Key Financial Performance

Q2FY27 Performance (Quarter ended September 2026):

  • Revenue from Operations: ₹4,892.6 lakhs (-7.8% QoQ from Q1FY27's ₹5,303.8 lakhs)
  • Total Income: ₹4,914.9 lakhs (including Other Income of ₹22.3 lakhs)
  • EBITDA: ₹733.0 lakhs (₹7.33 Cr), up 42.3% QoQ
  • EBITDA Margin: 14.98% (improved by 527 basis points QoQ)
  • Profit Before Tax: ₹330.5 lakhs (up 137.6% QoQ)
  • Profit After Tax: ₹254.6 lakhs (₹2.54 Cr), up 50.5% QoQ
  • Earnings Per Share (Diluted): ₹0.06
  • Gross Profit: ₹2,797.7 lakhs
  • PAT Margin: 5.20% (improved by 201 basis points QoQ)

H1FY27 Performance (April-September 2026):

  • Revenue from Operations: ₹10,196.46 lakhs
  • Total Income: ₹10,243.16 lakhs (including Other Income of ₹46.7 lakhs)
  • EBITDA: ₹1,248 lakhs (₹12.48 Cr)
  • EBITDA Margin: 12.24% (improved by 683 basis points YoY)
  • Profit Before Tax: ₹469.63 lakhs (up 309.0% YoY)
  • Profit After Tax: ₹423.86 lakhs (₹4.24 Cr), up 416.1% YoY
  • Earnings Per Share (Diluted): ₹0.101
  • Gross Profit: ₹5,695 lakhs
  • PAT Margin: 4.16% (improved by 234 basis points YoY)

Cost Structure Q2FY27:

  • Cost of Goods Sold: ₹2,095.0 lakhs
  • Changes in Inventories of Stock-in-trade: -₹487.7 lakhs
  • Employee Benefits Expenses: ₹363.8 lakhs
  • Finance Costs: ₹185.4 lakhs
  • Depreciation Expense: ₹239.4 lakhs
  • Other Expenses: ₹1,700.8 lakhs
  • Tax Expenses: ₹75.9 lakhs

Operational Highlights

Production Metrics:

  • Q2FY27 Production: 1.38 Million cases (up 18.6% QoQ)
  • H1FY27 Production: 2.55 Million cases
  • Capacity Utilization: 78.6% (up 15.5 percentage points since Q1FY27)
  • Can Production: Increased by 67.7% QoQ, accounting for 36.1% of production mix
  • Dispatch: 1.36 Million cases in Q2FY27 (up 14% QoQ)

Gross Margins:

  • H1FY27 Gross Margins: ~55.85%
  • Other costs decreased to 34.8% of revenue

Strategic Updates and Guidance

Management Commentary:

Mr. Ronak Jain, Managing Director, stated that the company is encouraged by operational and financial performance with production volumes growing 18.6% sequentially. The growth strategy will focus on increasing capacity utilization, strengthening long-term contract manufacturing partnerships, expanding manufacturing capabilities, and sustaining operational efficiencies.

EBITDA Guidance:

  • Quarterly EBITDA expected to remain in range of ₹6-7 Cr
  • FY27 Annualized EBITDA Outlook: ₹24-28 Cr

Capacity Expansion:

  • Current installed annual capacity: 8.4 Million cases
  • Capacity expansion to 10.8 Million cases planned by March 2027
  • Long-term capacity target: 48 Million cases

Business Overview

Contract Manufacturing Model:

The company operates through subsidiary CMJ Breweries Private Limited (78.90% interest), which produces beer for established partner brands plus a portfolio of 7 owned labels. The plant is located at Byrnihat, Meghalaya and is fully automated with European-engineered brewing, bottling & packaging.

Manufacturing Partners:

  • Contract relationships with United Breweries, Carlsberg India, Mohan Meakin, Yuksom Breweries, and Sona Beverages
  • All relationships are long-term with recurring agreement renewals
  • Recent contract win: 3-year Golden Eagle Manufacturing Agreement covering two variants across seven states and Bhutan

Technology Partners:

  • Process Control/DCS: Siemens (Germany) - SIMATIC architecture
  • Packaging Line: KHS (Germany)
  • Brewhouse Equipment: Praj (India)
  • Filtration System: M & L (Switzerland)

Product Portfolio:

  • Partner brands manufactured: Kingfisher, Carlsberg, Tuborg, Golden Eagle, He-Man 9000, Simba, and Asia 72
  • Own brands: Shimla, Magpie, Himalayan Monkey, Nutcracker 9000, Savawm, Savage, Red Indian
  • Pack formats: Bottles & cans in 330ml, 500ml, and 650ml sizes

Strategic Priorities:

1. Grow the Beer Category - Tap low per-capita beer consumption

2. Win in Mainstream and Premium - Partner lagers alongside own strong beer brands

3. Win in All Stores - Leverage partner's pan-India distribution networks

4. Unleash End-to-End Supply Chain Capabilities - Integrated brew, bottle and can lines

5. Step up Productivity - Automation lifts throughput and yield

6. Future Proof the Organization - Leaders from global brewing majors

Strategic Goals:

  • Become Pan-India Player: Anchor Northeast from Byrnihat, enter high-growth markets (Karnataka, Maharashtra, Rajasthan, UP), scale to 4 plants and 48 Mn cases capacity
  • Future-Ready Manufacturing: Fully automated brewery, expansion to 10.8 Mn cases by March 2027, 16,000 cans/hr canning line
  • Comprehensive Beer Portfolio: Manufacturing for five brand owners, seven own labels across lager, India pale and strong beer categories