Cupid Breweries And Distilleries Ltd (512361)
Q2 FY27 results
📅 Next results: 17 Oct 2026 (board meeting)Cupid Breweries And Distilleries Ltd's board meets on 17 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Cupid Breweries' revenue was ₹0.0 Cr, and net profit ₹-0.8 Cr (a bigger loss than a year earlier).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | — | — |
| Operating profit | ₹-0.4 | loss widened | loss narrowed |
| Net profit | ₹-0.8 | loss widened | loss narrowed |
| EPS (₹) | -0.09 | loss widened | loss narrowed |
📢 Recent Corporate Announcements
Cupid Breweries and Distilleries Ltd announced that Non-Executive and Independent Director Rohit Shetty (DIN: 07224494) has completed his tenure effective the close of business hours on September 30, 2026. His appointment had previously been approved by shareholders via a postal ballot concluding on June 28, 2026, to hold office until September 30, 2026. The cessation is routine and strictly on account of tenure completion rather than an unexpected resignation. Financially, the company has a market cap of Rs 152 Cr with zero TTM revenue and a TTM net loss of Rs 6 Cr.
- Cessation of Non-Executive Independent Director Rohit Shetty effective close of business hours on September 30, 2026
- Shareholder approval for tenure up to September 30, 2026 was finalized via postal ballot on June 28, 2026
- Departure is due to scheduled tenure expiry, not premature resignation or dispute
- Company reported zero revenue and a net loss of Rs 5.16 Cr in FY26
Cupid Breweries and Distilleries Ltd announced that Non-Executive and Independent Director Rohit Shetty (DIN: 07224494) has completed his tenure effective the close of business hours on September 30, 2026. His appointment had previously been approved by shareholders via a postal ballot concluding on June 28, 2026, to hold office until September 30, 2026. The cessation is routine and strictly on account of tenure completion rather than an unexpected resignation. Financially, the company has a market cap of Rs 152 Cr with zero TTM revenue and a TTM net loss of Rs 6 Cr.
- Cessation of Non-Executive Independent Director Rohit Shetty effective close of business hours on September 30, 2026
- Shareholder approval for tenure up to September 30, 2026 was finalized via postal ballot on June 28, 2026
- Departure is due to scheduled tenure expiry, not premature resignation or dispute
- Company reported zero revenue and a net loss of Rs 5.16 Cr in FY26
Cupid Breweries And Distilleries has entered into a non-binding Memorandum of Understanding (MoU) during business meetings in Germany for technology and business collaboration. The collaboration targets manufacturing processes, product quality, and operational scalability ahead of commencing commercial operations. The agreement follows the company's July 09, 2026 board meeting outcome. Financial terms and partner identity were not disclosed in the filing.
- Signed non-binding MoU for technology and manufacturing collaboration in Germany
- Focuses on product quality, manufacturing processes, and operational scalability
- Follows initial board approval reference dated July 09, 2026
- Precursor to commercial operations for the company (TTM revenue currently Rs 0 Cr)
Cupid Breweries and Distilleries reported zero revenue from operations for Q1 FY27, resulting in a consolidated net loss of ₹85.40 lacs compared to a loss of ₹38.02 lacs in the same quarter last year. The company is currently in a pre-operational scaling phase, with expenses driven by finance costs of ₹30.35 lacs and other administrative costs. The Board has authorized a formal fundraise to support the acquisition of operational units, specifically noting progress on the acquisition of the Gopalpur Unit from United Spirits Limited (USL). Additionally, the company is exploring technology collaborations with Steinecker GmbH, Germany, to modernize its brewing capabilities.
- Consolidated net loss widened to ₹85.40 lacs from ₹38.02 lacs in the year-ago period.
- Reported zero revenue from operations for the quarter ended June 30, 2026.
- Finance costs surged to ₹30.35 lacs from zero in the previous year's corresponding quarter.
- Paid-up equity share capital remains at ₹9,134.33 lacs as of June 30, 2026.
- Board authorized fund-raising mandates with advisors including Jones Lang LaSalle (JLL) for future acquisitions.
Cupid Breweries reported a consolidated net loss of ₹85.40 lacs for Q1 FY27, widening from a loss of ₹38.02 lacs in the same period last year. The company recorded zero operational income for the quarter, reflecting its current pre-operational or scaling phase. To support its growth, the board has appointed Jones Lang LaSalle (JLL) as a financial advisor for a proposed fundraise aimed at acquiring operational units. Additionally, the company is awaiting regulatory approvals for the acquisition of the Gopalpur Unit from United Spirits Limited (USL).
- Consolidated net loss widened to ₹85.40 lacs in Q1 FY27 compared to ₹38.02 lacs in Q1 FY26.
- Total income for the quarter was ₹0.00, indicating the company is not yet generating revenue from its brewery operations.
- Appointed Jones Lang LaSalle (JLL) and other advisors to lead fundraising initiatives for future acquisitions.
- The acquisition of the Gopalpur Unit from United Spirits Limited (USL) is currently in progress with government authorities.
- Paid-up equity share capital stands at ₹9,134.33 lacs as of June 30, 2026.
Financial Performance
Revenue Growth by Segment
The company reported a decline in total income during FY 2024–25 compared to the previous year, primarily due to a subdued operational scale-up. Specific percentage growth for the single segment (alcoholic beverages) was not disclosed, but operations are in an emerging stage with negative margins.
Geographic Revenue Split
Revenue is primarily domestic-focused with expansion plans targeting Southern and Eastern regions of India. International expansion is being evaluated in Ras Al Khaimah (UAE) and Uzbekistan to establish a global footprint.
Profitability Margins
Operating Profit Margin (OPM) and Net Profit Margin (NPM) both declined sharply and remained negative in FY 2024–25. This was driven by a significant increase in pre-revenue operating expenses and fixed overheads (finance costs) ahead of full-scale revenue generation.
EBITDA Margin
EBITDA margins are currently negative due to the company being in a capacity build-up phase where investments in people, capacity, and compliance preceded revenue generation. Specific YoY percentage change was not disclosed.
Capital Expenditure
The company is undergoing significant capital expenditure for upcoming contract bottling units in Goa (Ponda), Mysore (Karnataka), Kalyani (West Bengal), and Pune (Maharashtra). Borrowings for project financing increased to INR 6.84 Cr (₹684.07 lakh) in FY25 from INR 2.16 Cr (₹216.03 lakh) in FY24, representing a 216.6% increase.
Credit Rating & Borrowing
Credit rating not disclosed. Borrowings increased by 216.6% to INR 6.84 Cr to fund project requirements. Interest rate percentages were not specified, but finance costs contributed to the widening net loss.
Operational Drivers
Raw Materials
Extra Neutral Alcohol (ENA), packaging materials, and logistics are identified as the primary raw materials and cost drivers. Specific percentage of total cost for each was not disclosed.
Key Suppliers
Not specifically named; the company mentions maintaining long-term vendor tie-ups to mitigate price volatility.
Capacity Expansion
Current capacity not disclosed in units. Planned expansions include a distillery and brewing facility in Goa, brewing capacity expansion in Mysore, a new integrated unit in Kalyani, and craft beer/premium segment production in Pune. Additionally, an IMFL unit in Gopalpur, Odisha is being re-engineered into a Malt-Spirit unit.
Raw Material Costs
Raw material costs are subject to volatility, particularly ENA and packaging. The company uses long-term vendor tie-ups as a procurement strategy to minimize the impact of price fluctuations on margins.
Manufacturing Efficiency
Capacity utilization metrics were not disclosed as the company is in an early stage of operations with several units still under development.
Logistics & Distribution
Distribution costs are expected to be a significant factor as the company strengthens its retail networks in Southern and Eastern India.
Strategic Growth
Expected Growth Rate
6-8%
Growth Strategy
Growth will be achieved through a multi-pronged strategy: expanding manufacturing capacity across five Indian states, launching premium variants and ready-to-drink (RTD) beverages, strengthening distribution in Southern and Eastern India, and pursuing international forays in the UAE and Uzbekistan. The company is also leveraging backward integration through its Malt-Spirit unit in Odisha.
Products & Services
Beer, Indian Made Foreign Liquor (IMFL), craft spirits, premium liquor variants, and ready-to-drink (RTD) beverages.
Brand Portfolio
Cupid Breweries and Distilleries, Crochet Industries (subsidiary).
New Products/Services
Launch of premium variants and ready-to-drink (RTD) beverages. Expected revenue contribution percentage not disclosed.
Market Expansion
Targeting Tier-II and Tier-III cities in India, alongside international expansion into Ras Al Khaimah (UAE) and Uzbekistan.
Market Share & Ranking
Not disclosed; the company is currently an emerging player in the Alcobev sector.
Strategic Alliances
Engaging contract bottling units in Goa, Mysore, Kalyani, and Pune to scale production without full ownership of every facility.
External Factors
Industry Trends
The Indian Alcobev industry is growing at 6-8% CAGR, expected to reach USD 55-60 billion by 2030. Trends include 'premiumization,' increasing acceptance of craft beverages, and a demographic dividend with 65% of the population under 35 years of age.
Competitive Landscape
Intense competition from both domestic players and multinational corporations (MNCs) in the beer and spirits segments.
Competitive Moat
The company's moat is built on a multi-brand portfolio and a diversified manufacturing base across multiple states, which provides a hedge against state-specific regulatory risks. However, this moat is currently in the development phase.
Macro Economic Sensitivity
The company is sensitive to India's GDP growth (projected at 6–6.5% for FY 2025-26) and rising disposable incomes, which drive the 6-8% CAGR of the Alcobev industry.
Consumer Behavior
Shifting preferences toward premium, craft, and flavored spirits, as well as experiential products, are driving demand for the company's new product launches.
Geopolitical Risks
Geopolitical uncertainties are noted as risks impacting imports and overseas investments in the UAE and Uzbekistan.
Regulatory & Governance
Industry Regulations
Operations are governed by complex state-level controls, excise regimes, and licensing frameworks. The company must comply with SEBI (LODR) and Companies Act provisions for its corporate governance.
Taxation Policy Impact
The company is highly dependent on state-level excise and licensing frameworks. Changes in state taxation can significantly impact product pricing and profitability.
Risk Analysis
Key Uncertainties
Regulatory changes in state excise policies and volatility in raw material prices (ENA) are the primary uncertainties, with the potential to impact margins by over 25% as seen in recent financial ratio fluctuations.
Geographic Concentration Risk
High concentration in India, specifically shifting focus toward Southern and Eastern regions. 100% of current revenue is domestic.
Third Party Dependencies
Significant dependency on contract bottling units for capacity expansion in Goa, Mysore, Kalyani, and Pune.
Technology Obsolescence Risk
The company is mitigating technology risks by modernizing brewing and distillation infrastructure and re-engineering older IMFL units.
