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Company Overview:
- Established in 1855
- One 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 portfolio
- Exports 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 countries
- Portfolio of 60+ products across rum, whisky, beer, gin, vodka, brandy, and RTD beverages
Product Overview: More than 60+
| Category | Key Brands |
|---|---|
| Beer | Old Monk 10000 Super Beer, Old Monk The Original Premium Strong Beer, Golden Eagle Lager Beer, Meakin 10000 Beer, IQ Wheat Beer |
| Rum | The 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 Amber |
| Whisky | Solan No-One Black, RIPS Royal Superior Blended Grain Whisky, Golden Oak Barrel Aged Blended Whisky, and the premium Solan Gold Indian Single Malt Whisky |
| Gin | Jamun The Himalayan Juniper Dry Gin (launched in 12 states), I.Q. London Dry Gin, IQ Cucumber London Dry Gin, IQ Pink Gin |
| Brandy | Nautilus Premium Blended XO Brandy |
| Vodka | Knight Rider Premium |
| RTD (Ready to Drink) | In 4 different flavours |
| Non-alcoholic products | Fruit Juices, Cornflakes, Wheat Porridge, Vinegars, other cereals |
Business 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 beverages
- Royalty and technical know-how income
Through licensing of bottling and manufacturing rights across India
- Manufacture and sale of non-alcoholic products
Includes juices, cornflakes, wheat porridge, vinegar, and cereals
Manufacturing Locations:
The company owns and operates plants at:
- Solan Brewery, Himachal Pradesh — Brewery (beer) + IMFL bottling plant
- Kasauli Distillery, Himachal Pradesh — Produces malt spirit and sugarcane spirit
- Mohangram, Bhankarpur, Punjab — IMFL bottling plant
- Mohan Nagar, Ghaziabad, U.P. — Brewery, Distillery, Breakfast Foods, Fruit Products
- Lucknow, 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:
| Category | No. of Shares Held |
|---|---|
| Promoters Holding | 5769842 |
| Insurance Companies | 718758 |
| Others | 2019879 |
| Total | 8508479
|
- 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 years
Financial Performance Overview:
| Particulars | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from Operations | 1771 | 1930 | 2151 | 2302 |
| YoY Growth % | - | 9% | 11% | 7% |
| Other Income | 7 | 12 | 15 | 31 |
| Total Income | 1778 | 1942 | 2166 | 2333 |
| EBITDA | 96 | 123 | 149 | 219 |
| EBITDA Margin % | 5% | 6% | 7% | 9% |
| Profit After Tax | 65 | 85 | 103 | 155 |
| PAT 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 Analysis
| Company | Mohan Meakin | United Spirits | Radico Khaitan | Globus Spirits | Allied Blenders & Distillers | Tilaknagar |
|---|---|---|---|---|---|---|
| Status | UNLISTED | LISTED | LISTED | LISTED | LISTED | LISTED |
| Market Cap | 2,127 Cr | 92,325 Cr | 47, 335 Cr | 2,516 Cr | 15,615 | 10,792 |
| Price Per share | 2500 | 1254 | 3487 | 866 | 558 | 437 |
| Price to Earnings | 13.7 | 50 | 75.6 | 27.4 | 67.9 | 42.7 |
Note: 2500 price for Mohan Meakin is a private market price and should be considered indicative, as unlisted share prices can be volatile
Listed Market prices taken as on 1st June 2026
Scenario Analysis
| Scenario Analysis | ||
|---|---|---|
| Price to Earnings Multiple | Implied Market Cap | Implied Share Price |
| 25x | ~3,919 Cr | ~4,605 |
| 30x | ~4,703 Cr | ~5,526 |
| 40x | ~6,270 Cr | ~7,368 |
| 50x | ~7,838 Cr | ~9,210 |
Investment Rationale
- Iconic 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 leverage
- Hidden 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.