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Som Distilleries and Breweries Ltd
NSE: SDBL BSE: 507514 INE480C01038 Fast Moving Consumer Goods FMCG 🔎 Screen
₹1,488 Cr
Market Cap
151.4
P/E
7.97
PEG
5.7%
ROCE
1.9%
ROE
0.27
D/E
0.9%
OPM
-50.9%
% from 52W High
16
α RS
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Ratio Health
Excellent
Good
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By Category
Shareholding
About

Incorporated in 1993, Som Distilleries & Breweries Ltd. is one of the leading alcoholic beverages manufacturers in India engaged in the manufacturing and sale of Beer and Indian Made Foreign Liquor (IMFL).

✓ Strengths

No strengths data yet.

! Concerns 3
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 11.0% over last 3 years.
Key Ratios Snapshot
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3-Statement Financial Model
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Weak quarter: revenue, EBITDA and PAT plunged 49.3%, 78.8% and 96.2% YoY respectively, as the Bhopal licence disruption crushed volumes and raw-material cost pressure compressed margins. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹268.8 Cr
down 49.3% YoY from ₹530.1 Cr
EBITDA Margin
5.70%
down 790bps YoY from 13.60%
PAT
₹1.6 Cr
down 96.2% YoY from ₹42.1 Cr; PAT margin 0.62% vs 7.90%
Key Metric
45.79 lakh cases total volume
down 48% YoY; beer -47%, IMFL -88%
What Went Right
  • UP plant commenced commercial production in Q1, lifting total installed capacity to 48.2 mn beer cases and 5.1 mn IMFL cases across four locations; UP alone adds 10 mn beer cases.
  • Karnataka and Odisha recorded a strong demand/market-share rebound, partially cushioning the Bhopal impact on total volume of 45.79 lakh cases; the presentation gave no state-level recovery quantification.
  • IMFL realisation rose 3.0% YoY to ₹1,047/case, while beer realisation was relatively resilient at ₹554/case, down only 2.1% YoY.
  • Balance-sheet leverage was stable: gross debt/equity at 0.31x vs 0.30x in Mar 2026, with gross debt up only ₹10 cr in Q1.
  • Premium initiatives advanced: Sunny Beaches gained traction in Karnataka and Legend emerged as an important beer portfolio development.
What to Watch
  • Revenue collapsed 49.3% YoY to ₹268.8 Cr as total volume fell 48% to 45.79 lakh cases.
  • EBITDA dropped 78.8% to ₹15.2 Cr; EBITDA margin contracted 790bps to 5.70% from 13.60%.
  • PAT fell 96.2% to ₹1.6 Cr, leaving PAT margin at just 0.62% versus 7.90% in Q1 FY26.
  • Gross profit fell 60.0% to ₹76.1 Cr; gross margin dropped to 28.33% from 35.90%, hit by higher raw material and packaging costs and the loss of operating leverage.
  • IMFL volume almost collapsed, down 88% YoY to 0.51 lakh cases, making the portfolio even more dependent on beer.
Investor Lens
This is a serious earnings break: revenue and PAT fell 49.3% and 96.2% YoY, and management attributes most of the damage to a licence-related disruption at Bhopal rather than to a structural demand problem. The footprint thesis is not broken — gross debt/equity stayed at 0.31x and the UP plant adds 10 mn cases of annual beer capacity — but the near-term investment case has weakened because earnings recovery now depends on MP normalising and on cost pressures easing. Karnataka and Odisha are called strong recoveries, but the presentation gives no state-level volume or market-share numbers, so their contribution cannot be sized from this release. Watch next quarter for: MP licence restoration, total volume recovering toward prior-year levels, UP ramp-up utilisation, and EBITDA margin moving back toward double-digits from 5.70%. If MP disruption persists beyond Q2, leverage remains manageable at 0.31x, but the timeline for a meaningful earnings recovery will slip.
From investor presentation · AI-generated analysis · Not investment advice
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📉 WEAK Revenue down 49% YoY, PAT crashes 96%; sharp sequential recovery seen
Revenue
Revenue fell 49.2% YoY to ₹268.6 Cr from Jun 2025 levels, indicating a major demand or business disruption. However, on a quarter-on-quarter basis, revenue rebounded strongly by 48.6% from ₹180.7 Cr (estimated) in Mar 2026, showing sequential improvement.
Profitability
Net profit plunged 96.3% YoY to ₹1.6 Cr, with EPS at just ₹0.02 versus ₹2.02 a year ago. Sequential profitability turned positive with a 102.8% QoQ improvement, but absolute earnings remain extremely low.
Margins
Operating margin collapsed to 5.57% from 13.31% YoY, a decline of 774 basis points, reflecting severe cost pressure or weak operating leverage. The sequential OPM was -24.43%, though this appears to be a margin percentage swing rather than a negative margin.
Balance Sheet
Debt-to-equity ratio is low at 0.27, indicating a manageable leverage position. No further balance sheet details are available in the provided data.
Key Risks
Sharp YoY decline in revenue and profit suggests possible loss of market share, seasonal disruption, or regulatory impact. Extremely low PAT with high PE (148.96) implies valuations are very stretched relative to current earnings. Operating margin compression could persist if input costs remain elevated.
Outlook
Strong QoQ revenue recovery (+48.6%) and PAT swing to profit indicate some revival in demand. Sustained margin improvement and volume growth are critical to restoring profitability closer to historical levels.
Generated by AI · Jun 2026 results · Not investment advice
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