Som Distilleries & Breweries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Som Distilleries & Breweries Ltd filed with BSE on 05 Jun 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
Som Distilleries & Breweries reported a 14.8% decline in consolidated revenue to Rs 1,233 crore for FY26, with EBITDA falling to Rs 89.7 crore and PAT at Rs 10.2 crore, primarily due to a license-related disruption at the Bhopal facility and subdued demand in Karnataka and Odisha. Beer volumes fell 20% to 187.19 lakh cases while IMFL volumes grew 32% to 15.03 lakh cases. Management discussed the ongoing renewal of the Bhopal manufacturing license, progress on the greenfield UP brewery project, and provided revenue guidance for FY27.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue: INR1,233 crores (FY26)
p. 3
“Consolidated revenue declined by 14.8% to INR1,233 crores, while EBITDA declined to INR89.7 crores and PAT stood at INR10.2 crores.”
Diwakaran S., page 3 of the filed PDF · View the filing
EBITDA: INR89.7 crores (FY26)
p. 3
“Consolidated revenue declined by 14.8% to INR1,233 crores, while EBITDA declined to INR89.7 crores and PAT stood at INR10.2 crores.”
Diwakaran S., page 3 of the filed PDF · View the filing
PAT: INR10.2 crores (FY26)
p. 3
“Consolidated revenue declined by 14.8% to INR1,233 crores, while EBITDA declined to INR89.7 crores and PAT stood at INR10.2 crores.”
Diwakaran S., page 3 of the filed PDF · View the filing
Beer volumes: 187.19 lakh cases (FY26)
p. 3
“Consequently, beer volumes declined by 20% to 187.19 lakh cases during Full Year FY '26.”
Diwakaran S., page 3 of the filed PDF · View the filing
IMFL volume growth: 32% to 15.03 lakh cases (FY26)
p. 3
“However, the IMFL business continued to demonstrate resilience, recording volume growth of 32% to 15.03 lakh cases, supported by improved market penetration, encouraging consumer behavior to the company's premium portfolio.”
Diwakaran S., page 3 of the filed PDF · View the filing
Total volume: 202.22 lakh cases (FY26)
p. 3
“Total volume stood at 202.22 lakh cases, representing a decline of 17.7% year-on-year.”
Diwakaran S., page 3 of the filed PDF · View the filing
UP project investment: approximately INR250 crores (FY26)
p. 4
“During the year, we invested approximately INR250 crores towards the development of the Uttar Pradesh project through SDBL.”
Nakul Sethi, page 4 of the filed PDF · View the filing
Consolidated gross debt: INR211 crores (FY26)
p. 4
“While the company continued to invest aggressively in capacity creation, consolidated gross debt increased by only INR43 crores during FY '26 from INR168 crores to INR211 crores.”
Nakul Sethi, page 4 of the filed PDF · View the filing
Gross debt-to-equity ratio: 0.30x (FY26)
p. 4
“Consequently, the gross debt-to-equity ratio remains comfortable at 0.30x as against 0.25x in the previous year.”
Nakul Sethi, page 4 of the filed PDF · View the filing
UP plant capacity: 1 crore cases per annum
p. 10
“The UP plant is 1 crore cases per annum.”
Nakul Sethi, page 10 of the filed PDF · View the filing
Sanctioned credit lines: INR400 crores
p. 16
“I would also like to update you. We have got about INR400 crores of lines already sanctioned.”
Nakul Sethi, page 16 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.
Revenue — INR1,440 crores to INR1,450 crores · FY27
stated conditionally by Diwakaran S.
p. 5
“So I think all in all, I think INR1,440 crores, INR1,450 crores is something that is quite possible is what we are expecting.”
Diwakaran S., page 5 of the filed PDF · View the filing
EBITDA margin — close to 10% · FY27
stated conditionally by Nakul Sethi
p. 5
“So I think we -- in terms of guidance for the EBITDA margin, I think we should do about close to 10% for this year.”
Nakul Sethi, page 5 of the filed PDF · View the filing
UP plant volume — 15 lakh to 20 lakh cases · FY27
stated conditionally by Nakul Sethi
p. 7
“So I mean, the -- right now, the trial runs are going on and we expect that the commercial production from the plant should commence from this month onwards and we are expecting that we should do about -- close to about 15 lakh to 20 lakh cases this year from the UP plant.”
Nakul Sethi, page 7 of the filed PDF · View the filing
Revenue guidance range — INR1,400 crores to INR1,500 crores · FY27
stated conditionally by Nakul Sethi
p. 7
“So Diwa sir had given a guidance of between INR1,400 crores to INR1,500 crores.”
Nakul Sethi, page 7 of the filed PDF · View the filing
EBITDA margin guidance for FY28 — FY28
stated as an aspiration by Nakul Sethi
p. 5
“See, I think for FY '28, we'll wait for another 6 months or so to give a guidance for FY '28 because the macroeconomic situation is very dynamic as of now, especially on the margin front because we are seeing a lot of inflationary pressures creeping in, especially in glass-bottles, cans and barley.”
Nakul Sethi, page 5 of the filed PDF · View the filing
UP plant commercial operations start — June
stated firmly by Diwakaran S.
p. 10
“Yes, UP plant. Most likely June.”
Diwakaran S., page 10 of the filed PDF · View the filing
Bhopal license resolution — within the next week to 10 days
stated conditionally by Nakul Sethi
p. 14
“It's now pending with the government. We can't give you a definite time frame, but we are expecting that even within the next week to 10 days, it should be sorted out.”
Nakul Sethi, page 14 of the filed PDF · View the filing
Madhya Pradesh market share recovery — next six to seven months
stated conditionally by Diwakaran S.
p. 12
“Like Nakul has answered this question earlier, that in the next six to seven months, I think as soon as it starts, we should be able to recover past numbers in Madhya Pradesh.”
Diwakaran S., page 12 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 called it an unfortunate matter, said some issues were sub judice, and expressed confidence of resolution.
Answered by Diwakaran S.
Asked by Manoj Kumar Pal: Why did the license cancellation situation arise and was proactive action not taken earlier?
p. 5
“And we are taking all measures to make sure that the licenses are restored our business is started as early as possible.”
Diwakaran S., page 5 of the filed PDF · View the filing
Management confirmed the inventory was removed and sold in the market.
Answered by Diwakaran S.
Asked by Manoj Kumar Pal: What happened to the finished goods inventory at the Bhopal plant?
p. 6
“Yes. So as part of the discussions with the regulatory, we have been able to remove the finished goods inventory from the plant and it's already disposed off.”
Diwakaran S., page 6 of the filed PDF · View the filing
Management said the Company Secretary left for personal reasons and the internal auditor departure was a governance measure, not a KMP resignation.
Answered by Nakul Sethi
Asked by Yash Agarwal: Why did the Company Secretary and internal auditor leave the company?
p. 6
“The Company Secretary belonged to Delhi and he had some personal issues to take care of, that's why he moved back to Delhi.”
Nakul Sethi, page 6 of the filed PDF · View the filing
Management said the plan remains but requires a purpose/use for the funds, such as Phase 2 of the UP project.
Answered by Nakul Sethi
Asked by Yash Agarwal: Is management still planning to increase promoter shareholding to 50%?
p. 7
“So what I meant to say was that the plan of the promoter is still very relevant of increasing their shareholding what they have stated.”
Nakul Sethi, page 7 of the filed PDF · View the filing
Management said commercial production should start this month, targeting 15-20 lakh cases with revenue potential of about INR120 crores.
Answered by Nakul Sethi
Asked by Jitaksh Gupta: When will the UP plant go live and what revenue/utilization is expected for FY27?
p. 7
“INR600 per case, so INR600 for INR120 crores.”
Nakul Sethi, page 7 of the filed PDF · View the filing
Management said Q1 should be better than Q4 due to better utilization at Hassan and Odisha and one-off Q4 costs not recurring.
Answered by Nakul Sethi
Asked by Shivam Sanghvi: Will Q1 be similar to Q4 in terms of losses/costs?
p. 8
“I think quarter 1 would be, I think, in terms of numbers should be better than quarter 4.”
Nakul Sethi, page 8 of the filed PDF · View the filing
Management said Karnataka is improving due to excise rationalization while Delhi supply has been hit since the Bhopal plant became non-operational.
Answered by Diwakaran S.
Asked by Shivam Sanghvi: How are things doing in Delhi and Karnataka this quarter?
p. 8
“So the good thing is Karnataka is looking up. And Karnataka almost contributes to 30%, 35% of our total business.”
Diwakaran S., page 8 of the filed PDF · View the filing
Management said roughly half of total volume came from Bhopal.
Answered by Diwakaran S.
Asked by Hiten Boricha: What was the volume contribution from the Bhopal plant historically?
p. 9
“So roughly 50% of our volume was coming from there.”
Diwakaran S., page 9 of the filed PDF · View the filing
Management said April and May industry volumes grew despite rain, citing combined growth of about 15-16%.
Answered by Diwakaran S.
Asked by Tanmoy Roy: Given the rains in Bangalore, how is volume expected to hold up in Karnataka?
p. 12
“In fact, in both months combined together the industry growth is close to 15%, 16%.”
Diwakaran S., page 12 of the filed PDF · View the filing
Management said full recovery is not certain but expects gradual improvement, with consumers returning to familiar brands.
Answered by Diwakaran S.
Asked by Tanmoy Roy: Can the company recover the market share lost in Madhya Pradesh once Bhopal reopens?
p. 12
“So Bhopal, we will make it operational. But specifically answering your question on Karnataka, we are improving our market share quarter by quarter for the last 3, 4 quarters, we have been improving its share.”
Diwakaran S., page 12 of the filed PDF · View the filing
Management said the license is pending with the government and expects resolution within the next week to 10 days.
Answered by Nakul Sethi
Asked by Yash Agarwal: What is the realistic timeline for resolving the Bhopal license issue given repeated delays?
p. 14
“It's now pending with the government. We can't give you a definite time frame, but we are expecting that even within the next week to 10 days, it should be sorted out.”
Nakul Sethi, page 14 of the filed PDF · View the filing
Management said the downgrade was solely due to the temporary license suspension, not financial issues, and ratings would revert once the license is restored.
Answered by Nakul Sethi
Asked by Anudeep: Do the recent credit rating downgrades reflect financial stress, and will promoters inject capital?
p. 15
“This downgrade in the rating is only due to the temporary suspension of the license. This is not to do with any financial as such.”
Nakul Sethi, page 15 of the filed PDF · View the filing
Management said there is no margin impact since it affects consumer price, and revenue could even rise slightly.
Answered by Diwakaran S.
Asked by Anudeep: Does the Karnataka excise policy reduction in MRP impact company margins or revenue?
p. 16
“No, the top line, if you look at revenue only, it is -- it will be slightly go up. It will go up, yes.”
Diwakaran S., page 16 of the filed PDF · View the filing
Risks flagged
License-related disruption at the Bhopal facility
p. 3
“The company's performance during the year was significantly impacted by the temporary license related disruption at the Bhopal facility and subdued demand conditions in Karnataka and Odisha, the company's key markets.”
Diwakaran S., page 3 of the filed PDF · View the filing
Subdued demand in Karnataka and Odisha
p. 3
“The company's performance during the year was significantly impacted by the temporary license related disruption at the Bhopal facility and subdued demand conditions in Karnataka and Odisha, the company's key markets.”
Diwakaran S., page 3 of the filed PDF · View the filing
Inflationary pressures on input costs including glass, cans, barley and logistics
p. 3
“Input costs relating to glass bottles, aluminum cans, barley and logistics remained under pressure, adversely impacting margins across the alcoholic beverage industry and we were not spared either.”
Diwakaran S., page 3 of the filed PDF · View the filing
Ongoing inflationary pressures on packaging materials and energy affecting margins
p. 4
“While inflationary pressures on glasses, cans, packaging materials, energy and other key inputs continue to remain an industry-wide concern, the company remains focused on cost optimization, operational efficiencies and premiumization initiatives to mitigate margin pressure.”
Nakul Sethi, page 4 of the filed PDF · View the filing
Loss of Delhi supply due to Bhopal plant closure
p. 9
“And right from the time the plant was non-operational from February, we have not been able to supply anything to Delhi.”
Diwakaran S., page 9 of the filed PDF · View the filing
Uncertainty over full recovery of Madhya Pradesh market share
p. 12
“But whether it will recover the entire loss in Madhya Pradesh, that's not so easy to say.”
Diwakaran S., page 12 of the filed PDF · View the filing
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