1. Opening Hook
Just when everyone thought liquor companies only get high on excise shocks, Globus Spirits decided to get drunk on capacity utilization. While Delhi policy chaos sobered half the street, management calmly dropped an 86% utilization number—slightly above guidance—like it was no big deal.
This quarter wasn’t about flashy profits. It was about structure. Raw material prices cooled, margins expanded, and the consumer business quietly recovered from its Delhi hangover. Meanwhile, a ₹500 Cr fund-raise resolution lurked in the background, casually terrifying minority shareholders.
UP distillery commissioning got delayed (because licensing gods demand sacrifices), but management swears margins will magically expand “very soon.” Prestige & Above brands sprinted ahead, Regular & Others jogged politely, and ethanol fears were brushed aside with a confident shrug.
Stick around—because behind all the optimism, there’s a lot of math, a little risk, and some very expensive whiskey aging quietly in barrels.
2. At a Glance
- ENA & Ethanol volumes 52.25 Mn litres: Plants worked harder than analysts on result day.
- Capacity utilization 86%: Guidance beaten, chest thumped politely.
- Manufacturing EBITDA ₹7.5/litre: Raw material prices finally behaved.
- P&A volumes +37% YoY (ex-Delhi): Brands partying while policies nap.
- R&O volumes flat: Rajasthan steady, Delhi missing, Bengal relocating.
- Net debt ₹570 Cr: Manageable, but don’t blink.
3. Management’s Key Commentary
“We have transformed into an innovative, brand-led company.”
(Translation: Please stop valuing us like a boring distillery.) 😏
“The fund raise is only an enabling resolution.”
(Translation: Relax, dilution is optional… for now.)
“We consumed 15 Mn litres and sold 52.25 Mn litres this quarter.”
(Translation: Integration is finally doing its job.)
“Raw material prices structurally corrected.”
(Translation: Grain gods smiled in Q3.)
“Delhi issues are resolved; volumes normalizing by Q4.”
(Translation: Policy headache mostly cured.)
“UP distillery will significantly expand margins.”
(Translation: Please wait two more weeks. Again.)
4. Numbers Decoded
| Metric | Q3FY26 | Meaning |
|---|---|---|
| ENA + Ethanol sales | 52.25 Mn litres | High utilization, strong bulk demand |
| Capacity utilization | 86% | Above guided 80–85% |
| EBITDA/litre (Mfg.) | ₹7.5 | Peak seasonal margin |
| 9M EBITDA/litre | ₹5.76 | Safely within ₹5–7 guidance |
| Raw material prices | -15% YoY | Margin tailwind |
Bottom line: Q3 is the sweet spot; don’t annualize blindly.
5. Analyst Questions (Decoded)
- Margins jump—one-off or structural?
Mgmt: Structural. Raw materials cheaper +
