Som Distilleries & Breweries Ltd (SDBL)

Fast Moving Consumer Goods · Alcoholic Beverages · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹71.24 ↓ 48.62% (1Y)

🎯 Key Takeaways

SDBL is in a strategic transition phase marked by operational disruption and capacity expansion, with financial performance reflecting temporary setbacks rather than structural decline. The company is actively rebuilding momentum through new manufacturing capabilities and regional recoveries, positioning for medium-term growth despite near-term volatility.
Revenue grew 48.6% QoQ to ₹269 in Q1FY27.
⚠️ 1) Prolonged operational disruption at the Bhopal facility could delay full revenue recovery and impact cash flows. 2) Dependence on raw material supp

Market Cap

₹1,481

P/B Ratio

1.98

ROE

-4.0%

ROCE

-1.0%

Debt/Equity

0.23

Promoter

39.4%

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📖 The Story

SDBL is in a strategic transition phase marked by operational disruption and capacity expansion, with financial performance reflecting temporary setbacks rather than structural decline. The company is actively rebuilding momentum through new manufacturing capabilities and regional recoveries, positioning for medium-term growth despite near-term volatility.

📰 What's Happening

In Q1 FY27, SDBL faced significant operational disruption at its Bhopal facility, leading to a 49% YoY revenue decline and sharp earnings contraction, though new capacity in Uttar Pradesh became operational and Karnataka/Odisha showed recovery. The board appointed a new Company Secretary and Compliance Officer to strengthen governance, while credit rating agency Infomerics upgraded its long-term rating to BB+ stable outlook, reflecting improved creditworthiness despite temporary license suspension. Management highlighted progress on strategic priorities including UP brewery commissioning and phased expansion plans.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	270	251	181	269
Operating Profit	32	11	-52	6
OPM %	11.8%	4.5%	-29.0%	2.4%
Net Profit	20	5	-57	2
EPS	₹0.94	₹0.26	₹-2.75	₹0.08

Revenue has shown volatility over the past four quarters, with a sharp decline in Q1 FY27 to ₹269 crore from ₹270 crore in Q3 FY25, driven by Bhopal plant disruption, though prior quarters demonstrated stability and growth. Operating performance swung from ₹11 crore in Q4 FY25 to a loss of ₹52 crore in Q1 FY26, but stabilized with positive operating profit of ₹6 crore in Q1 FY27, indicating early signs of recovery as new capacity comes online and regional operations rebound.

🔮 Management Outlook & What's Next

Management expects gradual recovery through the normalization of MP operations and sustained performance in Karnataka and Odisha, with revenue guidance for FY27 set at ₹1,000-1,100 crore. The Uttar Pradesh brewery has commenced commercial production, and Phase 2 expansion permissions have been applied for, targeting execution within 3-4 months. Bhopal plant resolution is targeted within the month, and utilization improvements are expected to drive margin recovery.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	39	41	42	42
Reserves	577	706	789	737
Borrowings	127	171	200	212
Total Liabilities	1,133	1,343	1,432	1,465
Fixed Assets	496	622	610	674
Investments	0	0	0	0
Total Assets	1,133	1,343	1,432	1,465

The balance sheet shows stable leverage with gross debt ratio maintained at 0.31x as of June 2026, indicating disciplined capital management despite operational headwinds. Equity remains flat at ₹42 crore, while reserves have increased to ₹789 crore and borrowings have slightly decreased to ₹212 crore, suggesting conservative financial management and no aggressive capital spending beyond strategic expansions.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+42
Investing	-101
Financing	+65
Net Cash Flow	+7

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	39.4%	39.4%	39.4%	39.4%
FII	0.7%	0.9%	1.2%	0.2%
DII	0.0%	0.0%	0.0%	0.0%
Public	51.5%	51.5%	50.8%	51.5%
# Shareholders	1,09,740	1,10,665	1,11,075	1,13,766

Promoter holding remains stable at 39.44% over the last four quarters, indicating confidence from the founding family. Institutional interest has modestly increased, with FII shareholding rising from 0.72% in Q2FY26 to 1.2% in Q4FY26, while DII remains negligible. The number of public shareholders has grown steadily, suggesting broadening retail interest and improved market participation.

⚖️ Peer Comparison — Alcoholic Beverages

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UNITDSPR	1.07 L Cr	55.4	26.1%	21.0%	0.00
RADICO	60,195	85.5	27.3%	21.2%	0.10
UBL	34,634	87.6	10.9%	8.8%	0.26
ABDL	17,247	78.8	17.1%	12.6%	0.69
TI	13,517	—	15.2%	-4.1%	0.05
INDIAGLYCO	7,459	22.5	12.3%	10.8%	0.54
PICCADIL	6,261	44.2	29.4%	31.6%	0.70
GLOBUSSPR	2,664	26.4	12.8%	10.3%	0.52
GMBREW	2,003	12.5	19.4%	14.8%	0.00
SDBL	1,481	—	-1.0%	-4.0%	0.23

🔗 Peer Stock Analyses

UNITDSPR RADICO UBL ABDL TI

⚠️ Risk Factors

1) Prolonged operational disruption at the Bhopal facility could delay full revenue recovery and impact cash flows. 2) Dependence on raw material supply from Ball Corporation in Uttar Pradesh introduces single-source vulnerability. 3) Regulatory challenges in Madhya Pradesh may delay license restoration and affect production continuity. 4) Margin pressure from underutilized capacity during the ramp-up phase of new breweries could sustain earnings volatility.

📋 Recent Filings

🧠 Analyst's Read

SDBL is navigating a phase of operational transformation with temporary earnings volatility, but strategic investments in new capacity and regional diversification offer a credible path to recovery. Investors should monitor MP plant restoration timelines, UP utilization trends, and execution of expansion plans as key near-term catalysts.

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 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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