Dividend-paying Northern Spirits reported 86% QoQ growth in Q1 FY27 PAT to Rs.9.27 crore. Forward PE is just 5x, 5-year profit growth is 56% and ROE is 20%. Reserves stand at Rs.133 crore v/s equity of Rs.16.05 crore, with promoters holding 66.97%. NSL looks attractive at Rs.127 v/s its lifetime high of Rs.576.