Globus Spirits

Globus Spirits reported a mixed Q4 FY26 with strong underlying momentum in the PNA segment, which grew 34% YoYCurrent reported value: 34% YoY. No comparable prior figure is available in the source record. 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 utilizationCurrent reported value: 80% capacity utilization. No comparable prior figure is available in the source record. and manufacturing EBITDA of ₹8.3 per literCurrent ₹8.3 per liter. Reported change: +₹2.1/L vs FY26 avg. in Q4, above the guided 5-7 range. Management highlighted that excluding the Delhi disruption, PNA grew 58% YoYCurrent reported value: 58% YoY. No comparable prior figure is available in the source record., 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 croreCurrent reported value: ₹53 crore. No comparable prior figure is available in the source record. 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.