Globus Spirits Limited has released the transcript of its conference call held on January 13, 2026, to discuss the financial performance for the third quarter and nine months ended December 31, 2025. The management, including Joint Managing Director Mr. Shekhar Swarup, CEO of Consumer Division Mr. Paramjit Singh Gill, and CFO Mr. Nilanjan Sarkar, provided insights into the company's operations and financial health.

The company highlighted a strong performance in its consumer business, with the Prestige & Above (P&A) segment reporting a 37% year-on-year volume growth and 32% revenue growth in Q3 FY26, excluding Delhi. Issues in the Delhi market have been resolved, with volumes expected to normalize by the end of Q4 FY26. The company is also expanding its presence in new states, with launches in Assam and plans to enter Jharkhand by the end of Q4 FY26. The R&O segment showed a 2% volume growth in Rajasthan and accelerated growth in UP, reaching 1 lakh cases in December.

Manufacturing business operations consumed approximately 15 million liters of ENA and sold 52.25 million liters of ENA and ethanol in the quarter, achieving an 86% capacity utilization, exceeding the guidance of 80-85%. The manufacturing business generated an EBITDA margin of ₹7.5 per liter in the quarter and ₹5.76 per liter in the nine-month period, in line with the guidance of ₹5 to ₹7 per liter. A new grain ENA production facility in UP, worth around ₹200 crores, is expected to be capitalized in Q4 FY26, adding a capacity of 100,000 liters per day and further improving margins.

The company discussed the structural improvement in gross margins due to lower raw material costs and the growing P&A business. The UP assets are expected to be capitalized in Q4 FY26. Management reaffirmed its confidence in achieving its vision statement for FY29, irrespective of the QIP, which is an enabling resolution to fund business growth, increase malt whiskey inventory, and capitalize on opportunities. The company expects to reach breakeven in the P&A segment soon, with EBITDA margins projected to be between 15-17% by FY29.