542628
Northern Spirits financials
- Market cap
- ₹208 Cr
- Sector
- Services
What Northern Spirits does
Northern Spirits Limited imports and distributes alcoholic beverages — wines, spirits, gins and liqueurs — earning through a network of licensed warehouses and channel/dealer partners across India. It holds exclusive long-term importing and distribution rights for international brands such as Italy's Famiglia Berta Wines and Bespoke Distillery Srl (Lider SRL). Beyond distribution, it operates its own retail format, "The Liquor Exchange," a 2,000 sq ft store in Noida, to reach consumers directly.
Segments
- Distribution
- Retail
- Retail outlets
- 1 ("The Liquor Exchange", Noida — 2,000 sq ft)
- Licensed warehouses
- 10+
- Customer base
- 5,000+
- Employees
- 100+
- Geographic distribution presence
- North, East & North-East India
- Years of distribution experience
- ~45 years
Quarterly results
Q1 FY27: revenue up 12.1%, net profit up 25.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 487 | 528 | 466 | 534 | 563 +15% | 596 +13% | 616 +32% | 599 +12% |
| EBITDA | 9 | 21 | 6 | 14 | 14 +45% | 13 −40% | 10 +62% | 16 +21% |
| Net profit | 6 | 9 | 2 | 7 | 8 +36% | 7 −22% | 5 +138% | 9 +26% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −30.5% 1Y
1Y: ₹186.6 on 10 Sept 2025 → ₹129.75. High ₹187.75 (17 Sept 2025), low ₹96.8 (30 Mar 2026).
Financials, as filed
Revenue grew 18.9% a year over 1 year, FY25 to FY26. Operating margin held at 2.2%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1.9k Cr | ₹2.3k Cr |
| Operating profit | ₹46 Cr | ₹50 Cr |
| Operating margin | 2.4% | 2.2% |
| Interest | ₹16 Cr | ₹15 Cr |
| Depreciation | ₹0 Cr | ₹1 Cr |
| Net profit | ₹23 Cr | ₹27 Cr |
| Net margin | 1.2% | 1.2% |
| Cash from operations | ₹-7 Cr | ₹7 Cr |
| Free cash flow | ₹-8 Cr | ₹7 Cr |
| ROCE | 18.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹50 Cr | ₹56 Cr | ₹67 Cr | ₹84 Cr | ₹121 Cr | ₹133 Cr |
| Borrowings | ₹57 Cr | ₹68 Cr | ₹95 Cr | ₹138 Cr | ₹203 Cr | ₹209 Cr |
| Other liabilities | ₹2 Cr | ₹2 Cr | ₹4 Cr | ₹1 Cr | ₹6 Cr | ₹23 Cr |
| Total liabilities | ₹125 Cr | ₹142 Cr | ₹183 Cr | ₹239 Cr | ₹346 Cr | ₹381 Cr |
| Fixed assets | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹12 Cr | ₹11 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹115 Cr | ₹132 Cr | ₹172 Cr | ₹228 Cr | ₹335 Cr | ₹370 Cr |
| Total assets | ₹125 Cr | ₹142 Cr | ₹183 Cr | ₹239 Cr | ₹346 Cr | ₹381 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count grew 13% to 4,686.
- Promoters
- 67.0%
- Public
- 33.0%
Since Jun 2025
- Public −0.01 pp
- Promoters 0.00 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 67.0%, Public 33.0%.Dec '23: Promoters 67.0%, Public 33.0%.Mar '24: Promoters 67.0%, Public 33.0%.Jun '24: Promoters 67.0%, Public 33.0%.Sep '24: Promoters 67.0%, Public 33.0%.Dec '24: Promoters 67.0%, Public 33.0%.Mar '25: Promoters 67.0%, Public 33.0%.Jun '25: Promoters 67.0%, Public 33.0%.Sep '25: Promoters 67.0%, FIIs 0.4%, Public 32.7%.Dec '25: Promoters 67.0%, Public 33.0%.Mar '26: Promoters 67.0%, Public 33.0%.Jun '26: Promoters 67.0%, Public 33.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Northern Spirits above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ankush Bakshi | 36.19% | unchanged |
| Anuj Bakshi | 29.96% | unchanged |
| Sumeet Singh Sahni | 3.38% | unchanged |
| Sabah Sahni | 3.21% | unchanged |
| Kulbir Bakshi | 0.44% | unchanged |
| Amita Bakshi | 0.25% | unchanged |
| Roshni Bakshi | 0.06% | unchanged |
| Kanika Bakshi | 0.06% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹130, this stock must grow earnings at -6% every year for 7 years. Our analysis caps realistic growth at ~15%. At that growth it is worth ₹415 — upside of 220%.
- Growth the price implies
- -6.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 15.4% a year
- net profit, FY25–FY26 · EPS 15.4%
- The gap
- -0.2 pp
- 220% downside if it only repeats history
Learn to analyse Northern Spirits
Guides on how to read this kind of business and the numbers that matter.