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Revenue
₹632 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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What the record says.
Globus Spirits reported a mixed Q4 FY26 with strong underlying momentum in the PNA segment, which grew 34% YoY to ₹40 crore revenue, though overall headline growth was masked by a strategic wind-down in legacy RNO markets and a one-time inventory buildup in manufacturing due to a shift from ethanol to ENA. The company achieved 80% capacity utilization and manufacturing EBITDA of ₹8.3 per liter in Q4, above the guided 5-7 range. Management highlighted that excluding the Delhi disruption, PNA grew 58% YoY, and the rebasing of the RNO segment is complete, positioning for an inflection point in FY27. The company shelved its equity fundraise plan after debt refinancing unlocked ₹53 crore in annual liquidity, and guided for manufacturing EBITDA of ₹5-7 per liter and RNO margins of 16-18%. Key risks include geopolitical cost pressures from the Iran crisis and potential margin compression from UP's lower-margin growth.
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Guidance to track
- Management expects manufacturing EBITDA per liter to remain in the ₹5-7 range for FY27, with Q4's ₹8.3 being an outlier.
- For the Regular & Others segment, management guided EBITDA margins of 16-18%, down from Q4's 18% due to UP's lower-margin mix.
- After refinancing, annual debt repayment obligation dropped from ₹67 crore to ₹14 crore, freeing up ₹53 crore in liquidity.
- Management stated that internal cash flows and debt optimization have eliminated the immediate need for external equity.
Risks flagged
- Rising crude oil prices could increase costs for glass bottles, PET, and logistics, though management expects to neutralize most of the impact via efficiency measures.
- As UP scales, its lower EBITDA margins (vs Rajasthan) could drag overall RNO margins down to 16-18% from Q4's 18%.
- Management decided to pause RNO operations in Delhi until policy stabilizes, which could continue to suppress volumes.
- The inventory buildup from the ethanol-to-ENA shift in Q4 is expected to clear in Q1, but any delay could impact Q1 volumes.
Key quotes
- We are totally committed to delivering the FY29 objective which we said that we are going to ultimately work towards managing a 50% total growth on our PNA portfolio.
- The operational constraints of FY26 have effectively created a coiled spring. We are already deploying the catalyst to unlock this pent-up momentum.
- We are in no immediate pressure to dilute equity at this stage. Our priority is clear: we will leverage our robust internal engine to drive towards our FY29 goals.
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