Any current/future new fundraising through debt or equity?

No immediate plans for new fundraising through equity or debt mentioned. Nakul Sethi stated that warrants for new money will be issued only as and when required, with a clear end use for the funds. Promoters are interested in increasing their shareholding but funding depends on the company’s requirements. Any promoter capital infusion is likely linked to future phases of the UP project (Phase 2). The company is focused on managing with existing financial resources, maintaining a comfortable gross debt-to-equity ratio of 0.30x as of FY '26. No specific plans to raise funds currently or immediat

Any current/future capex/capital investment/strategic investment?

The company is progressing with the greenfield brewery project in Uttar Pradesh through its wholly owned subsidiary, Som Distilleries & Breweries Limited (SDBL). Approximately INR250 crores have been invested towards the development of the UP plant as of FY '26. The UP facility has commenced trial production and is expected to start commercial operations soon, with revenue potential of about 15-20 lakh cases in FY '27. The plant's full capacity is 1 crore cases per annum, with a ramp-up over 2-3 years. Further capex for Phase II of the UP project is anticipated, which may trigger promoter fund

Future growth expectations in sales/revenue/volumes?

FY '27 revenue guidance is between INR 1,400 to 1,500 crores, aiming to at least match FY '25 levels (~INR 1,420-1,430 crores). Growth expected from Bhopal plant resuming operations, with full 9 months factored in. UP greenfield brewery plant expected to commence commercial operations in June '26, contributing 15-20 lakh cases (~INR 120-130 crores revenue) in FY '27, with capacity of 1 crore cases/year and ramp-up over 2-3 years. Karnataka market showing improvement post new excise policy, volume uplift anticipated as prices stabilize. Expansion and market share growth targeted in Tami

Future growth expectations in earnings/operating earnings/profits/EPS?

FY '27 revenue guidance is INR 1,400 - 1,500 crores, aiming to at least match FY '25 levels (~INR 1,420 - 1,450 crores), assuming resolution of Bhopal license issue. EBITDA margin guidance for FY '27 is close to 10%, with FY '28 outlook pending due to macroeconomic uncertainties and inflationary pressures. Profitability in Q1 FY '27 expected to be better than Q4 FY '26 due to improved utilization at Hassan and Odisha plants and reduced annualized costs. Full recovery of market share in Madhya Pradesh expected within 6-7 months post Bhopal plant resumption. New Uttar Pradesh plant commercial op

Current/ Expected Orderbook/ Pending Orders?

Nakul Sethi mentioned they have about INR 400 crores of lines already sanctioned. Due to the company's conservative approach, they have not utilized these sanction lines until the Bhopal plant becomes operational. There is no mention of any pending tender participation by the company related to recent court order clarifications. The company is focused on ensuring the Bhopal plant license issue is resolved to commence operations and unlock capital utilization. No specific current orderbook or pending order figures beyond the sanctioned credit lines were discussed in the transcript.

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Som Distilleries & Breweries LtdQ1 FY26Beverages

Som Distilleries & Breweries Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹69.8P/E: 20.6Market Cap: ₹1.8K CrSector: Beverages

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→FY '27 revenue guidance is between INR 1,400 to 1,500 crores, aiming to at least match FY '25 levels (~INR 1,420-1,430 crores).
→Growth expected from Bhopal plant resuming operations, with full 9 months factored in.
→UP greenfield brewery plant expected to commence commercial operations in June '26, contributing 15-20 lakh cases (~INR 120-130 crores revenue) in FY '27, with capacity of 1 crore cases/year and ramp-up over 2-3 years.
→Karnataka market showing improvement post new excise policy, volume uplift anticipated as prices stabilize.
→Expansion and market share growth targeted in Tamil Nadu and other new markets.
→Beer volumes expected to recover after 6-7 months of Bhopal plant operation, regaining lost market share in Madhya Pradesh.
→Overall volume and revenue growth driven by operational normalization, premiumization, and geographic expansion.

Margin guidance

Category 3

→FY '27 revenue guidance is INR 1,400 - 1,500 crores, aiming to at least match FY '25 levels (~INR 1,420 - 1,450 crores), assuming resolution of Bhopal license issue.
→EBITDA margin guidance for FY '27 is close to 10%, with FY '28 outlook pending due to macroeconomic uncertainties and inflationary pressures.
→Profitability in Q1 FY '27 expected to be better than Q4 FY '26 due to improved utilization at Hassan and Odisha plants and reduced annualized costs.
→Full recovery of market share in Madhya Pradesh expected within 6-7 months post Bhopal plant resumption.
→New Uttar Pradesh plant commercial operations starting in June 2026, expected to produce 15-20 lakh cases in FY '27, contributing incremental revenues (~INR 120 crores).
→Growth expected from market share gains in Karnataka and new market entries like Tamil Nadu.
→Long-term focus on cost optimizations, operational efficiencies, and premiumization initiatives to drive margin expansion.

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Fundraise plans

→No immediate plans for new fundraising through equity or debt mentioned.
→Nakul Sethi stated that warrants for new money will be issued only as and when required, with a clear end use for the funds.
→Promoters are interested in increasing their shareholding but funding depends on the company’s requirements.
→Any promoter capital infusion is likely linked to future phases of the UP project (Phase 2).
→The company is focused on managing with existing financial resources, maintaining a comfortable gross debt-to-equity ratio of 0.30x as of FY '26.
→No specific plans to raise funds currently or immediately, but future capital raising will be purpose-driven.

Order book

→Nakul Sethi mentioned they have about INR 400 crores of lines already sanctioned.
→Due to the company's conservative approach, they have not utilized these sanction lines until the Bhopal plant becomes operational.
→There is no mention of any pending tender participation by the company related to recent court order clarifications.
→The company is focused on ensuring the Bhopal plant license issue is resolved to commence operations and unlock capital utilization.
→No specific current orderbook or pending order figures beyond the sanctioned credit lines were discussed in the transcript.

Capex plans

Yes

→The company is progressing with the greenfield brewery project in Uttar Pradesh through its wholly owned subsidiary, Som Distilleries & Breweries Limited (SDBL).
→Approximately INR250 crores have been invested towards the development of the UP plant as of FY '26.
→The UP facility has commenced trial production and is expected to start commercial operations soon, with revenue potential of about 15-20 lakh cases in FY '27.
→The plant's full capacity is 1 crore cases per annum, with a ramp-up over 2-3 years.
→Further capex for Phase II of the UP project is anticipated, which may trigger promoter funding/warrants issuance.
→The company continues investing aggressively in capacity creation but maintains a healthy balance sheet and manageable debt levels.
→Focus remains on operational efficiencies, cost optimization, and premiumization to mitigate margin pressures and support growth.

How does Som Distilleries & Breweries Ltd rank vs peers in Beverages?

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