Globus Spirits is a distiller that turned its bulk-alcohol backbone into a consumer-brands company - it makes the raw spirit, then bottles it under its own labels, capturing margin at every step. The business was built by the Swarup family, who have been in Indian alcohol since 1958, and took its current shape when the company began systematically planting distilleries in states that run short of alcohol, using the higher prices those markets command to fund a growing portfolio of whisky, vodka, gin and beer. That recurring approach - put a factory in an alcohol-deficit state, let manufacturing cash flows pay for a consumer launch in the same state, then repeat - explains everything that follows. # Business segments Three engines at different stages - a manufacturing cash cow that funds everything, a mass-market consumer business that throws off steady cash, and a prestige brands platform that is still burning money to build a national footprint - each built with the cash flows of the one before. ## 1. Manufacturing: the cash engine that funds the rest **It distills and sells bulk alcohol to other liquor companies and to oil companies, generating the surplus that pays for the consumer-brand build-out.** - **Sells two core liquids** - Extra Neutral Alcohol (ENA), the high-purity base spirit that goes into whisky and vodka, and ethanol, which is blended into petrol under the government’s fuel programme. The same distillery can switch between the two depending on demand, which keeps the tanks full. - **Six distilleries in alcohol-deficit states** - the plants sit in Rajasthan, West Bengal, Haryana, Bihar, Jharkhand and Uttar Pradesh, with a combined capacity of about 334 million litres a year. Locating in states that import alcohol lets the company charge better prices and run at high utilisation from day one. - **Long-term ethanol contracts provide visibility** - four state governments have committed to buying roughly 86 million litres a year for a decade, sold onward to oil marketing companies. That is a stable floor under a business that otherwise trades at spot prices. ## 2. Regular & Others: the mass-market consumer cash machine **It sells affordable whisky, vodka and country liquor under nineteen homegrown brands, mostly through state-run shops in four northern states - a fast-turning, high-cash-flow business with market shares approaching sixty percent in its home territory.** - **Three brands sell over a million cases each** - the portfolio is anchored by “Millionaire Brands” that move at high velocity in rural and small-town India. In FY26 the segment sold 15.7 million cases. - **Pioneered branded country liquor** - Globus was the first to use high-quality ENA in the IMIL (Indian-made Indian liquor) category, giving bottom-of-the-pyramid consumers a cleaner, better-packaged product before the government required it. That early move helped the Company maintain its market leader position in Rajasthan, with a market share of almost 57% in the Regular & Others segment under RML. ## 3. Prestige & Above: the growth bet that is still finding its feet **It sells premium gin, single malt, vodka and tequila at higher price points across a widening national map - growing fast from a tiny base but still loss-making, as the company invests ahead of revenue to build distribution in new states.** - **Crossed a million cases for the first time in FY26** - volumes rose 31% to 1.19 million cases, with revenue up 27%. That is from a base where, just two years earlier, the segment was only 6% of consumer revenue. - **Distribution first, brands second** - the company enters a state, sets up its distribution network, and only then decides which brand to launch based on what wins in that geography. The target is for every new state to turn profitable by the third full year of operation. - **Delhi is the anchor, and a lesson in concentration risk** - the capital contributed a third of P&A volumes in FY25, but a one-off disruption in FY26 slashed Delhi volumes by 40% in a single quarter before a sharp recovery. Strip out Delhi and the rest of the P&A business grew 58% year-on-year, which is why the company is now racing to build scale in the East - Assam and Jharkhand - as a second engine. - **The portfolio stretches from craft gin to imported tequila** - TERAI India Dry Gin is distilled on a copper pot still using eleven botanicals from Old Delhi’s spice market. DÕAAB is a limited-edition single malt, with one expression matured in Japanese Mizunara oak. TERAI Tequila, launched in April 2026, is made from Blue Weber Agave in Jalisco, Mexico, and bottled in India under Mexican regulatory supervision - a first for the country. - **Still loss-making, by design** - the segment recorded an EBITDA loss of about ₹9 crore in FY26, because the company is spending to build distribution in emerging states that are still in their zero-to-three-year gestation window. The company currently has five core markets, four of which are already profitable. # Group structure and partners **The listed parent runs everything directly, with one small subsidiary for ready-to-drink products and an equal joint venture with a Caribbean conglomerate to bring the Carib beer brand to India.** - Globus Spirits Limited is the listed entity, traded on the BSE and NSE, and houses all manufacturing and consumer operations under its own roof. A historic subsidiary called Unibev, which once held the premium brands, was merged back into the parent in 2021. - Bored Beverages Private Limited is a 69%-owned subsidiary created to enter the ready-to-drink segment. - Globus ANSA Private Limited is a 50:50 joint venture with ANSA McAL Limited of Trinidad & Tobago, formed in April 2024 to manufacture and distribute beer in India. Its first product, Carib Premium Strong Beer, began commercial production in May 2025 at a contracted facility in Ghaziabad, Uttar Pradesh, priced at ₹130 per can.