Published 24th June 2024
It is a leading alcohol player that primarily produces whiskey with a market share of 11.8% in the segment. Its top brands include Officer’s Choice & Sterling Reserve.
Total IPO size (Rs cr) 1500 Offer for sale (Rs cr) 500 Fresh issue (Rs cr) 1000 Price band (Rs) 267-281 Subscription dates June 25-27, 2024 Purpose of issue Repayment of debt
7860 Net worth (Rs cr) 1409 Promoter holding (%) 80.9 Price/earnings ratio (P/E) 2665 Price/book ratio (P/B) 5.6M-cap (Rs cr)
Key financials (Rs cr) 2Y CAGR (%) TTM FY23 FY22 FY21 Revenue 5.5 7628 7106 7197 6379 EBIT (ex OI) -2 179 130 138 135 PAT -20.1 2.9 1.6 1.5 2.5 Net worth 3.1 409 406 404 382 Total debt -9.8 809 793 863 975
EBIT (ex OI) is earnings before interest and tax (excluding other income) PAT is profit after tax TTM is 12-months ending December 2023
Ratios 3Y median TTM FY23 FY22 FY21 ROE (%) 0.5 0.7 0.4 0.4 0.7 ROCE (%) 11.3 15.1 11.4 11.4 11.1 EBIT margin (%) 2 2.3 1.8 1.9 2.1 Debt-to-equity 2.2 2 2 2.1 2.6
ROE is return on equity ROCE is return on capital employed
The company enjoys strong brand recall, especially in the whiskey segment, which dominates the Indian-made foreign liquor market (IMFL).
The company stands to benefit from stable demand due to the habitual nature of its products, and the rising trend of premiumisation in the overall industry.
Industry’s high regulatory nature is among many risks that plague the company. To read the complete risk report, head to our story from the link below.