Company Overview:Established in 1855One of India’s oldest liquor companies, headquartered at Solan Brewery, Himachal Pradesh.With a 150+ year legacy, Mohan Meakin has a strong brand presence in India’s alcoholic beverages industry, supported by a diversified portfolioExports to 14 countries including UAE, Qatar, Russia, Singapore, Malaysia, Germany, USA, Canada, Australia, and others, indicating a modest global presence.Key Brands: Old Monk Rum, Golden Eagle Beer, Solan No.1 Whisky and Lion Beer Diversified Business:Exports to 14 countriesPortfolio of 60+ products across rum, whisky, beer, gin, vodka, brandy, and RTD beveragesProduct Overview: More than 60+CategoryKey BrandsBeerOld Monk 10000 Super Beer, Old Monk The Original Premium Strong Beer, Golden Eagle Lager Beer, Meakin 10000 Beer, IQ Wheat BeerRumThe iconic Old Monk brand (rated as the largest-selling dark rum brand globally per multiple publications) — including Old Monk XXX, Old Monk White Rum, Old Monk The Legend, Old Monk Gold Reserve, Old Monk Coffee XO, Old Monk Mango & Chilli, Old Monk Spiced, Old Monk Fire Cinnamon, Old Monk Apple Rum, Old Monk Orange Rum, Old Monk AmberWhiskySolan No-One Black, RIPS Royal Superior Blended Grain Whisky, Golden Oak Barrel Aged Blended Whisky, and the premium Solan Gold Indian Single Malt WhiskyGinJamun The Himalayan Juniper Dry Gin (launched in 12 states), I.Q. London Dry Gin, IQ Cucumber London Dry Gin, IQ Pink GinBrandyNautilus Premium Blended XO BrandyVodkaKnight Rider PremiumRTD (Ready to Drink)In 4 different flavoursNon-alcoholic productsFruit Juices, Cornflakes, Wheat Porridge, Vinegars, other cerealsBusiness Segments:The company operates across three key revenue streams:Manufacture and sale of alcoholic beverages (Core Revenue stream)Includes beer and Indian Made Foreign Spirits (IMFS) such as rum, whisky, brandy, vodka, gin, and Ready-to-Drink beveragesRoyalty and technical know-how incomeThrough licensing of bottling and manufacturing rights across IndiaManufacture and sale of non-alcoholic productsIncludes juices, cornflakes, wheat porridge, vinegar, and cerealsManufacturing Locations:The company owns and operates plants at:Solan Brewery, Himachal Pradesh — Brewery (beer) + IMFL bottling plantKasauli Distillery, Himachal Pradesh — Produces malt spirit and sugarcane spiritMohangram, Bhankarpur, Punjab — IMFL bottling plantMohan Nagar, Ghaziabad, U.P. — Brewery, Distillery, Breakfast Foods, Fruit ProductsLucknow, U.P. — Distillery (currently suspended)In addition, MML has collaboration/bottling/royalty arrangements with third-party breweries and distilleries across multiple Indian states to work around state-level import restrictions — a common industry practice.Shareholding Pattern:CategoryNo. of Shares HeldPromoters Holding5769842Insurance Companies718758Others2019879Total8508479 Hidden Asset Value:Owns 100+ acres of land at Mohan Nagar, Ghaziabad. Land continues to be carried at historical cost despite significant appreciation over the yearsFinancial Performance Overview:ParticularsFY23FY24FY25FY26Revenue from Operations1771193021512302YoY Growth %-9%11%7%Other Income7121531Total Income1778194221662333EBITDA96123149219EBITDA Margin %5%6%7%9%Profit After Tax6585103155PAT Margin%4%4%5%7%- Revenue Growth: Revenue grew from INR 1771cr to INR 2302cr, implying a ~9.1% CAGR (FY23–FY26), indicating steady top-line expansion. - Profitability Improvement: PAT increased from INR 65cr to INR 155cr, translating to a ~33.6% CAGR, with margins expanding from 4% to 7%. - Earnings Growth: EPS rose from 80.4 to 184.2 reflecting a strong ~ 31.9% CAGR, enhancing shareholder returns.Competitive AnalysisCompanyMohan MeakinUnited SpiritsRadico KhaitanGlobus SpiritsAllied Blenders & DistillersTilaknagarStatusUNLISTEDLISTEDLISTEDLISTEDLISTEDLISTEDMarket Cap2,127 Cr92,325 Cr47, 335 Cr2,516 Cr15,61510,792Price Per share250012543487866558437Price to Earnings13.75075.627.467.942.7Note:  2500 price for Mohan Meakin is a private market price and should be considered indicative, as unlisted share prices can be volatileListed Market prices taken as on 1st June 2026Scenario AnalysisScenario AnalysisPrice to Earnings MultipleImplied Market Cap Implied Share Price25x~3,919 Cr~4,60530x~4,703 Cr~5,52640x~6,270 Cr~7,36850x~7,838 Cr~9,210 Investment RationaleIconic Brand Portfolio: Owner of the legendary Old Monk brand with strong consumer recall and a 150+ year operating legacy.Strong Earnings Growth: PAT has grown significantly faster than revenue, driven by margin expansion and operating leverageHidden Asset Value: Owns ~100+ acres of legacy land carried at historical cost, with current market value likely substantially higher.Debt-Light Balance Sheet: Minimal debt and consistent profitability provide financial stability and downside protection.Valuation Discount: Mohan Meakin trades at ~13.7x P/E versus peers such as Globus Spirits (27.4x), Tilaknagar Industries (42.7x), United Spirits (50.6x), and Radico Khaitan (76.7x), despite a profitable business generating ₹155 Cr PAT and owning valuable legacy assets. 

Company OverviewSunday PropTech Limited, also known as OYO Assets, is the asset-heavy real estate and property technology platform within the PRISM Group, the parent company of OYO Rooms.While PRISM, valued at approximately ₹40,000 crore (≈ US $4.8 billion), operates one of the world’s largest asset-light hospitality ecosystems, Sunday PropTech represents its asset-heavy counterpart—focused on owning, developing, and managing premium hospitality and mixed-use real-estate assets across global markets.Strategic ContextOver the past two years, funds, family offices, and HNI investors have participated in OYO funding rounds at valuations between US $2 – 3 billion, driven by confidence in its scalable, tech-enabled model.As performance strengthened, OYO’s private-market valuation doubled to US $4 – 4.5 billion, reaffirming investor faith in the PRISM Group.Sunday PropTech now provides exposure to the underlying asset layer of that ecosystem — capturing value through real-estate ownership, cash-flow generation, and capital appreciation.Asset Acquisition ModelsSunday PropTech employs a three-pillar investment strategy that balances yield, appreciation, and risk diversification.Brownfield AcquisitionsAcquisition of operational or near-operational hospitality assetsEquity participation of ~20% from family-office / PE investors, with the remainder funded via global institutional debt or structured capitalDelivers immediate operating surplus plus steady real-estate appreciationGreenfield DevelopmentsEntry at low land cost, with total build-out completed at 60–70% of market valueProvides strong upside upon stabilization under the PRISM / OYO brand ecosystemSuitable for investors targeting high IRR through development arbitrage and long-term appreciationLeased AssetsLong-term leased hotels and serviced apartments in strategic destinationsEnsures predictable, recurring income with low volatilitySeveral leased assets are already acquired and operational, contributing to near-term portfolio stabilityStrategic Backing and GovernanceMajor Shareholder: PRISM, supported by SoftBank, offering institutional strength, access to global capital, and operational leverageGovernance: Institutional-grade controls, audited transparency, and structured investment oversightExecution Capability: Access to OYO’s technology, demand engine, and operating expertise drives high occupancy, cost efficiency, and margin optimization Leadership and BoardRitesh Agarwal – Founder & CEOVisionary entrepreneur and founder of OYO, leading the strategic expansion of the PRISM Group’s asset-heavy platform.Aditya Ghosh – Board MemberCo-founder of Akasa Air, former President of Indigo Airlines; brings deep expertise in scaling consumer and service businesses.Deepa Malik – Board MemberParalympic medalist and Padma Shri awardee, providing governance insight and ESG perspective.Bejul Somaia – Board MemberPartner at Lightspeed Venture Partners; veteran investor in technology and growth platforms.Troy Alstead – Board MemberFormer COO of Starbucks; brings global operating experience and capital-market discipline.W. Steve Albrecht – Board MemberNoted governance and audit expert; former Dean at BYU Marriott School of Business.Together, this board provides strategic depth, governance rigor, and international expertise, ensuring institutional credibility and sustainable long-term growth.Core Value PropositionHigh-Yield Asset Base: Predictable income from diversified hospitality assetsCapital Appreciation: Long-term value creation through ownership and developmentGlobal Expansion: Active pipeline across USA, UAE, and India in premium growth corridorsPlatform Synergy: Integration with PRISM’s brand and tech ecosystem drives superior asset utilization Investment ThesisEarly investors in OYO benefited as valuations climbed from US $2–2.5 billion to US $4–4.5 billion.Sunday PropTech now represents the next stage of that value journey — a globally scalable, asset-backed hospitality platform combining real-estate stability, hospitality yields, and technology-driven efficiency.Investors are encouraged to speak with their advisors to explore participation in this next billion-dollar opportunity — where real estate, hospitality, and technology intersect to create enduring value.

BUSINESS OVERVIEW• Tech-enabled construction materials company transforming India’s fragmented building materials supply chain• Operates a hybrid model combining manufacturing, B2B marketplace aggregation, logistics, and retail distribution• 250+ Manufacturing facilities, 55+ cities, 15+ product categories• Founded: 2016.• Founders: Aaditya Sharda and Souvik SenguptaIN-HOUSE PRIVATE BRANDSPRODUCTS (15+ Categories)Inicio - Exterior Painting for housing societies and commercial projectsRDC Concrete - Ready-mix concrete businessEquiphunt - Construction machinery rentals (Like JCBs, cranes, loaders), spare parts, OEM EquipmentShalimar Paints - Wall paints, primers, coating, etcEmcer - Premium Tile brandIVAS - Mass Premium Tiles & Home Improvement (Bathware, lights, fittings, etc)Millennium Tiles - Mass Market Tiles (Affordable, high volume brand)GEOGRAPHICAL PRESENCE• 15+ States• Focused on Tier II and Tier III cities• 12k+ Retail stores• Export to Dubai, Singapore, Italy and so onREVENUE SPLIT:• 65% of revenue comes from manufacturing and 35% from white labelingREVENUE STREAMS:• Marketplace: Commission on sales• Inhouse manufacturing: Margin of 20-30%• Interest and service fees by offering credit and financing solutionsFINANCIALSKEY HIGHLIGHTS – FY24• Revenue: INR 14,743.4cr, YoY Growth 24%• Profit After Tax: INR 377.9cr, PAT Margin 2.6%• Earnings per share: INR 3800, YoY Growth 144%• Debt Raised: INR 461.21crVALUATION• In December 2020- $170million• February 2021 - $1 Billion (Unicorn Status achieved)• September 2025 - $2.7Billion (Source: moneycontrol) September 2025 Round: Total Raise of INR 730cr• Series G round led by Nikhil Kamath's family office, NKSquared, which invested INR 200 crore• Silverline Homes, linked to co-founder Aaditya Sharda, contributed the largest share with INR 250 crore• Tiger Global committed INR 176 crore through its Internet Fund• Existing backers Accel, Evolvence India, and Nexus Ventures also participated with smaller investments• The recent round also increases the founders' collective stake to ~30%

MARKET OVERVIEW – IPL AS A NEW INVESTMENT ASSET CLASS• The Indian Premier League (IPL) has evolved into a global sports and business asset class, attracting attention not only from fans but also from global investors and family offices.• According to the 2025 IPL Brand Valuation Study by Houlihan Lokey, the league’s enterprise value surged 12.9% to $18.5 billion, while its brand value jumped 13.8% to $3.9 billion.Record-Breaking 2025 ViewershipIPL 2025 set new digital consumption records, with JioHotstar alone delivering a 35% YoY surge in engagement. The opening weekend (22–24 March) saw 1,370 million views.• Top franchises such as Chennai Super Kings (CSK), Mumbai Indians (MI), and Royal Challengers Bengaluru (RCB) generate diversified revenues through:Title and jersey sponsorshipsMerchandising and licensed productsTicket sales and matchday incomeDigital rights and brand licensingCHENNAI SUPER KINGS – A HIDDEN GEMABOUT THE COMPANY• Founded: 2008• Owner: Chennai Super Kings Cricket Ltd. (promoted by India Cements)• Home Ground: M. A. Chidambaram Stadium, Chennai• IPL Titles: 5 (2008, 2011, 2018, 2021, 2023) – tied for the most with Mumbai Indians• Playoff Appearances: 12 out of 16 seasons – highest consistency in IPL history• Estimated Fan Base: 45+ million• Social Media Followers: 40+ million across platformsCSK is widely regarded as the most consistent IPL team, led by iconic captain MS Dhoni, and maintains a loyal fan base translating directly into revenue stability, merchandise sales, and sponsorship value.In FY2025, CSK registered a INR 148 crore PAT, has no debt, and continues to hold ample cash reserves—allowing CSK to be one of the only ongoing global sports franchises that contributes to earnings year in and year out. STRONG FINANCIALSPARTICULARSFY23FY24FY25Revenue325.30723.28704.28Revenue Growth-122.34%-2.6%PAT13.78201.49148.32PAT %4.23%27.86%21.05%EPS0.345.414.08• EPS CAGR: ~246% over 2 years• PAT CAGR: ~228% over 2 yearsFINANCIALS COMPARISON – CSK A CLEAR WINNERPARTICULARSCSK(FY25)RCB(FY25)Revenue704514PAT148140PAT Margin21.05%27%VALUATION SNAPSHOTChennai Super Kings (CSK) — one of the most successful and profitable franchises — appears to be significantly undervalued relative to peers such as Royal Challengers Bangalore (RCB).INVESTMENT THESIS & OUTLOOK• Valuation Gap: Current ~$900M vs RCB ~$2B — potential upside 1.5–2×.• Exits are primarily expected through buyouts, while investors may also choose to remain invested and benefit from future upside. An IPO is not the intended exit mechanism; however, if it takes place, it would act as the final exit option.Conclusion: CSK combines cash-rich, debt-free operations, strong brand loyalty, and consistent profitability with a significant valuation gap, making it a hidden gem for investors.