Event Type: Q1 FY27 Earnings Conference Call hosted by MUFG Intime

Date and Time: July 20, 2026 (specific time not mentioned)

Purpose: To discuss the financial performance of the company for the 1st quarter ended on 30 June 2026 for the financial year 2026-27

Management Participants:

  • Mr. Shekhar Swarup – Chief Executive Officer and Joint Managing Director
  • Mr. Paramjit Singh Gill – Chief Executive Officer, Consumer Division
  • Mr. Nilanjan Sarkar – Chief Financial Officer

Financial Period Discussed: Q1 FY27 (1st quarter ended 30 June 2026)

Key Financial Highlights (with corrections noted during call):

  • Revenue from operations: INR7,888 million (13% YoY growth)
  • EBITDA: INR795 million (33% YoY growth)
  • PAT: INR276 million (49% YoY growth)
  • EBITDA margins: 10%
  • PAT margins: 4%

Business Segment Performance:

Manufacturing Business:

  • Revenue: INR4,720 million (11% YoY growth)
  • Sales volume: 56.11 million litres
  • Capacity utilization: 89%
  • EBITDA per litre: INR6.5 (corrected from INR6.6)

Consumer Business - Prestige & Above (P&A):

  • Revenue: INR550 million (35% YoY growth, 38% sequential growth)
  • Volumes: 0.42 million cases (45% YoY growth, 45% sequential growth)
  • EBITDA: Negative INR13 million
  • Growth driven by brands Terai, Snoski, and Brothers & Co.

Consumer Business - Regular & Others (R&O):

  • Revenue: INR2,564 million (10% YoY growth)
  • Volumes: 4.48 million cases (13% YoY growth)
  • EBITDA: INR440 million (13% YoY growth)
  • Uttar Pradesh R&O volumes grew 2.4 times YoY, crossing 0.2 million cases per month

Strategic Updates:

  • UP facility becoming increasingly important for consumer market presence
  • Building markets through core markets (building depth and profitability) and emerging markets (foundational investments)
  • Focus on geographical expansion, deeper distribution, and market execution
  • Current presence in 11 states total, with 6 states being driven toward core status

Balance Sheet & Capital:

  • Net debt: INR650 crores (vs INR660 crores in March 2026)
  • Current ratio: 1.01x
  • Interest coverage: 3.14x
  • Maintenance capex guidance: INR50-60 crores per year
  • No plans for capacity expansion capex

Market-Specific Updates:

  • West Bengal: Regulatory approvals for R&O entry expected this quarter, with market entry within 60 days of approval
  • Uttar Pradesh: Strong growth momentum, manufacturing utilization over 90%
  • Bihar: Expectation of prohibition reversal within 1-2 years under new Chief Minister
  • Haryana: Modest growth expected, portfolio renovation underway
  • Assam & Jharkhand: Positive reception in P&A segment

Industry Discussion Points:

  • Ethanol demand expected to grow at 7-7.5% aligned with petrol growth
  • E20 blending program continues despite recent controversies
  • Significant ethanol oversupply in the industry
  • UK FTA expected to provide tailwind for scotch prices, though impact moderated by rupee depreciation
  • Glass and PET cost inflation of 10-17% affecting packaging costs
  • Raw material (broken rice, maize) seasonal inflation expected in Q2-Q3

Compliance Statement: The document includes forward-looking statements and involves risks and uncertainties. Investors are referred to the company's website for detailed filings.

Additional Notes Section

Attachments: The regulatory filing includes the conference call transcript as an attachment.

Financial Data Disclosure: The announcement contains corrected financial figures for revenue (INR7,888 million), PAT (INR276 million), PAT growth (49%), and EBITDA per litre (INR6.5) as factual figures reported in financial results and investor presentation.

UPSI Statement: The document does not explicitly state whether unpublished price sensitive information will or will not be shared.