Globus Spirits operates a dual business model – a stable, margin-generating manufacturing business (ENA/ethanol) paired with a high-growth consumer Alcohol brands business (Prestige & Above + Regular & Others).
The UP distillery (₹200 Cr capex) is commissioning in Q4, which should significantly expand margins for both R&O and P&A portfolios in Uttar Pradesh.
Here are the key takeaways, But, before that:
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Globus Spirits – Q3 FY26 Concall Takeaways: Inflection Point?
Manufacturing Business: ✓ Capacity utilization: 86% (guidance: 80-85%) ✓ EBITDA margin: ₹7.5/liter in Q3 (guidance: ₹5-7/liter) ✓ Raw material prices down 15% YoY (structural improvement) ✓ UP distillery (₹200 Cr capex) commissioning in Q4 → Will improve R&O and P&A margins significantly.
Consumer Business:
Prestige & Above (P&A):
- Volume growth: 37% YoY (excluding Delhi)
- Delhi issues resolved in Q3, normalizing by end Q4
- Q4 guidance: 50% volume growth
- New states: Assam launched (Mountain Oak, Brothers), Jharkhand next
Regular & Others (R&O):
- Rajasthan: 2% volume growth, 3% revenue growth (in line with industry)
- UP: Reached 1 lakh cases/month in December (accelerating)
- Overall R&O: Mid-single digit growth expected Q4
The Setup:
Delhi had disruption Q2-Q3 (one of first 3 states, significant contributor).
Issues resolved. Volumes normalizing. Q4 back on track.
Board Actions:
Enabling resolution for fundraise (up to ₹500 Cr, 1-year window).
Use: Working capital + malt whiskey inventory expansion.
Not urgent. Will evaluate based on business needs and investor fit.
Key Metrics:
- Manufacturing guidance maintained: ₹5-7/liter EBITDA, 80-85% utilization
- P&A gross margins: ~40% (best-in-class range)
- FY29 target: 15-17% EBITDA margin for P&A
- Net debt: ₹570 Cr (targeting debt/EBITDA ≤2x)
What We’re Watching:
- UP distillery impact → Should boost margins across R&O and P&A in UP market
- Delhi normalization → Q4 volumes should reflect recovery
- Fundraise execution → Timing, quantum, use (malt inventory vs working capital)
- New state expansion → Assam early traction, Jharkhand entry Q4
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Ekansh Mittal
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