Som Distilleries & Breweries Limited (SDBL)

Fast Moving Consumer Goods · Beverages · NSE · Updated 16 July 2026

₹66.01 ↓ 56.94% (1Y)

🎯 Key Takeaways

SDBL is in a strategic recovery and reinvestment phase following operational disruptions and volume softness. Management is actively addressing past challenges — particularly at the Bhopal plant — while laying the groundwork for growth through capacity expansion in UP and premiumization of its whisky portfolio.
Revenue declined 2% QoQ to ₹562 in Q3FY25.
⚠️ Operational disruption at the Bhopal plant, though temporarily suspended, poses near-term execution risk if license renewal or regulatory clearance fa

Market Cap

₹1,819

P/E Ratio

18.0

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

SDBL is in a strategic recovery and reinvestment phase following operational disruptions and volume softness. Management is actively addressing past challenges — particularly at the Bhopal plant — while laying the groundwork for growth through capacity expansion in UP and premiumization of its whisky portfolio. The company is transitioning from a period of disruption toward scalable, margin-accretive growth, supported by clear FY27 guidance and governance commitments.

📰 What's Happening

In its FY26 results filing on 2026-06-05, SDBL reported revenue of ₹1,233 crores and EBITDA of ₹89.7 crores, with net profit at ₹10.2 crores. Volume declines were driven by a 20% drop in beer and 32% growth in IMFL, resulting in a 17.7% total volume decline. Management highlighted progress on the Bhopal plant license renewal, with operations expected to resume within 1-2 weeks. The UP plant is being scaled to 15-20 lakh cases annually, targeting ~₹120 crores in revenue contribution. Premium whisky expansion is underway, and forward-buying strategies are in place to manage input cost volatility. A credit rating downgrade by Infomerics on 2026-06-27 cited temporary operational suspension at Bhopal, but management expects improvement upon normalization. Trading restrictions were briefly in place ahead of results, per SEBI norms.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	482	759	466	501	739	1,013	573	562
Operating Profit	29	50	28	32	46	65	35	38
OPM %	5.8%	6.4%	5.8%	6.4%	5.7%	6.3%	5.9%	6.5%
Net Profit	16	34	15	18	20	41	19	22
EPS	₹2.17	₹4.44	₹1.89	₹2.32	₹2.57	₹2.08	₹0.96	₹1.10

The financial trajectory reflects a company navigating short-term volume pressure but actively rebuilding momentum. Despite a 17.7% YoY volume decline in FY26, management is guiding FY27 revenue toward ₹1,440-1,450 crores, implying growth from the ₹1,233 crores reported. EBITDA margin guidance of ~10% for FY27 signals expectations of operational improvement, likely from scale efficiencies and premiumization. The UP plant expansion and Bhopal license resolution are central to this recovery. Gross debt rose to ₹211 crores, indicating capital investment in capacity and infrastructure. Quarterly trends show volatility, with Q1FY25 revenue at ₹1,013 crores and OPM holding steady around 6%, but recent quarters (Q3FY25: ₹562 crores revenue, ₹22 crores net profit) suggest stabilization in performance post-disruption.

🔮 Management Outlook & What's Next

Management expressed confidence in a recovery trajectory, citing the resolution of the Bhopal plant disruption as imminent, with operations expected to resume within 1-2 weeks post-license renewal. The UP plant is positioned as a key growth driver, with capacity expansion to 15-20 lakh cases and revenue contribution targeted at ~₹120 crores. Premium whisky expansion is underway to capture higher-margin segments. Management reaffirmed FY27 revenue guidance of ₹1,440-1,450 crores and EBITDA margin near 10%, underpinned by volume recovery, operational normalization, and cost management via forward-buying of barley and glass. Governance improvements and transparency commitments were emphasized in response to investor concerns.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Beverages

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Varun Beverages Limited	1.70 L Cr	64.7	—	—	—
United Spirits Limited	96,061	66.9	—	—	—
Radico Khaitan Limited	46,854	152.2	—	—	—
United Breweries Limited	36,165	85.1	—	—	—
Allied Blenders and Distillers Limited	15,534	68.7	17.2%	13.7%	0.69
Tilaknagar Industries Limited	10,664	58.1	—	—	—
India Glycols Limited	6,832	32.7	—	—	—
Piccadily Agro Industries Limited	5,849	42.6	—	—	—
Globus Spirits Limited	2,626	152.3	—	—	—
GM Breweries Limited	2,023	12.9	—	—	—

🔗 Peer Stock Analyses

VBL UNITDSPR RADICO UBL ABDL

⚠️ Risk Factors

1. Operational disruption at the Bhopal plant, though temporarily suspended, poses near-term execution risk if license renewal or regulatory clearance faces delays. 2. Volume softness in beer and reliance on IMFL growth for recovery introduces revenue volatility, especially in a competitive FMCG beverage landscape. 3. Rising gross debt to ₹211 crores increases financial leverage, which could constrain flexibility if margin improvements do not materialize as guided. 4. Credit rating downgrade by Infomerics reflects temporary governance and operational concerns, which may affect investor sentiment and cost of capital until resolved.

📋 Recent Filings

🧠 Analyst's Read

SDBL is transitioning from a phase of operational and regulatory headwinds to a structured recovery backed by capacity expansion, premiumization, and governance reforms. The key near-term catalyst is the resumption of operations at the Bhopal plant and the ramp-up of the UP facility. Investors should monitor execution on FY27 margin guidance and the pace of volume recovery, particularly in premium segments, as indicators of sustainable improvement.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-16.

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