Globus Spirits Ltd

Q3 FY26Beverages

Globus Spirits Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹906

Market cap₹2.7K Cr

P/E27.3

Updated23 Aug 2026

Read4 min read

The short version

P&A Segment: - Q4 FY'26 expected to grow approx. P&A Business EBITDA Margin: Expected to reach 15%-17% by FY'29, aligning with industry best-in-class margins despite higher A&P spends.

From Globus Spirits Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

P&A Segment:
Q4 FY'26 expected to grow approx. 50% in volume.
FY'29 EBITDA margins projected between 15%-17%.
Mid-single-digit volume growth expected year-on-year for R&O segment.
Breakeven in P&A segment anticipated soon, likely within a few quarters.
Manufacturing:
Capacity: Current 330 million liters, increasing to 360 million liters with UP facility.
Utilization guidance: 80%-85% expected.
External sales expected to increase by about 15-20 million liters/year with new UP distillery.
EBITDA margin guidance for manufacturing at INR5 to INR7 per liter.
State-Specific Growth:
UP market projected to reach 5 million cases by FY'29, implying ~5% market share.
UP growing faster than mid-single-digit volume growth due to low base.
Rajasthan R&O volume growth projected at 2% year-on-year.
Delhi volumes expected to normalize by end of Q4 FY'26.

2 more points management made on revenue & sales performance

Profitability & Margins

P&A Business EBITDA Margin: Expected to reach 15%-17% by FY'29, aligning with industry best-in-class margins despite higher A&P spends.
Consumer Business Growth: Mid-single-digit volume growth guidance for FY'27 and FY'28; aggressive growth in new states like UP with potential for faster expansion due to small base.
Manufacturing Business: EBITDA margin guidance at INR 5-7 per liter with 80%-85% capacity utilization projected in FY'27; capacity expansion expected to support growth.
Volume Growth: Sharp volume growth anticipated in Q4; UP market projected at 5 million cases by FY'29, targeting about 5% market share.

2 more points management made on profitability & margins

See what Globus Spirits Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

The company is adding a new distillery in Uttar Pradesh with an incremental capacity of 30 million liters, expected in FY'27.
This will increase total capacity to 360 million liters, with a targeted utilization of 80%-85%.
There are no further future capex plans mentioned beyond this new capacity expansion.
The company plans to use part of the QIP funds to increase malt whiskey inventory in maturation, supporting the growth of single malt whiskey brand DOAAB.

2 more points management made on capital expenditure plans

Top-ranked in Beverages

Ranked on what management guided this quarter

5x potential

1Piccadily Agro₹6.0K Cr

Rev 1Mar 3

2Varun Beverages₹1.5L Cr

Rev 2Mar 3

3₹592 Cr

Rev 2Mar 3

4₹20.0K Cr

Rev 3Mar 1

5₹14.4K Cr

Rev 3Mar 1

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The company has obtained approval for a Qualified Institutional Placement (QIP) of up to INR 500 crores, serving as an enabling resolution with a 1-year timeframe.
Currently, there is no concrete plan to utilize the entire INR 500 crores; the actual requirement is expected to be lower.
The funds from the QIP would be used primarily for growing the consumer business, including working capital needs and increasing malt whiskey inventory for maturation.
There is no immediate dire need for fundraise; the QIP provides flexibility to accelerate growth and capitalize on opportunities as they arise.

2 more points management made on fundraising & capital structure

See what Globus Spirits Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript from the Globus Spirits Limited Q3 FY26 conference call does not provide specific details on the current or expected order book or pending orders. Key points related to business outlook include: - The company is operating at 80%-85% capacity utilization, with new capacity coming from a distillery in Uttar Pradesh adding 15-20 million liters per year. - External sales expected to increase by about 10%, with internal consumption balanced accordingly. - Growth in Premium & Above (P&A) consumer business projected at 50% volume growth in Q4.

2 more points management made on order book & pipeline

Globus Spirits Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹632 Cr, net profit ₹21 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Globus Spirits Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Globus Spirits Ltd Q3 FY26 results?

P&A Segment: - Q4 FY'26 expected to grow approx. P&A Business EBITDA Margin: Expected to reach 15%-17% by FY'29, aligning with industry best-in-class margins despite higher A&P spends.

What is Globus Spirits Ltd share price analysis?

Globus Spirits Ltd currently shows a neutral. The stock trades at a P/E of 27.3 with a market cap of ₹2,740 Cr. Investors should review the full earnings analysis for detailed insights.

Is Globus Spirits Ltd planning capital expenditure?

The company is adding a new distillery in Uttar Pradesh with an incremental capacity of 30 million liters, expected in FY'27.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.