Shares of GM Breweries (BSE: 532357) slipped 4.1% to ₹944.1 after the company posted its Q2 results on Thursday, October 8, and the stock is down 22% year‑to‑date.
The filing to the BSE shows net profit at ₹39.3 crore, up 12.3% YoY from ₹35 crore, while revenue rose 18.2% to ₹214 crore from ₹181 crore. EBITDA increased ₹5.3 crore to ₹50.3 crore, yet the margin fell to 23.5% from 25%.
In Q1 FY27, net profit had jumped 46% YoY to ₹38 crore, and Q4 FY26 saw an 11% YoY drop, indicating a pendulum swing in earnings. The current quarter’s improvement is muted by the 2.5‑point margin erosion.
The country‑liquor segment grew 9.7% YoY in Q2, but GM Breweries’ share of that market remained steady at 12%. Competitors like United Breweries and Dabbawalas have posted higher margin expansion, underscoring the squeeze.
No forward guidance was released; the next earnings call is scheduled for 15 Nov. Investors will scrutinise whether the margin pressure will persist and how it will shape FY27 profitability.