Globus Spirits' Q2 operating margin trails FMCG peers by 4.58 points
The consolidated margin was 7.89%, while management pointed to capacity utilisation of 82% and prospective finance-cost savings.
Filed 30 Oct 2026, 14:27 IST · Globus Spirits Ltd (GLOBUSSPR)
Key takeaways
- Globus Spirits' consolidated operating margin of 7.89% was 4.58 percentage points below the 12.47% median of 29 FMCG peers.
- Interest of Rs 16.57 cr and depreciation of Rs 26.97 cr reduced consolidated operating profit of Rs 60.18 cr to profit before tax of Rs 19.25 cr.
- Management said loan repayment should deliver finance-cost savings of approximately Rs 6 cr in H2 FY27 and Rs 11–12 cr on an annualized basis.
Price around the results
Q2 margin remained below the FMCG peer median
Globus Spirits reported consolidated revenue of Rs 762.43 cr and operating profit of Rs 60.18 cr, translating into a 7.89% operating margin. That was 4.58 percentage points below the 12.47% median for 29 FMCG peers that had reported, placing the company 10th from the bottom.
Interest and depreciation absorbed much of operating profit
Interest of Rs 16.57 cr and depreciation of Rs 26.97 cr were substantial deductions from operating profit, leaving consolidated profit before tax at Rs 19.25 cr. Other income of Rs 2.61 cr supplemented reported pre-tax profit, while tax was charged at 27.2%, resulting in net profit of Rs 14.02 cr. This makes the gap between operating profit and net profit primarily a function of financing and depreciation charges rather than other income.
Capacity was high, but Prestige and Above is still scaling
Management said manufacturing capacity utilisation was 82% in Q2 FY27, while the Consumer Prestige and Above segment had become profitable in five of 12 states. The company attributed sequential declines in revenue, volume and EBITDA in Regular and Others to seasonality. Management also said Prestige and Above EBITDA breakeven is within reach and introduced DWAAR, an Indian craft whisky with a PX sherry cask finish.
Management flagged lower finance costs and investment income
Management expects approximately Rs 6 cr of finance-cost savings in H2 FY27 from loan repayment and Rs 11–12 cr on an annualized basis. It also expects Rs 2.5 cr of interest income from investments in H2 FY27 and Rs 5 cr on an annualized basis. These are company expectations, not reported Q2 earnings.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹762 cr |
| Other income | ₹3 cr |
| Expenses | ₹702 cr |
| Operating profit | ₹60 cr |
| Operating margin (%) | 7.89% |
| Interest | ₹17 cr |
| Depreciation | ₹27 cr |
| Profit before tax | ₹19 cr |
| Tax | ₹5 cr |
| Net profit | ₹14 cr |
| EPS (₹) | ₹4.64 |
Operating margin of 7.89% compares with a Fast Moving Consumer Goods sector median of 12.47% across 29 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Manufacturing capacity utilisation was 82% in Q2 FY27.
- Profitable states increased to five of twelve in the Consumer Prestige and Above segment.
Guidance & outlook
- The company expects approximately INR 6 crore in finance-cost savings during H2 FY27 and INR 11–12 crore on an annualized basis.
- The company expects INR 2.5 crore of interest income from investments in H2 FY27 and INR 5 crore on an annualized basis.
- Prestige and Above EBITDA is described as being within reach of breakeven.
New products
- DWAAR features a PX sherry cask finish intended to add depth and complexity.
New initiatives
- The company has introduced DWAAR, an Indian craft whisky designed for modern Indian consumers.
Problems & risks
- Sequential revenue, volume and EBITDA decline in Regular and Others was attributed to seasonality.
What to watch
- Whether consolidated operating margin improves from 7.89%.
- Whether the number of profitable Consumer Prestige and Above states rises from five of 12.
- Whether reported finance-cost savings reach management's estimate of approximately Rs 6 cr in H2 FY27.