Globus Spirits Q1: consolidated PAT up 50% YoY to ₹26.5 Cr on manufacturing margin rebound

Globus Spirits opened FY27 with a strong quarter on a consolidated basis: net profit rose ~49.7% YoY to ₹26.5 Cr (₹17.7 Cr a year ago) and EPS climbed to ₹9.14 from ₹6.16. Reported revenue from operations of ₹1,151.9 Cr was up 21.1% YoY, but that headline is flattered by excise duty (₹363 Cr, +44% YoY, a pass-through) — the cleaner net-of-excise topline grew ~12.7% YoY to ₹788.8 Cr. Standalone told the same story slightly stronger: PAT ₹27.6 Cr (+48.7% YoY), the consolidated number sitting below it purely because of a ₹0.84 Cr share of joint-venture (Globus ANSA) loss and a small loss at subsidiary Bored Beverages — no divergence in the underlying trend. The profit engine was margin, not just volume. Net profit margin widened to 2.30% from 1.85% a year ago, driven almost entirely by the Manufacturing segment, whose EBITDA jumped ~66% YoY to ₹36.9 Cr as spirit economics recovered; Consumer EBITDA grew a steadier ~13% YoY to ₹42.4 Cr. The 35% QoQ revenue and 25% QoQ PAT jump over Q4 FY26 is largely seasonality (Q1 is the seasonally stronger period for the spirits/agri cycle) and should be read as supporting, not headline, detail. Against management's own prior guidance the print is broadly on-track: Consumer revenue rose ~15.6% YoY, comfortably ahead of the >7% growth ambition management set on the FY26 call, and the Manufacturing EBITDA-per-litre stability thesis is visible in the segment's sharp margin recovery. The one gap is Consumer segment margin at ~13.4%, still short of the 16-17% normalization management targeted — the volume inflection is here, the margin normalization is not yet. There is no formal quarterly guidance or street consensus on record for this mid-cap; the analyst concall is scheduled for July 20, 2026. Alongside the results the Board (meeting July 17) also noted allotment of 12,373 ESOP shares, lifting the share count to 2.908 Cr. The unresolved income-tax matter (search/seizure; ₹40.94 Cr aggregate demand, ₹30.44 Cr already paid under protest) carries no P&L provision as management expects to prevail on appeal — a contingent overhang to track, not a current charge.