Annual Report for the F.Y. 2025-26

62-5202 TROPRE LAUNNA 360° GRAIN-TO-GLASS Crafting Growth, Leading Spirits 360°GRAIN-TO-GLASS Crafting Growth, Leading Spirits Globus Spirits has evolved from strong manufacturing roots into a holistic enterprise, blending branded spirits, ethanol, and bulk businesses with premiumisation and consumer trust. With regular brands and cash drivers providing resilience, and premium portfolios driving aspiration, we are building India’s alco-beverage leadership for the future. While our integrated manufacturing platform remains a cornerstone of our strength, our future is increasingly being shaped by powerful brands, premium experiences and a deep understanding of evolving consumer aspirations. Our fully integrated value chain gives us the agility to innovate, the scale to operate efficiently and the resilience to navigate changing market dynamics. Backed by a thoughtfully curated three-tier portfolio spanning Core, Prestige & Above and Luxury, we are accelerating our premiumisation journey, strengthening brand equity and unlocking opportunities across India’s fast-growing premium spirits landscape. Our regular brands, ethanol, and bulk businesses provide scale and liquidity, while our Prestige & Above and Luxury portfolios accelerate premiumisation and brand elevation. Every new product, every innovation and every strategic investment reflect our ambition to create brands that consumers choose not only for their quality, but for the experiences they represent. We remain committed to transforming India’s agricultural heritage into world-class spirits, delivering sustainable value and shaping India’s alco-beverage leadership for the future. CONTENTS Integrated manufacturing facilities Corporate Overview 02 New Launches 04 Globus Spirits at a Glance 06 Investment Case 08 Portfolio Strategy 10 Manufacturing Facilities 12 Premiumisation 14 Chairman’s Message 16 Key Performance Indicators 18 Brand Showcase 34 People 36 Corporate Social Responsibility 38 Governance 40 Board of Directors 42 Management Team Statutory Reports 44 Board’s Report 64 Report on Corporate Governance 80 Management Discussion and Analysis 88 Business Responsibility and Sustainability Report Financial Statements 130 Standalone 204 Consolidated STHGILHGIH 62-5202 Corporate Overview ~334 Mn Litres Distillation capacity 38 3 Brands across categories Millionaire Brands ~30 Mn Cases 16 Mn Bottling capacity Cases Sold – Regular & Others ~1.2 Mn 11 States Cases Sold – Prestige & Above Pan-India presence 6 27,081 Mn 7% New product launches Revenue 2,728 Mn 68% 949 Mn 280% EBITDA PAT Crafting a Stronger Future Y-o-Y growth 0011 AAnnnnuuaall RReeppoorrtt 22002255--2266 Expanding the Portfolio SEHCNUAL Corporate Overview From Left to Right TERAI Tequila Mountain Oak Citrus Rum DÔAAB 02 Single Malt Whisky Carib Strong Beer (launched through the Joint Venture, TERAI Vodka Globus ANSA Pvt. Ltd.) 02 GLOBUS SPIRITS LIMITED Annual Report 2025-26 03 Established in 1993, Globus Spirits has Vision built a strong foundation as one of India's To shape and identify future trends in integrated alco-beverage companies, the sectors we operate in and leverage combining a robust manufacturing our presence in creating and leading opportunities for growth. We seek to do platform with an expanding consumer this while committing to keep the highest business. standards of corporate governance, responsibility to our people, planet & society. Anchored by six strategically located manufacturing facilities and a fully Mission integrated grain-to-glass business model, To be the leading Indian company in the alcohol industry in terms of value the Company delivers quality, consistency created for shareholders. and operational excellence while catering To have the finest distillery operations to evolving consumer preferences across in the country. diverse categories and price points. This To offer best-in-class products to integrated approach enables Globus our customers and consumers. Spirits to drive innovation, strengthen its To be the best Indian employer in our sector. brand portfolio and create sustainable long-term value. Values We believe in continuous innovation and creation. We encourage teamwork and open discussion. We work in harmony with the environment and society. We build trust based on honesty and integrity. We work in compliance with ‘best practices’ as outlined in the combined ‘code of conduct’. Built on Purpose. Driven by Excellence. ECNALG STIRIPS SUBOLG Corporate Overview 04 GLOBUS SPIRITS LIMITED Annual Report 2025-26 05 Globus Spirits combines an integrated manufacturing platform with a fast-growing consumer business, creating a differentiated and resilient business model. Backed by a strong portfolio of brands, disciplined capital allocation, expanding premiumisation, and operational excellence, the Company is well positioned to deliver sustainable growth and long-term value creation. Drivers of Long-Term Value ESAC TNEMTSEVNI CCoorrppoorraattee OOvveerrvviieeww A Transformation-Led Accelerating Unlocking High- Stronger Financial High-Quality Consumer Resilient Manufacturing Growth Story Premiumisation Growth Markets Foundation Platform Backbone A balanced business model Rapid expansion of the premium A strong presence in Uttar Successful debt refinancing The R&O business provides A flexible manufacturing network combining manufacturing and above portfolio, coupled Pradesh provides access to one and completion of major a scalable, distribution-led with six distilleries and integrated strength with a fast-growing with increasing contribution of India’s largest liquor markets, capital investments have consumer platform with strong capabilities across ENA, ethanol consumer portfolio creates from consumer brands, is enabling the Company to strengthened the balance cash generation, deeper market and exports provide operational a differentiated platform for driving profitable growth and leverage captive manufacturing, sheet, enhanced cash flow penetration and significant long- resilience, supply security and sustainable value creation, strengthening brand equity. extensive distribution and generation and accelerated the term value creation potential. sustained growth support. supported by healthy margins premium brand expansion. deleveraging journey. and scalable operations. KEY HIGHLIGHT KEY HIGHLIGHT KEY HIGHLIGHT KEY HIGHLIGHT KEY HIGHLIGHT KEY HIGHLIGHT 60:40 revenue split between P&A revenues grew 27% Y-o-Y Strong platform integrating Debt-to-Equity ratio improved A high-velocity, distribution- 6 flexible distilleries with an Manufacturing and Consumer in FY26 | P&A contribution to manufacturing, value- to 0.48x in FY26 from 0.54x rich consumer business installed capacity of 334 million businesses | 34% Gross consumer revenue increased market distribution and in FY25 delivering scale, cash flow and litres, supported by ENA, ethanol Margin in FY26 from 6% in FY24 to 15% in FY26 premium brand seeding to operating depth and export capabilities drive long-term growth 0066 GGLLOOBBUUSS SSPPIIRRIITTSS LLIIMMIITTEEDD AAnnnnuuaall RReeppoorrtt 22002255--2266 0077 Our portfolio is strategically segmented to balance scale, premiumisation, and innovation. While the Core portfolio drives volume and market leadership across key states, the Prestige & Above portfolio is accelerating premiumisation and value creation. At the apex, our Luxury brands are shaping emerging categories through innovation, strengthening our long-term position in India’s evolving alcoholic beverages market. Driving Growth Through a Three- Tier Portfolio YGETARTS OILOFTROP CCoorrppoorraattee OOvveerrvviieeww Core Future Core Market Makers Portfolio Prestige & Above Luxury Driving Scale through Market Accelerating Premiumisation Creating Categories, Defining the Leadership The Prestige & Above portfolio represents the next Future Our Core portfolio remains the foundation of the engine of growth, focused on increasing value Our Luxury portfo [Showing first 8,000 characters — download PDF for full document]