💰 Financial Performance

Revenue Growth by Segment

Gross revenue (including indirect taxes) grew by 2.25% YoY to INR 2,551.79 Cr from INR 2,495.64 Cr. Net revenue (excluding indirect taxes) decreased by 1.48% to INR 684.67 Cr from INR 695.56 Cr. Segment-specific growth rates were not disclosed in available documents.

Geographic Revenue Split

Not disclosed in available documents; however, the company's manufacturing facility is located in Virar, Palghar, Maharashtra, suggesting a regional focus.

Profitability Margins

Net Profit Margin (on gross revenue) declined from 6.07% to 5.06% YoY. Profit for the year decreased by 14.84% to INR 129.04 Cr from INR 151.52 Cr, primarily due to a 3.34% increase in total expenses and higher tax provisions.

EBITDA Margin

EBITDA margin stood at 6.49% for FY25, calculated from an EBITDA of INR 165.72 Cr. This represents a decline from the previous year's EBITDA of INR 187.72 Cr (7.52% margin), reflecting a 11.72% drop in core operating profitability.

Capital Expenditure

The company invested INR 6.22 Cr in Property, Plant and Equipment and INR 51.86 Cr in Investment Property during FY25. Capital work-in-progress reclassified or capitalized amounted to INR 4.73 Cr.

Credit Rating & Borrowing

The company appears to be largely debt-free with finance costs of only INR 0.58 Cr (up from INR 0.37 Cr). No specific credit rating or formal borrowing cost percentage was disclosed.

⚙️ Operational Drivers

Raw Materials

Not specifically named in documents, though typical for this industry are Extra Neutral Alcohol (ENA) and packaging materials. Total expenses (including materials) rose 3.34% to INR 2,391.83 Cr.

Capacity Expansion

Current installed capacity is not explicitly stated; however, the company capitalized INR 4.73 Cr into investment properties and maintained a net PPE carrying amount of INR 50.06 Cr.

Raw Material Costs

Not disclosed as a separate line item, but total operating expenses represent 93.73% of gross revenue. Indirect taxes (Excise/GST) alone constitute 73.17% of gross revenue at INR 1,867.12 Cr.

Manufacturing Efficiency

Depreciation decreased by 15.48% to INR 5.18 Cr, suggesting a stable or slightly aging asset base. Capacity utilization metrics were not disclosed.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company is focusing on diversifying its asset base, evidenced by a 27.40% increase in Investment Property to INR 241.12 Cr and a 12.02% increase in Financial Asset Investments to INR 589.59 Cr. These non-operating assets generated INR 29.61 Cr in income, supporting the bottom line despite a dip in core manufacturing profits.

Products & Services

Country Liquor and alcoholic beverages (implied by the company name and high excise duty payments).

🌍 External Factors

Industry Trends

The industry is characterized by heavy regulation and high taxation. The company is shifting towards a more investment-heavy balance sheet, with non-current investments and properties now making up 83.58% of total assets (INR 917.34 Cr out of INR 1,097.56 Cr).

Competitive Moat

The company's moat is built on its established manufacturing presence in Maharashtra and its significant liquidity, with INR 93.92 Cr in bank balances and INR 589.59 Cr in investments providing a financial cushion.

Macro Economic Sensitivity

Highly sensitive to state-level regulatory changes and inflation in raw material costs (ENA). Net profit before tax fell 11.73% YoY, showing sensitivity to rising operational costs.

Geopolitical Risks

Low direct impact as operations are localized in Maharashtra, India.

⚖️ Regulatory & Governance

Industry Regulations

Subject to strict state excise laws and the Companies Act 2013. The company maintains an audit trail facility in its accounting software as per recent regulatory mandates.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 19.33% (Total Tax Expense of INR 30.92 Cr on PBT of INR 159.96 Cr). Indirect taxes paid amounted to INR 1,867.12 Cr.

Legal Contingencies

The company has disclosed the impact of pending litigations on its financial position, though specific case values were not detailed in the provided snippets. It has made provisions for material foreseeable losses as required.

⚠️ Risk Analysis

Key Uncertainties

Regulatory risk regarding liquor licensing and excise duties poses a potential impact of over 70% on gross revenue. The resignation of Independent Director Shantilal Haria in October 2025 required a rapid board reconstitution.

Geographic Concentration Risk

High concentration in Maharashtra, with the primary factory located in Virar.

Technology Obsolescence Risk

Low risk for the core product, but the company is updating its financial reporting technology to include audit trails and internal control monitoring.

Credit & Counterparty Risk

Trade receivables are low at INR 2.71 Cr (0.1% of gross revenue), indicating very low credit risk and a predominantly cash-and-carry or short-cycle business model.