Som Distilleries posts ₹42.9 cr EBITDA loss in Q4 as Bhopal plant stays shut
A temporary licence suspension at its key Bhopal plant and weak demand in Karnataka drove a 46% revenue drop and pushed the company into the red for the quarter.
— 1 earlier story on Som Distilleries And Breweries Ltd. →What's new
- Q4 total income fell 46% to ₹182 cr, swinging to an EBITDA loss of ₹42.9 cr.
- Full-year FY26 revenue dropped 14.8% to ₹1,233 cr; net profit plunged 90% to ₹10.2 cr.
- Trial production has begun at its new ₹600 cr greenfield plant in Uttar Pradesh.
Why this matters
The Bhopal plant suspension isn't a one-quarter glitch; it has wiped out Som's profitability for the year. A net profit that was ₹102 cr twelve months ago is now ₹10.2 cr. The new UP facility offers a path back, but it's still in trial phase while the Karnataka demand weakness persists.
What we're watching
- Timeline for the Bhopal licence reinstatement — the single biggest swing factor.
- Volume recovery in Karnataka under the new excise policy.
- Commissioning schedule for the UP greenfield plant.
The full read
Som Distilleries had a brutal quarter. Q4 total income dropped 46% to ₹182 crore after its Bhopal plant lost its licence temporarily. That revenue shortfall flipped the company into an EBITDA loss of ₹42.9 crore and a net loss of ₹5.7 crore. For the full year, the damage shows in the trajectory: revenue fell 14.8% to ₹1,233 crore and net profit plunged 90% to ₹10.2 crore, from ₹102 crore a year ago. Karnataka demand stayed weak throughout. The one bright spot is the ₹600 crore greenfield plant in UP, where trial production has started. But that facility won't move the needle until it's fully commissioned. For now, Som's fate hinges on two things: getting Bhopal back online and seeing Karnataka volumes respond to the new excise policy. Neither has happened yet.
Questions answered
- What caused the Q4 loss?
- A temporary licence suspension at the Bhopal plant and continued weak demand in Karnataka cut Q4 total income by 46% to ₹182 crore, pushing the company into an EBITDA loss of ₹42.9 crore.
- How badly did the full-year numbers suffer?
- FY26 revenue fell 14.8% to ₹1,233 crore and net profit collapsed 90% to just ₹10.2 crore, down from ₹102 crore a year earlier.
- Is there any new capacity coming online?
- Yes. Trial production has started at its ₹600 crore greenfield brewery and distillery project in Uttar Pradesh. Management expects volume recovery as Karnataka's new excise policy takes effect.
- Are cost pressures a factor?
- Yes. The presentation flagged ongoing cost pressures alongside the revenue hit. Management said it expects volume recovery to help, but that has not yet materialised in the numbers.
Story so far
All notes on SDBL →- 1 Jun 2026 · 4:38 PM IST Som Distilleries posts ₹42.9 cr EBITDA loss in Q4 as Bhopal plant stays shut
- 1d ago Som Distilleries missed its revenue target by ₹267 cr. Bhopal is still down.