Delhi and West Bengal policy uncertainty
Delhi excise policy ended in Sep 2025 and new policy is awaited; West Bengal operations are shifting location. Both could delay volume recovery.
GLOBUSSPR / Q3-FY26 / risks
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Globus Spirits · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Raw material price volatility
Management noted that raw material prices firm up in Feb-Mar, which could compress manufacturing margins in Q4.
Dilution risk from QIP
The ₹500 Cr fundraise enabling resolution, if executed, could lead to significant dilution given current market cap of ~₹500 Cr.
PNA profitability timeline uncertainty
Management declined to give a specific break-even quarter for PNA, citing aggressive growth investments, leaving near-term profitability unclear.