• The document contains the transcript of the Q1, FY27 Earnings Conference Call held on August 12, 2026, at 2:30 PM India time.
  • The purpose of the event was to discuss the company's Q1 FY27 financial results and provide a strategic business update.
  • Management participants included:
  • Mr. Natwar Aggarwal – Chief Financial Officer
  • Mr. Praveen Malviya – Chief Executive Officer – IMFL Business
  • Mr. Rakesh Vasishta – President Sales
  • Mr. D.K. Batra – Director
  • Ms. Shalini Sharma – Head of Marketing
  • Mr. Sudhir Bhargava – Investor Relations
  • The company referenced an earnings presentation that was uploaded to BSE and NSE on August 11, 2026.
  • The company included standard forward-looking statement disclaimers and indicated that no unpublished price sensitive information (UPSI) would be shared.

Financial Highlights Discussed

  • Revenue Performance: Revenue from operations grew 18.1% year-on-year to ₹270.5 crores. The distillery business segment delivered revenue of ₹205.7 crores, up 26.3% YoY, and now constitutes 76% of total revenue (vs. 71% in Q1 FY26).
  • Branded Alco-Bev Growth: Revenue from the premium, super premium, and luxury portfolio (branded alco-bev) grew 47.3% to ₹82.3 crores. Its contribution to distillery revenue increased to 43.5% from 37.8% in Q1 FY26.
  • Profitability: EBITDA increased 21% year-on-year to ₹47.2 crores. The EBITDA margin improved by 30 basis points to 18.5% from 18.2% in the corresponding quarter last year. Profit After Tax (PAT) increased 15.4% to ₹22 crores. Earnings Per Share (EPS) grew 10.5% to ₹2.21.
  • Capacity & Expansion: The company highlighted the commissioning of its Chhattisgarh plant, which contributed ~₹5 crores in revenue in Q1 (15 days of production). The malt capacity at Indri is running at 80% utilization, while the Indri distillery expansion is at 60% utilization. The company aims to utilize 50% of Chhattisgarh's capacity by year-end.
  • Guidance: Management reiterated its FY27 guidance, expecting the branded alco-bev business to grow 60-70% for the full year, with the second half contributing 60-65% of annual branded revenue. At the company level, they target ~60% revenue growth YoY and an EBITDA margin in the range of 23-24% for FY27.
  • Strategic Focus: The company emphasized its strategy to premiumize the portfolio, build globally relevant brands, expand distribution, and efficiently utilize new capacities. Key brands like Indri, Whistler, Camikara, and Cashmir were discussed, with Whistler growing over 60% in the quarter.
  • Inventory & Debt: The company reported 87,000 barrels of malt under maturation and reduced debt by ~₹10 crores in the quarter. They plan to cross 115,000-120,000 filled barrels by March 2027.

Additional Notes Section

  • The document was a regulatory filing submitted to BSE and NSE, containing the full transcript of the earnings conference call.
  • The transcript included a detailed Q&A session with analysts covering topics such as brand-wise growth, margin dynamics, capacity utilization, geographic expansion, and future product launches.
  • No new financial data beyond what was discussed in the call was disclosed in this specific document.