GM Breweries Q1 FY27 net profit falls 30% to ₹37.74 crore sequentially
Synopsis
GM Breweries posted a 30.2% sequential drop in Q1 FY27 net profit to ₹37.74 crore — but the year-on-year picture is the real story: profit up 45%, EBITDA up 53%, and margins at a multi-quarter high of 5.8%. The sequential dip reflects seasonal patterns, while the underlying business is clearly gaining ground.
Key Takeaways
GM Breweries reported a consolidated net profit of ₹37.74 crore in Q1 FY27 , down 30.2% from ₹54.07 crore in Q4 FY26.
Year-on-year, net profit rose 45% from ₹26 crore in Q1 FY26.
Revenue from operations stood at ₹802.9 crore , up 26% year-on-year but down 1.23% sequentially.
EBITDA jumped 53% year-on-year to ₹47 crore ; EBITDA margin expanded to 5.8% from 4.78% .
EPS rose to ₹16.52 in Q1 FY27 from ₹11.32 in Q1 FY26.
The company's Thane district plant has a production capacity of 50,000 cases per day .
GM Breweries, one of Maharashtra's largest country liquor manufacturers, posted a 30.2% sequential decline in consolidated net profit for the first quarter of FY27, even as year-on-year numbers pointed to a robust recovery. The Mumbai-headquartered company reported a net profit of ₹37.74 crore for the quarter ended 30 June 2025, down from ₹54.07 crore in the preceding January–March quarter (Q4 FY26), according to its exchange filing submitted on 13 July.
Year-on-Year Performance Tells a Different Story
Stripping out the sequential noise, GM Breweries delivered a strong year-on-year turnaround. Net profit surged 45% compared with ₹26 crore reported in Q1 FY26, while revenue from operations climbed 26% to ₹802.9 crore from ₹638 crore in the year-ago period. Total income for the quarter stood at ₹808.45 crore, against ₹829.42 crore in Q4 FY26 — a sequential dip of 2.52%.
Operational Margins Strengthen Year-on-Year
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 53% year-on-year to ₹47 crore, up from ₹30 crore in Q1 FY26. The EBITDA margin expanded to 5.8% from 4.78% a year earlier, reflecting improved operational efficiency despite the quarter-on-quarter softness in revenue. Earnings per share (EPS) climbed to ₹16.52 from ₹11.32 in the corresponding quarter of the previous fiscal.
About GM Breweries and Its Operations
GM Breweries manufactures and markets both country liquor (CL) and Indian-made foreign liquor (IMFL), with brands including G.M. Santra, G.M. Doctor, and G.M. Limbu Punch. The company operates an automated bottling plant in Maharashtra's Thane district, with a production capacity of approximately 50,000 cases per day. Its board approved the Q1 FY27 financial results at a meeting held on 9 July, with the filing submitted to stock exchanges on 13 July.
Context: Sequential Dip vs Structural Growth
The quarter-on-quarter decline in profit is consistent with typical seasonality in the Indian liquor sector, where the January–March quarter often benefits from year-end demand patterns. Notably, the company's year-on-year trajectory across revenue, EBITDA, and EPS all point to a business gaining operational scale. With Maharashtra's country liquor market remaining highly competitive, GM Breweries' margin expansion signals that cost efficiencies are beginning to offset volume pressures. How the company manages input costs and distributor margins in Q2 FY27 will be a key indicator of whether this improvement is sustainable.
Point of View
Making a Q1 dip structurally normal rather than alarming. The more telling signal is the year-on-year trajectory: a 45% profit jump and 53% EBITDA growth suggest the company is scaling efficiently within Maharashtra's tightly regulated country liquor market. The margin expansion to 5.8% is modest in absolute terms but directionally significant for a business operating under state-controlled pricing. The real test will be whether GM Breweries can sustain this improvement as raw material and distribution costs fluctuate in the quarters ahead.
NationPress
13 Jul 2026
Frequently Asked Questions
What were GM Breweries' Q1 FY27 results?
GM Breweries reported a consolidated net profit of ₹37.74 crore for Q1 FY27 (April–June 2025), a 30.2% sequential decline from ₹54.07 crore in Q4 FY26. However, profit rose 45% compared with ₹26 crore in Q1 FY26.
Why did GM Breweries' profit fall sequentially?
The quarter-on-quarter decline reflects typical seasonality in the Indian liquor sector, where the January–March quarter tends to record stronger demand and higher profits. The company's year-on-year metrics remained firmly positive across revenue, EBITDA, and earnings per share.
How did GM Breweries' revenue perform in Q1 FY27?
Revenue from operations reached ₹802.9 crore in Q1 FY27, up 26% year-on-year from ₹638 crore but marginally lower than the ₹812.09 crore recorded in Q4 FY26. Total income for the quarter was ₹808.45 crore.
What is GM Breweries' EBITDA margin for Q1 FY27?
GM Breweries' EBITDA margin stood at 5.8% in Q1 FY27, up from 4.78% in the same quarter last year. EBITDA itself rose 53% year-on-year to ₹47 crore from ₹30 crore.
What brands and products does GM Breweries sell?
GM Breweries manufactures and markets country liquor and Indian-made foreign liquor (IMFL) under brands including G.M. Santra, G.M. Doctor, and G.M. Limbu Punch. It operates an automated bottling plant in Thane district, Maharashtra, with a capacity of around 50,000 cases per day.
