SOMDISTILLERIESANDBREWER Q3 FY26 earnings call.
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Revenue
₹254.2 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
₹23.1 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Som Distilleries posted a weak Q3 FY26 with total income of ₹254.2 crore, EBITDA of ₹23.1 crore (9.1% margin), and PAT of ₹5.5 crore (2.2% margin). Beer volumes declined 24% YoY to 35.3 lakh cases, driven by unusual cold weather in key markets (Madhya Pradesh, Delhi) and regulatory headwinds in Karnataka. Despite the volume contraction, the IMFL segment showed strong 46% YoY growth to 5 lakh cases, reflecting premiumization progress. The management cited margin pressure from higher barley (+5-6%) and glass bottle costs (+3-4%), plus increased financing costs from the UP greenfield project. The ₹570 crore UP plant (Phase 1: ₹370 crore) remains on track for June 2026 commissioning with expected ₹650-700 crore topline contribution. The MP plant license suspension poses near-term operational risk pending court resolution within days. Q4 guidance targets ₹450 crore revenue, implying full-year ~₹1,500 crore. Risks include weather-dependent recovery, raw material inflation, and the unresolved MP regulatory issue.
Colored figures show movement against the previous available record.
Guidance to track
- Management expressed high confidence in achieving approximately ₹450 crore net revenue for Q4 FY26, driven by seasonal recovery and improved market conditions in January.
- Based on Q4 trajectory, full-year revenue expected to reach close to ₹1,500 crore, implying H2 revenue of approximately ₹1,246 crore.
- Greenfield project at Woodpecker Green Nutrients (UP) on track for June 2026, with Phase 1 investment of ₹370 crore already funded. At 80-85% utilization, expected to contribute ₹650-700 crore topline.
- Promoter intention to increase stake to 51% through preferential issues or open market purchases over short to medium term.
Risks flagged
- Bhopal plant production and sales suspended due to license suspension pending MP High Court judgment expected within 2-3 days. MP is a key market, and extended closure could significantly impact Q4 peak season.
- Regulatory issues in Karnataka that began in Q1 have only partially recovered as of Q3, continuing to weigh on volumes despite gradual quarter-on-quarter improvement.
- Barley prices up 5-6% and glass bottles up 3-4% quarterly; management acknowledged inability to pass on price increases due to annual price-finalization policy. This margin compression was not addressed with any mitigation plan.
- Previous guidance of ₹800 crore H2 revenue now appears unachievable given Q3 at only ₹254 crore. Management revised full-year target to ₹1,500 crore, implying aggressive Q4 recovery that has not been demonstrated in recent quarters.
Key quotes
- We recorded a total income of 2,542 million which reflects the challenges we faced during the period. Our IITDA for the quarter was rupes 231 million with a margin of 9.1%.
- If they open it then our brands are already quoted and we hope to get the permissions very soon. It may not be possible for us to if they act soon then we'll be able to supply this quarter itself otherwise for next year it'll be a good revenue for us.
- There is no plan to take any price increase. If there is an opportunity that is presenting to us then we'll look at it. At this point in time we are not looking at quote.
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