Globus Spirits Q1 FY26 + EPS ₹6.40, P/E 115 – From Rice Ban Hangovers to Craft Whisky Awards
1. At a Glance
Imagine paying single-malt prices for country liquor margins — that’s Globus Spirits in Q1 FY26. Revenue grew 9% YoY to ₹699 Cr, PAT rose 13% to ₹18.5 Cr, but margins are still stuck at 6–8%. With a P/E of 115, the stock is more expensive than a bar in Connaught Place on New Year’s Eve.
2. Introduction
Globus Spirits, born in 1992, is India’s self-styled “360° alcohol company.” Translation: they make bulk ENA, bottle brands for others, run their own IMIL & IMFL, dabble in craft whisky, gin, vodka, and now want to brew beer. If diversification were a cocktail, theirs would be called “Long Island Confusion.”
Q1 FY26 paints a picture of expansion (301 MLP capacity, new UP bottling line), but also of shrinking profitability — EBITDA per litre has slid from ₹3.0 to ₹2.2. Blame FCI rice bans, floods at their Haryana plant, and good old excise duties.
To add masala, they’ve got:
Taxman after them (₹57 Cr demand).
JV with ANSA McAL for Carib beer.
New brands like DŌAAB craft whisky winning Berlin awards.
So the question for readers: Is this a grain-to-glass growth story or just a high-proof dilution of shareholder wealth?
3. Business Model – WTF Do They Even Do?
Globus Spirits runs a two-bar counter:
Manufacturing (62% of revenues):
Bulk Alcohol: ENA + Ethanol. Supplies to ABD, USL, Radico, Pernod. Basically, they’re the invisible bartender behind every big brand.
Franchise Bottling: Bacardi, USL, etc. At 2.7 Mn cases, volumes are down, margins thinner than a Patiala peg after water.
Consumer (38%):
Prestige & Above IMFL: Terai gin, Mountain Oak whisky, DOAAB craft whisky. Sales doubled volumes, but revenue lagged. Classic “premiumisation story” still in beta mode.
Regular/IMIL: White Lace, Black Lace, Ghoomar. Absolute kings of Rajasthan with ~57% share.
Add RTDs (Bored Beverages) + Beer JV = more SKUs than a wine shop during IPL season.
