Globus Spirits Q2 FY27: consolidated PAT falls 36% YoY to ₹14 Cr on margin compression

Globus Spirits' consolidated revenue rose to ₹1,098.93 Cr, up 26.1% YoY from ₹871.78 Cr but down 4.6% QoQ from ₹1,151.88 Cr (seasonally the strongest quarter). Consolidated PAT, which is primary here as standalone and consolidated track closely, fell to ₹14.02 Cr — down 35.7% YoY from ₹21.81 Cr and down 47.1% QoQ from ₹26.48 Cr. Basic EPS was ₹4.64 against ₹7.58 a year ago and ₹9.14 last quarter; net margin compressed to roughly 1.3% of revenue from 2.5% YoY and 2.3% QoQ. Standalone PAT was ₹14.92 Cr (EPS ₹4.89), the secondary read, diverging from consolidated only by the ₹0.55 Cr JV loss bridge — not a material basis divergence. The squeeze sits mainly on employee costs: employee benefits expense more than doubled YoY to ₹67.11 Cr from ₹25.96 Cr (+158.5%) and rose 23.3% sequentially from ₹54.44 Cr, the single largest driver of the margin compression this quarter. Other expenses were up 35.4% YoY to ₹152.36 Cr. Finance costs (+20.9% YoY to ₹16.57 Cr) and depreciation (+21.4% YoY to ₹26.97 Cr) also outran revenue growth, both consistent with the new Uttar Pradesh facility ramp-up the company has flagged as capex-heavy. At the segment level, Consumer (R&O) EBITDA margin was 12.35% (₹37.97 Cr EBITDA on ₹307.47 Cr net revenue) — below management's reaffirmed 15-17% guided corridor, and down from 14.13% YoY and 13.39% QoQ, so the "normalizing due to UP mix" management flagged last quarter is running softer than even its own normalized range. Manufacturing segment EBITDA margin (on net revenue) eased to 5.58% from 6.51% YoY; management's own guidance for this segment is framed in ₹/litre (₹5-7/litre, reaffirmed per recent analyst meetings) which isn't independently verifiable from this filing since no litre-volume data is disclosed here. Headline revenue growth also overstates the underlying trend: excise duty on sales, a pass-through, jumped 59.9% YoY to ₹336.49 Cr, while net segment revenue (ex-excise) grew a more moderate 15.3% YoY to ₹762.43 Cr. No consensus estimates specific to this quarter turned up in available coverage — results were announced today and pre-result previews found only qualitative commentary (watch input costs/distribution expenses, festive-season demand), not numeric estimates — so the print's standing versus Street is unknown. No fresh management press release was available to extract for this result; the only documented framing is from the prior concall (manufacturing and R&O margin guidance above), against which this quarter's R&O margin reads as a miss. The quarter also carried a ₹200 Cr QIP (2,380,952 shares at ₹840, closed Aug 6, 2026), of which ₹155 Cr has already gone to repay non-current borrowings; the resulting share-count increase is why EPS fell further (-38.8% YoY) than PAT (-35.7% YoY). The company also paid a ₹6.53/share dividend (record date Sep 8, 2026) and saw two holders (MIT & 238 Plan) cross the 5% shareholding threshold in August — ownership/balance-sheet context that doesn't bear directly on this quarter's P&L.