01 — At a Glance
The Liquor Company That Went From “Ek Shot Dedo” to “Ek Crore Kama Lo”
- 52-Week High / Low₹1,304 / ₹801
- Q3 FY26 Revenue₹716 Cr
- Q3 FY26 PAT₹31.4 Cr
- TTM EPS₹27.47
- Annualised EPS (9M Avg × 4)₹33.72
- Book Value / Share₹358
- Price to Book2.42x
- Stock Return (3-Month)-11.9%
- Stock Return (1-Year)-14.2%
- Stock Return (3-Year)3.74%
Flash Summary: Globus delivered Q3 PAT of ₹31.4 crore — a 3,040% turnaround from the ₹1 crore loss last year. Sales grew 18.9% YoY to ₹716 crore. The company is trading at 25.7x annualised P/E, which sounds expensive until you realise they’re commissioning a ₹160 crore distillery in UP, raising ₹500 crore (maybe), and trying to turn a commodity business into a brand-led company. Meanwhile, management is launching vodka filtered with amethyst crystals. Yes. Amethyst. Crystals. We live in a timeline.
02 — Introduction
The Alcoholics Anonymous That Actually Works
Globus Spirits is a company built on the principle that if you can’t beat Diageo and Pernod Ricard at brand premium, you can always beat them at scale, distribution, and the willingness to produce literally any type of alcohol for anybody. It’s the “grain to glass” integrated liquor company — which is corporate speak for “we’ve got distilleries in six states and we’re still not done.”
Established in 1992, Globus makes country liquor (the Rajasthani kind), IMIL (Indian Made Indian Liquor), IMFL (Indian Made Foreign Liquor), bulk ethanol, ENA, and now, apparently, crystal-filtered vodka. It supplies ethanol to oil companies, makes bulk alcohol for other brands, and runs franchise bottling operations for companies like United Spirits, Diageo, and Bacardi. Think of them as the backbone of India’s alcohol value chain — unglamorous, profitable, and completely invisible to retail investors.
But here’s the plot twist: management decided in 2024 to pivot from “bulk and backoffice company” to “brand-led company backed by a robust manufacturing backbone.” Translation: they’re tired of being a faceless supplier. They want brands. They want retail. They want people to ask for Globus, not just buy whatever’s on the shelf in Rajasthan.
The Concall Reality Check (Jan 2026): Management explicitly told investors: “We will be holding on to our vision statement in either scenario.” Which scenario? The QIP scenario and the no-QIP scenario. They’re so committed to growth that they’ll do it with or without your ₹500 crore. That’s the kind of swagger only a promoter-led family business can muster.
03 — Business Model: Making Haan Ko Haan, No Ko Haan
They Make Alcohol. You Drink It. Then You Call Your Ex. Business Model Explained.
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