BSE FMCG Sector Regulatory Filings — October 27, 2026

Q2 FY27 revenue from operations up 16.8% YoY to ₹1,745.1 Cr and EBITDA up 51.0% to ₹356.5 Cr with margin expanding to 20.4%; Prestige & Above volume +35.8% and vodka volume +49% to 2.96 mn cases

Net debt reduced to ₹175.4 Cr with management expecting to be net-debt free during H2 FY27; standalone net profit rose 66.1% YoY to ₹230.9 Cr for Q2

Standalone six-month net profit of ₹456.9 Cr vs ₹272.3 Cr (+67.8%) on revenue of ₹11,451 Cr (+10.4%), indicating strong operating leverage despite flat sequential revenue

Standalone operating cash flow for six months was ₹378.3 Cr vs ₹384.2 Cr a year earlier (-1.5%) even as profit surged, a conversion gap that warrants monitoring

Finance costs fell to ₹11.4 Cr in Q2 from ₹16.3 Cr a year earlier (-29.9%), reflecting deleveraging and supporting bottom-line growth

Year-to-date standalone revenue up 15.7% to ₹10,53,896 Lakh and profit up 31.1% to ₹30,232 Lakh versus the prior-year period, showing solid H1 scale and profitability

Q2 FY27 revenue fell 21.9% QoQ to ₹4,62,181 Lakh and PAT fell 18.3% QoQ to ₹13,593 Lakh, indicating a meaningful sequential slowdown after a strong Q1

Finance costs more than doubled to ₹5,135 Lakh from ₹2,582 Lakh, and other expenses rose to ₹1,42,759 Lakh from ₹1,27,178 Lakh, pressuring margins

Short-term borrowings reduced to ₹52,500 Lakh from ₹1,17,526 Lakh while ₹46,500 Lakh of long-term debt was added, a refinancing shift that lengthens maturity profile but adds term obligations

Scheduled analyst/investor group call on 6 November 2026 at 9:00 AM IST for Q2/H1 FY27 results, with transcript and audio to be published per SEBI timelines; no UPSI to be shared

Investor/analyst conference call on 30 October 2026 at 2:00 PM IST to discuss Q3 and nine-month results, offering an early read on the consolidated FMCG beverage cohort

Unprovided ₹75,183 Lakh CCI penalty contingency and an unresolved Bihar land/plant recoverability matter represent material balance-sheet overhang relative to the company's Q2 PAT of ₹13,593 Lakh

Q2 revenue -21.9% QoQ and PAT -18.3% QoQ, with the YoY +23.7% revenue growth masking a sharp exit-rate slowdown

Regular & Others volume declined 9.7% YoY, with non-IMFL revenue up only 1.4%, due to a higher Q2 FY26 base, Andhra Pradesh route-to-market change and Maharashtra/Karnataka policy shifts

Trade receivables rose 27.5% to ₹1,516.9 Cr from ₹1,189.6 Cr since 31 March 2026, outpacing revenue growth and raising collection risk

Standalone quarterly revenue fell 4.9% QoQ from ₹5,868.7 Cr, and other income fell to ₹505 Lakh from ₹537 Lakh, signalling near-term top-line softness

DRI (Customs Act, 1962) visit to New Delhi corporate office and Rampur plant on 26 October 2026 as part of an industry-wide exercise; outcome and any penalties remain uncertain

Management flagged a volatile macro environment and rising grain prices, a direct risk to gross margin sustainability given recent expansion

Cash and equivalents of ₹48,884 Lakh must be weighed against new long-term borrowings of ₹46,500 Lakh and rising finance costs, limiting free-cash headroom

Prestige & Above volume +35.8% and vodka share of IMFL industry rising to 6.3% in Q2 FY27 indicate durable mix-led margin expansion, with EBITDA +51.0% YoY

Guidance to be net-debt free in H2 FY27 from ₹175.4 Cr net debt, combined with finance cost decline of 29.9%, supports EPS upgrades and potential re-rating

Elevation of CFO Dilip Kumar Banthiya to Executive Director & CFO and Saket Somani to Deputy CFO (effective 28 Oct 2026) strengthens Board-level financial oversight and investor engagement capacity

Standalone six-month net profit +67.8% vs revenue +10.4% shows margin-led earnings growth well ahead of top-line, a classic setup for estimate revisions

YTD revenue +15.7% and profit +31.1% establish a strong base; if the Q2 sequential dip proves seasonal, H2 normalisation offers upside

Reduction of short-term borrowings by ~₹65,000 Lakh shows active liability management that can ease working-capital pressure if the CCI matter is resolved favourably

6 November 2026 management call provides a near-term catalyst to validate volume trajectory and cost commentary for the FMCG food cohort

30 October 2026 Q3 call offers a near-term read-through on beverage demand and seasonality ahead of quarter-end, with conference details pre-registrable to speed access

Radico's Prestige & Above volume +35.8% and EBITDA margin rising to 20.4% (+51.0% EBITDA growth) illustrate premium mix as the key margin lever in alcobev, while UBL's strong YTD profit growth (+31.1%) on +15.7% revenue points to similar operating leverage at scale [IMPLICATION: favour brands with pricing power and mix tailwinds over volume-led peers]

Both alcobev names reported strong YoY growth but weakening QoQ run-rates (Radico revenue -4.9% QoQ; UBL revenue -21.9% QoQ), suggesting Q2 seasonality and base effects are dominating reported YoY figures [IMPLICATION: investors should anchor on sequential and H2 guidance rather than headline YoY]

Radico's receivables +27.5% since March 2026 versus revenue growth of about 10%, alongside UBL's reduced cash conversion, points to a sector-wide tightening of credit terms or distributor inventory build [IMPLICATION: monitor DSO and operating cash flow conversion in Q3 results]

DRI customs visits (Radico, industry-wide) and UBL's ₹75,183 Lakh CCI contingency highlight rising regulatory scrutiny of the sector [IMPLICATION: regulatory risk premia should be factored into valuations and contingent liabilities scrutinised closely]

Radico is moving to net-debt free and cutting finance costs (-29.9% QoQ/YoY), whereas UBL is shifting short-term borrowings into longer-term debt while finance costs doubled [IMPLICATION: balance-sheet trajectory is diverging, favouring Radico on financial flexibility]

The stream's scheduled events cluster in late October to early November 2026 (VBL 30 Oct; BRITANNIA 6 Nov), with governance updates (Radico Board appointments effective 28 Oct) adding to near-term news flow [IMPLICATION: position ahead of Q3 and H1 disclosures to capture re-rating potential]

Conference call on 30 October 2026 at 2:00 PM IST covering Q3 and nine-month results; watch for volume guidance and India/international mix commentary

Group meet on 6 November 2026 at 9:00 AM IST; watch for volume growth, input cost (wheat/grain) outlook and transcript publication

Management expects net-debt-free status in H2 FY27; monitor Q3 borrowings and operating cash flow to confirm trajectory

Industry-wide DRI inquiry (visits on 26 October 2026) with company stating no impact so far; any show-cause notice or penalty would be material to watch

Shareholder approval of Dilip Kumar Banthiya's appointment as Executive Director & CFO (3-year term from 28 Oct 2026) is pending; monitor AGM/postal ballot notice

₹75,183 Lakh CCI contingency and unresolved Bihar recoverability could crystallise; monitor legal developments and any provisioning in Q3

Track whether Q3 revenue and PAT rebound from Q2's -21.9% and -18.3% QoQ declines, and whether finance costs stabilise after the debt reshuffle

Management flagged rising grain prices; watch raw-material commentary in the next earnings release for gross margin sensitivity