Asgard Alcobev Limited announced its unaudited consolidated financial results for the quarter and half-year ended 30 September 2026. The company operates its brewing business through its subsidiary CMJ Breweries Private Limited, following the acquisition of a controlling stake in February 2026.

Financial Performance (Consolidated, ₹ Lakhs)

Q2 FY27 Results:

  • Revenue from operations: ₹4,892.63 lakh (₹48.93 crore), down 7.75% QoQ but up 102.84% YoY
  • Gross profit: ₹2,797.65 lakh, down 3.44% QoQ but up 1,773.97% YoY
  • Gross profit margin: 57.18%, improved 255 basis points QoQ and 5,099 basis points YoY
  • EBITDA: ₹733.02 lakh (₹7.33 crore), up 42.31% QoQ and 723.90% YoY
  • EBITDA margin: 14.98%, improved 527 basis points QoQ and 1,129 basis points YoY
  • Profit after tax: ₹254.64 lakh, up 50.48% QoQ and 1,402.30% YoY
  • Profit margin: 5.20%, improved 201 basis points QoQ and 450 basis points YoY

H1 FY27 Results:

  • Revenue from operations: ₹10,196.46 lakh (₹101.96 crore), up 125.17% YoY
  • Gross profit: ₹5,694.91 lakh
  • Gross profit margin: 55.85%
  • EBITDA: ₹1,248.11 lakh, up 409.52% YoY
  • EBITDA margin: 12.24%
  • Profit after tax: ₹423.86 lakh, up 416.08% YoY
  • Profit margin: 4.16%

Operational Performance

Q2 FY27 Operational Metrics:

  • Production: 13,82,315 cases, up 18.6% QoQ
  • Bottles: 8,83,580 cases, up 1.8% QoQ
  • Cans: 4,98,735 cases, up 67.7% QoQ (36.1% of total production vs 25.5% in Q1)
  • Dispatch: 13,58,230 cases, up 14.0% QoQ
  • Capacity utilization: 78.6%, improved 15.5 percentage points from 63.1% in Q1 FY27

H1 FY27 Operational Metrics:

  • Production: 25,47,442 cases
  • Dispatch: 25,49,647 cases
  • Capacity utilization: 70.9%

Balance Sheet Update

Gross borrowings declined by ₹11.70 crore during H1 FY27, from ₹72.54 crore as of 31 March 2026 to ₹60.84 crore as of 30 September 2026, with an increased proportion of long-term borrowings.

Strategic Initiatives

1. Capacity Expansion: The company is progressing toward increasing annual manufacturing capacity from 8.4 million cases to 10.8 million cases by March 2027, representing approximately 28.6% additional capacity.

2. Geographical Expansion: Evaluating opportunities to expand manufacturing footprint into Southern, Western and Central India beyond current presence in North-Eastern Region and Eastern India.

3. Contract Manufacturing: Intends to strengthen existing relationships with leading beer manufacturers and pursue additional long-term contracts.

Management Commentary

Mr. Ronak Jain, Managing Director, commented on the strong performance reflecting progress in strengthening manufacturing operations and improving profitability. The company is targeting EBITDA of approximately ₹24-28 crore for FY27, supported by higher production volumes, cost efficiencies and operating leverage.

Note on Comparability

The line of business changed effective 17 February 2026. Prior-year figures reflect the earlier business, so operating metrics are compared QoQ while YoY shows financial growth since the pivot to brewing.