Globus Spirits Ltd(GLOBUSSPR)

NSE: GLOBUSSPRBSE: 533104

₹ 714.85-1.91%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,249 crNext results: 30 Oct 2026Website: www.globusspirits.comUpdated: 24 Oct 2026

About

Globus Spirits Limited is an Indian spirits company with a 360-degree portfolio spanning bulk alcohol (ENA and ethanol), owned consumer brands across the Prestige & Above and Regular & Others price tiers, and franchisee bottling for major IMFL producers. The company describes itself as the leading manufacturer of value liquor in Rajasthan and reported revenue of Rs.3,612.78 crores in FY26. Its six distilleries have a combined installed capacity of 334 million litres per annum, completed after the commissioning of a 100 KLPD greenfield plant in Uttar Pradesh.^[1][2][3]

Business segments

Manufacturing segment (ENA, ethanol, franchisee bottling, by-products) generated revenue of INR4,720 million in Q1 FY27, up 11% YoY, and INR15,423 million in FY25.^[4][5]
Consumer - Regular & Others (R&O) generated revenue of INR2,564 million in Q1 FY27 (+10% YoY) and INR8,643 million in FY25 (+17% YoY).^[4][5]
Consumer - Prestige & Above (P&A) generated revenue of INR550 million in Q1 FY27 (+35% YoY) and INR1,293 million in FY25 (+186% YoY).^[4][5]

Manufacturing capacity and operations

Total installed distillation capacity stands at 334 million litres per annum across 6 facilities, following commissioning of the 100 KLPD Uttar Pradesh greenfield distillery in Q4 FY26.^[3]
A 2 KLPD malt plant was commissioned in April 2025 in Rajasthan, supporting maturation inventory for the DOAAB single malt brand.^[5]
The UP distillery is designed as a multi-feed facility fungible between molasses and grain; approximately 25% of its capacity is used captively for consumer brands, with the balance sold as bulk ENA or exported.^[4][5]
No further ENA/ethanol capacity expansion is planned through FY29; manufacturing capacities remain at approximately 334 million litres.^[4]

Key operating volumes and manufacturing metrics

Manufacturing segment capacity utilisation reached a record 89% in Q1 FY27, up from 86% in Q3 FY26 and 80% for full-year FY26.^[4][6][3]
Manufacturing EBITDA per litre was INR6.5 in Q1 FY27; INR8.3 in Q4 FY26; INR6.2 for full-year FY26 vs INR2.0 in FY25.^[4][3]
Manufacturing sales volume was 56.11 million litres in Q1 FY27. Bulk alcohol sales were approximately 188 million litres at ~Rs.71/litre realisation in FY25 vs ~208 million litres at ~Rs.63/litre in FY24.^[4][5]
R&O volumes were 4.48 million cases in Q1 FY27 (+13% YoY), 15.70 million cases in FY26 (+1% YoY). UP R&O volumes grew 2.4x YoY in Q1 FY27, crossing 0.2 million cases per month.^[4][3]
P&A volumes were 0.42 million cases in Q1 FY27 (+45% YoY); 1.19 million cases in FY26 (+31% YoY), crossing the 1 million case milestone.^[4][3]

Consumer brands and product portfolio

The Prestige & Above portfolio includes the DOAAB Indian single malt whisky (Expression 02 matured in Japanese Mizunara oak - the first Indian single malt in this cask type) and TERAI Vodka (the world's first vodka filtered with amethyst crystals, priced above Absolut).^[6]
The Regular & Others portfolio includes Brothers and Mountain Oak, which were launched in Assam in Q3 FY26.^[6]
The company also conducts franchisee bottling for India's top IMFL companies as part of its manufacturing segment.^[1]

Distribution and geographic reach

P&A is present in 11 states as of Q1 FY27, with 4 states classified as core (profitable); Assam and Jharkhand were newly entered in FY26.^[4][6]
Total export performance in FY26 was Rs.16.49 crores. The UP distillery has been pivoted as the company's flagship source for international ENA sales, with 3.7 million litres exported in Q4 FY26 alone.^[1][3]
Rajasthan is the primary R&O state; Uttar Pradesh is the new R&O growth market. West Bengal and Haryana portfolios were rebased in FY26 ahead of relaunch.^[3]

Input costs

Glass packaging inflation is running in mid-teens (10% - 17% depending on brand and pack) driven by the Iran crisis; PET prices are also rising. Management expects both pressures to persist.^[4]
Blended raw material prices fell 15% YoY and 4% QoQ in Q3 FY26, driven by rice and grain cost declines; reinstatement of FCI rice procurement policy in Q4 FY25 was expected to reduce volatility.^[6][5]
The India-UK FTA proposes reducing import duties on spirits from 150% to 75% and eventually to 40%, which management views as a partial cost tailwind on scotch inputs for P&A.^[5][3]

Expansion and capex

Maintenance capex is guided at INR50 - 60 crore per year going forward; earlier guidance included INR20 - 30 crore annually for malt whisky ageing and bottling infrastructure.^[4][3]
P&A distribution target is 10 core states (from 4 currently) within approximately two years, and at least 10 states plus 2 UTs by FY29.^[4][3]
FY29 targets include P&A revenue of Rs.500 crores, total revenue of approximately Rs.45 billion with approximately 50% consumer mix, and UP R&O reaching 5 million cases.^[3][6]

Recent developments

Debt refinancing completed: annual term loan repayment reduced from INR67 crores to INR14 crores projected for FY27, unlocking INR53 crores of liquidity; no equity raise planned for FY27.^[3]
ESOP 2025-A scheme approved to grant up to 2,90,679 employee stock options at a face value of Rs.10 each.^[1]
West Bengal R&O re-entry was expected within Q2 FY27 (by September 2026), pending regulatory approvals, with market re-entry within 60 days post-approval.^[4]
Board passed an enabling resolution in Q3 FY26 for a fundraise of up to INR500 crores (1-year window) earmarked for consumer working capital and malt whisky inventory build.^[6]

Market Cap

₹2,249 Cr

High / Low

₹1,251 / 774

Stock P/E

23.6

Price / Book

2.2

Book Value

₹375

EPS

₹31.6

No. of Shares

2.91 Cr

ROCE

11.3%

ROE

8.8%

OPM

5.0%

Debt / Equity

0.47

Sales

₹3,613 Cr

Net Profit

₹91 Cr

Promoter holding

46.7%

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