Globus Spirits Q2 FY27 15% Revenue Growth and Debt Reduction

GLOBUSSPR Margin Guidance: Annual EBITDA per liter guidance maintained at INR 5–7, with expected improvement post Ethanol Supply Year 26-27 launch. Input Costs: Pressure on input prices expected to ease due to increased availability and quality norm changes for raw materials. Ethanol Opportunity: Reduced sugar-based ethanol supply positions grain-based producers like Globus Spirits to increase capacity utilization. Expansion Plans: Entry planned into Canteen Stores Department in Q3 FY27, with West Bengal market expansion expected next fiscal year. Risk Factors: Input price inflation, declining Delhi market volumes, and seasonality affecting production and margins recognized as challenges. Top-line growth (15% YoY) shows demand momentum after recent quarters, supporting scale and premiumisation efforts. EBITDA growth was modest versus revenue, indicating margin pressure from mix and input costs. PAT decline reflects higher depreciation and absence of prior-year deferred tax write-back, so earnings volatility is partly non-operating. Operating cash flow has strengthened materially (latest OFC 268 Cr vs 67 Cr prior period, +300%), improving liquidity and funding for investments. Lower long-term borrowings (management noted decline to 689 Cr) reduces leverage and interest burden, supporting balance-sheet resilience and optionality for consumer expansion.