Aspri Spirits IPO

Strengths · 7

• 01Revenue from operations rose from Rs 378.25 crore in FY2023 to Rs 460.68 crore in FY2025, and was Rs 119.56 crore in the three months to 30 June 2025.
• 02The brand portfolio is large, with 323 brands as of 30 September 2025, and the report names Aspri the largest alco-beverage distributor in India by this measure.
• 03Net realisation per case rose from Rs 16,237.28 in FY2023 to Rs 17,665.90 in FY2025, so the sales mix is moving to higher priced products.
• 04EBITDA margin was 12.91% in the three months to 30 June 2025, against 8.13% in FY2025.
• 05Customer dependence has eased: the top 10 customers gave 42.70% of gross revenue in FY2025, down from 49.37% in FY2023.
• 06The company holds exclusive arrangements for brands such as Bunnahabhain, Beluga Vodka and Zonin Wines, and has had no key managerial attrition in the periods reported.
• 07Four bonded warehouses and a free trade zone warehouse let it hold imported stock without paying duty until sale, and the network covers 28 states and union territories.

Risks · 10

• 01Profit has not kept pace with sales: PAT was Rs 19.52 crore in FY2023 and Rs 17.44 crore in FY2025 even though revenue rose from Rs 378.25 crore to Rs 460.68 crore.
• 02Return ratios have fallen. ROE dropped from 46.09% in FY2023 to 23.66% in FY2025, and ROCE from 29.81% to 19.61%.
• 03Borrowings were Rs 102.25 crore in FY2025 and Rs 93.07 crore at 30 June 2025, against a net worth of Rs 73.68 crore at 31 March 2025. Finance costs were Rs 10.72 crore in FY2025.
• 04Operating cash flow was negative at Rs -12.14 crore in FY2024, and Rs 15.52 crore in FY2025, while trade receivables rose to Rs 105.17 crore at 31 March 2025.
• 05Spirits made up 86.81% of gross revenue in FY2025, so a drop in spirits sales would hit the whole business.
• 06The top 10 customers gave 42.70% of gross revenue in FY2025 and the top 3 gave 21.06%. These include state corporations, and the names are not disclosed.
• 07Maharashtra, Karnataka and Delhi together gave over 56.68% of gross sales, and Maharashtra alone gave 32.32% of gross revenue in FY2025.
• 08Sales depend on state excise label registrations, some of which sit in distributors' names, and fresh registrations are needed after the conversion to a public company.
• 09Of the 5,000,000 shares in the offer for sale, promoters, promoter group and other holders sell. Money from those shares goes to the sellers and not to the company, and general corporate purposes can take up to 25% of gross proceeds.
• 10Related party sales to Aaroha Alcobev Distributors Private Limited were Rs 22.61 crore in FY2025, or 4.91% of revenue from operations.

Aspri Spirits Limited was set up in 2004 as Aspri Spirits Private Limited and became a public company in November 2025. It describes itself as a marketing, development and distribution partner for global alco-beverage brands in India and South Asia. It imports, markets and distributes international alco-beverages and also does brand development.

The company does not make the drinks it sells. It buys them directly from international brands and sells them to state corporations, hotel chains, restaurants, pubs, modern retail chains and standalone retail stores. It also supplies duty-free and travel retail operators. The product range covers whisky, rum, brandy, vodka, gin, wine, beer and tequila. The document says it has exclusive arrangements with brands such as Bunnahabhain, Beluga Vodka, Evan Williams Bourbon, M. Chapoutier, Mateus Rose, Meukow Cognacs and Zonin Wines.

Spirits are the core of the business. They gave 86.81% of gross revenue from operations in FY2025, against 79.75% in FY2023. The company sold 247 active brands and 962 SKUs in FY2025. Net realisation per case was Rs 17,665.90 in FY2025, up from Rs 16,237.28 in FY2023.

The distribution network covers 28 states and union territories. As of 30 September 2025 the company ran four bonded warehouses in Mumbai, Delhi, Bengaluru and Gurugram. It also runs a free trade zone warehouse in a Special Economic Zone in Uttar Pradesh, which mainly serves travel retail and duty-free sales. Bonded storage lets it hold imported stock without paying customs and excise duty until the goods are released for sale.

The company had 293 on-roll employees as of 30 June 2025. Its promoters are Jaikishan Sham Matai, Matai Jackie Sham HUF, Gautam Nandkishore Matai, Arunkumar Venkat Bangalore and Pritish Jaikishan Matai. It has subsidiaries including Vinspri Distributors Private Limited, P M Marketing Private Limited, Asdis Drinks India Private Limited and Aspri Spirits FZE.

The industry

As per the Knowledge Company report quoted in the document, India's alco-beverage market was valued at Rs 3,550 billion in FY2025. It grew at a CAGR of 8.04% over FY2019 to FY2024 and is expected to reach about Rs 5,850 billion by FY2030, a projected CAGR of 10.5%. The import segment contributed Rs 167 billion in FY2025, of which spirits were about Rs 160 billion and wine about Rs 7 billion. The report calls Aspri the largest alco-beverage distribution company in India by brand portfolio size, with 323 brands as of 30 September 2025.

Customer concentration: Top 10 customers gave 42.70% of gross revenue in FY2025 (45.45% in FY2024), the top 5 gave 28.83% and the top 3 gave 21.06%.