Northern Spirits (BSE: NSL) had a P/E of 0.2× on 6 Nov 2026, below the industry P/E of 31.3×, and the shares are 40% below their 52-week high. Sales and net profit grew 37% and 35% a year over 3 years, with ROCE of 34% and ROE of 20%. Debt is 1.40× equity, and its dividend yield is 0.3%. It is a small-cap company with a market cap of ₹175 Cr, ranked 16th of 19 Beverages (Wineries & Distilleries) companies by market cap; the shares fell 35% over the past year.
- ₹112.85
- ₹114.35
- ₹108.30
- ₹112.45
- 11.3K
Health check
- ReturnsBehind
−34.8% over a year, better than 1 of 7 peers.
- Price tagCheaper
P/E 0.2 vs industry 31.3.
- GrowthStrong
Sales +36.6%, profit +34.6% a year over 3 years.
- ProfitabilityStrong
ROCE 33.7% vs peer median 24.0%.
- Balance sheetFair
Debt 1.40× equity, interest covered 3.5×, Piotroski 5 of 9.
- Red flags1 to check
40% below its 52-week high.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹175 Cr
- Small cap
- P/E
- 0.2
- Industry 31.3
- Price to book
- 1.20
- Peers 8.68
- Dividend yield
- 0.32%
- ROE
- 20.0%
- Peers 15.4%
- ROCE
- 33.7%
- Peers 24.0%
- Debt to equity
- 1.40
- Debt ₹209 Cr
- EPS (TTM)
- ₹460.55
- OPM (TTM)
- 2.2%
- Net margin 1.2%
- Sales growth
- +12.1%
- Latest quarter vs a year ago
- Profit growth
- +25.7%
- Latest quarter vs a year ago
- Price to sales
- 0.07
- EV/EBITDA 6.2
Strengths and risks
Strengths
- Return on equity of 20.0%.
- Return on capital employed of 33.7%.
- Quarterly profit up 25.7% on a year ago.
- P/E of 0.2 against an industry P/E of 31.3.
Risks to check
- 40% below its 52-week high.
About Northern Spirits
Northern Spirits Limited, an alcohol beverage company, imports and distributes spirits and wines in India. The company offers its products under the Pernod Ricard, William Grant & Sons, United Spirits, CAMPARI, Bacardi, Brown- Forman, Carlsberg, Fratelli, AB InBev, United Breweries, Famiglia Berta, and BESPOKE DISTERLLERY brands. It sells its products through retail outlets. The company was founded in 1975 and is headquartered in Kolkata, India.
- Headquarters
- Kolkata
- Employees
- 84
- Sector
- Consumer Defensive
- ISIN
- INE01BL01012
- Website
- northernspirits.co.in
Price range
- Avg volume (3M)
- 10.8K
- 1-year return
- minus 34.8%
- From 52-week high
- minus 39.6%
Peers · Beverages - Wineries & Distilleries
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| UNITDSPRUnited Spirits | 1,418.00 | plus 1.69% | 1,00,686 | 59.8 | 11.11 | 25.5% | 19.2% | 17.8% | 5.6% | 17.4% | 1.20% | minus 3.9% |
| RADICORadico Khaitan | 4,515.20 | minus 0.22% | 60,499 | 75.9 | 16.49 | 24.0% | 24.0% | 19.4% | 24.6% | 40.0% | 0.20% | plus 41.4% |
| ABDLAllied Blenders and Distillers | 708.00 | plus 1.28% | 19,803 | 86.8 | 12.05 | 24.6% | 13.3% | 13.5% | 7.4% | 422.4% | 0.76% | plus 4.0% |
| TITilaknagar Industries | 485.50 | minus 0.32% | 12,035 | – | 3.98 | – | −2.7% | 15.7% | – | – | 0.21% | minus 3.4% |
| PICCADILPiccadily Agro Industries | 582.30 | minus 1.20% | 5,740 | 40.6 | 6.25 | 20.0% | 17.4% | 13.4% | 19.5% | 83.3% | 0.17% | minus 14.5% |
| IGLSPIRITSIGL Spirits | 852.28 | minus 4.25% | 5,713 | 95.9 | – | – | – | 0.0% | – | – | 0.00% | minus 7.5% |
| GLOBUSSPRGlobus Spirits | 693.25 | minus 0.93% | 2,181 | 22.0 | 1.62 | 12.4% | 7.9% | 10.0% | 8.7% | −9.1% | 0.94% | minus 38.4% |
| NSLNorthern Spirits | 109.30 | minus 2.80% | 175 | 0.2 | 1.20 | 33.7% | 20.0% | 2.2% | 36.6% | 34.6% | 0.32% | minus 34.8% |
| Median of 7 peers | – | −0.32% | 12,035 | 67.9 | 8.68 | 24.0% | 15.4% | 13.5% | 8.7% | 40.0% | 0.21% | −3.9% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 534 | 563 | 596 | 616 | 599 | |
| 521 | 549 | 584 | 606 | 582 | |
| 13.5 | 13.7 | 12.6 | 10.2 | 16.4 | |
| 2.5% | 2.4% | 2.1% | 1.6% | 2.7% | |
| 0.3 | 0.4 | 0.2 | 0.9 | 0.5 | |
| 4 | 3.9 | 3.2 | 3.9 | 4.5 | |
| 0.1 | 0.1 | 0.2 | 0.2 | 0.1 | |
| 9.7 | 10 | 9.5 | 7 | 12.2 | |
| 24.0% | 24.0% | 24.0% | 29.2% | 24.0% | |
| 7.4 | 7.6 | 7.2 | 5 | 9.3 | |
| 4.60 | 4.73 | 447.00 | 3.04 | 5.78 |
Profit & loss
- Sales CAGR 3Y
- +36.6%
- Profit CAGR 3Y
- +34.6%
- EPS CAGR 3Y
- +34.6%
- ROE
- 20.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 905 | 1,235 | 1,943 | 2,309 | |
| – | +36.4% | +57.3% | +18.9% | |
| 883 | 1,204 | 1,896 | 2,259 | |
| 22.6 | 30.9 | 46.5 | 49.9 | |
| 2.5% | 2.5% | 2.4% | 2.2% | |
| −0.2 | 0.3 | 0.3 | 1.2 | |
| 7.2 | 8.7 | 15.7 | 14.4 | |
| 0.2 | 0.2 | 0.3 | 0.6 | |
| 14.9 | 22.3 | 30.8 | 36.2 | |
| 25.4% | 25.7% | 25.5% | 25.0% | |
| 11.1 | 16.6 | 23 | 27.1 | |
| – | +48.9% | +38.6% | +18.2% | |
| 6.94 | 10.32 | 14.33 | 16.91 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 16.1 | 16.1 | 16.1 | 16.1 | |
| 67.4 | 84 | 107 | 133 | |
| 95.1 | 138 | 171 | 209 | |
| 4.2 | 1.1 | 0.9 | 23.2 | |
| 183 | 239 | 295 | 381 | |
| 10.4 | 10.5 | 11.5 | 11.4 | |
| 7.3 | 17 | 25.9 | 55.1 | |
| 165 | 211 | 257 | 315 | |
| 183 | 239 | 295 | 381 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −22.2 | −23.5 | −6.7 | 7.5 | |
| −0.3 | −0.3 | −1.3 | −0.5 | |
| 104 | 33.6 | 17 | 22.2 | |
| 81.3 | 9.7 | 8.9 | 29.1 | |
| −0.3 | −0.3 | −1.3 | −0.5 | |
| −22.6 | −23.9 | −8 | 7 | |
| – | – | −0.4 | −0.5 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
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