Premium whiskey, gin, vodka, tequila dreams—this call felt like scrolling a Zomato cocktail menu at 1 AM. Management’s high on “premiumization,” while analysts keep asking if margins are sustainable or just one-quarter happy hour shots. Between Maharashtra’s policy hangover and Mexico’s tequila paperwork, it’s less “Mad Men” and more “Munna Bhai MBBS with excise inspectors.” Read on—because the real kick isn’t in the peg, it’s in the fine print.
2. At a Glance
Revenue: ₹276 Cr – +6% YoY. A “mild buzz,” not a party.
EBITDA: ₹37 Cr – +32%. Now we’re tipsy.
EBITDA Margin: 14% – bartender poured heavy.
PAT: ₹24 Cr – 9% margin, steady as an old monk.
IMFL Proprietary Brands: ₹41.3 Cr, +21% YoY. Hillfort & Nicobar proving hangovers can be profitable.
Ethanol: ₹57 Cr – steady supply, because government still loves blending more than most uncles love blending whiskey.
3. Management’s Key Commentary
CEO Kedia: “Premiumization and geographic expansion are our focus.” (Translation: Cheap daaru is out, Insta-worthy bottles are in.)
CFO Bhandari: “Raw material costs like rice and maize have stabilized.” (Translation: Thank god for farmers, or else our margins would’ve been sobbing like Devdas.)
CEO: “Our new RTD brand Culture will first launch in Madhya Pradesh.” (Translation: MP bars about to serve ‘culture shots’—better than WhatsApp forwards.)
CFO: “Hillfort whiskey and Nicobar gin volumes will scale from 2,000 to 20,000 cases.” (Translation: The startup bro’s new best friends after craft beer became too mainstream.)
Management: “Tequila launch pending Mexican approvals.” (Translation: Even tequila needs a visa before coming to India.)
CFO: “Margins sustainable if grain prices stay stable.” (Translation: Pray for good monsoons if you want your peg margins intact.)
4. Numbers Decoded
Source table
Metric
Q1 FY26 Value
YoY Change
One-Line Analysis
Revenue – The Bar Tab
₹276 Cr
+6%
Party started late, volume muted by ENA dip.
EBITDA – The Kick
₹37 Cr
+32%
Stronger peg, premium mix did the trick.
EBITDA Margin – The High
14%
+300 bps
Bartender added triple shot efficiency.
PAT – The Aftertaste
₹24 Cr
+25%
Sweet finish, not too bitter.
IMFL Proprietary – The Hero
₹41.3 Cr
+21%
Hillfort & Nicobar carried the buzz.
Ethanol – The Side Gig
₹57 Cr
Flat
Still the designated driver of steady cash flows.
Volumes – Party Crowd
IMFL 5.67L cs
+31%
More bottles popped, cheers across states.
5. Analyst Questions
Moneybee: “Margins fell QoQ despite lower rice prices?” (Mgmt: Will check data.) (Translation: Even CFO needs a peg before explaining this one.)
Choice Research: “Are 14% EBITDA margins sustainable?” (Mgmt: Depends on
