Shri Gang Industries & Allied Products Ltd (523309)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Shri Gang's revenue was ₹80.2 Cr (+38.6% year on year, -29.9% on the previous quarter), and net profit ₹2.0 Cr (against a loss a year earlier); the operating margin was 6.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹80.2 | +38.6% | -29.9% |
| Operating profit | ₹5.1 | +34.8% | -76.2% |
| Net profit | ₹2.0 | from loss | -86.0% |
| EPS (₹) | 0.98 | from loss | -86.7% |
| Operating margin | 6.3% | — | — |
📢 Recent Corporate Announcements
Shri Gang Industries & Allied Products Limited announced the outcome of its Board Meeting held on August 31, 2026. The Board deferred agenda items related to increasing authorized share capital and proposed fundraising via equity or convertible securities (Preferential Issue/Rights Issue/QIP). Additionally, the Board approved an alteration in the utilization objects of previously issued Fully Convertible Warrants (FCW) originally approved in the August 30, 2025 AGM notice, subject to shareholder approval. The company's 37th Annual General Meeting is scheduled for September 26, 2026.
- Deferred decision on increasing Authorized Share Capital and proposed fundraise via Preferential Issue, Rights Issue, or QIP
- Approved alteration/variation in the objects of the Preferential Issue of Fully Convertible Warrants (FCW) from August 30, 2025 AGM notice
- Scheduled 37th Annual General Meeting (AGM) for Saturday, September 26, 2026 via Video Conferencing
- Appointed a scrutinizer for conducting e-voting at the upcoming 37th AGM
Shri Gang Industries & Allied Products Ltd has scheduled a Board of Directors meeting on August 31, 2026, to evaluate fundraising proposals. The board will consider increasing the authorised share capital and issuing equity shares or convertible securities via Preferential Issue, Rights Issue, QIP, or other modes. The company currently holds a market cap of ₹115 Cr with total debt of ₹50 Cr against a net worth of ₹52 Cr. Trading window for designated persons is closed until 48 hours post-meeting.
- Board meeting scheduled for Monday, August 31, 2026
- Agenda includes increasing the Authorised Share Capital and amending Memorandum of Association
- Evaluating equity/convertible security issuance via Preferential Issue, Rights Issue, QIP, or other modes
- Trading window closed with immediate effect until 48 hours after the conclusion of the board meeting
Shri Gang Industries reported Q1FY27 net revenue of ₹84 Cr (down 2% YoY, up 5% QoQ) and PAT more than doubling YoY to ₹2.06 Cr from ₹0.96 Cr in Q1FY26. Bottling line civil work is underway with commissioning targeted for December 2026, supported by an LOI from Tilaknagar Industries for 2 lakh cases per month. The company is also evaluating a bottling capacity scale-up from 5.6 million to 10 million cases and earmarked ₹39 Cr capex for phased ENA distillery expansion (~32% of its ₹122 Cr market cap). Client concentration remains high, with United Spirits/Diageo contributing ₹236 Cr (~64% of net revenue) in FY26.
- Q1FY27 PAT surged 114% YoY to ₹2.06 Cr (vs ₹0.96 Cr in Q1FY26); net revenue stood at ₹84 Cr.
- Bottling line civil expansion underway with commissioning targeted for end of December 2026.
- Secured LOI from Tilaknagar Industries for contract manufacturing of 2,00,000 cases per month.
- Earmarked ₹39 Cr capex for phased ENA distillery expansion (~25% in FY27, balance in FY28), representing ~32% of market cap.
- Diageo tie-up generated ₹236 Cr (~64% of net revenue) utilizing ~70% of plant bottling capacity in FY26.
Shri Gang Industries has appointed M/s Mohan Gupta & Co. as its Internal Auditor for the 2026-2027 financial year. The Board also approved the unaudited financial results for the quarter ended June 30, 2026, in a meeting lasting 55 minutes. As a micro-cap company with a market capitalization of ₹126 Cr and TTM revenue of ₹366 Cr, these are routine governance and compliance steps. Investors should note the company's high debt-to-equity ratio of 0.96 and the recent decline in promoter holding to 38.46%.
- Appointment of M/s Mohan Gupta & Co., a firm established in 1986, as Internal Auditor for FY 2026-27.
- Approval of Un-Audited Financial Results for the quarter ended June 30, 2026.
- Board meeting conducted on August 06, 2026, between 03:00 P.M. and 03:55 P.M.
- Company maintains a TTM revenue of ₹366 Cr against a market cap of ₹126 Cr.
Shri Gang Industries has approved its unaudited financial results for the quarter ended June 30, 2026. The company, which has a market capitalization of Rs 126 Cr, reported a TTM revenue of Rs 366 Cr and a TTM PAT of Rs 19 Cr. Investors should note the slight decline in promoter holding to 38.46% in the June 2026 quarter compared to 40.22% in March 2026. The company continues to rely on strategic bottling partnerships with United Spirits (Diageo) for its IMFL business.
- Board approved unaudited financial results for the quarter ended June 30, 2026, on August 6, 2026.
- TTM revenue stands at Rs 366 Cr with an operating profit margin of 9.9%.
- Promoter holding decreased to 38.46% in June 2026 from 40.22% in the previous quarter.
- Previous quarter (Mar 2026) revenue was Rs 80.15 Cr with a net profit of Rs 1.96 Cr.
- Company maintains a debt-to-equity ratio of 0.96 with total debt of Rs 50 Cr.
Shri Gang Industries & Allied Products Ltd held a board meeting on August 06, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The board also appointed M/s Mohan Gupta & Co. as the Internal Auditor for the 2026-2027 financial year. The company, with a TTM revenue of ₹366 Cr and a market cap of ₹126 Cr, continues its focus on the IMFL market and bottling partnerships. The meeting concluded within 55 minutes, reflecting a routine administrative process.
- Board approved Un-Audited Financial Results for the quarter ended June 30, 2026
- Appointment of M/s Mohan Gupta & Co. as Internal Auditor for a 1-year term (FY 2026-27)
- The board meeting commenced at 03:00 P.M. and concluded at 03:55 P.M. on August 06, 2026
- Internal Auditor firm M/s Mohan Gupta & Co. was established in 1986 with over 30 years of experience
Shri Gang Industries & Allied Products Ltd has scheduled a board meeting on August 06, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company reported a TTM revenue of ₹366 Cr and a PAT of ₹19 Cr, with a notable decline in operating margins from 15% in FY25 to 10% in FY26. Investors will be monitoring if the company can reverse the recent trend of declining profitability and promoter stake, which fell from 40.22% in March 2026 to 38.46% in June 2026. The trading window for insiders is currently closed until 48 hours after the results are announced.
- Board meeting scheduled for August 06, 2026, to approve Q1 FY27 results.
- TTM Revenue stands at ₹366 Cr with a current Market Cap of ₹122 Cr.
- Operating Profit Margin (OPM) stood at 10.0% for FY26, down from 15.0% in FY25.
- Promoter holding decreased to 38.46% in the June 2026 quarter from 40.22% in March 2026.
- Trading window closed for insiders until 48 hours post-announcement.
Financial Performance
Revenue Growth by Segment
Total operating income grew 108.13% from INR 138.69 Cr in FY23 to INR 288.65 Cr in FY24, and further increased 22.16% to INR 352.62 Cr in FY25. Revenue for 9MFY25 stood at INR 289.88 Cr.
Geographic Revenue Split
Operations are concentrated in Uttar Pradesh, with manufacturing facilities located in Sandila (Hardoi) and Sikandrabad (Bulandshahar).
Profitability Margins
Net profit margin improved from 5.13% in FY24 to 8.32% in FY25 (up 62.18% YoY). Operating profit margin rose from 13.08% to 14.97% (up 14.45% YoY) due to enhanced capacity utilization and operational efficiencies.
EBITDA Margin
EBITDA margin was 13.90% in FY25 (INR 49.01 Cr) compared to 12.02% in FY24 (INR 34.71 Cr), reflecting a 41.18% YoY growth in absolute EBITDA.
Capital Expenditure
Historical capex was not explicitly detailed in INR Cr, but the company is warned that unplanned capex could deteriorate its liquidity position.
Credit Rating & Borrowing
Upgraded to IVR BBB/Stable in December 2025 from IVR BBB-/Stable. Long-term bank facilities total INR 26.90 Cr, including a term loan of INR 16.90 Cr and cash credit of INR 10.00 Cr.
Operational Drivers
Raw Materials
Grain (Rice) is the primary raw material for manufacturing Extra Neutral Alcohol (ENA).
Import Sources
Sourced domestically, primarily within Uttar Pradesh and surrounding agricultural regions.
Capacity Expansion
Current operations include a distillery unit for ENA production and an IMFL bottling facility in Sandila, Hardoi. Future expansion plans are not quantified in MT/units.
Raw Material Costs
Susceptible to volatility in grain prices (rice) which are seasonal and influenced by weather conditions, impacting overall production costs and margins.
Manufacturing Efficiency
Capacity utilization improvements led to a 49.91% YoY increase in Return on Capital Employed (ROCE) to 0.45 in FY25.
Logistics & Distribution
Debtor's turnover ratio improved 6.37% YoY to 110.01 in FY25.
Strategic Growth
Expected Growth Rate
22.16%
Growth Strategy
Growth is driven by bottling partnerships with leading liquor players like United Spirits Limited (Diageo), brand-building initiatives, organizational reforms, and leveraging economies of scale in the IMFL market.
Products & Services
Extra Neutral Alcohol (ENA) and Indian Made Foreign Liquor (IMFL).
Brand Portfolio
United Spirits Limited (Diageo) brands (bottling partner).
New Products/Services
Focus on accelerating the growth of core brands and portfolio optimization.
Market Expansion
Expanding competitive edge in the Indian IMFL market through distribution reforms.
Strategic Alliances
Manufacturing agreement with Diageo (United Spirits Limited) for producing their brands in Uttar Pradesh.
External Factors
Industry Trends
The Indian alcoholic beverage industry is evolving with regulatory tailwinds and increased product accessibility, though state-level policy uncertainty remains a key challenge.
Competitive Landscape
Competes with players having stronger distribution networks and marketing capabilities.
Competitive Moat
Moat is built on strategic bottling partnerships with global leaders like Diageo and a positive turnaround in net worth (INR 10.59 Cr in FY25) supported by loan-to-equity conversions.
Macro Economic Sensitivity
Sensitive to India's GDP growth (7.0% in FY25) and strengthening consumption trends in the services and infrastructure sectors.
Consumer Behavior
Steady expansion of India's IMFL market driven by diverse consumer segments.
Regulatory & Governance
Industry Regulations
Operates under stringent state-specific rules for production, marketing, and distribution of alcohol; susceptible to changes in license authorizations.
Taxation Policy Impact
Industry faces high taxes and duties that vary significantly across states, adding operational complexity.
Risk Analysis
Key Uncertainties
Regulatory changes in state liquor policies and volatility in grain prices are primary risks that could impact profitability by over 10-15% based on historical margin sensitivity.
Geographic Concentration Risk
High concentration in Uttar Pradesh, making the company vulnerable to state-specific policy shifts.
Third Party Dependencies
Significant dependency on bottling agreements with major players like United Spirits Limited.
Technology Obsolescence Risk
Management is increasingly automating systems and processes to enhance accountability.
Credit & Counterparty Risk
Adequate liquidity with GCA of INR 39.54 Cr in FY25 against debt obligations of INR 7.72 Cr.
