1. At a Glance
Once upon a time, there was a humble NBFC calledPacheli Industrial Finance Ltdthat lent a few lakhs, earned a few crores, and quietly recovered bad debts. Then one day in FY24, it apparently woke up, looked into the mirror, and said, “You know what, I’m tired of being boring. Let’s make whisky.”And thus,Grand Oak Canyons Distillery Ltdwas born — a name straight out of a Kentucky bourbon commercial, but still trading on BSE with the soul of an NBFC.
At ₹52.3 per share, this ₹2,716 crore market-cap “distillery” (with no distillery yet) has delivered a whopping149% return in the past year. Its P/E ratio?619x— because clearly, logic is too mainstream. The company reported₹0.07 crorein quarterly sales but₹4.86 crorein PAT, which is like earning more money from “other income” than from actually selling anything.
Oh, and did we mention? The company has₹2,650 crore in debt, adebt-to-equity ratio of 3.05, and a brand-new Memorandum of Association that allows it to make beer, whisky, and maybe even dreams.
Welcome to Grand Oak Canyons — where the liquor is imaginary but the market cap is very real.
2. Introduction
Grand Oak Canyons Distillery Ltd (formerly Pacheli Industrial Finance Ltd) is the financial world’s version of a midlife crisis. Imagine a 40-year-old NBFC suddenly quitting its stable job and declaring, “I’m opening a bar!” That’s basically what happened here in FY24 when the company decided to jump from lending to liquor — because why just finance someone else’s hangover when you can sell it yourself?
For nearly four decades, the company was engaged ininvestment and financing activities, and later, in providingconsultancy servicesfor hotels and lodging. Then came FY24, the year of reinvention. The company changed its objectives to include establishingdistilleries, breweries, and wineries, importing and exporting alcohol, operatingbars, pubs, and clubs, and even runningliquor retail outlets. Basically, everything short of bottling “confidence” itself.
But here’s the funny part — as of Q2FY26, the balance sheet shows no fixed assets, no distillery plants, and negligible sales. What it does show is₹3,115 crore of investmentsand₹2,650 crore in borrowings. So while you might not find their whiskey on the shelves, you will find their debt aged perfectly on the books.
The cherry on this cocktail? They increased their authorized share capital from ₹55 crore to ₹10,000 crore and borrowing limit to ₹11,000 crore — because moderation is for sober people.
3. Business Model – WTF Do They Even Do?
Let’s be real — nobody quite knows.
Officially, Grand Oak Canyons Distillery Ltd claims it wants to enter thebeverages and alcohol industry. But for now, it’s still functioning as aninvestment company, earning frominterest on loans(60%) andbad debt recovery(40%) as per FY24 breakup. That’s right — their biggest “product” so far has been recovering old loans. So, unless they plan to distill whisky out of bad debts, the “distillery” tag is aspirational.
Their stated new business objectives sound like a Netflix pitch for“The Indian Liquor Empire: From NBFC to Nightclub”:
- Set updistilleries, breweries, wineries
- Runbars, pubs, clubs, and liquor stores
- Market and brand alcoholic products
- Engage inimport/exportof spirits globally
- ConductR&Dfor new beverage innovations
If that’s not enough, they also plan tosupply raw materialsandmanufacturing equipment— basically doing everything except pouring the first peg.
The revenue model, for now, seems to be “earn from financial activities, talk about whisky.” But in fairness, pivoting from finance to fermentation is bold. After all, who needs EBITDA when you have imagination?
4. Financials Overview
| Metric (₹ Cr) | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.07 | 0.08 | 0.08 | -12.5% | -12.5% |
| EBITDA | 0.04 | -4.76 | -0.04 | — | — |
| PAT | 4.86 | -4.70 | -0.04 | 203%+ | Immense |
| EPS (₹) | 0.09 | -0.09 | -0.00 | — | — |
Commentary:You know it’s a strange world when a company makes ₹4.86 crore profit on ₹7 lakh revenue. The explanation lies in “Other Income” — ₹4.82 crore to be precise. This means 99% of its profit came from sources unrelated to business operations. Maybe they found a lost cheque. Maybe the whiskey spirit blessed them. We’ll never
know.
5. Valuation Discussion – Fair Value Range
Let’s try to make sense of the valuations, purely for education (and comic relief).
a) P/E Method:Current EPS = ₹0.08Industry P/E (NBFC) = 21.2→ Fair Value Range = ₹0.08 × (15 to 25) = ₹1.2 to ₹2.0
Actual Price = ₹52.3.Congratulations, we’re officially in fantasy territory.
b) EV/EBITDA Method:EV = ₹5,366 Cr; EBITDA (TTM) = -₹0.43 CrSince EBITDA is negative,EV/EBITDA = 1,222x— which is basically infinity dressed up as a ratio.
c) DCF (Discounted Cash Fantasy):When cash flow is -₹5.34 Cr and profit is “other income,” the DCF looks like a PowerPoint dream. Let’s say the fair range could be ₹2–₹3 for educational purposes only.
Disclaimer:This fair value range is for educational purposes only and not investment advice. If you’re investing based on this, you might need a stronger drink than the company plans to make.
6. What’s Cooking – News, Triggers, Drama
FY24–FY26 for Grand Oak Canyons reads like a reality show:
- Jan 2025:Name officially changed toGrand Oak Canyons Distillery Ltd. Overnight transformation from NBFC to liquor dreamer.
- Aug 2024:Preferential issue of51.52 crore sharestowards₹850 crore loan conversion.
- FY24:Authorized capital hiked to₹10,000 croreand borrowing limit to₹11,000 crore.
- Aug 2025:MD resigned citing “personal reasons.” The corporate equivalent of “it’s not you, it’s me.”
- Nov 2025:Director Luv Sharma resigned with “no material reasons.” Translation: “I’ve seen enough.”
- Auditors have changed thricein under 18 months — M/s Vinay Bhushan & Associates, then M/s GSA & Associates LLP, then resignation again. Auditors clearly didn’t want to stay for the after-party.
So, what’s cooking? A whole lot of paperwork, a little bit of “other income,” and possibly a barrel of ambition waiting to age.
7. Balance Sheet
| Particulars (₹ Cr) | Mar 2024 | Mar 2025 | Sep 2025 |
|---|---|---|---|
| Total Assets | 1,004.77 | 3,499.43 | 3,519.63 |
| Net Worth (Equity + Reserves) | 4.53 | 849.34 | 869.51 |
| Borrowings | 1,000.00 | 2,650.00 | 2,650.00 |
| Other Liabilities | 0.24 | 0.09 | 0.12 |
| Total Liabilities | 1,004.77 | 3,499.43 | 3,519.63 |
Highlights (or Lowlights):
- Assets multiplied 3.5x in one year — magic? Maybe.
- Borrowings grew from ₹1,000 crore to ₹2,650 crore — because why not.
- Net worth ballooned, mostly from fresh equity
