Northern Spirits - 2026 Company Profile, Team

About Northern Spirits

Northern Spirits is a publicly listed company based in Kolkata (India) founded in 1975. Northern Spirits was founded in 1975 in Kolkata, India. The company has 82 employees. Its Indian entity Northern Spirits Limited reported revenue of ₹2,311 Cr. Northern Spirits offers products and services including Alcohol Distribution and Franchise Brands Management. Its focus areas include Food and Agriculture, Food Distributors, Beverages and Alcoholic Beverages.

Company details

Northern Spirits was established in 1975 in Kolkata, India, as a company in the alcoholic beverages sector. Operations are focused on the production and distribution of spirits, with activities centered in the Indian market. The firm is led by Managing Director Ankush Bakshi. An online platform is maintained through the domain northernspirits.co.in to support business functions. Geographic emphasis remains on eastern India.

Headquarters Kolkata, India
Employees 82
Stage Public
Sectors
Consumer
Website northernspirits.co.in
Social X
Legal Name Northern Spirits Ltd.

Operational Areas

Consumer → Food Distributors

Key Metrics

Market Cap
₹178 Cr
NSL · BSE
Share Price
₹110.40
-0.45% today
Revenue
₹2,309 Cr
FY 2025-26 · +18.9% YoY
EBITDA
₹49.94 Cr
Margin 2.2%
Net Profit
₹27.15 Cr
FY 2025-26 · +18.3% YoY
P/E (TTM)
6.1x
P/B 1.2x
ROE
20.0%
ROCE 15.7%
Debt / Equity
1.40
Interest cover 30.5x
Employee Count
82

Associated legal entities of Northern Spirits

Northern Spirits operates through Northern Spirits Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.

Legal entity	Status	Incorporated	Registered in	Revenue (FY 2026)	Employees	Directors	Company page
Northern Spirits Limited Listed CIN L15500WB2012PLC185821	Active	13 Sep 2012	Kolkata, West Bengal	₹2,311 Cr	3	10	View details

Products & Services of Northern Spirits

Northern Spirits offers a comprehensive portfolio of products and services, including Alcohol Distribution and Franchise Brands Management.

Alcohol Distribution

Distribution Services

Distribution of premium alcohol brands is handled through an extensive network

Franchise Brands Management

Brand Services

Management of franchise brands is conducted to ensure effective supply chain operations

Board of directors of Northern Spirits Limited (Northern Spirits)

Northern Spirits Limited is the primary company behind Northern Spirits. The board of Northern Spirits Limited currently have 8 directors; the longest-serving is Ankush Bakshi, appointed in 2012. 8 earlier directors have ceased.

Director	Designation	Appointed	Tenure	Entity
Ankush Bakshi DIN 02547254	Managing Director	13 Sep 2012	14 yrs 1 mo	Northern Spirits Limited
Anuj Bakshi DIN 02500120	Director	13 Sep 2012	14 yrs 1 mo	Northern Spirits Limited
Roshni Bakshi DIN 08090225	Director	21 Mar 2018	8 yrs 7 mo	Northern Spirits Limited
Kanika Bakshi DIN 08090236	Director	21 Mar 2018	8 yrs 7 mo	Northern Spirits Limited
Sathvik Jain DIN 07732825	Director	04 Aug 2018	8 yrs 3 mo	Northern Spirits Limited
Malti Jaiswal DIN 08852633	Director	13 Feb 2023	3 yrs 8 mo	Northern Spirits Limited
Arihant Jain DIN 05359143	Director	27 Jun 2023	3 yrs 4 mo	Northern Spirits Limited
Dinesh Shaw DIN 10826257	Director	02 Nov 2024	2 yrs	Northern Spirits Limited

People of Northern Spirits

1 people are tracked at Northern Spirits (1 in leadership); the tracked headcount is 82.

Name	Role	Group
Ankush Bakshi	Managing Director	Leadership

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Complete people profiles for Northern Spirits

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Full employee list
Team structure
Board tenure
Professional contacts

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IPO & Listings of Northern Spirits

Northern Spirits is a publicly listed company on the BSE with ticker symbol NSL in India, operating in the Consumer non-durables sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

IPO date04 Apr 2019
Listed onBSE: 542628
Listed entityNorthern Spirits Ltd.
Exchange sectorConsumer non-durables
ISININE01BL01012
Share price₹121.85 (+1.16% on the day) · 2026-10-14
Market capitalisation₹193 Cr
Price to earnings6.8
EPS (diluted, trailing year)₹18.02
Dividend yield0.29%
Volume (last session)1,484

Financials of Northern Spirits

Exchange-reported figures of Northern Spirits Limited, the listed company behind Northern Spirits (BSE: NSL).

Financial Highlights

FY 2025-26 · Standalone

Revenue

₹2,309 Cr

+18.9% YoY

EBITDA

₹49.94 Cr

+7.5% YoY

Profit After Tax

₹27.15 Cr

+18.2% YoY

Net Worth

₹149 Cr

+21.7% YoY

Total Assets

₹358 Cr

+21.9% YoY

Total Debt

₹209 Cr

+22.0% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

Metrics	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Income statement
Revenue	2,309	1,943	1,235	905	268	153	161
Revenue growth	+18.9%	+57.3%	+36.5%	+238.3%	+75.0%	-4.9%	-
EBITDA	49.94	46.44	30.90	22.60	12.94	8.15	8.43
EBITDA margin	+2.2%	+2.4%	+2.5%	+2.5%	+4.8%	+5.3%	+5.2%
Profit before tax	36.20	30.83	22.28	14.91	7.96	4.13	5.04
Net profit	27.15	22.96	16.56	11.13	6.00	2.98	3.61
Net profit margin	+1.2%	+1.2%	+1.3%	+1.2%	+2.2%	+2.0%	+2.2%
EPS (₹)	16.91	14.31	10.32	6.94	3.74	1.85	2.25
Balance sheet
Total assets	358	294	238	179	140	124	106
Net worth	149	123	100	83.43	72.30	66.30	63.33
Total debt	209	171	138	95.08	67.74	57.27	42.99
Cash & bank	55.06	25.92	16.99	7.29	10.30	4.97	4.81
Net working capital	347	282	227	168	130	113	95.76
Cash flow
Cash from operations	7.46	(6.74)	(29.29)	(22.23)	0.14	(10.04)	(12.21)
Cash from investing	(0.50)	(1.28)	(0.32)	(0.33)	(0.30)	0.00	0.00
Cash from financing	22.18	16.95	33.55	104	(2.54)	3.50	15.16

Particulars	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024
Revenue	599	616	596	563	534	466	528	487
Revenue growth (YoY)	+12.1%	+32.0%	+12.9%	+15.4%	+16.0%	-	-	-
Other income	0.50	0.91	0.25	0.36	0.34	0.23	0.13	0.50
Total expenses	582	606	584	549	521	460	507	478
EBITDA	16.35	10.16	12.58	13.70	13.51	6.29	21.14	9.40
EBITDA margin	+2.7%	+1.6%	+2.1%	+2.4%	+2.5%	+1.3%	+4.0%	+1.9%
Depreciation	0.12	0.16	0.20	0.13	0.13	0.13	0.05	0.05
Interest	4.53	3.89	3.19	3.94	4.02	3.02	9.10	2.56
Profit before tax	12.20	7.02	9.44	9.99	9.70	3.37	12.12	7.29
Tax	2.93	2.05	2.27	2.40	2.33	1.27	2.91	1.70

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 11 Nov 2026

Particulars	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024
Revenue	599	616	596	563	534	466	528	487
Revenue growth (YoY)	+12.1%	+32.0%	+12.9%	+15.4%	+16.0%	-	-	-
Other income	0.50	0.91	0.25	0.36	0.34	0.23	0.13	0.50
Total expenses	582	606	584	549	521	460	507	478
EBITDA	16.35	10.16	12.58	13.70	13.51	6.29	21.14	9.40
EBITDA margin	+2.7%	+1.6%	+2.1%	+2.4%	+2.5%	+1.3%	+4.0%	+1.9%
Depreciation	0.12	0.16	0.20	0.13	0.13	0.13	0.05	0.05
Interest	4.53	3.89	3.19	3.94	4.02	3.02	9.10	2.56
Profit before tax	12.20	7.02	9.44	9.99	9.70	3.37	12.12	7.29
Tax	2.93	2.05	2.27	2.40	2.33	1.27	2.91	1.70

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Revenue	2,309	1,943	1,235	905	268	153	161
Revenue growth	+18.9%	+57.3%	+36.5%	+238.3%	+75.0%	-4.9%	-
Other income	1.90	0.87	0.73	0.32	0.14	0.22	0.19
Total expenses	2,259	1,896	1,204	883	255	145	152
Employee cost	4.20	3.92	3.77	2.30	2.10	1.92	2.16
EBITDA	49.94	46.44	30.90	22.60	12.94	8.15	8.43
EBITDA margin	+2.2%	+2.4%	+2.5%	+2.5%	+4.8%	+5.3%	+5.2%
Depreciation	0.60	0.30	0.23	0.23	0.12	0.16	0.24
Interest	15.04	16.18	9.12	7.78	5.00	4.08	3.34
Profit before tax	36.20	30.83	22.28	14.91	7.96	4.13	5.04
Tax	9.05	7.87	5.72	3.78	1.96	1.15	1.43
Net profit	27.15	22.96	16.56	11.13	6.00	2.98	3.61
Net profit margin	+1.2%	+1.2%	+1.3%	+1.2%	+2.2%	+2.0%	+2.2%
EPS (₹)	16.91	14.31	10.32	6.94	3.74	1.85	2.25

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Equity & liabilities
Share capital	16.05	16.05	16.05	16.05	16.05	16.05	16.05
Reserves & surplus	133	107	83.96	67.38	56.25	50.25	47.28
Shareholders' funds (net worth)	149	123	100	83.43	72.30	66.30	63.33
Secured loans	209	171	138	95.08	67.74	57.27	42.99
Unsecured loans	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total debt	209	171	138	95.08	67.74	57.27	42.99
Total liabilities	358	294	238	179	140	124	106
Assets
Gross block	13.77	13.26	11.98	11.67	11.34	11.04	11.04
Net block	11.42	11.51	10.53	10.45	10.34	10.16	10.33
Capital work in progress	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventories	125	83.13	59.97	51.49	40.56	37.11	38.97
Sundry debtors	187	167	143	107	63.27	46.74	39.63
Cash & bank balances	55.06	25.92	16.99	7.29	10.30	4.97	4.81
Loans & advances	2.30	6.68	8.70	6.51	17.92	25.86	14.53
Total current assets	370	283	228	172	132	115	97.94
Total current liabilities	22.98	0.83	1.00	4.24	2.42	1.51	2.18
Net working capital	347	282	227	168	130	113	95.76
Total assets	358	294	238	179	140	124	106

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Opening cash	25.92	16.99	7.29	(74.00)	(44.71)	(38.17)	(41.12)
Net cash from operating activities	7.46	(6.74)	(29.29)	(22.23)	0.14	(10.04)	(12.21)
Net cash from investing activities	(0.50)	(1.28)	(0.32)	(0.33)	(0.30)	0.00	0.00
Net cash from financing activities	22.18	16.95	33.55	104	(2.54)	3.50	15.16
Net change in cash	29.14	8.93	3.95	81.30	(2.70)	(6.54)	2.94
Closing cash	55.06	25.92	16.99	7.29	10.30	4.97	4.81

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Growth
Sales growth	+18.9%	+57.3%	+36.5%	+238.3%	+75.0%	-4.9%	-
EBITDA growth	+7.5%	+50.3%	+36.7%	+74.7%	+58.8%	-3.3%	-
PBT growth	+17.4%	+38.4%	+49.4%	+87.3%	+92.7%	-18.1%	-67.4%
Net income growth	+18.3%	+38.7%	+48.8%	+85.5%	+101.3%	-17.5%	-
Revenue CAGR (3Y)	+36.6%	+93.6%	+100.6%	+77.9%	+34.4%	+80.8%	+110.1%
EBITDA CAGR (3Y)	+30.3%	+53.1%	+55.9%	+38.9%	-13.8%	+70.7%	+114.0%
Profitability & leverage
Net income margin	+1.2%	+1.2%	+1.3%	+1.2%	+2.2%	+2.0%	+2.2%
Return on capital employed	+15.7%	+17.7%	+15.1%	+14.3%	+9.8%	+7.1%	+8.7%
Return on net worth	+20.0%	+20.6%	+18.1%	+14.3%	+8.7%	+4.6%	+6.9%
Debt / equity	1.40	1.39	1.27	1.05	0.90	0.77	0.84
Long-term debt / equity	0.01	0.03	0.06	0.11	0.13	0.06	0.00
Interest cover	30.48	35.07	29.74	34.78	39.00	51.06	40.78
Efficiency & per share
Fixed asset turnover	170.84	153.93	104.47	78.69	23.92	13.86	16.01
Inventory turnover	22.19	27.15	22.17	19.67	6.89	4.02	4.90
Debtors turnover	13.01	12.53	9.90	10.64	4.87	3.54	4.59
EPS (₹)	16.91	14.31	10.32	6.94	3.74	1.85	2.25
Dividend per share (₹)	3.50	0.30	0.25	0.00	0.00	0.00	0.00
Book value per share (₹)	92.93	76.39	62.31	51.98	45.04	41.30	39.46

Web traffic of Northern Spirits

The website of Northern Spirits (northernspirits.co.in) receives about 3.5K visits a month.

Monthly visits
3.5K
▼ 12.6% vs previous month

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Related news about Northern Spirits

Northern Spirits June-Quarter Profit From Continuing Operations 92.7 Million Rupees

Reuters • 3 months ago

Northern Spirits March-Quarter Profit From Continuing Operations 49.8 Million Rupees

Reuters • 5 months ago

Northern Spirits Sept-Quarter Profit From Continuing Operations 75.9 Million Rupees

Reuters • 1 year ago

Northern Spirits standalone net profit declines 56.91% in the March 2025 quarter | Capital Market News - Business Standard

Business Standard • 1 year ago

Zee Learn Ltd leads gainers in 'B' group | Capital Market News - Business Standard

Business Standard • 1 year ago

Northern Spirits to hold board meeting

India Infoline • 1 year ago

Northern Spirits Re-Appoints Ankush Bakshi As MD

Reuters • 3 years ago

Northern Spirits CFO Amit Kumar Resigns

Reuters • 4 years ago

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Frequently Asked Questions about Northern Spirits

When was Northern Spirits founded?

Northern Spirits was founded in 1975.

Where is Northern Spirits located?

Northern Spirits is headquartered in Kolkata, India. It is registered at Kolkata, West Bengal, India.

How many employees does Northern Spirits have?

Northern Spirits has 82 employees.

What is the annual revenue of Northern Spirits?

The primary company behind Northern Spirits, Northern Spirits Limited, reported revenue of ₹2,311 Cr for FY 2026, up 19% year on year.

What does Northern Spirits do?

Northern Spirits was established in 1975 in Kolkata, India, as a company in the alcoholic beverages sector. Operations are focused on the production and distribution of spirits, with activities centered in the Indian market. The firm is led by Managing Director Ankush Bakshi. An online platform is maintained through the domain northernspirits.co.in to support business functions. Geographic emphasis remains on eastern India.

What products or services does Northern Spirits offer?

Northern Spirits offers Alcohol Distribution and Franchise Brands Management.

Is Northern Spirits publicly traded?

Yes, Northern Spirits is publicly traded on BSE under the ticker symbol NSL.

Which legal entities are associated with Northern Spirits?

Northern Spirits operates through Northern Spirits Limited.

Who are the directors of Northern Spirits?

The legal entities of Northern Spirits currently have 10 directors, including Ankush Bakshi, Roshni Bakshi, Kanika Bakshi and others.