Regulatory Filing Details

Management Message

Managing Director Harvinder Chopra reported strong Q1 FY27 performance with revenue from operations increasing 18.1% YoY to ₹270 Cr. Distillery revenue grew 26.3% YoY to ₹206 Cr. The branded Alcobev business (premium, super-premium and luxury segment) grew 47.3% YoY to ₹82 Cr, representing 43.5% of distillery segment revenue versus 37.8% in Q1 last year. The company expects 60-70% growth in full year with H2 contributing 60-65% of annual revenue. EBITDA increased 21.0% to ₹47 Cr with margin improvement to 18.5% from 18.2% YoY. Net profit increased 15.4% YoY to ₹22 Cr and EPS grew 10.5% YoY to ₹2.21.

Financial Performance Highlights

Standalone Profit & Loss (Figures in ₹ Cr)

Quarterly Performance (Q1 FY26 vs Q1 FY25):

  • Revenue from Distillery Vertical: ₹205.7 vs ₹162.8 (26.3% growth)
  • Revenue from Sugar Vertical: ₹64.8 vs ₹66.2 (-2.0% growth)
  • Revenue from Operations: ₹270.5 vs ₹229.0 (18.1% growth)
  • Other Income: ₹3.1 vs ₹0.7 (356.1% growth)
  • Total Income: ₹273.6 vs ₹229.7 (19.1% growth)
  • Cost of Materials Consumed: ₹101.9 vs ₹79.9 (27.5% increase)
  • Changes In Inventories: ₹31.2 vs ₹55.5 (-43.7% change)
  • Excise Duty On Sale Of Goods: ₹19.3 vs ₹15.1 (28.0% increase)
  • Employee Benefits Expense: ₹22.2 vs ₹11.7 (89.1% increase, includes ESOP charge of ₹2.47 Cr)
  • Power, Fuel etc.: ₹16.5 vs ₹9.9 (66.6% increase)
  • Other Expenses: ₹35.2 vs ₹18.5 (90.0% increase)
  • Total expenses: ₹226.4 vs ₹190.6 (18.7% increase)
  • EBITDA: ₹47.2 vs ₹39.0 (21.0% growth)
  • EBITDA Margin: 18.5% vs 18.2% (30 bps improvement)

Sequential Performance (Q1 FY26 vs Q4 FY25):

  • Revenue from Operations: ₹270.5 vs ₹359.6 (-24.8%)
  • Total Income: ₹273.6 vs ₹363.6 (-24.8%)
  • EBITDA: ₹47.2 vs ₹76.1 (-38.0%)
  • EBITDA Margin: 18.5% vs 22.4% (-390 bps)

12-Month Performance (FY26 vs FY25):

  • Revenue from Distillery Vertical: ₹902.1 vs ₹636.8 (41.7% growth)
  • Revenue from Sugar Vertical: ₹233.1 vs ₹249.5 (-6.6% growth)
  • Revenue from Operations: ₹1135.1 vs ₹886.3 (28.1% growth)
  • Total Income: ₹1142.8 vs ₹892.8 (28.0% growth)
  • EBITDA: ₹243.2 vs ₹191.4 (27.1% growth)
  • EBITDA Margin: 23.4% vs 23.4% (flat)

Business Highlights

Capacity Expansion

  • Expansion completed at both Indri facility (Haryana) and Chhattisgarh facility
  • Indri distillery capacity increased from 78 KLPD to 220 KLPD for ENA/Ethanol and from 12 KLPD to 30 KLPD for malt
  • Chhattisgarh greenfield distillery of 200 KLPD for ENA/Ethanol commissioned with sales commenced
  • Capacity utilization being increased gradually at both facilities
  • Procurement of additional barrels ongoing to reach 100,000 by March 2027 (current: 87,000 barrels)
  • New maturation halls built for warehousing over 100,000 barrels

Product Launches and Distribution

  • Launched Indri ilika, a Global Travel Retail exclusive peated limited edition
  • Branded alcobev products (Indri, Camikara, Cashmir and Whistler) sales volumes grew 56% YoY in Q1
  • Sale of Camikara in CSD commenced
  • Distribution across 29 states and UT's (including CSD) with over 25,000 retail outlets including On Trade in India
  • Export presence in 31 countries, 16 Indian duty free and 19 International duty free locations
  • First to introduce IMWA certification hologram on bottles
  • Fully compliant with FSSAI norms

Awards and Recognition

  • Won 50 awards in Q1 across products
  • Tokyo Whisky & Spirits Competition 2026: Best Indian Distillery of the Year
  • Multiple awards for specific products including Indri, Camikara, and Cashmir across international competitions

Strategic Initiatives

  • Scheme of arrangement for Sugar business filed with Stock Exchanges on 28.4.2026 (work in progress)
  • Exploring inorganic growth opportunities in other spirit categories
  • Focus on processes and automation to support growth ambitions
  • Indri Experience Centre launched in Haryana offering immersive whisky making and tasting experiences
  • Regular participation in whisky and spirits shows domestically and internationally
  • Curated events held for all branded products across locations

Market Position and Growth Drivers

  • Indri is largest selling Single Malt in India for two consecutive years (2024 and 2025)
  • Amongst top 15 Single Malts globally
  • 420 KLPD Ethanol/ENA plants in Haryana and Chhattisgarh
  • Premium spirits revenue CAGR of 166% with FY26 YoY growth of 32.1%
  • Growth driven by premiumization, younger consumers, experiential drinking, and global recognition

Forward-looking Statements

The presentation includes forward-looking statements regarding company's future performance subject to uncertainties such as economic fluctuations, evolving consumer preferences, regulatory changes, and competitive dynamics.