Som Distilleries missed its revenue target by ₹267 cr. Bhopal is still down.
The company's Bhopal plant has been crippled for months, sinking FY26 revenue to ₹1,233 cr against a ₹1,500 cr target. Management also walked back a key promoter-purchase pledge.
— 1 earlier story on Som Distilleries And Breweries Ltd. →What's new
- Bhopal plant suspension crippled operations; FY26 revenue fell 14.8% to ₹1,233 cr, missing the ₹1,500 cr target.
- Management withdrew its commitment to buy shares on the open market, tying future investment to a new UP plant instead.
- FY27 guidance of ₹1,400-1,500 cr hinges on Bhopal restarting within weeks and the UP plant adding 15-20 lakh cases.
Why this matters
The call confirmed the Bhopal disruption was not a short-term blip. The revenue miss is substantial, and management's decision to abandon the open-market purchase plan while shifting the goalposts to a greenfield project will test investor patience with both execution and credibility.
What we're watching
- Timeline and actual restart of the Bhopal plant.
- Construction and commissioning of the Uttar Pradesh greenfield facility.
- Whether Karnataka excise duty relief translates to margin improvement in H1.
The full read
Som Distilleries' June 2 call was a damage report. The company confirmed its Bhopal plant, previously described as a short-term disruption, has been dead for months. That shutdown sank FY26 revenue to ₹1,233 crore, a 14.8% decline and ₹267 crore below the ₹1,500 crore target. Management also executed a notable pivot on capital allocation, abandoning a commitment to buy back shares on the open market. The new plan is to channel future investment into a greenfield plant in Uttar Pradesh. For FY27, the company is guiding ₹1,400-1,500 crore in revenue, a target that rests on two big assumptions: Bhopal restarting within weeks and the UP facility adding 15-20 lakh cases. Karnataka excise reforms provided a small offset. The filing crystallizes the question of credibility. Management is asking the market to look past a broken promise and a stalled plant toward a new project that hasn't started yet.
Questions answered
- How much did Som Distilleries miss its FY26 revenue target?
- The company reported FY26 revenue of ₹1,233 crore, which is ₹267 crore below its own guidance of ₹1,500 crore. The shortfall is attributed to the prolonged shutdown of its Bhopal plant.
- What happened to the plan for the promoter to buy shares?
- Management had previously committed to increasing its stake through open-market purchases. It has now withdrawn that commitment, stating future investment is tied to the upcoming Uttar Pradesh greenfield expansion instead.
- What is the company's revenue target for FY27?
- For FY27, Som Distilleries is guiding ₹1,400-1,500 crore in revenue. This forecast assumes the Bhopal plant restarts within weeks and the new UP plant contributes 15-20 lakh cases.
- What was the core problem at the Bhopal plant?
- The plant's license was suspended, which management now admits crippled operations for months. This was the direct cause of the FY26 revenue decline and the miss against the original target.
Story so far
All notes on SDBL →- 2 Jun 2026 · 4:35 PM IST Som Distilleries missed its revenue target by ₹267 cr. Bhopal is still down.
- 2d ago Som Distilleries posts ₹42.9 cr EBITDA loss in Q4 as Bhopal plant stays shut