Som Distilleries & Breweries Ltd

- Som Distilleries & Breweries Limited is undertaking a INR 600 crore expansion project in UP, planned in phases. - Phase 1 involves INR 350 crores, with about INR 150 crores to be spent in FY26 and some spillover to next year. - Funding for the project will come through a mix of internal accruals and term debt. - No fresh equity issuance or QIP (Qualified Institutional Placement) is planned or intended at this time. - The company has clarified it is not raising equity from the market currently. - Existing debt is mostly working capital; term debt on books is around INR 30-35 crores. - Management expressed confidence that funding needs for the expansion will be adequately met without equity dilution.

- The company has incurred a capex of around INR 120 crores, mainly for Woodpecker brand and Odisha plant expansion. The Odisha plant capacity expansion (from 60 lakh to 90 lakh cases per year) was completed in Q4 FY25, with benefits expected from the current year onward. - A major ongoing greenfield project involves an INR 600 crore capacity expansion at a new facility in Farrukhabad, UP, targeting a capacity of about 10 lakh cases per month. This project is planned in phases: Phase 1 expenditure of around INR 350 crores to be partly spent in FY26, and Phase 2 about INR 200-225 crores in FY27. - Funding for the UP expansion will come from internal accruals and some debt; no fresh equity issuance or QIP is planned. - The capex supports expected revenue growth of about 20% for the consolidated entity in FY26, primarily driven by improved capacity utilization.

- The company expects about 20% revenue growth for the whole year FY26, driven primarily by increased capacity utilization from capex at Woodpecker and Odisha plants. - Volume growth guidance for FY26 is around 18%. - The new capacity expansion at the Hassan plant will support growth in markets including Tamil Nadu, aiming for a 7-8% market share in 1-3 years in new territories. - Overall capacity utilization was about 70% in FY25, with expectations to improve going forward. - The excise duty issue in Karnataka, which impacted volumes in FY25, has been corrected, improving prospects for upcoming quarters. - The company is confident of building on current performance through market expansion, innovation, and increased penetration in key states.

- The company targets around 20% revenue growth for the whole year FY26 driven mainly by increased capacity utilization from recent capex at Woodpecker and Odisha plants. - Volume growth guidance for FY26 is approximately 18%, aligning closely with revenue growth. - EBITDA margins are expected to be maintained at the same level as FY25, with stable raw material prices providing cost stability. - The INR 600 crore expansion project in UP is progressing and expected to contribute post-commissioning, with exact timelines to be clearer by July. - The company is focusing on expanding market reach and strengthening its portfolio across key states, aiming to gain market share in existing and new territories like Tamil Nadu. - Excise duty reversals in Karnataka and price stabilization are expected to improve volume and revenue growth in coming quarters. - No fresh equity raising planned; growth capex will be funded via internal accruals and debt.

The transcript does not provide specific information on the current or expected order book or pending orders for Som Distilleries & Breweries Limited. Key discussion points related to capacity and business growth include: - Capital expenditure of INR 120 crores incurred for capacity expansion at Odisha and Woodpecker production plants. - Odisha plant's capacity utilization benefits expected from the current year onward. - Planned greenfield facility in Farrukhabad, UP with INR 600 crore capex in phases (INR 350 crores in FY26 and INR 200-225 crores in FY27). - Capacity expansion aimed at increasing market reach, including new supply to Tamil Nadu from Hassan plant. - Expected revenue growth of about 20% for the whole year, mainly due to capacity utilization. - No specific mention of order book or pending orders was made during the call. Hence, detailed order book or pending order data was not disclosed.