Financial Performance (Standalone)

Q2 FY2027 Highlights (YoY Growth)

  • Revenue from Operations (Net): ₹1,745.1 Crore, up 16.8% from ₹1,493.9 Crore in Q2 FY2026
  • Gross Profit: ₹838.4 Crore, up 28.6% from ₹652.0 Crore
  • Gross Margin: 48.0%, expanded by 440 bps from 43.6%
  • EBITDA: ₹356.5 Crore, up 51.0% from ₹236.1 Crore
  • EBITDA Margin: 20.4%, expanded by 460 bps from 15.8%
  • Profit Before Tax: ₹307.7 Crore, up 65.1% from ₹186.3 Crore
  • Total Comprehensive Income: ₹230.3 Crore, up 67.1% from ₹137.8 Crore
  • Total Comprehensive Income Margin: 13.2%, up from 9.2%
  • Basic EPS: ₹17.23, up 66.0% from ₹10.38

H1 FY2027 Highlights (YoY Growth)

  • Revenue from Operations (Net): ₹3,429.8 Crore, up 14.3% from ₹3,000.0 Crore
  • Gross Profit: ₹1,666.2 Crore, up 28.2% from ₹1,299.7 Crore
  • Gross Margin: 48.6%, expanded by 530 bps from 43.3%
  • EBITDA: ₹704.6 Crore, up 50.9% from ₹466.8 Crore
  • EBITDA Margin: 20.5%, expanded by 490 bps from 15.6%
  • Profit Before Tax: ₹609.1 Crore, up 67.4% from ₹364.0 Crore
  • Total Comprehensive Income: ₹455.7 Crore, up 68.7% from ₹270.1 Crore
  • Total Comprehensive Income Margin: 13.3%, up from 9.0%
  • Basic EPS: ₹34.12, up 67.8% from ₹20.34

Operational Performance

Volume Analysis (Million Cases)

Q2 FY2027 (YoY Growth)

  • Prestige & Above Volume: 5.28 million cases, up 35.8% from 3.89 million cases
  • Regular & Others Volume: 4.55 million cases, down 9.7% from 5.04 million cases
  • Total Own Volume: 9.83 million cases, up 10.1% from 8.93 million cases
  • Royalty Brands Volume: 0.18 million cases, down from 0.42 million cases
  • Total Volume: 10.02 million cases, up 7.2% from 9.34 million cases
  • Prestige & Above % of Total Own Volume: 53.7%, up from 43.6%

H1 FY2027 (YoY Growth)

  • Prestige & Above Volume: 10.50 million cases, up 35.8% from 7.73 million cases
  • Regular & Others Volume: 9.16 million cases, down 12.5% from 10.46 million cases
  • Total Own Volume: 19.66 million cases, up 8.0% from 18.19 million cases
  • Royalty Brands Volume: 0.36 million cases, down from 0.87 million cases
  • Total Volume: 20.01 million cases, up 5.0% from 19.07 million cases
  • Prestige & Above % of Total Own Volume: 53.4%, up from 42.5%

Revenue Breakup

Q2 FY2027 IMFL Revenue (YoY Growth)

  • Total IMFL Revenue: ₹1,292.2 Crore, up 23.4% from ₹1,047.5 Crore
  • Prestige & Above Revenue: ₹996.0 Crore, up 38.6% from ₹718.4 Crore
  • Regular & Others Revenue: ₹292.7 Crore, down 9.3% from ₹322.8 Crore
  • Prestige & Above % of Total IMFL Revenue: 77.1%, up from 68.6%
  • Non-IMFL Revenue: ₹452.9 Crore, up 1.4% from ₹446.5 Crore
  • IMFL % of Total Revenue: 74.0%, up from 70.1%

H1 FY2027 IMFL Revenue (YoY Growth)

  • Total IMFL Revenue: ₹2,554.7 Crore, up 20.7% from ₹2,117.1 Crore
  • Prestige & Above Revenue: ₹1,966.0 Crore, up 37.3% from ₹1,431.7 Crore
  • Regular & Others Revenue: ₹581.9 Crore, down 13.5% from ₹672.7 Crore
  • Prestige & Above % of Total IMFL Revenue: 77.0%, up from 67.6%
  • Non-IMFL Revenue: ₹875.1 Crore, down 0.9% from ₹882.8 Crore
  • IMFL % of Total Revenue: 74.5%, up from 70.6%

Expense Analysis (Q2 FY2027 YoY Growth)

  • Cost of Goods Sold: ₹906.7 Crore, up 7.7% from ₹841.9 Crore
  • Employee Benefit: ₹66.2 Crore, up 12.9% from ₹58.7 Crore
  • Selling & Distribution: ₹184.3 Crore, up 19.5% from ₹154.3 Crore
  • Depreciation: ₹43.2 Crore, up 15.5% from ₹37.4 Crore
  • Interest: ₹11.4 Crore, down 29.9% from ₹16.3 Crore
  • Other Operating Expenses: ₹230.6 Crore, up 14.5% from ₹201.4 Crore
  • Advertising & Sales Promotion (A&SP): 6.6% of IMFL sales vs. 6.1% in Q2 FY26

Debt Position (as of September 30, 2026)

  • Total Debt: ₹247.1 Crore (including Term Loans of ₹54.3 Crore)
  • Cash & Cash Equivalents: ₹71.7 Crore
  • Net Debt: ₹175.4 Crore (reduction of ₹68.7 Crore since March 31, 2026)
  • The company expects to be net debt free during H2 FY2027

Management Commentary

Dr. Lalit Khaitan, Chairman and Managing Director

  • Q2 reaffirms consistency of growth journey with record volume, revenue and profitability
  • Premiumisation defines Indian spirits industry with rising aspirations and evolving cocktail culture
  • Prestige & Above portfolio is the principal growth engine, seen as a multi-year opportunity
  • Karnataka's rationalised duty framework showing early signs of healthier market; Tamil Nadu sending encouraging signals
  • Navigating volatile global environment with integrated manufacturing platform and sharper procurement
  • Confident of sustaining EBITDA margin

Mr. Abhishek Khaitan, Managing Director

  • Premium-first strategy delivered remarkable results with Prestige & Above volume growth of 36% in Q2
  • Vodka share of IMFL industry rose to 6.3% in Q2 FY27 with Magic Moments leading the change
  • After Dark Blue and 8PM Premium Black gaining momentum in whisky segment
  • Expanding global footprint - first Indian spirits company present across four major UK airports
  • Target of 100 travel retail outlets (currently 70+)
  • Upgraded Prestige & Above volume growth guidance to 30% for FY27
  • Reiterated EBITDA margin guidance of around 20% for FY27

Leadership Changes

  • Dilip Banthiya elevated to Executive Director & CFO
  • Saket Somani elevated to Deputy CFO

Industry Context

  • Vodka represents multi-year structural growth story with 20%+ CAGR between FY2022-FY2026
  • Vodka penetration in India significantly below global level (28% globally vs 6.3% in India)
  • Flavoured vodka accounts for 75% of industry volume
  • Growth expanding beyond metros to states like Uttar Pradesh (19% vodka share), Rajasthan (12%), Madhya Pradesh (14%)
  • Magic Moments is fifth largest vodka globally and largest in India with ~60% market share

Earnings Call Details

  • Date: Wednesday, 28 October 2026
  • Time: 3:00 PM IST
  • Universal Access Numbers provided for Singapore, Hong Kong, UK, USA
  • Pre-registration link provided to avoid wait time