Bhopal shutdown sinks Som Distilleries to consolidated loss; PAT -99% YoY, revenue -11%
PAT -99.27% YoY · revenue -10.61% · margins compressing
₹425.82 Cr
-10.61% YoY
₹0.14 Cr
-99.27% YoY
0.03%
-4.1pp YoY
₹-0.19
Som Distilleries & Breweries' consolidated (primary) numbers for Q2 FY27 show revenue from operations down 10.6% YoY to ₹425.82 Cr (-30.1% QoQ) and profit for the period almost wiped out at ₹0.14 Cr versus ₹19.50 Cr a year ago, a 99.3% YoY collapse. The number that matters more than that thin positive print is the split underneath it: owners of the company booked a loss of ₹4.03 Cr (basic EPS -₹0.19) while non-controlling subsidiaries contributed a ₹4.17 Cr profit that masked the parent-level loss. Standalone, the holding company itself, is unambiguous — revenue from operations cratered 99.8% YoY to just ₹0.48 Cr and the entity posted a net loss of ₹8.82 Cr, because its Bhopal plant's excise licence stayed suspended/rejected for the entire quarter ended September 30, 2026.
Q2 FY-2027 vs prior quarters
The margin bridge tells the same story: consolidated NPM fell to roughly 0.03% from 4.09% a year ago (also down from 0.26% in Q1 FY27), and OPM compressed to 4.17% from 8.42% YoY, even though it improved sequentially from Q1's 2.46% as subsidiaries Woodpecker Distilleries, Som Distilleries Odisha and Woodpecker Greenagri Nutrients kept running and absorbed fixed costs the idle Bhopal unit could not. There were no exceptional items in either this quarter or the year-ago quarter, so the entire profit collapse is operating, not one-off-driven.
The stock went into the print at ₹76.92, up 6.6% over the past month of trading.
FY27 revenue guidance revised to ₹1,000–1,100 Cr (prior ₹1,400–1,500 Cr); EBITDA margin guidance deferred. UP facility (10M cases capacity) commissioned June 2026; expected 3–4 years to reach peak utilization. Andhra Pradesh entry delayed to first week September 2026.
— This quarter: missed
Management gave no press release commentary with this filing, so there is nothing from the company to quote or reconcile against the print. On guidance, the board had already cut FY27 revenue guidance to ₹1,000-1,100 Cr (from ₹1,400-1,500 Cr) at the August 2026 concall, citing the Bhopal suspension and a delayed Andhra Pradesh entry; this quarter confirms why — H1 FY27 net revenue (ex-excise-duty) of roughly ₹454 Cr is under half the full-year floor, so the guidance is tracking behind pace heading into H2. No formal analyst consensus or brokerage preview for this small-cap's Q2 FY27 turned up in search, so street expectations are unknown rather than beaten or missed. The quarter's one piece of resolution came late: the Supreme Court upheld the Madhya Pradesh High Court's quashing of the licence rejection, manufacturing licences were granted October 31, 2026, operations restarted November 3, and dispatches resumed November 12, 2026 — all after the September 30 quarter-end, so none of it lifts this print.
W1
Whether Q3 FY27 standalone revenue normalizes now that Bhopal dispatches resumed Nov 12, 2026 — the first full quarter test of the restored licence.
W2
Whether H2 FY27 net revenue can reach the ~₹550-650 Cr run-rate needed to hit the low end of the ₹1,000-1,100 Cr FY27 guidance, given H1 delivered only ~₹454 Cr.
W3
Progress of the new UP brewery (commissioned June 2026, flagged 3-4 years to peak utilization) and the renewed 3-year Carlsberg manufacturing deal (signed Nov 4, 2026) as contributors to the hoped-for recovery.