Globus Spirits Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Globus Spirits Ltd filed with BSE on 13 May 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 FY26 results with consumer portfolio contributing nearly 40% of total revenue, and Prestige & Above (P&A) revenue growing 27% year-on-year to Rs 164 crore on 31% volume growth. Management described a strategic shift in Eastern manufacturing facilities from ethanol to ENA production, which caused a temporary inventory buildup and slight revenue drop in Q4, alongside a Delhi-market disruption that had depressed regular category volumes during the year. The company also completed a debt refinancing that reduced annual debt repayment outflow and lowered its blended interest rate, leading it to defer plans for an equity fundraise.
Numbers mentioned
Installed manufacturing capacity: 334 million liters per annum (FY26)
p. 4
“our installed capacity base stands at 334 million liters per annum”
Shekhar Swarup, page 4 of the filed PDF · View the filing
Capacity utilization: 80% (FY26)
p. 4
“For the year, we achieved a strong 80% capacity utilization, adjusting for the UP start-up period.”
Shekhar Swarup, page 4 of the filed PDF · View the filing
EBITDA per liter: INR6.2 per liter for FY26, INR8.3 per liter for Q4 FY26 (FY26 / Q4 FY26)
p. 4
“Our multi-raw material multiproduct strategy has successfully stabilized our margins, delivering INR6.2 per liter EBITDA for FY26 and INR8.3 per liter for Q4 FY26.”
Shekhar Swarup, page 4 of the filed PDF · View the filing
ENA export volume: 3.7 million liters (Q4 FY26)
p. 5
“In Q4, we started this journey and exported 3.7 million liters.”
Shekhar Swarup, page 5 of the filed PDF · View the filing
P&A revenue: INR164 crores (FY26)
p. 5
“FY26 delivered a robust aggregate performance with revenue increasing 27% year-on-year to INR164 crores and volumes rising 31% to 1.19 million cases.”
Paramjit Singh Gill, page 5 of the filed PDF · View the filing
P&A revenue: INR40 crores (Q4 FY26)
p. 6
“In Q4 FY26, specifically, P&A revenue stood at INR40 crores, reflecting 34% year-on-year growth with volumes up 39% to 0.29 million cases.”
Paramjit Singh Gill, page 6 of the filed PDF · View the filing
P&A EBITDA loss: INR5 crores for the quarter, INR9.4 crores for the year (Q4 FY26 / FY26)
p. 6
“Overall, the segment generated an EBITDA level loss of INR5 crores in the quarter and INR9.4 crores for the year.”
Paramjit Singh Gill, page 6 of the filed PDF · View the filing
Regulars and Other segment revenue: INR224 crores (Q4 FY26)
p. 6
“Q4 FY26 revenue stood at INR224 crores, reflecting a top line growth of 2% year-on-year, with volumes holding stable at 3.97 million cases.”
Paramjit Singh Gill, page 6 of the filed PDF · View the filing
Regulars and Other segment EBITDA: INR41 crores (Q4 FY26)
p. 6
“EBITDA for the quarter, however, outpaced revenue, expanding by 8% year-on-year to INR41 crores.”
Paramjit Singh Gill, page 6 of the filed PDF · View the filing
Regulars and Other full year revenue: INR900 crores (FY26)
p. 6
“For the full year FY26, revenue was INR900 crores, up 4% with volumes at 15.7 million cases and EBITDA delivering a 12% expansion to INR158 crores.”
Paramjit Singh Gill, page 6 of the filed PDF · View the filing
Annual debt outflow: Reduced from INR67 crores to INR14 crores (FY27)
p. 7
“we have systematically reduced our annual debt outflow from INR67 crores per annum to just INR14 crores projected for FY27.”
Nilanjan Sarkar, page 7 of the filed PDF · View the filing
Reduction in absolute borrowings: INR57 crores (FY26 vs FY25)
p. 7
“In FY26, we reduced our absolute borrowings by INR57 crores compared to FY25.”
Nilanjan Sarkar, page 7 of the filed PDF · View the filing
Current ratio: 1.01x (FY26)
p. 7
“Current ratio, we have successfully driven our current ratio from 0.96x in FY25 to 1.01x in FY26.”
Nilanjan Sarkar, page 7 of the filed PDF · View the filing
Interest coverage ratio: 3.14x (FY26)
p. 8
“The interest coverage ratio has improved from 1.76x in FY25 to 3.14x in FY26.”
Nilanjan Sarkar, page 8 of the filed PDF · View the filing
Exit FY volume for bulk manufacturing business: 199.5 million liters (FY26)
p. 12
“Exit FY volume for bulk for manufacturing business FY26 has been 199.5 million liters.”
Nilanjan Sarkar, page 12 of the filed PDF · View the filing
Net debt: INR627 crores
p. 23
“So the net debt business for the company is at INR627 crores.”
Nilanjan Sarkar, page 23 of the filed PDF · View the filing
Regulars and Other margin: 18% (Q4 FY26)
p. 17
“So our profitability in the regular and others, I think Q4 was 18%.”
Shekhar Swarup, page 17 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.
EBITDA per liter (manufacturing) — INR5 to INR7 per liter · FY27
stated firmly by Shekhar Swarup
p. 12
“INR5 to INR7 is our guidance for the EBITDA per liter. That's the range in which it will remain for the year.”
Shekhar Swarup, page 12 of the filed PDF · View the filing
Capex — INR60 crores to INR80 crores · next few years
stated firmly by Shekhar Swarup
p. 22
“So overall, I foresee somewhere between INR60 crores to INR80 crores of capex sustaining for a few years.”
Shekhar Swarup, page 22 of the filed PDF · View the filing
P&A revenue target — INR500 crores · FY29
stated as an aspiration by Paramjit Singh Gill
p. 20
“INR500 crores is what we have called out. So yes, that's the number we are holding on to not INR1,000 crores.”
Paramjit Singh Gill, page 20 of the filed PDF · View the filing
P&A growth target — 50% total growth · FY29
stated as an aspiration by Paramjit Singh Gill
p. 8
“we are going to ultimately work towards managing a 50% total growth on our P&A portfolio, and we are totally committed to that.”
Paramjit Singh Gill, page 8 of the filed PDF · View the filing
Regulars and Other margin — 16% to 18% · FY27
stated conditionally by Shekhar Swarup
p. 17
“I think our target in this space is 16% to 18%. So it will be a little bit lower than that for sure.”
Shekhar Swarup, page 17 of the filed PDF · View the filing
Equity fundraise — FY27
stated conditionally by Shekhar Swarup
p. 10
“we do not see a need to achieve the business plan given some of the operational improvements and leverage we've been able to get.”
Shekhar Swarup, page 10 of the filed PDF · View the filing
Maintenance capex — INR40 crores to INR50 crores
stated firmly by Shekhar Swarup
p. 21
“Maintenance capex is around INR40 crores to INR50 crores.”
Shekhar Swarup, page 21 of the filed PDF · View the filing
Interest cost — INR14 crores to INR15 crores
stated firmly by Nilanjan Sarkar
p. 16
“INR14 crores to INR15 crores.”
Nilanjan Sarkar, page 16 of the filed PDF · View the filing
Bulk manufacturing volume target — well over 20 crores liters · FY27
stated as an aspiration by Shekhar Swarup
p. 19
“So well over 20 crores will be the target for this year.”
Shekhar Swarup, page 19 of the filed PDF · View the filing
State expansion — 8 states minimum · FY29
stated firmly by Paramjit Singh Gill
p. 24
“When we said the 8 states, that is a minimum number where we definitely are ensuring the expansion will happen.”
Paramjit Singh Gill, page 24 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 declined to give a specific annual number, reaffirming the FY29 target instead.
Answered by Paramjit Singh Gill
Asked by Abneesh Roy: What growth is targeted for P&A in FY27 given favorable policy changes in some states?
p. 8
“we would not like to give piecemeal commitments to growth at this stage.”
Paramjit Singh Gill, page 8 of the filed PDF · View the filing
Management said efficiency measures are underway and expects the overall impact to be modest, partly offset by lower Scotch tariffs.
Answered by Paramjit Singh Gill
Asked by Abneesh Roy: Will diesel/glass bottle cost increases hit the P&L, particularly P&A?
p. 10
“we should come out with much more modest hits, if I may say so.”
Paramjit Singh Gill, page 10 of the filed PDF · View the filing
Management said no fundraise is needed this year and will reassess after a few quarters depending on performance and macro events.
Answered by Shekhar Swarup
Asked by Bhargav Buddhadev: How much funding is needed for the IMFL portfolio expansion and can internal cash flow cover it post debt restructuring?
p. 10
“But for now, this year, we don't see a need at all.”
Shekhar Swarup, page 10 of the filed PDF · View the filing
Management confirmed guidance remains INR5-7 per liter and Q4's higher realization is not indicative of the full-year range.
Answered by Shekhar Swarup
Asked by Himanshu Shah: Is EBITDA per liter guidance for FY27 lower than the levels seen in Q4?
p. 12
“So INR5 to INR7 is our guidance for each of the years. FY26 was that range and FY27, we expect the same range.”
Shekhar Swarup, page 12 of the filed PDF · View the filing
Management attributed it to lumpy investment timing in emerging markets and one-time label registration costs for new brand launches.
Answered by Shekhar Swarup
Asked by Soumya S.: Why did the P&A EBITDA loss widen sharply in Q4 versus prior quarters?
p. 14
“in this quarter, for example, we had around INR3 crores to INR3.5 crores of additional label registration costs that were paid for new brand launches.”
Shekhar Swarup, page 14 of the filed PDF · View the filing
Management declined to give precise Delhi numbers but said Rajasthan and UP combined grew 7% while other markets, including Delhi, West Bengal and Haryana, degrew.
Answered by Shekhar Swarup
Asked by Nitin Awasthi: Can management quantify the Delhi impact on regular segment volumes versus FY25?
p. 14
“We are not prepared to give you the numbers immediately on this call.”
Shekhar Swarup, page 14 of the filed PDF · View the filing
Management explained that interest on the UP term loan was previously capitalized and began being expensed after commissioning.
Answered by Nilanjan Sarkar
Asked by Nitin Awasthi: Why did interest cost jump in Q4 versus prior quarters?
p. 16
“Q4, the increase of INR3 crores is basically till Q3, we were capitalizing the interest cost on UP term loan”
Nilanjan Sarkar, page 16 of the filed PDF · View the filing
Management said a growing base means even modest growth rates will reach the target due to a multiplier effect.
Answered by Paramjit Singh Gill
Asked by Hitaindra Pradhan: Given deceleration in P&A growth, is the FY29 target of INR500 crore still achievable?
p. 20
“as we have called out, as more and more markets move from emerging to core, the buildup will start happening on a higher base.”
Paramjit Singh Gill, page 20 of the filed PDF · View the filing
Management gave the net debt figure and working capital days for R&O.
Answered by Nilanjan Sarkar
Asked by Ashish: What is the net debt level and working capital needs for R&O and IMFL businesses?
p. 23
“So the net debt business for the company is at INR627 crores. That's the net debt. And the working capital days for R&O is 5 to 6 days.”
Nilanjan Sarkar, page 23 of the filed PDF · View the filing
Management explained the refinancing reduced both debt repayment burden and interest rates, saving a combined amount for FY27.
Answered by Shekhar Swarup
Asked by Chandrasekhar Sridhar: How does the interest savings from refinancing translate to freed-up liquidity for the IMFL business?
p. 26
“And I think we've saved the total of INR50 crores.”
Shekhar Swarup, page 26 of the filed PDF · View the filing
Risks flagged
One-time inventory buildup from shift to ENA production due to longer state permission cycles
p. 4
“This friction resulted in a one-time inventory buildup at our facilities during Q4.”
Shekhar Swarup, page 4 of the filed PDF · View the filing
Capacity derating when shifting from rice to maize feedstock
p. 4
“the system derates our total capacity by 75 KL for those units, 75 KL per day.”
Shekhar Swarup, page 4 of the filed PDF · View the filing
Delhi market disruption impacting regular category volumes
p. 6
“Delhi volumes in Q3 FY26 dropped drastically to 60% of the Q3 FY25 volumes.”
Paramjit Singh Gill, page 6 of the filed PDF · View the filing
Geopolitical crisis raising input costs for glass bottles and logistics
p. 10
“this political development has just come as a surprise to most industries, if not all, and we are no exception.”
Paramjit Singh Gill, page 10 of the filed PDF · View the filing
Delhi policy volatility for R&O brands leading to suspension of operations there
p. 15
“As of the end of Q4, we decided until the policy is not stabilized, we will not operate in Delhi.”
Shekhar Swarup, page 15 of the filed PDF · View the filing
West Bengal manufacturing license shift causing prolonged market absence
p. 15
“the whole license shifting and setting up is going to take some time.”
Paramjit Singh Gill, page 15 of the filed PDF · View the filing
Seasonal agri-commodity price inflation affecting bulk margins
p. 25
“end of Q1 into Q2, and this is an annual sort of feature with monsoons across the country, raw material, fuel prices, there is just a general bit of inflation in agri commodities.”
Shekhar Swarup, page 25 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.