Mount Everest Breweries IPO

Strengths · 6

• 01Revenue from operations grew from Rs 546.66 crore in FY2024 to Rs 1,017.84 crore in FY2026, and restated profit after tax from Rs 20.37 crore to Rs 53.19 crore.
• 02EBITDA margin on net revenue improved from 8.90% in FY2024 to 11.39% in FY2026, and gross profit margin from 44.03% to 46.75%.
• 03Installed capacity rose from 2.00 million hectolitre in FY2025 to 2.80 million hectolitre in FY2026 after the Mysuru facility was acquired.
• 04Operating cash flow was positive in all three years: Rs 70.95 crore in FY2026 and Rs 83.56 crore in FY2025.
• 05The proprietary brands business earned Rs 631.57 crore in FY2026, or 62.05% of revenue from operations, and the number of states where the products were sold rose from 7 in FY2024 to 17 in FY2026.
• 06Net working capital days fell from 53 in FY2024 to 15 in FY2026.

Risks · 10

• 01Madhya Pradesh gave 71.47% of revenue from operations in FY2026 (84.47% in FY2025), so a demand or regulatory change in one state matters a great deal.
• 02Sales to government or government-controlled agencies were 81.99% of revenue from operations in FY2026 and 95.69% in FY2025.
• 03The top 5 customers gave 74.51% of revenue from operations in FY2026 and 88.83% in FY2025. The top 10 customers gave 76.60%.
• 04Total borrowings rose from Rs 57.73 crore at 31 March 2025 to Rs 237.91 crore at 31 March 2026, and the debt-equity ratio went from 0.33 to 1.04.
• 05Investing cash outflow was Rs 238.68 crore in FY2026, funded by financing inflow of Rs 168.24 crore, as the company expands capacity.
• 06Capacity utilisation was 49.54% in FY2026 and 53.80% in FY2025, so a large part of the installed capacity is unused.
• 07The company has applied for Consent to Establish for the Hardoi plant, which was still pending at the date of the draft document. Rs 230.00 crore of the issue is meant for this plant.
• 08Rice, malted barley, hops, cans and glass bottles cost Rs 443.81 crore in FY2026, or 46.63% of total expenses. Most key raw materials are bought without long-term contracts.
• 09Beer prices are approved by state excise authorities, so the company may not be able to pass on cost increases.
• 10Sixteen tax proceedings are outstanding against the company and ten against the promoters. General corporate purposes are unspecified, with a cap of 25% of gross proceeds.

Mount Everest Breweries Limited, based in Indore, Madhya Pradesh, brews, packs, sells and distributes beer across economy, core and premium categories. Its own portfolio has five brands: Mount's 6000, Lemount, Mount's Lager, Dabang and Stok. Its beer was available at 22,229 retail outlets and touchpoints as of 31 August 2026.

The company works through two business verticals. The first is its Proprietary Beer Brands Business, which gave Rs 631.57 crore of revenue in FY2026, or 62.05% of revenue from operations. The second is Contract Brewing, where it brews and packs beer for other brand owners. This gave Rs 270.02 crore in FY2026, or 26.53%. It has also entered a contract brewing arrangement at Sonitpur, Assam.

The company has two brewing facilities. The Simrol facility near Indore was set up in 2008 and sits on 11.82 hectares that the company owns. The Mysuru facility in Karnataka was acquired in 2025 and sits on 6.67 hectares leased from the Karnataka Industrial Areas Development Board. Installed capacity was 2.80 million hectolitre in FY2026 against 2.00 million hectolitre in FY2025, and actual production was 1.39 million hectolitre.

As of 31 August 2026 the company's distribution covered 16 states and 3 union territories. It has also exported its own brands to Mauritius, the UAE and the USA. The number of SKUs rose from 18 in FY2024 to 38 in FY2026, and the number of employees from 249 to 382.

The company is promoted by Anand Kumar Kedia, Prasann Kumar Kedia, Anshuman Kedia, Vedant Kedia and Venkateshwar Investment & Finance Private Limited. It plans a third plant at the Industrial Manufacturing and Logistic Cluster in Hardoi, Uttar Pradesh, on 12.03 hectares of leased land.

The industry

The draft offer document cites the Technopak report. Beer is the second largest alcoholic beverage in India by value after spirits, with an estimated share of about 17.6% of the alcoholic beverage market in FY2026. The Indian beer market was valued at INR 796 billion in FY2026 and is projected to reach INR 1,154 billion by FY2031, a CAGR of 7.7%. By volume, 428 million cases were sold in FY2026, projected to reach 535 million cases by FY2031, a CAGR of about 4.6%.

Customer concentration: Top 5 customers gave 74.51% of FY2026 revenue from operations (88.83% in FY2025 and 93.55% in FY2024).