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Som Distilleries and Breweries Ltd
NSE: SDBL BSE: 507514 INE480C01038 Fast Moving Consumer Goods FMCG 🔎 Screen
₹1,466 Cr
Market Cap
18.6
P/E
0.39
PEG
18.0%
ROCE
16.2%
ROE
0.24
D/E
12.1%
OPM
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Ratio Health
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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 2
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 11.0% over last 3 years.
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Weak quarter: temporary licence disruption at Bhopal facility and continued weakness in Karnataka drove a 46.4% revenue decline and a net loss. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹182 Cr
-46.4% YoY
EBITDA Margin
-23.58%
vs 12.59% in Q4 FY25; absolute EBITDA of -₹42.9 Cr
PAT
₹-5.7 Cr
Loss vs ₹23.7 Cr profit in Q4 FY25
Total Volume
34.44 lakh cases
-42.6% YoY; beer -43%, IMFL -40%
What Went Right
  • IMFL full-year volume grew 32% YoY to 15.03 lakh cases, driven by Mahavat whisky rollout in MP, Delhi, and UP.
  • Legend beer posted Q4 volume growth of 10% YoY to 2.86 lakh cases, bucking the broader beer decline.
  • The new UP greenfield project (₹600 Cr outlay) has begun trial production runs, with commercial operations expected soon.
  • Beer price realisation improved 4% to ₹556 per case in FY26 vs ₹534 in FY25.
What to Watch
  • Revenue collapsed 46.4% YoY to ₹182 Cr in Q4, the steepest drop in recent quarters.
  • EBITDA turned deeply negative at -₹42.9 Cr (-23.58% margin) vs +₹42.8 Cr (12.59% margin) a year ago.
  • Beer volume plunged 43% in Q4 to 32.47 lakh cases, with flagship brands Power Cool (-67%) and Hunter (-67%) suffering heaviest losses.
  • Gross profit margin halved from 35.9% to 17.7% due to raw material cost inflation and under-absorption from low volumes.
  • Gross debt increased ₹43 Cr to ₹211 Cr, pushing net debt to ₹194 Cr and debt/equity to 0.30x from 0.25x.
Investor Lens
The thesis of Som Distilleries as a fast-growing beer company has been severely dented this quarter. The temporary licence suspension at its largest Bhopal plant and sustained weakness in Karnataka (a key market) caused a 43% volume collapse, wiping out profitability. Gross margins more than halved to 17.7%, and net debt rose to ₹194 Cr. On the positive side, the IMFL segment (Mahavat whisky) continues to gain traction with 32% full-year volume growth, and the upcoming UP brewery (trial runs underway) holds medium-term potential. However, given the lack of explicit numeric guidance and ongoing cost pressures, the investment thesis is weakened. Key things to watch next quarter: resolution of Bhopal licence issues, volume recovery in Karnataka, commercial launch timeline for UP plant, and any margin stabilization above 25%.
From investor presentation · AI-generated analysis · Not investment advice
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📉 WEAK Revenue crashes 46.6% YoY, net loss of ₹57 Cr in Mar 2026 quarter.
Revenue
Revenue plunged 46.6% YoY to ₹181 Cr, and also declined 27.9% QoQ from ₹251 Cr, indicating severe demand or operational issues.
Profitability
Net loss of ₹57 Cr (vs profit of ₹24 Cr YoY) drove EPS to -₹2.67. PAT margin turned deeply negative, reflecting a sharp reversal from prior profitability.
Margins
Operating margin collapsed to -24% from 12% YoY, signifying cost pressures or pricing weakness. Negative other income of ₹-11 Cr further dragged profitability.
Cash Flow
No direct cash flow data provided. However, the large loss and negative operating profit suggest CFO likely negative during the quarter.
Balance Sheet
Borrowings stood at ₹212 Cr against reserves of ₹737 Cr, giving a low D/E of 0.24. Total assets of ₹1,465 Cr, but the loss may pressure reserve adequacy.
Key Risks
Sustained revenue decline may indicate structural demand loss. Negative OPM and other income raise concerns about cost control and asset impairment. Low D/E, but profit erosion could trigger covenant breaches.
Outlook
The sharp deterioration in all metrics points to a challenging near term. Management will need to address revenue recovery and margin restoration to avoid further balance sheet strain.
Generated by AI · Mar 2026 results · Not investment advice
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