How did Northern Spirits perform in FY26?

Revenue grew 18.8% to ₹2,309 crore. Net profit grew 18.2% to ₹27 crore. The final quarter was strong, with Q4 revenue up 32% year-over-year.

What changed on the balance sheet?

Cash and equivalents surged to ₹14.4 crore from just ₹0.7 crore a year prior. The improvement is attributed to better working-capital management.

What dividend did the board propose?

The board recommended a final dividend of Re. 0.35 per share, subject to shareholder approval.

Is there anything negative in the filing?

No. The filing notes an unmodified audit opinion. The results show consistent top-line and bottom-line growth without qualification.

Earnings · Trading · Micro cap

Northern Spirits posts 19% revenue jump. Cash balance swells 21-fold.

FY26 revenue hit ₹2,309 crore. The cash position, not the topline, is the story — moving from near-zero to ₹14.4 crore.

— 1 earlier story on Northern Spirits Ltd. →

NSL By Tipsheet Editorial 26 May 2026 · 3:09 PM IST Verify on BSE · NSE

Mkt cap₹202 cr

P/E7.46×

ROE18.73%

Debt / eq.1.40

Div yld0.27%

₹14.4 cr Cash and equivalents, up from ₹0.7 cr.

What's new

FY26 revenue rose 18.8% to ₹2,309 crore. Net profit grew 18.2% to ₹27 crore.
Q4 revenue surged 32% over the same quarter last year.
Cash and equivalents jumped to ₹14.4 crore from ₹0.7 crore.

Why this matters

For a nano-cap distributor, the headline isn't the revenue growth. It's the cash. Moving from ₹0.7 crore to ₹14.4 crore signals the business is converting paper profits into bank balances, a critical step for a company with a ₹204 crore market cap.

What we're watching

Whether the cash build-up is a one-off working-capital swing or sustainable.
If the 32% Q4 revenue surge carries into the new fiscal year.
The payout ratio implied by the final dividend.

The full read

Northern Spirits delivered a strong year. Revenue rose 18.8% to ₹2,309 crore. Net profit followed with 18.2% growth to ₹27 crore. The final quarter accelerated, with Q4 revenue up 32%. But the standout number is the cash balance. It jumped to ₹14.4 crore from ₹0.7 crore a year earlier, a move from near-zero to a meaningful stash for a ₹204 crore nano-cap. The board also proposed a final dividend of Re. 0.35 per share. For a small distributor, the cash build is more important than the growth rate. It suggests the business is finally collecting the money it makes.

Questions answered

How did Northern Spirits perform in FY26?: Revenue grew 18.8% to ₹2,309 crore. Net profit grew 18.2% to ₹27 crore. The final quarter was strong, with Q4 revenue up 32% year-over-year.
What changed on the balance sheet?: Cash and equivalents surged to ₹14.4 crore from just ₹0.7 crore a year prior. The improvement is attributed to better working-capital management.
What dividend did the board propose?: The board recommended a final dividend of Re. 0.35 per share, subject to shareholder approval.
Is there anything negative in the filing?: No. The filing notes an unmodified audit opinion. The results show consistent top-line and bottom-line growth without qualification.

Mentioned: Northern Spirits Ltd. · ₹2,309 cr revenue · ₹14.4 cr cash

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on NSL →

26 May 2026 · 3:09 PM IST Northern Spirits posts 19% revenue jump. Cash balance swells 21-fold.
41d ago Northern Spirits FY26 profit rises 18.2%, but it's just the annual report