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.
Globus operates across four revenue streams, each with the charm of a chaotic Indian family at dinner.
1. Bulk Alcohol (46% of revenue): They manufacture ethanol and ENA, mostly sold to oil companies under India’s ethanol blending programme or to other alcohol companies for contract bottling. This is the workhorse. Government-backed offtake agreements mean revenue visibility. This segment alone generates ₹1,000+ crore annually.
2. Country Liquor & IMIL (38% of revenue): Regular bottle-of-desi-whiskey stuff. Strong in Rajasthan where they hold 40-70% market share. They’ve expanded to UP, Delhi, Assam, Jharkhand, and West Bengal. Each state is a unique policy nightmare. Each state also generates cash. So there’s that.
3. Prestige & Above (16% of revenue): Premium IMFL brands like DŌAAB (single malt whisky), TERAI (crystal-filtered vodka), and others. This is management’s golden goose. Growing at 37% YoY in Q3 (excluding Delhi chaos). Margins are 40% gross. Management believes this can be ₹15-17% EBITDA margin by FY29. That’s the growth story.
4. Franchise Bottling & Contract Manufacturing: They make alcohol for United Spirits, Bacardi, Diageo — basically everyone. Low margin, high volume. Reliable cash. Boring. Unglamorous. Profitable.
Bulk Revenue46%ethanol & ENA
Consumer (R&O+P&A)54%brands & prestige
Capacity (Current)335 MLPApost-UP commission
States Presence6+growing fast
Concall Goldmine: Management revealed they consumed ~15 million liters of ENA internally in Q3, while selling 52.25 million liters externally. Capacity utilization was 86% in Q3, beating their 80-85% guidance. They’re also dropping manufacturing EBITDA numbers like ₹7.5/liter in Q3, ₹5.76/liter in 9M, with full-year guidance at ₹5-7/liter. That’s real unit economics, not vague promises.
04 — Financials Overview
Q3 FY26: The Numbers Went From “RIP Investor Confidence” to “Wait, What?”
Result type: Quarterly Results | Q3 FY26 EPS: ₹10.84 | 9M Avg EPS: (₹6.40+₹8.06+₹10.84)/3 = ₹8.43 | Annualised EPS: ₹33.72
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 716 | 602 | 661 | +18.9% | +8.3% |
| Operating Profit | 75 | 35 | 60 | +114% | +25% |
| OPM % | 10.5% | 5.8% | 9.1% | +470 bps | +140 bps |
| PAT | 31.4 | 1.0 | 23.0 | +3,040% | +36.5% |
| EPS (₹) | 10.84 | 0.25 | 8.06 | +4,240% | +34.6% |
The Turnaround Nobody Expected: Last year’s Q3 was a nightmare. PAT of ₹1 crore. This year? ₹31.4 crore. That’s not a turnaround, that’s a resurrection. The reason? Management said it clearly on the concall: structural improvement in raw material costs (rice prices have corrected), mix shift towards higher-margin P&A business, and capacity utilization staying above guidance. The company’s also managing manufacturing spreads at ₹7.5/liter in Q3, which is above their ₹5-7/liter guidance band. Not one-off. Structural. They said it twice on the concall to make sure nobody called it a fluke.
Gross Margin Expansion: Analyst flagged 150 bps sequential and 500 bps YoY gross margin expansion. Management attributed it to “structural RM cost reset and continued mix improvement from scaling consumer and steady R&O.” Then explicitly rejected the one-off narrative: “structural improvement and not one-offs.” They’ve said this 47 times on earnings calls. Probably.
💬 At 25.7x P/E with 3,000% profit growth, is this company finally getting re-rated? Or are investors still remembering the dark days of 2024 and staying away? What’s your gut telling you?
05 — Valuation Discussion – Fair Value Range
What Is This Chaotic Liquor Company Actually Worth?
