Arre yaar, Som Distilleries ke liye Q3 FY26 bilkul bhi smooth nahi raha. Company ka net profit seedha 74.5% gir kar ₹5.5 crore pe aa gaya hai, mainly beer volumes mein 24% ki girawat ke wajah se. Aur upar se, unke Madhya Pradesh plant ka manufacturing licence phir se suspend ho gaya hai!
Q3 Mein Dhadaam Dhadaam Gira Profit!\n\nSochoge kaise hua yeh sab? Well, company ne bataya ki Q3 FY26 mein unka net profit 74.5% saal-dar-saal kam hokar sirf ₹5.5 crore reh gaya. Pichli baar ye ₹21.5 crore tha. Total income bhi 16% gir gayi, pahunch gayi ₹254.2 crore tak. Iska sabse bada reason raha beer ki demand mein 24% ki badi kami, jo 35.3 lakh cases tak simat gayi. Thandi weather ne poori market ko affect kiya, especially Madhya Pradesh aur Delhi mein. Karnataka mein bhi recovery slow rahi.\n\nCompany ka Indian Made Foreign Liquor (IMFL) segment toh kaafi achha perform kar raha hai, volumes 46% badh kar 5 lakh cases ho gaye hain. Lekin yeh IMFL ki growth beer ki girawat ko cover nahi kar paayi. Beer sales mein realisation thoda badha, par IMFL mein prices kam hone se thoda pressure raha.\n\nNine months ki baat karein toh consolidated net profit bhi pichhle saal se kam hai. Company ne iska reason higher finance costs aur depreciation ko bataya hai, jo expansion projects ke liye working capital aur capex ki wajah se badha hai.\n\nGross margins bhi tight ho gaye hain kyuki premium 'Hunter' beer ka contribution kam hua hai aur barley aur glass bottles ke daam badh gaye hain. Company ko umeed hai ki Q4 mein margins theek ho jayenge, kyunki business mein seasonal uptick hota hai.\n\n### Kaale Baadal Aur Nayi Ummeed (Risks & Outlook)\n\nMP Plant Licence Ka Naya Drama: Sabse badi chinta wahi hai ki Madhya Pradesh Excise Department ne Bhopal plant ka licence phir se suspend kar diya hai. Company court mein appeal kar rahi hai aur jaldi hi faisla aane ki umeed hai. Management bol raha hai ki operations jaldi start ho sakte hain aur Q4 pe impact kam hoga, par uncertainty toh hai hi.\n\nWeather Pe Dependency: Ab dikh gaya na ki beer ka business weather pe kitna depend karta hai! Thand ki wajah se Q3 mein sale giri.\n\nMargin Pressure: Input costs badhne aur Q3 mein premium brands ka mix kam hone se profit margin pe pressure raha.\n\nUttar Pradesh Mein Bada Plan: Lekin ek acchi khabar bhi hai! Company ne Uttar Pradesh mein ₹570 crore ka ek bada greenfield project finalize kar liya hai. Phase 1 June 2026 tak ready ho jayega. Is project se 1 crore cases ki capacity banegi aur poori tarah chalne pe ₹650-700 crore ki revenue aa sakti hai.\n\nPurane Governance Issues:\n\n* SEBI Ka Fine: November 2023 mein SEBI ne ₹5 lakh ka fine lagaya tha disclosure lapses ke liye, jisme company ne ek dispute ko chhupaya tha.\n* Child Labour Incident: Pichhle saal June mein hi MP government ne ek factory ka licence suspend kiya tha jab bachche kaam karte hue pakde gaye the. Company ne use contractor ki galti bataya tha.\n* Licence Issues Ka Repeat: Ek hi plant ke saath baar-baar license issues aana investors ke liye pareshani ki baat hai.\n\nOverall, Som Distilleries ke saamne challenges bahut hain, par UP mein bada expansion unke liye future mein growth ka rasta dikha raha hai. Dekhna hoga ki company yeh sab issues kaise manage karti hai.
Disclaimer:This content
is for educational and informational purposes only and does not constitute investment, financial, or
trading advice, nor a recommendation to buy or sell any securities. Readers should consult a
SEBI-registered advisor before making investment decisions, as markets involve risk and past performance
does not guarantee future results. The publisher and authors accept no liability for any losses. Some
content may be AI-generated and may contain errors; accuracy and completeness are not guaranteed. Views
expressed do not reflect the publication’s editorial stance.
