Total volume reached 10.00 million cases in Q1 FY2027, up 2.8% YoY.
Prestige & Above (P&A) volume was 5.22 million cases, up 35.8% YoY and 19.8% QoQ.
Regular & Others volume was 4.61 million cases, down 15.1% YoY.
P&A as % of Total Own Volume reached 53.1% in Q1 FY2027 vs 41.5% in Q1 FY2026.
Royalty Brands volume was 0.17 million cases.
Key drivers: Premiumization strategy, strong growth in Magic Moments Vodka (43% volume growth), and successful brand innovations.
Segment-wise Performance
IMFL Revenue: ₹1,262.5 Cr, up 18.0% YoY.
Prestige & Above Revenue: ₹970.0 Cr, up 36.0% YoY.
Regular & Others Revenue: ₹289.3 Cr, down 17.3% YoY.
Non-IMFL Revenue: ₹421.2 Cr, down 3.5% YoY.
Prestige & Above as % of Total IMFL Revenue: 76.8% in Q1 FY2027 vs 66.7% in Q1 FY2026.
IMFL as % of Total Revenue from Operations: 75.0%.
Explanation: P&A growth driven by consumer shift to premium brands; Regular decline due to higher base in Andhra Pradesh and policy changes in Maharashtra/Karnataka; Non-IMFL degrowth due to higher captive consumption and lower bulk alcohol sales.
Financial Highlights
Revenue from Operations (Net): ₹1,683.7 Cr, up 11.8% YoY.
Total Comprehensive Income: ₹225.4 Cr, up 70.5% YoY.
Total Comprehensive Income Margin: 13.4% vs 8.8% in Q1 FY2026.
Basic EPS: ₹16.88, up 69.5% YoY.
YoY comparison: All key profitability metrics showed significant improvement.
Drivers: Premiumization, benign raw material costs (75 bps gross margin expansion), operating leverage, disciplined cost management.
Key Risks: Geopolitical uncertainties, supply chain disruptions, volatility in input costs (packing material price volatility caused ~₹30 Cr financial impact).
Geographical Revenue Split
Domestic vs Export: Not Specified.
Regional Breakdown: Not Specified.
Balance Sheet Snapshot
Net Debt: ₹106.1 Cr (reduction of ₹138.0 Cr since March 31, 2026).
Total Debt: ₹212.2 Cr (including Term Loans of ₹72.1 Cr).
Cash & Cash Equivalents: Not Specified.
Financial Health Insights: Strong cash flow generation enabling rapid debt reduction; targeting net debt free status by Q2 FY2027.
Capex & Cash Flow Health
Capital Expenditure: Not Specified.
Free Cash Flow: Not Specified.
Operating Cash Flow: Not Specified.
Net Debt Movement: Reduced by ₹138.0 Cr since March 2026.
Investment Rationale: Not Specified.
Strategic & R&D Initiatives
Investments in Innovation: Magic Moments Flavors of India launch (Jamun SpicyMint, Alphonso Mango, Thandaai); packaging redesign for After Dark Blue and 8PM Premium Black whiskies.
Expected impact: Magic Moments growth driving vodka category expansion; new packaging to enhance premium appeal and market share.
Strategic Rationale: Expanding into high-growth premium segments, strengthening brand portfolio, and building supply chain resilience.
Industry Trends & Business Environment
Macro/Industry Trends: Rapid growth of vodka category (saliency increased from 4.6% in Q1 FY26 to 6.1% in Q1 FY27); progressive regulatory reforms in key states; sustained shift towards premium brands.
Impact on Company: Benefiting from premiumization trend; Magic Moments well-positioned as market leader (60% vodka market share); favorable demographics and rising disposable incomes supporting long-term growth.
Management Commentary & Growth Outlook
Strategic Outlook: "We remain committed to strengthening our market leadership, investing behind our brands and creating enduring value for all our stakeholders."
FY Guidance: Upgraded P&A volume growth guidance to over 25% for FY2027; expected EBITDA margin of around 20% for FY2027.
Market Share Targets: Not Specified.
Risks and Opportunities: Geopolitical uncertainties and input cost volatility require agility; opportunities from premiumization and favorable industry tailwinds.
