SDBL - Som Distilleries
📢 Recent Corporate Announcements
Som Distilleries & Breweries Limited (SDBL) has informed the exchanges that Mr. Om Prakash Singh has resigned from his role as Company Secretary and Compliance Officer. The resignation was effective from the close of business hours on April 27, 2026. As a Key Managerial Personnel (KMP), his departure is a regulatory disclosure under SEBI LODR regulations. The company has initiated the process of identifying and hiring a suitable replacement to ensure compliance continuity.
- Mr. Om Prakash Singh resigned as Company Secretary and Compliance Officer effective April 27, 2026
- The resignation was accepted by the management on the same day it was tendered
- The position is classified as a Key Managerial Personnel (KMP) role under SEBI regulations
- The company is currently in the process of identifying a successor for the vacancy
Infomerics Ratings has downgraded the credit rating of Som Distilleries & Breweries Limited (SDBL) and its subsidiary, Woodpecker Distilleries. The long-term rating has been lowered from A- to BBB+, while the short-term rating moved from A2+ to A2. This downgrade is a direct consequence of the temporary suspension of the company's manufacturing license by the Excise Department. Such a revision indicates a perceived increase in credit risk and potential pressure on operational cash flows.
- Long-term bank facilities rating downgraded from A- to BBB+ by Infomerics Ratings.
- Short-term rating revised downward from A2+ to A2.
- Subsidiary Woodpecker Distilleries and Breweries Private Limited also faced an identical downgrade to BBB+.
- Rating action triggered by the temporary suspension of manufacturing licenses by the Excise Department.
Som Distilleries & Breweries Limited (SDBL) has provided an update on its license suspension, which has been in effect since February 5, 2026. While the Single Bench of the Madhya Pradesh High Court rejected the company's petition on March 23, 2026, the Double Bench granted a temporary reprieve on March 24, 2026. This relief specifically allows an associate company to participate in the country liquor tender process. However, the final order regarding the overall license suspension is still awaited, leaving the primary operational deadlock unresolved.
- License suspension remains in effect since February 5, 2026, with no change in status for the main unit.
- Single Bench of MP High Court rejected the petition for license validation on March 23, 2026.
- Double Bench granted relief on March 24, 2026, permitting an associate company to participate in country liquor tenders.
- The company is awaiting a final order from the Double Bench to resolve the ongoing legal deadlock.
Som Distilleries & Breweries Limited (SDBL) has announced the closure of its trading window effective from April 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming financial results. The closure applies to all designated persons and their immediate relatives for the quarter and financial year ending March 31, 2026. The window will reopen 48 hours after the board meeting results are officially declared.
- Trading window closure begins on Wednesday, April 1, 2026.
- Closure is for the purpose of approving financial results for Q4 and FY ending March 31, 2026.
- Restriction applies to all designated persons and their immediate relatives under SEBI guidelines.
- Trading window will reopen 48 hours after the conclusion of the Board Meeting.
- The specific date for the Board Meeting to approve results will be announced separately.
Som Distilleries & Breweries Limited (SDBL) has filed its monthly compliance certificate under SEBI Regulation 74(5) for February 2026. The report confirms that a total of 3,500 shares were dematerialized, with 1,500 processed via NSDL and 2,000 via CDSL. No shares were rematerialized during this period. The company's registrar, Mas Services Limited, confirmed that all share certificates were processed and mutilated within the mandatory 15-day timeframe.
- Total of 3,500 equity shares were dematerialized during the month of February 2026
- 1,500 shares were processed through NSDL and 2,000 shares through CDSL
- Zero rematerialization requests were recorded during the reporting period
- Registrar confirmed compliance with the 15-day processing timeline for all certificates
Som Distilleries & Breweries Limited (SDBL) reported a weak performance for Q3 FY26, with consolidated revenue from operations declining 14.1% YoY to ₹482.51 crore. Profitability was severely impacted as consolidated Profit Before Tax (PBT) plummeted by 74.6% YoY to ₹7.41 crore. The decline is also reflected in the nine-month performance, with consolidated revenue falling to ₹1,843.46 crore from ₹2,147.98 crore in the previous year. Additionally, the company saw a significant spike in finance costs, which rose to ₹7.52 crore for the quarter.
- Consolidated Revenue from operations fell 14.1% YoY to ₹482.51 crore in Q3 FY26.
- Consolidated Profit Before Tax (PBT) slumped 74.6% YoY to ₹7.41 crore from ₹29.16 crore.
- Finance costs surged significantly to ₹7.52 crore in Q3 FY26 compared to ₹1.89 crore in Q3 FY25.
- 9M FY26 consolidated revenue declined to ₹1,843.46 crore from ₹2,147.98 crore in the prior year period.
- Standalone Profit After Tax (PAT) for the quarter stood at ₹7.47 crore, down from ₹10.32 crore YoY.
Som Distilleries reported a subdued Q3 FY26 with total income at INR 254.2 crore and a net profit of INR 5.5 crore, heavily impacted by severe cold weather in key North Indian markets. Beer volumes declined by 24% YoY to 35.3 lakh cases, though the IMFL segment showed resilience with a 46% volume growth. The company is progressing on its INR 570 crore greenfield project in Uttar Pradesh, with Phase 1 expected by June 2026. Management maintains a full-year FY26 revenue guidance of approximately INR 1,500 crore, implying a strong recovery in the final quarter.
- Q3 FY26 Total Income stood at INR 254.2 crore with a thin Net Profit margin of 2.2% (INR 5.5 crore).
- Beer volumes fell 24% YoY to 35.3 lakh cases, while IMFL volumes grew 46% to 5 lakh cases during the quarter.
- 9M FY26 EBITDA margin was 12.9% on total income of INR 1,054 crore, despite Q3 margin compression to 9.1%.
- Achieved financial closure for the INR 570 crore UP greenfield project, with Phase 1 completion set for June 2026.
- Management provided a full-year FY26 revenue guidance of approximately INR 1,500 crore, requiring a significant jump in Q4 performance.
Som Distilleries & Breweries Limited (SDBL) has released the audio recording of its Q3 FY2026 earnings conference call held on February 12, 2026. The call followed the announcement of the company's unaudited financial results for the quarter ended December 31, 2025. This disclosure provides investors with direct access to management's commentary on operational performance and the broader industry outlook. A written transcript of the proceedings is expected to be filed with the stock exchanges in the coming days.
- Audio recording of the Q3 FY2026 earnings call is now live on the company's website.
- The call was conducted on February 12, 2026, to discuss unaudited financial results.
- Management provided insights into the company's performance for the third quarter of the fiscal year.
- A formal written transcript will be shared with BSE and NSE as per regulatory timelines.
Som Distilleries reported a challenging Q3 FY2026 with total income declining 16% YoY to ₹2,542 million. The company's net profit saw a sharp decline of 74.5% to ₹55 million, primarily due to a 24% drop in beer volumes and lower realizations. However, the IMFL segment showed resilience with a 46% volume growth, driven by the premium brand 'Mahavat'. The company also achieved financial closure for its ₹600 crore greenfield project in Uttar Pradesh, which remains a key long-term growth driver.
- Net Profit plummeted 74.5% YoY to ₹55 million in Q3 FY26 compared to ₹215 million in Q3 FY25
- Total Income fell 16% YoY to ₹2,542 million, while Beer volumes declined 24.3% to 35.3 lakh cases
- IMFL segment grew 46% YoY in volume, supported by the expansion of 'Mahavat' whiskey into Delhi and UP
- Financial closure achieved for the ₹600 crore greenfield brewery and distillery project in Uttar Pradesh
- Net Debt to EBITDA ratio increased significantly to 1.07x from 0.40x in the previous quarter
Som Distilleries & Breweries Limited (SDBL) has filed its monthly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report confirms that 9,000 shares were dematerialized during the month of January 2026. The Registrar and Share Transfer Agent, Mas Services Limited, verified that all share certificates were mutilated and processed within the mandatory 15-day period. This is a standard administrative filing ensuring the transition of physical shares to electronic form.
- A total of 9,000 shares were dematerialized in January 2026.
- 1,500 shares were processed through NSDL and 7,500 shares through CDSL.
- Zero shares were rematerialized during the reported period.
- The company confirmed compliance with the 15-day processing timeline for certificate mutilation.
Som Distilleries & Breweries Limited (SDBL) has officially approved its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. During the board meeting held on February 10, 2026, the company also granted omnibus approval for certain related party transactions conducted at arm's length. While the specific financial figures were not disclosed in the cover letter, the approval follows a limited review by auditors. This routine regulatory filing confirms the completion of the company's Q3 reporting obligations.
- Board approved unaudited financial results for the quarter and nine months ended December 31, 2025.
- Omnibus approval granted for Related Party Transactions in the ordinary course of business.
- Results include both Standalone and Consolidated performance metrics.
- The board meeting concluded at 6:30 PM on February 10, 2026, following Audit Committee recommendations.
Som Distilleries & Breweries Limited (SDBL) has officially approved its unaudited financial results for the quarter and nine months ended December 31, 2025. The board meeting, held on February 10, 2026, covered both standalone and consolidated performance metrics. In addition to the earnings approval, the board provided omnibus approval for related party transactions conducted at arm's length. This announcement confirms the completion of the internal audit and review process for the third quarter of the fiscal year.
- Approval of unaudited standalone and consolidated financial results for Q3 and 9M FY2025-26
- Board meeting concluded at 18:30 P.M. following a 16:00 P.M. start on February 10, 2026
- Omnibus approval granted for Related Party Transactions in the ordinary course of business
- Results were reviewed and recommended by the Audit Committee prior to board approval
Som Distilleries & Breweries Limited (SDBL) has rescheduled its Q3 FY2025-26 earnings conference call from 4:00 PM IST to 11:30 AM IST on February 12, 2026. This follows the company's scheduled financial results announcement on February 10, 2026, for the quarter ended December 31, 2025. The call will feature senior management, including the Chief Operating Officer and the Director of Finance & Strategy, to discuss financial performance and future outlook. This is a routine administrative update regarding investor relations timing.
- Earnings conference call rescheduled to 11:30 AM IST on February 12, 2026
- Financial results for Q3 FY2025-26 to be released on February 10, 2026
- Management representation includes COO Diwakaran Suryanarayana and Director Nakul Sethi
- Call includes an interactive Q&A session for analysts and institutional investors
Som Distilleries & Breweries Limited (SDBL) has reported the suspension of its manufacturing license for the Rojrachak (Raisen) factory by the Madhya Pradesh Excise Department. The suspension is linked to a legacy legal case from 2012, which the company claims is arbitrary as it was not a party to the original proceedings. Consequently, production at this facility has ceased temporarily, and the company is seeking urgent legal recourse through the Madhya Pradesh High Court. Management has assured stakeholders that financial stability and debt servicing remain unaffected despite the operational halt.
- Manufacturing license for the Rojrachak (Raisen, M.P.) factory suspended by the Excise Department.
- Production at the facility has ceased temporarily, impacting the company's output in its home state.
- The regulatory action is based on a 2012 case; SDBL claims it was not a party to the case and the individuals involved were not employees.
- The company is pursuing legal remedies at the Hon’ble High Court of Madhya Pradesh at Jabalpur to resume operations.
- Management confirms that all banking obligations and debt covenants continue to be met on time.
Som Distilleries & Breweries Limited (SDBL) has announced the suspension of its manufacturing license for its Rojrachak (Raisen, MP) unit by the Madhya Pradesh Excise Department. The suspension is linked to a legacy legal case from 2012, which the company claims is arbitrary and involves individuals not currently employed by the firm. As a result, production at this facility has ceased temporarily, though the company is seeking immediate legal recourse through the High Court of Madhya Pradesh. Management asserts that the company remains a going concern with no impact on its financial stability or debt-servicing ability.
- Suspension of the manufacturing license for the Rojrachak, Distt. Raisen factory in Madhya Pradesh.
- Production at the affected facility has ceased temporarily, impacting the company's output for FY 2025-26.
- The regulatory action is based on a 2012 case which the company is currently contesting in the High Court.
- Management confirms that all banking obligations and debt covenants continue to be met despite the halt.
- The company is pursuing legal remedies at the High Court of Madhya Pradesh at Jabalpur to resume operations.
Financial Performance
Revenue Growth by Segment
IMFL segment volumes grew 65% in Q2 FY26, significantly outpacing the overall revenue trend. Total income for H1 FY26 stood at INR 800.1 Cr, while 9M FY25 revenue grew 22.8% YoY to INR 1,103.93 Cr. This matters because the shift toward IMFL validates the company's diversification strategy away from being purely beer-centric.
Geographic Revenue Split
A major portion of revenue is derived from Madhya Pradesh, followed by Karnataka and Odisha. This matters because it creates high sensitivity to state-specific excise policies and economic conditions in these three regions.
Profitability Margins
Gross profit margin expanded to 41.06% in Q2 FY26 from 40% YoY. Net profit margin for H1 FY26 was 7.7% (INR 61.6 Cr). This matters because margin expansion during a period of revenue contraction (down 7.2% in Q2 FY26) indicates strong cost control and a better product mix.
EBITDA Margin
EBITDA margin improved to 15% in Q2 FY26 from 12.1% YoY, with EBITDA reaching INR 40.5 Cr. This matters because it reflects operational efficiency gains, particularly in returnable glass bottle management.
Capital Expenditure
The company is investing in Phase-1 of a greenfield project and expanding beer capacity in Odisha from 6.0 mcpa to 9.0 mcpa in FY2025. This matters because it provides the necessary infrastructure to support long-term volume growth targets.
Credit Rating & Borrowing
Interest Coverage Ratio (ICR) improved significantly to 12.57x in FY24 from 6.39x in FY23. This matters because it indicates a robust ability to service debt obligations following a reduction in interest costs and debt levels.
Operational Drivers
Raw Materials
Glass bottles (returnable and new) and malt are primary raw materials. Standalone cost of materials consumed was INR 517.33 Cr in FY25, representing over 53% of standalone revenue. This matters because profitability is highly sensitive to price volatility in these specific inputs.
Import Sources
Not specifically disclosed in available documents, though operations are concentrated in Madhya Pradesh, Karnataka, and Odisha.
Capacity Expansion
Consolidated beer capacity is 35.2 mcpa and IMFL is 3.9 mcpa. Odisha beer capacity is expanding from 6.0 mcpa to 9.0 mcpa in FY2025. This matters because it allows SDBL to capture growing demand in the Eastern Indian market.
Raw Material Costs
Cost of materials consumed was INR 517.33 Cr for FY25 (Standalone). Returnable glass bottle management is a key strategy to mitigate packaging costs. This matters because efficient recycling directly improves EBITDA margins.
Manufacturing Efficiency
The company achieved a 15% EBITDA margin in Q2 FY26 despite a 7.2% drop in total income. This matters because it demonstrates high manufacturing efficiency and the ability to protect margins through better product mix.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be achieved through the premiumization of the IMFL portfolio (e.g., Mahavat brand), expansion into high-volume markets like Delhi and Uttar Pradesh, and increasing beer capacity in Odisha to 9 mcpa. This matters because premium products offer higher margins and geographic expansion reduces concentration risk.
Products & Services
Beer (bottled, canned) and Indian Made Foreign Liquor (IMFL). This matters because it allows the company to cater to both mass-market and premium consumer segments.
Brand Portfolio
Hunter, Power Cool, Black Forte (Beer), and Mahavat (Premium IMFL). This matters because strong brand recall, especially for Hunter, acts as a competitive moat in the alco-bev industry.
New Products/Services
Mahavat (Premium IMFL) was recently launched in Madhya Pradesh and Delhi. This matters because it marks the company's strategic entry into the high-value premium liquor segment.
Market Expansion
Targeting increased sales in Uttar Pradesh and recently entered the Delhi market with premium brands. This matters because these are among the largest liquor-consuming regions in India.
External Factors
Industry Trends
The industry is seeing a significant trend toward premiumization and innovation. SDBL is positioning itself by launching premium IMFL brands like Mahavat to capture higher stakeholder value. This matters because premium segments are growing faster than economy segments.
Competitive Landscape
The company faces intense competition from large national and international alco-bev players. This matters because it necessitates constant investment in marketing and product innovation.
Competitive Moat
The company has a two-decade track record and established brands like Hunter. This matters because brand loyalty and distribution networks in states like MP are durable advantages that are difficult for new entrants to replicate.
Consumer Behavior
There is a shift toward premium IMFL and beer, as evidenced by SDBL's 65% volume growth in IMFL. This matters because it dictates the company's R&D and marketing focus.
Regulatory & Governance
Industry Regulations
The industry is subject to high government control, including state-level excise policies and pricing regulations. This matters because sudden regulatory shifts can disrupt the entire supply chain and pricing structure.
Legal Contingencies
Media articles in June 2024 alleged child labor issues at a plant in one of the Group's entities. This matters because it poses a significant reputational and regulatory risk that could impact licenses or ESG ratings.
Risk Analysis
Key Uncertainties
Regulatory changes and volatility in raw material prices are key risks. This matters because they can cause unpredictable fluctuations in both revenue and profit margins.
Geographic Concentration Risk
Madhya Pradesh, Karnataka, and Odisha account for the majority of revenue. This matters because the company is highly vulnerable to any economic or policy downturn in these specific states.
Technology Obsolescence Risk
The company has implemented audit trail features in its accounting software to comply with statutory requirements. This matters because it ensures data integrity and transparency.