Som Distilleries Q1 FY27: consolidated PAT crashes 96% YoY as Bhopal licence woes bite
PAT -96.29% YoY · revenue -31.13% · margins compressing
₹609.19 Cr
-31.13% YoY
₹1.56 Cr
-96.29% YoY
0.26%
-4.5pp YoY
₹0.08
Consolidated revenue came in at ₹609.19 Cr, up 32.9% QoQ but down 31.1% YoY from ₹884.55 Cr, with PAT of ₹1.56 Cr — down 96.3% from ₹42.06 Cr a year ago, though a turnaround from Q4 FY26's ₹56.69 Cr loss. The standalone (Bhopal parent) print is far weaker: revenue collapsed 90.7% YoY to ₹38.93 Cr and PAT fell 96.0% YoY to ₹1.52 Cr, a much sharper drop than the consolidated number — the >59-point gap between standalone and consolidated YoY revenue trends shows subsidiaries, not the parent, are now driving the group's topline.
Q1 FY-2027 vs prior quarters
Consolidated NPM fell to roughly 0.26% from 4.75% a year ago as total expenses of ₹607.27 Cr barely eased against a shrunken revenue base; operating margin similarly compressed to an estimated ~2.5% from ~8% a year ago. The sequential swing out of Q4's loss should be read cautiously rather than celebrated: April-June is India's peak summer season for beer demand, so the QoQ improvement looks like a seasonal artifact rather than an operational turnaround — on the YoY basis that matters more, profitability was nearly wiped out.
The stock went into the print at ₹73.52, up 9.3% over the past month of trading.
What the summary numbers don't show
EPS: ₹0.08 consolidated (vs ₹2.02 YoY), ₹0.07 standalone (vs ₹1.82 YoY)
Results are un-audited (limited review only) — no exceptional items this quarter, unlike Q4 FY26's ₹11.87 Cr exceptional loss
Management anticipates FY27 revenue to be in the range of INR 1,400 to INR 1,500 crores, contingent on the resolution of the Bhopal plant license issue and the successful commissioning of the Uttar Pradesh facility. While EBITDA margins for FY27 are targeted at approximately 10%, a definitive guidance for FY28 is defer
— This quarter: missed
Management's last concall (2 Jun 2026) guided FY27 revenue to ₹1,400-1,500 Cr and ~10% EBITDA margin, explicitly contingent on resolving the Bhopal plant licence and commissioning the Uttar Pradesh facility. That contingency has moved the wrong way: the Bhopal licence application was rejected on 19 Jun 2026, and this filing's auditor review report (Note 4) still flags the MP High Court-ordered renewal process as "currently underway," with management asserting no material going-concern impact. No Q1-specific analyst estimates were found for this small-cap name; the only available data point is a broader FY27 consensus expecting 15-20% PAT growth (Univest), which this quarter's -96% YoY PAT print sits far below. No management press release accompanied this filing, so there is no fresh company commentary to reconcile beyond the auditor's licence note and the subsidiary structure (Woodpecker Distilleries & Breweries, Som Distilleries Odisha, and newly added Woodpecker Greenagri Nutrients), one of which began brewery production on 11 Jun 2026 and appears to be cushioning the standalone shortfall.
W1
Resolution of the Bhopal plant manufacturing licence (MP High Court-ordered renewal "currently underway") after the June 2026 rejection — directly gates management's FY27 revenue guidance of ₹1,400-1,500 Cr
W2
Uttar Pradesh facility commissioning status — the other precondition cited for FY27 guidance, with no update seen this quarter
W3
Whether consolidated profitability (₹1.56 Cr PAT, 0.26% NPM) holds through Q2's seasonally weaker monsoon quarter, given PAT is still down 96% YoY
Clear scan, both statements tie to the paisa; standalone (Bhopal parent) revenue fell -90.7% YoY vs consolidated -31.1% YoY, so subsidiaries are now carrying group topline; no exceptional items in current or year-ago columns (Q4 FY26's ₹11.87 Cr exceptional loss doesn't affect this comparison).