Globus Spirits Limited — Q4 FY26

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.