA/ethanol capacity.”
Shekhar Swarup, page 10 of the filed PDF · View the filing
Manufacturing EBITDA margin per litre — INR5 to INR7 per litre · FY27
stated firmly by Shekhar Swarup
p. 11
“Our guidance on margin per litre is about INR5 to INR7. We are firmly within that in Q1.”
Shekhar Swarup, page 11 of the filed PDF · View the filing
R&O EBITDA margin — 15% to 17%
stated firmly by Shekhar Swarup
p. 12
“Our guidance for R&O has been around 15% to 17% EBITDA margins.”
Shekhar Swarup, page 12 of the filed PDF · View the filing
P&A profitability — profitability
stated as an aspiration by Shekhar Swarup
p. 15
“In fact, we should be getting to profitability sooner rather than later.”
Shekhar Swarup, page 15 of the filed PDF · View the filing
Core P&A states — 10 core states · a couple of years
stated as an aspiration by Paramjit Singh Gill
p. 14
“The intention is to, in a couple of years, actually reach 10 core states, and that's what we need to be focusing on because the yardstick must be consistent to review it over time.”
Paramjit Singh Gill, page 14 of the filed PDF · View the filing
West Bengal R&O re-entry — regulatory approvals secured, market re-entry within 60 days after · this quarter
stated conditionally by Paramjit Singh Gill
p. 9
“there is a reasonable view that this quarter we should be able to secure them.”
Paramjit Singh Gill, page 9 of the filed PDF · View the filing
Ethanol demand growth — about 7%, 7.5%
stated firmly by Shekhar Swarup
p. 7
“We are expecting ethanol demand at this scale to grow at about 7%, 7.5%, which is in line with petrol growth.”
Shekhar Swarup, page 7 of the filed PDF · View the filing
Bihar prohibition policy change — complete reversal over a 2-year period · 1 to 2 years
stated as an aspiration by Shekhar Swarup
p. 7
“my expectation is 1 to 2 years of the new Chief Minister for it to -- for a change to start happening over a 2-year period would be a complete reversal.”
Shekhar Swarup, page 7 of the filed PDF · View the filing
Manufacturing capacity expansion — no significant change · FY29
stated firmly by Shekhar Swarup
p. 10
“I do not see any significant change in capacity as part of our FY29 strategy at least.”
Shekhar Swarup, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said demand will keep growing at around 7-7.5% in line with petrol growth and that E20 remains the primary blending focus with no evidence of engine damage claims affecting demand.
Answered by Shekhar Swarup
Asked by Abneesh Roy: How is ethanol demand likely to grow given oversupply and the E20 controversy?
p. 7
“We are expecting ethanol demand at this scale to grow at about 7%, 7.5%, which is in line with petrol growth.”
Shekhar Swarup, page 7 of the filed PDF · View the filing
Management expects prohibition to eventually be lifted over a 1-2 year horizon and confirmed glass cost inflation is in the mid-teens percentage range depending on brand and pack.
Answered by Paramjit Singh Gill
Asked by Abneesh Roy: What is the outlook for Bihar prohibition policy and glass cost inflation?
p. 8
“It moves between 10% and 16%, 17% depending on which brand, which pack.”
Paramjit Singh Gill, page 8 of the filed PDF · View the filing
Management said they expect a favorable tailwind eventually but noted rupee depreciation against the pound limits near-term impact and it will take time to materialize.
Answered by Paramjit Singh Gill
Asked by Nitin Awasthi: Will the UK FTA lead to gross profit expansion from lower scotch prices?
p. 8
“overall, we are expecting a tailwind here and a favorable climate going forward for sure.”
Paramjit Singh Gill, page 8 of the filed PDF · View the filing
Management said they are going through regulatory approval steps and expect to secure approvals this quarter, re-entering the market within about 60 days after.
Answered by Paramjit Singh Gill
Asked by Nitin Awasthi: What is the status of West Bengal regular and others re-entry given regulatory changes?
p. 9
“We will after that within 60 days or so we should be able to get back into the market.”
Paramjit Singh Gill, page 9 of the filed PDF · View the filing
Management said there are no plans for capacity expansion and expects utilization to remain in the guided range without major capex through FY29.
Answered by Shekhar Swarup
Asked by Parth Soda: How much additional volume growth is possible before a new capex cycle is needed given utilization near 90%?
p. 10
“I do not see any significant change in capacity as part of our FY29 strategy at least.”
Shekhar Swarup, page 10 of the filed PDF · View the filing
Management said the business remains firmly within its INR5-7 per litre guided range and expects similar range-bound performance going forward.
Answered by Shekhar Swarup
Asked by Himanshu Shah: Has manufacturing EBITDA per litre declined due to mix or raw material inflation?
p. 11
“I'm not concerned about margin changes within the INR5 to INR7 range, Himanshu, and going forward I maintain that our margins will remain in that range.”
Shekhar Swarup, page 11 of the filed PDF · View the filing
Management said the bigger driver of margin change is mix shift toward UP, which carries slightly lower margins than Rajasthan, rather than input cost inflation.
Answered by Shekhar Swarup
Asked by Himanshu Shah: Will PET bottle and raw material inflation pressure R&O margins going forward?
p. 11
“So the more meaningful number here, the more meaningful trend that's emerging is that UP is growing exceedingly fast.”
Shekhar Swarup, page 11 of the filed PDF · View the filing
Management outlined a strategy combining FCI-supplied fixed-price grain, partial maize price locking, and flexible ethanol pricing to protect the INR5-7 per litre margin guidance.
Answered by Shekhar Swarup
Asked by Sucrit Patil: How will Globus balance volume growth with rising input cost inflation risk to margins?
p. 14
“Given these four things, it gives me confidence that the year, we are able to operate between INR5 to INR7 a litre.”
Shekhar Swarup, page 14 of the filed PDF · View the filing
Management said P&A growth is self-funded from manufacturing and R&O cash flow, with no further capacity capex planned, and P&A margins have improved from deeply negative to near breakeven.
Answered by Shekhar Swarup
Asked by Sucrit Patil: How will the company balance rising operating expenses, capital needs and shareholder returns?
p. 15
“from approximately 60% or so negative margin a couple of years ago, we are now at nearly at breakeven.”
Shekhar Swarup, page 15 of the filed PDF · View the filing
Management said they cannot comment on competitors but pointed to profitability already being achieved in their own R&O business.
Answered by Shekhar Swarup
Asked by Samid: What gives confidence in achieving double-digit EBITDA margins in the R&O business given a competitor's single-digit margins?
p. 17
“We are seeing that profitability already. I mean -- and we are achieving it.”
Shekhar Swarup, page 17 of the filed PDF · View the filing
Management confirmed UP utilization is over 90%, described Haryana as a modest growth state, and said Assam and Jharkhand are showing positive early trade and consumer acceptance.
Answered by Nilanjan Sarkar
Asked by Nishant Bhatt: What is current UP plant capacity utilization and outlook for Haryana, Assam and Jharkhand?
p. 19
“Shekhar, it's more than 90%. So UP is more than 90%.”
Nilanjan Sarkar, page 19 of the filed PDF · View the filing
Risks flagged
Glass and PET packaging cost inflation expected to persist
p. 8
“we are expecting that this cost-push is going to be here with us for a while now in both glass as well as PET.”
Paramjit Singh Gill, page 8 of the filed PDF · View the filing
Seasonal agri-commodity inflation in Q2 affecting raw material costs
p. 11
“Q2 is -- we've always seen every year Q2 is a slightly more inflationary quarter with regard to agri commodities, both fuel and raw material.”
Shekhar Swarup, page 11 of the filed PDF · View the filing
Broken rice prices subject to inflationary pressure with no hedge available
p. 14
“we left with broken rice, which is subjected to some inflationary pressures. We don't have a way of hedging that.”
Shekhar Swarup, page 14 of the filed PDF · View the filing
Rupee depreciation against the pound limiting benefit from UK FTA scotch price tailwind
p. 9
“the rupee has depreciated by 20% over the pound in in the last one year.”
Shekhar Swarup, page 9 of the filed PDF · View the filing
West Bengal manufacturing license and regulatory approval delays
p. 9
“regulatory for the final last hurdle regulatory approvals can always be a month or two months this way or that way”
Paramjit Singh Gill, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.