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1. At a Glance
Som Distilleries & Breweries brews beer and bottles Indian Made Foreign Liquor at plants in four states. Revenue for the three months to June 2026 was ₹268.63 crore. The same quarter a year earlier brought in ₹528.38 crore, a fall of 49.2%. Operating profit was ₹14.96 crore. Profit after tax attributable to owners was ₹0.46 crore, or ₹0.02 a share — a figure small enough to round itself out of existence.
In February 2026 the Madhya Pradesh Excise Department suspended the manufacturing licence at the company’s Bhopal plant. In June 2026 the application to renew that excise licence for the coming year was rejected. The company disclosed that it is pursuing legal remedies. The auditor’s limited review draws attention to Note 4 of the accounts. That note says the renewal process is underway, pursuant to an order of the Madhya Pradesh High Court.
In the same quarter a new brewery started up 700 kilometres away. Woodpecker Green Agri’s Uttar Pradesh facility began commercial production on 10 June 2026. It adds 10 million cases of annual beer capacity. So capacity rose in one state during the quarter the Bhopal licence stayed suspended. A company with four breweries spent the quarter running three of them.
Total volume was 45.79 lakh cases. Beer made up 98.90% of that volume and 93.29% of revenue. On 20 August 2026 Infomerics, a credit-rating agency, downgraded the bank facility ratings to IVR BB+/Stable and IVR A4+.
2. Introduction
Som Distilleries & Breweries Limited was incorporated on 26 March 1993. It is the flagship company of the Bhopal-based Som Group. It brews beer, and it blends and bottles Indian Made Foreign Liquor. The business is fermentation, bottling, and the bureaucracy standing between the two and a drinker.
The scale-up is recent and steep. Sales were ₹365.16 crore in FY22, the year to March 2022, and ₹806.68 crore the year after. They then reached ₹1,280.67 crore in FY24 and ₹1,442.90 crore in FY25. Beer volumes ran to 68.30 lakh cases in FY22 and 149.60 lakh in FY23. They were 214.00 lakh in FY24 and 234.40 lakh in FY25. Installed beer capacity was 76 lakh cases a year in FY19 and 389 lakh in FY26. That last line only moves when somebody keeps signing very large cheques.
Somebody did, repeatedly. Infomerics, a credit-rating agency, records preferential equity of ₹21.94 crore in FY26 and ₹90.03 crore in FY25. It puts FY24 at ₹101.22 crore, raised through a rights issue, a preferential issue and warrant conversion. FY23 brought in ₹27.20 crore through warrant conversion. Equity capital on the balance sheet moved from ₹34.99 crore in FY22 to ₹41.58 crore in FY26. Reserves went from ₹254.58 crore to ₹736.99 crore across the same years.
FY26 then broke the run. Sales fell to ₹1,229.32 crore and profit after tax to ₹9.38 crore, from ₹104.50 crore. Infomerics attributes that decline to the temporary licence-related disruption at Bhopal and to subdued beer demand in Karnataka. The agency also cites higher input costs.
Jitendra Parihar was appointed Company Secretary and Compliance Officer with effect from 25 July 2026. A board meeting was scheduled for 5 September 2026 to consider preferential warrants or shares and AGM dates. The company has raised equity often enough to have a house style for that announcement. The trading window was closed from 1 September.
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3. Business Model: WTF Do They Even Do?
The company ferments grain and water into beer, puts it into glass or aluminium, and passes a large share of the price to a state government as excise.
The beer labels are Hunter, Black Fort, Power Cool and Woodpecker, alongside Legend and Sunny Beaches. Hunter, Black Fort and Power Cool have each crossed one million cases in annual sales. The IMFL range carries Black Fort, Sunny, Gypsy and Fox, among others, plus Blue Chip. Mahavat, a mid-premium whisky, was launched in July 2025 at a price of ₹1,000 to ₹1,100. It has since been rolled out across Madhya Pradesh, Delhi and Uttar Pradesh. Company material describes Power Cool as running up to 8% alcohol by volume on a ‘Keep It Cool’ platform, which is a restful name for that strength.
Manufacturing sits at four locations. Installed capacity is 48.2 million cases of beer and 5.1 million cases of IMFL. Bhopal holds 15.2 million cases of beer and 1.8 million of IMFL. Hassan in Karnataka holds 14.0 million and 2.7 million. Odisha holds 9.0 million and 0.6 million. Uttar Pradesh holds 10.0 million cases of beer and no IMFL capacity. Hassan is run by Woodpecker Distilleries & Breweries, which is 78.87% owned. Odisha runs through a wholly owned subsidiary. The Uttar Pradesh plant sits inside Woodpecker Greenagri Nutrients, incorporated in January 2025. That company was formed for a ₹600 crore greenfield brewery and distillery on 40 acres at Khimsepur, Farrukhabad.
Beer is heavy, and it sells
