Som Distilleries Q1 FY27 Results (NSE: SDBL)
Signal: Revenue declined
The read
The quarter marks an operating recovery option rather than an earnings recovery: consolidated revenue was ₹609.19 Cr, down 31.1% YoY, EBITDA was ₹15.18 Cr, down 78.9%, and PAT was ₹1.56 Cr, down 96.3%; Bhopal disruption and higher raw-material/packaging costs drove the decline, while Karnataka and Odisha rebounded and the 10 million-case UP beer plant began commercial production. The filing's prior results series also shows a third consecutive quarter of margin contraction after Q3FY26 and Q4FY26.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹609.19 Cr | -31.1% | N/A |
| EBIT | ₹6.65 Cr | -89.5% | |
| Net profit | ₹1.56 Cr | -96.3% | |
| EPS | ₹0.08 | -96.0% | |
| EBIT margin | 2.5% |
P&L walk
Consolidated revenue was ₹609.19 crore, down 31.1% YoY, while EBITDA of ₹15.18 crore fell 78.9% and EBIT of ₹6.65 crore fell 89.5%; lower operating volumes from the Bhopal disruption and higher raw-material and packaging costs weakened margins, leaving PAT at ₹1.56 crore, down 96.3%.
Segments
The consolidated-versus-standalone gap is material: consolidated revenue was ₹609.19 Cr versus standalone revenue of ₹38.93 Cr, while PAT was similar at ₹1.56 Cr and ₹1.52 Cr respectively, indicating that group earnings are primarily generated outside the parent entity.
Key positives
- The UP facility commenced commercial production in Q1FY27, adding 10 mn cases of annual beer capacity to the four-location footprint without a material leverage step-up; gross debt/equity was 0.31x versus 0.30x in March 2026.
- Karnataka showed a strong rebound in demand and market share and Odisha also recovered, providing operating offsets to the Bhopal disruption; total volume nevertheless remained down 48% YoY at 45.79 lakh cases.
- Premiumisation initiatives continued through the Mahavat mid-premium whisky rollout across Madhya Pradesh, Delhi and Uttar Pradesh, while Sunny Beaches showed encouraging traction in Karnataka.
Key concerns
- Consolidated revenue fell 31.1% YoY to ₹609.19 Cr and EBITDA fell 78.9% to ₹15.18 Cr, showing that the disruption is still overwhelming the recovery in other markets.
- Gross profit fell 60.0% YoY to ₹76.1 Cr and gross profit margin contracted from 35.90% to 28.33%, a 757bps decline; management attributed margin pressure to higher key raw-material and packaging costs and lower volumes.
- Beer volume declined 47% YoY to 45.00 lakh cases and beer realisation declined 2.1% to ₹554 per case, while IMFL volume fell 88% YoY to 0.51 lakh cases.
- Resolution of the Bhopal operating disruption remains the key catalyst: management said MP normalization is required for a broader revival, while the company is pursuing the regulatory process.
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