Northern Spirits share price & results
- Jun 2026
- Jun 2026
Importer and pan-India distributor of premium international wines, spirits and gins, with its own retail outlet in Noida and presence across North, East and North-East India.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 599 | +12.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 2.7 | +0.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 9.3 | +25.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 21.34 | −0.8 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 0.28 | +0.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 17.73 | −38.5 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −35.1% 1Y
1Y: ₹164.95 on 24 Oct 2025 → ₹107. High ₹183 (3 Nov 2025), low ₹96.8 (30 Mar 2026).
- Previous close
- ₹106
- Market cap
- ₹209 Cr
- 52-week range
- ₹96.8 – ₹183
- One year
- −33.93%
- Price to earnings (TTM to Jun 2026)
- 7.20×
- Return on equity (TTM to Jun 2026)
- 21.34%
Overview
- Symbol
- NSE:NSL
- Sector
- Services
- Exchange
- NSE
- Currency
- INR
What Northern Spirits Limited does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +26% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 487 | 528 | 466 | 534 | 563 | 596 | 616 | 599 |
| Expenses | 478 | 507 | 460 | 521 | 549 | 584 | 606 | 582 |
| Operating profit | 9 | 21 | 6 | 14 | 14 | 13 | 10 | 16 |
| Operating margin | 1.9% | 4.0% | 1.4% | 2.5% | 2.4% | 2.1% | 1.6% | 2.7% |
| Other income | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Interest | 3 | 9 | 3 | 4 | 4 | 3 | 4 | 5 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 7 | 12 | 3 | 10 | 10 | 9 | 7 | 12 |
| Tax rate | 23.3% | 24.0% | 37.7% | 24.0% | 24.1% | 24.0% | 29.2% | 24.0% |
| Net profit | 6 | 9 | 2 | 7 | 8 | 7 | 5 | 9 |
| EPS (₹ per share) | 3.49 | 5.74 | 1.30 | 4.60 | 4.73 | 4.47 | 3.10 | 5.78 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 1,943 | 2,309 |
| Expenses | 1,896 | 2,259 |
| Operating profit | 46 | 50 |
| Other income | 1 | 2 |
| Interest | 16 | 15 |
| Depreciation | 0 | 1 |
| Profit before tax | 31 | 36 |
| Net profit | 23 | 27 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 56 | 67 | 84 | 107 | 121 | 133 |
| Borrowings | 68 | 95 | 138 | 171 | 203 | 209 |
| Other liabilities | 2 | 4 | 1 | 1 | 6 | 23 |
| Total liabilities | 142 | 183 | 239 | 295 | 346 | 381 |
| Fixed assets | 10 | 10 | 11 | 12 | 12 | 11 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 132 | 172 | 228 | 283 | 335 | 370 |
| Total assets | 142 | 183 | 239 | 295 | 346 | 381 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -10 | 0 | -22 | -29 | -7 | 7 |
| Cash from investing | 0 | 0 | 0 | 0 | -1 | 0 |
| Cash from financing | 4 | -3 | 104 | 34 | 17 | 22 |
| Net cash flow | -7 | -3 | 81 | 4 | 9 | 29 |
| Free cash flow | -10 | 0 | -23 | -30 | -8 | 7 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 113 | 86 | 43 | 42 | 31 | 30 |
| Inventory days | 110 | 67 | 23 | 20 | 17 | 22 |
| Days payable | 0 | 0 | 0 | 0 | 0 | 4 |
| Cash conversion cycle | 222 | 154 | 66 | 62 | 49 | 48 |
| Working capital days | 141 | 84 | 30 | 23 | 16 | 13 |
| Return on capital employed | 7.0% | 10.0% | 14.0% | 15.0% | 18.0% | 16.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 2.0% | 2.0% | 21.0% |
What the price assumes
AttractiveTo justify its price of ₹107, this stock must grow earnings at -10% every year for 7 years. Our analysis caps realistic growth at ~15%. At that growth it is worth ₹415 — upside of 288%.
- Growth the price implies
- -9.5% 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
- 288% downside if it only repeats history
Ownership
Who owns it
Promoters hold 66.97% as of Jun 2026; institutions added 0.00 pts since Mar 2026.
- Promoters 66.97%
- Foreign institutions 0.00%
- Public 33.03%
Who is on the register
Named in the Jun 2026 filing
Every holder of Northern Spirits Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 36.19% | unchanged | |
| 29.96% | unchanged | |
| 3.38% | unchanged | |
| 3.21% | unchanged | |
| 0.44% | unchanged | |
| 0.25% | unchanged | |
| 0.06% | unchanged | |
| 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.
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