Globus Spirits Limited — Investor Meet, 23-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Globus Spirits’ consumer business surged 26% YoY, driven by a 186% rise in Prestige & Above segment, crossing INR129 Cr revenue. Manufacturing revenue share fell to 61%, but Q4 EBITDA margins improved to 3%, with stable margins of INR5-7 per liter expected. UP market entry for IMFL and IMIL is a key growth catalyst, with breakeven targeted by FY26. Capex of ~INR115 Cr is underway for a UP distillery. Corn oil byproduct production started in West Bengal, boosting revenue and margins. Debt reduction is planned using strong cash flows; growth in premium segments doesn’t require extra capital. Management is confident on margin sustainability.