Som Distilleries & Breweries Ltd(SDBL)

NSE: SDBLBSE: 507514

₹ 69.05-1.33%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,436 crWebsite: www.somindia.comUpdated: 24 Oct 2026

About

Som Distilleries & Breweries Ltd (SDBL) is an Indian beer and IMFL producer with plants in Madhya Pradesh, Karnataka, Odisha and Uttar Pradesh, selling brands including Woodpecker, Hunter, Power Cool, Black Fort, Milestone and Mahavat across multiple states. The company reported FY26 revenue of Rs 2,301.67 million (consolidated) with total volumes of 202.22 lakh cases, though operations were severely disrupted from February 2026 by the suspension of its Bhopal facility, its largest plant. SDBL commissioned a new greenfield brewery in Uttar Pradesh in June 2026, adding 10 million cases of annual capacity funded entirely from internal accruals.^[1][2][3]

Business segments

Beer accounted for 98.90% of total volume in Q1 FY27, with 45.00 lakh cases sold, making it the dominant segment by volume.^[3]
IMFL contributed 11% of revenue in Q2 FY26; IMFL volumes grew 32% YoY to 15.03 lakh cases for the full year FY26.^[4][2]
Total volumes were 202.22 lakh cases in FY26, down 17.7% YoY, and 45.79 lakh cases in Q1 FY27, down 48% YoY, both primarily due to the Bhopal plant suspension.^[2][3]

Brands and products

Beer portfolio includes Woodpecker, Hunter, Power Cool, Legend and Sunny Beaches, addressing different price and market segments; Hunter sells mainly in MP and Delhi.^[5][4]
IMFL portfolio includes legacy brands Black Fort and Milestone, plus mid-premium Mahavat whisky (priced Rs 1,000 - 1,100), rolled out across MP, Delhi and UP as of Q1 FY27.^[4][3]
Sunny Beaches, a mild beer launched in Karnataka, reached 5,000 outlets with 4,500 repeating as of Q2 FY26; Legend emerged as an important beer portfolio development in Q1 FY27.^[4][3]
An Indian single malt whisky, to be developed in-house, is planned for launch before the end of FY27.^[3]

Operations and capacity

Bhopal (MP) plant was the largest facility at ~50% of total volumes; its licence was suspended from February 2026 and remained suspended through all of Q1 FY27, an estimated revenue loss of Rs 250 - 260 cr in that quarter alone.^[2][3]
Hassan (Karnataka) plant ran at ~60% capacity utilisation in Q1 FY27, compared with ~42% in Q3 FY26 and ~40% in H1 FY26.^[3][5][4]
Odisha plant ran at ~70% capacity utilisation in Q1 FY27, compared with ~36% in Q3 FY26 and ~40% in H1 FY26.^[3][5][4]
Woodpecker Green Agri UP plant (Phase 1) commenced commercial production on June 9, 2026, adding 10 million cases per annum of capacity; total Phase 1 capex of ~Rs 300 cr was funded entirely from internal accruals.^[3]

Key operating numbers

Beer realisation was Rs 554/case in Q1 FY27 (down 2.1% YoY), Rs 556/case in FY26 (vs Rs 534 in FY25), and Rs 607/case in Q2 FY26.^[3][2][4]
IMFL realisation was Rs 1,047/case in Q1 FY27 (+3.0% YoY), up from Rs 963/case in FY26 and Rs 988/case in Q3 FY26.^[3][2][5]
Input costs (cans, malt, bottles) rose on average 7.5 - 8% YoY in Q1 FY27, compressing gross margin from 35.90% in Q1 FY26 to 28.33% in Q1 FY27.^[3]
Beer volume in FY26 was 187.19 lakh cases (down 20% YoY); IMFL volume in FY26 was 15.03 lakh cases (up 32% YoY).^[2]
Hunter's share of beer sales fell from ~28% in Q2 FY26 to ~19% in Q3 FY26 due to cold weather in its key markets of MP and Delhi.^[5]

Customers and distribution

Karnataka contributes approximately 30 - 35% of total business; the state showed ~30% volume growth YoY in Q1 FY27 after excise duty rationalisation.^[2][3]
Tamil Nadu entry: within six months of entry SDBL gained ~2% overall market share and ~3.5 - 4% share in available districts as of Q2 FY26.^[4]
Woodpecker placed in Delhi T1 and T3 airport outlets as of Q2 FY26; Andhra Pradesh market entry expected by the first week of September 2026.^[4][3]

Expansion and capex

UP Phase 1 brewery (10 mn cases/year) commissioned June 9, 2026 at total capex of ~Rs 300 cr; at 80 - 85% utilisation expected to generate Rs 650 - 700 cr of topline.^[3][5]
UP Phase 2 (distillery and IMFL bottling) at ~Rs 200 cr capex; permissions applied for as of Q1 FY27, with a firmer timeline expected within 3 - 4 months; total two-phase UP capex is Rs 570 cr.^[3][5]
UP plant peak utilisation (10 mn cases) is expected to take 3 - 4 years; UP Phase 1 was guided to contribute 15 - 20 lakh cases in FY27 at ~Rs 600/case realisation.^[3][2]

Recent developments

Bhopal facility licence suspended from February 2026 following a regulatory dispute; remains suspended as of Q1 FY27 end (June 2026). Management expected resolution by August 2026.^[2][3]
FY27 revenue guidance revised down to Rs 1,000 - 1,100 cr (from Rs 1,400 - 1,500 cr guided at Q4 FY26 results) to reflect extended MP disruption.^[3][2]
Gross debt rose only Rs 10 cr in Q1 FY27 despite UP commissioning; gross debt-to-equity moved from 0.30x (March 2026) to 0.31x (June 2026). Operating cash generation was ~Rs 28 cr in Q1 FY27.^[3]
Mahavat mid-premium whisky rolled out in MP, Delhi and UP; Andhra Pradesh market entry targeted for the first week of September 2026 after export permissions from Karnataka are obtained.^[3]

Market Cap

₹1,436 Cr

High / Low

₹135 / 62

Stock P/E

-47.0

Price / Book

1.8

Book Value

₹37

EPS

₹0.4

No. of Shares

20.79 Cr

ROCE

5.4%

ROE

1.2%

OPM

2.5%

Debt / Equity

0.27

Sales

₹2,302 Cr

Net Profit

₹10 Cr

Promoter holding

39.4%

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