Financial Performance - Q2FY27

  • Net Revenue from Operations: ₹2,716 Mn, up 7% YoY (Q2FY26: ₹2,538 Mn) but down 3% QoQ (Q1FY27: ₹2,809 Mn)
  • Gross Profit: ₹987 Mn with a margin of 36%
  • EBITDA: ₹177 Mn, down 26% YoY (Q2FY26: ₹240 Mn) and down 41% QoQ (Q1FY27: ₹299 Mn)
  • EBITDA Margin: 7% (vs. 9% in Q2FY26 and 11% in Q1FY27)
  • Profit Before Tax: ₹110 Mn, down 40% YoY (Q2FY26: ₹184 Mn)
  • Profit After Tax: ₹80 Mn, down 43% YoY (Q2FY26: ₹140 Mn)
  • PAT Margin: 3% (vs. 6% in Q2FY26)
  • Basic EPS: ₹3.99 per share (Q2FY26: ₹7.69 per share)
  • Diluted EPS: ₹3.99 per share (Q2FY26: ₹7.48 per share)

Financial Performance - H1FY27

  • Net Revenue from Operations: ₹5,525 Mn, up 6% YoY (H1FY26: ₹5,205 Mn)
  • EBITDA: ₹476 Mn, down 22% YoY (H1FY26: ₹611 Mn)
  • EBITDA Margin: 9% (vs. 12% in H1FY26)
  • Profit After Tax: ₹258 Mn, down 31% YoY (H1FY26: ₹377 Mn)
  • PAT Margin: 5% (vs. 7% in H1FY26)
  • Basic EPS: ₹12.87 per share (H1FY26: ₹20.68 per share)
  • Diluted EPS: ₹12.87 per share (H1FY26: ₹19.74 per share)

Segment Performance - Alcohol Business

  • Alcohol segment revenue increased by 14% YoY with a margin of 9%
  • IMFL Proprietary segment revenue grew by 39% YoY
  • Central Province series volume growth of 56% in Q2FY27
  • Portfolio includes 16 proprietary brands across 32 bottling lines with annual capacity of 16 million cases
  • ENA manufacturing capacity: 160 KLPD (50% used for captive consumption)

Segment Performance - Ethanol Business

  • Ethanol segment revenue: ₹566 Mn in Q2FY27
  • EBITDA Margin: 2% (vs. 4% YoY)
  • Segment remains under pressure due to industry oversupply and increased grain prices
  • Operated at 95% capacity utilization in H1FY27
  • Additional ethanol allocation of 87.4 lakh litres received for Q4 ESY 2025-26
  • Ethanol manufacturing capacity: 130 KLPD

Product Launch

  • Entered tequila category with launch of Arcana, a premium Blanco tequila crafted in Mexico
  • Priced at ₹7,500 in Madhya Pradesh
  • Initial launch in Madhya Pradesh with plans to expand to Karnataka, Maharashtra, Haryana, Goa, Delhi and other states

Geographical Presence

  • Current markets: Madhya Pradesh, Chhattisgarh, Keralam, Delhi, West Bengal, Uttar Pradesh, Maharashtra, Mahe (UT), Goa, Jharkhand, Rajasthan, Gujarat, Manipur & Odisha
  • Madhya Pradesh and Keralam contribute 80% to IMFL Revenue
  • Targeted expansion: Karnataka and Andhra Pradesh by end of FY27

Strategic Initiatives and Capex

  • Commissioned 6,000 LPD malt plant with total capex incurred till H1FY27: ₹631 Mn
  • Acquisition of SDF Industries in Kerala for southern India presence
  • Planned capex of ₹120 Mn for cask procurement for malt maturation
  • Acquisition and rehabilitation of bottling line in SDF Industries: ₹380 Mn (operations expected Q4FY27)
  • PET Bottling Line: ₹152 Mn (implementation expected Q4FY27)
  • Bio-gas Plant: ₹100 Mn (commissioning expected Q4FY27)
  • Water Consumption Reduction Plant: ₹50 Mn (completed H1FY27)
  • Capex primarily funded through internal accruals

Balance Sheet Position (H1FY27)

  • Total Assets: ₹9,209 Mn (FY26: ₹8,558 Mn)
  • Property, Plant & Equipment: ₹4,365 Mn (FY26: ₹3,922 Mn)
  • Capital Work in Progress: ₹311 Mn (FY26: ₹187 Mn)
  • Total Equity: ₹7,284 Mn (FY26: ₹6,946 Mn)
  • Current Borrowings: ₹519 Mn (FY26: ₹565 Mn)
  • Non-Current Borrowings: ₹0 Mn (FY26: ₹96 Mn)
  • Net Debt/Equity: Negative position with strong cash flows

Cash Flow Statement (H1FY27)

  • Net Cash from Operating Activities: ₹656 Mn
  • Net Cash used in Investing Activities: ₹(423) Mn
  • Net Cash used in Financing Activities: ₹(236) Mn
  • Net decrease in Cash and Cash equivalents: ₹(3) Mn
  • Cash and Cash equivalents at end: ₹107 Mn

Management Outlook

  • Targeting 15-17% EBITDA margins for IMFL Proprietary business
  • Aiming to achieve 1 million cases for Central Province brand by 2030
  • Targeting 2 million cases in Keralam in FY27
  • Focus on premiumization and portfolio diversification