DIRECTORS' REPORT

PERFORMANCE OVERVIEW

During the year under review, the standalone revenue stood at
C3,621 Crore compared to C3527Crore in the previous year, a
growth of 2.69% Year on Year. The standalone PBT stood at
C122Crore compared to C35Crore in the previous year.

The Basic Standalone EPS of your Company stood at
C32.77, compared to C8.65 in the previous year, while the
Diluted Standalone EPS was C32.72, as against C8.61 in the
previous year.

THE YEAR IN PERSPECTIVE

FY26 was a year of strong underlying growth, strategic
portfolio realignment and market expansion. Across the
portfolio, the Company strengthened its presence in
core markets while accelerating investments in emerging
geographies, laying the foundation for a more diversified and
sustainable growth trajectory.

The Prestige & Above (P&A) segment delivered robust growth,
with revenue increasing 27% YoY to ^164 crore and volumes
rising 31% to 1.19 million cases, crossing the significant one-
million-case milestone.

The segment’s underlying performance was even stronger.
Excluding the temporary disruption in Delhi, P&A revenue
growth stood at 58% YoY, highlighting strong brand traction
across markets. Delhi, which contributed 33% of P&A volumes
in FY25, witnessed a sharp Q3 decline, with volumes falling to
60% of the previous year’s level, before recovering to 90% in
Q4. As emerging markets scale, the Company is progressively
reducing its dependence on individual markets, creating a
more balanced growth portfolio.

The Company’s market architecture is built around Core
Markets and Emerging Markets. Core markets, with more
than three years of operations, are the primary engines of
near-term growth and profitability, with four of the five current
core markets already profitable. Emerging markets are being
systematically developed through the initial gestation phase
before transitioning into core markets and contributing
meaningfully to both revenue and profitability.

Operationally, Q4 FY26 P&A revenue grew 34% YoY to ^40
crore, while volumes increased 39% to 0.29 million cases. The
segment continued to move towards profitability, with EBITDA
loss narrowing to ^5 crore during the quarter and ^9.4 crore
for the full year.

The North remained the primary growth engine, supported
by deeper penetration in Uttar Pradesh and expansion across
Tier 3 and Tier 4 markets in Haryana and Rajasthan. In the
East, the Company strengthened its presence following the
stabilisation of West Bengal, expanded into Assam and
commenced operations in Jharkhand. Early market traction
in Assam has enabled the Company to initiate the next phase
of geographical expansion, reinforcing the East as a second
growth engine.

The Regulars & Other (R&O) segment delivered steady
financial performance while undergoing a significant portfolio
and market reset. Q4 FY26 revenue increased 2% YoY to
^224 crore, with volumes remaining stable at 3.97 million
cases. EBITDA grew faster than revenue, increasing 8% YoY
to ^41 crore.

For FY26, revenue stood at ^900 crore, up 4% YoY, with
volumes of 15.7 million cases. EBITDA increased 12% to ^158
crore, reflecting continued improvement in profitability.

The headline volume performance needs to be viewed in the
context of a deliberate restructuring of the portfolio. During the
year, the Company strategically wound down legacy portfolios
in West Bengal and Haryana, temporarily impacting volumes
while clearing the channels for the introduction of a new, more
optimised portfolio. This transition has now been substantially

completed, creating a stronger platform for the next phase
of growth.

The Company is now focused on unlocking this opportunity
through targeted market interventions. Uttar Pradesh is
being scaled as a major growth engine, supported by the
introduction of the full brand portfolio and five new SKUs. Ir
Rajasthan, four new-to-category brands are being introduced
to expand consumer choice and revitalise category growth
Portfolio reintroductions in West Bengal and Haryana
combined with the acceleration in Uttar Pradesh and targeted
interventions in Rajasthan, position the R&O segment at a
clear inflection point entering FY27.

DIVIDEND

Your Directors are pleased to recommend dividend of C6.53/-
, i.e. 65.30% per equity share of the company for the yeai
2025-26.

PUBLIC DEPOSITS

The Company has not accepted or invited deposits covered
under the provisions of Section 73 of the Companies Act

2013 read with the Companies (Acceptance of Deposit) Rules

2014 from any person during the year under Report.

DIRECTORS AND KEY MANAGERIAL
PERSONNEL

During the year, Dr. Bhaskar Roy, have resigned from the
Board of Directors of the company w.e.f. 19^th May 2025. The
Directors place on record their appreciation of the valuable
contribution made by them. And Mr. Amitabh Singh and
Mr. Rajesh Kumar Malik have been inducted as Executive
Director in the Board of Directors of the company w.e.f. 19^th
May 2025. Further Mr. Kenneth Dsouza has been inductee
on the Board as Non-Executive & Independent Director since
28^th June 2025.

Sh. Amitabh Singh, Executive Director of the company, retire
by rotation and being eligible offer himself for re-appointment
The Board recommends his re-appointment.

SUBSIDIARY & JOINT VENTURE

Your Company has one subsidiary viz., M/s Bored Beverages
Private Limited (Indian subsidiary) and one Joint Venture
entity, M/s Globus Ansa Private Limited.

In terms of proviso to sub section (3) of Section 129 of the Act
the salient features of the financial statement of the subsidiary
and Joint Venture is set out in the prescribed form AOC-1
which forms part of the annual report.

CORPORATE GOVERNANCE

As per requirement of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a Compliance Report on
Corporate Governance has been annexed as part of the
Annual Report.

CORPORATE SOCIAL RESPONSIBILITY
(CSR)

The CSR Policy of the Company and the details about the
initiatives taken by the Company on CSR during the year as
per the Companies (Corporate Social Responsibility Policy)
Rules, 2014 have been disclosed in Annexure-II to this
Report. Further details of composition of the Corporate Social
Responsibility Committee and other details are provided the
Corporate Governance Report which forms part of this report.
The policy on Corporate Social Responsibility as approved
by the Board of Directors is available on the website of the
Company www.globusspirits.com.

NOMINATION AND REMUNERATION
POLICY

The Nomination & Remuneration Policy as approved by the
Board on recommendation of the Nomination & Remuneration
Committee is available on website of the Company www.
globusspirits.com.

AUDITORS

Pursuant to the provisions of Section 139 (1) and (2) of
the Act 2013, M/s Walker Chandiok & Co. LLP, Chartered
Accountants, New Delhi, having ICAI Firm Registration No.
001076N/N500013, the Statutory Auditors of the Company
was appointed in 30^th AGM of the company to hold office till the
conclusion of 35^th AGM of the Company at the remuneration
to be fixed by the Board of Directors / senior management of
the Company, in addition to applicable taxes and actual out of
pocket expenses incurred in connection with the audit of the
accounts of the Company.

AUDITORS’ REPORT

The notes on accounts appearing in the schedule and referred
to in the Auditors Report are self-explanatory and therefore do
not call for any further comments or explanations. There are
no adverse remarks/qualifications in the auditor’s report.

COST AUDIT

The board has appointed M/s JSN & Co., Cost Accountants,
having Firm’s registration no. 455, its office at 462/1, 1^st Floor,
Old MB Road, Lado Sarai, New Delhi-110030, as Cost Auditor
for conducting the Cost Audit for the financial year 2026-27.
The audit committee recommended his appointment and
remuneration. The Company has also received necessary

EMPLOYEE STOCK OPTION SCHEME

The Employee Stock Option Scheme was approved by
the shareholders in the Annual General Meeting held on
September 24, 2021 and on 18^th August 2025. Disclosure
under SEBI (Share Based Employees Benefits and Sweat
Equity) Regulations, 2021 regarding details of the “ESOP
2021” & “ESOP 2025” is given in Annexure-III. The Employee
Stock Option Scheme containing all the relevant terms &
conditions can be access at :

https://www.globusspirits.com/investors_corporate_

governance.php.

ANNUAL RETURN

Annual Return of the Company in Form MGT-7, in accordance
with Section 92(3) of the Companies Act, 2013 read with the
Companies (Management and Administration) Rules, 2014, is
available on Company’s website www.globusspirits.com and
can be accessed through link https://www.globusspirits.com/
investors_corporate_governance.php.

CONSERVATION OF ENERGY /
TECHNOLOGY ABSORPTION /
RESEARCH & DEVELOPMENT ETC.

Particulars as required under Rule 8 (3) of the Companies
(Accounts) Rules, 2014 are given in Annexure I and form part
of this report.

MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis Report has been
annexed & forms part of the Annual Report.

DIRECTORS RESPONSIBILITY
STATEMENT

Pursuant to the requirement under Section 134 (5) of the
Companies Act, 2013, with respect to Directors Responsibility
Statement, it is hereby confirmed

1. That in preparation of the Annual Accounts for the
financial year 2025-26, the applicable Accounting
Standards have been followed along with explanation
relating to material departures, if any.

2. That the Directors have selected such accounting
policies and applied them consistently and made
judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the State of
Affairs of the Company as at 31^st March, 2026 and of the
results of the Company for that period.

3. That the directors had taken proper and sufficient care
for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
2013, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.

4. That the directors had prepared the Annual Accounts for
the financial year 2025-26 on a going concern basis.

5. That they have laid down internal financial controls to be
followed by the Company and that such internal financial
controls are adequate and operating properly ; and

6. That they have devised proper systems to ensure
compliance with the provisions of all applicable
laws and that such systems were adequate and
operating effectively.

NUMBER OF MEETINGS OF THE BOARD

6 meetings of the Board of Directors of the Company were
held during the year. For detail of the meetings, please refer
to the Corporate Governance Report, which forms part of
this Report.

VARIOUS COMMITTEES OF THE BOARD

Composition and other details pertaining to various
Committees of the Board of Directors have been disclosed in
the Corporate Governance Report.

INDEPENDENT DIRECTORS’
DECLARATION

All the Independent Directors, have submitted a declaration
that each of them meets the criteria of independence as
provided in Sub-Section (6) of Section 149 of the Act and
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. Further, there has been no change in the
circumstances which may affect their status as independent
director during the year.

POLICY OF DIRECTORS’ APPOINTMENT
AND REMUNERATION

Company’s policy on Directors’ appointment and
remuneration including criteria for determining qualifications,
positive attributes, independence of a director and other
matters provided under section 178(3) of the Act are covered
in Corporate Governance Report which forms part of
this Report.

CODE OF CONDUCT FOR DIRECTORS
AND SENIOR MANAGEMENT

The Directors and members of Senior Management have
affirmed compliance with the Code of Conduct for Directors

and Senior Management of the Company. A declaration to
this effect has been signed by the Managing Director and
forms part of the Annual Report.

CODE FOR PREVENTION OF INSIDER
TRADING

Your Company has adopted a comprehensive ‘Code of
Conduct to Regulate, Monitor and Report of Trading by
Insiders and also a ‘Code of Practices and Procedures for
Fair Disclosure of Unpublished Price Sensitive Information’
relating to the Company, under the provisions of the Securities
Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015. The Board of Directors have approved
and adopted the ‘Code of Conduct to Regulate, Monitor and
Report of Trading by Insiders’ and a ‘Code of Practices and
Procedures for Fair Disclosure of Unpublished Price Sensitive
Information’.

RELATIONSHIP BETWEEN DIRECTORS
INTER-SE

None of the Directors are related to each other within the
meaning of the term “relative” as per Section 2(77) of the Act
and SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 except Sh. Shekhar Swarup (Joint
Managing Director) is the son of Sh. Ajay Kumar Swarup
(Managing Director) of the Company.

ANNUAL PERFORMANCE EVALUATION

The company has a mechanism for annual performance
evaluation of every Individual Directors and the Board as a
whole as well as its various committees.

PARTICULARS OF LOANS, GUARANTEES
AND INVESTMENTS

The details of Loans, Guarantees & securities, if any, given
and Investments, if any, made, are forming part of Notes to the
Financial Statements of the company.

SECRETARIAL STANDARDS

All the provisions of Secretarial standards has been complied
by the Company during Financial Year 2025-26.

TRANSACTIONS WITH RELATED
PARTIES

The Company has entered into contract / arrangements with
the related parties in the ordinary course of business and on
arm’s length basis. The details are mentioned in the notes
to accounts of the financial statements. Policy on materiality
of Related Party Transactions can be accessed on the
company’s website www.globusspirits.com.

INTERNAL CONTROL

The information about internal controls is set out in the
Management Discussion & Analysis report which is attached
and forms part of this Report.

RISK MANAGEMENT

The Company has a Risk Management Committee & also it
has in place a Risk Management Policy to deal with various
risks arising in the course of business. The key responsibilities
of Risk Management Committee are namely, Identification
of risks, Implementing and monitoring the risk management
plan for the Company and reframe the risk management
plan and policy as it may deem fit, lay down procedures to
inform Board members about the risk assessment and
minimization procedures, Monitoring and reviewing of the risk
management plan from time to time and activities as may be
required to be done under the Companies Act 2013 or SEBI
listing Regulations.

ANTI-SEXUAL HARASSMENT POLICY

The Company has in place an Anti-Sexual Harassment Policy
in line with the requirements of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. Internal Complaints Committee has been set up
to redress complaints received on sexual harassment. All
employees (permanent, contractual, temporary, trainees) are
covered under this policy. No complaint on sexual harassment
was received during the period under review.

VIGIL MECHANISM

The Company has established a vigil mechanism for Directors
and employees to report their genuine concerns.

DIVIDEND DISTRIBUTION POLICY

As required under Regulation 43A of the Listing Regulations,
the Company has formulated a Dividend Distribution Policy.
This policy can be viewed on the Company’s website at
https://www.globusspirits.com/documents/key-policies/
Dividend%20Distribution%20Policy-GSL.pdf.

UNCLAIMED DIVIDEND AND SHARES
TRANSFERRED TO INVESTOR
EDUCATION AND PROTECTION FUND
(“IEPF”):

During the year under review, the Company was not liable to
transfer any amount to the Investor Education and Protection
Fund (IEPF).

ACKNOWLEDGEMENT

The Board wishes to place on record its appreciation for the wholehearted support and valuable co-operation extended to the
Company by the Central & the State Governments, Bankers, Suppliers, Associates, Contractors, employees and shareholders.

For and on behalf of the Board of Directors

(Ajay K. Swarup) (Shekhar Swarup)

Managing Director Joint Managing Director

(Santosh Kumar Pattanayak) (Nilanjan Sarkar)

Company Secretary CFO

Place: New Delhi
Date: 17/07/2026