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Company Overview
Mohan Meakin Limited, with a legacy dating back to 1855, is one of India’s oldest and most respected names in the liquor and FMCG industry. Originating from the pioneering breweries of Edward Dyer and H.G. Meakin, the company evolved through strategic mergers and expansions, eventually adopting its present name in 1980.
Headquartered in Solan (H.P.) with major facilities in Mohan Nagar, Ghaziabad, the company operates breweries, distilleries, malt houses, glass factories, fruit processing units, and engineering works. Its portfolio spans iconic alcoholic beverage brands, fruit juices, breakfast foods, mineral water, and glass manufacturing.
Headquartered in Kolkata, Merino operates advanced manufacturing facilities in Hapur (Uttar Pradesh), Rohad (Haryana), Hosur (Tamil Nadu), and Dahej (Gujarat). The company has a nationwide presence and exports to over 60 countries. Its extensive distribution network, comprising 4,000+ dealers and over 2,000 retail outlets, has doubled in scale over the last five years, strengthening its market reach and accessibility.
Recent Financial Performance:
FY21–FY23: Consistent double-digit revenue growth — from ₹1,100 crore in FY21 to ₹1,771 crore in FY23.
Profitability: PAT grew from ₹51 crore in FY22 to ₹67 crore in FY23, with ROE above 20% and stable operating margins.
Debt-Free: Reduced borrowings to negligible levels, maintaining strong liquidity with a current ratio above 2x.
Valuation: Unlisted share price around ₹1,450 (P/E ~18.4x) — trading at attractive levels compared to industry peers.
Institutional Trust: LIC holds ~8.3% stake.
With over 165 years of heritage, a diversified business model, and solid fundamentals, Mohan Meakin Limited continues to be a compelling name in India’s unlisted market.
Fundamentals
| Particulars | Details | Particulars | Details |
|---|---|---|---|
| Share Price | Contact us to know share price | Lot Size | 50 shares |
| 52 Week High | ₹ 2,450 | 52 Week Low | ₹ 2,150 |
| Depository | NSDL & CDSL | PAN Number | AAACM4465E |
| ISIN Number | INE136D01018 | CIN | L15520HP1934PLC000135 |
| RTA | Beetal Financial & Computer Services | Market Cap (₹ Cr) | ₹ 1,914 |
| P/E Ratio | 18.59 | P/B Ratio | 4.03 |
| Debt to Equity | 0.01 | ROE (%) | 21.9 |
| Book Value | ₹ 558.56 | Face Value | ₹ 5 |
| Total Shares | 85,08,479 | Buy/Sell Availability | Available in lots of 50 |
Promoters & Managements
| Name | Designation |
|---|---|
| Yash Kumar Sehgal | Chairman |
| Hemant Mohan | Managing Director |
| Vinay Mohan | Executive Director |
| Rajesh Kedia | Chief Financial Officer (CFO) |
P&L Statement and Financial Ratios ( in Cr)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 1,370.41 | 1,771.00 | 1,930.00 | 2,151.00 |
| Cost of Material Consumed | 148.02 | 1,021.00 | 1,194.00 | 1,286.00 |
| Gross Margins (%) | 89.20 | 42.35 | 38.13 | 40.21 |
| Change in Inventory | -6.69 | -15.00 | -16.00 | -7.00 |
| Employee Benefit Expenses | 37.29 | 42.00 | 48.00 | 53.00 |
| Other Expenses | 1,124.16 | 635.00 | 593.00 | 686.00 |
| EBITDA (₹ Cr) | 67.63 | 88.00 | 111.00 | 133.00 |
| Operating Profit Margin (%) | 4.94 | 4.97 | 5.75 | 6.18 |
| Other Income | 8.95 | 10.00 | 12.00 | 15.00 |
| Finance Cost | 1.55 | 1.00 | 0.78 | 0.70 |
| Depreciation & Amortisation | 6.04 | 6.00 | 8.00 | 10.00 |
| EBIT (₹ Cr) | 61.59 | 82.00 | 103.00 | 123.00 |
| EBIT Margins (%) | 4.49 | 4.63 | 5.34 | 5.72 |
| PBT (₹ Cr) | 68.97 | 91.00 | 114.00 | 138.00 |
| PBT Margins (%) | 5.03 | 5.14 | 5.91 | 6.42 |
| Tax | 17.52 | 23.00 | 29.00 | 35.00 |
| PAT (₹ Cr) | 51.45 | 68.00 | 85.00 | 103.00 |
| Net Profit Margin (%) | 3.75 | 3.84 | 4.40 | 4.79 |
| EPS (₹) | 60.53 | 80.00 | 100.00 | 121.18 |
Balance Sheet (₹ in Cr)
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 61.21 | 72.00 | 84.00 | 91.00 |
| Capital Work-in-Progress (CWIP) | 8.02 | 10.00 | 12.00 | 12.00 |
| Investments | 3.73 | 4.00 | 7.00 | 10.00 |
| Trade Receivables | 76.34 | 98.00 | 114.00 | 112.00 |
| Inventory | 89.87 | 117.00 | 132.00 | 151.00 |
| Other Assets | 109.49 | 133.00 | 186.00 | 276.00 |
| Total Assets | 348.66 | 434.00 | 535.00 | 652.00 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 4.25 | 4.25 | 4.25 | 4.25 |
| Face Value (₹) | 5 | 5 | 5 | 5 |
| Reserves | 206.84 | 276.00 | 362.00 | 466.00 |
| Borrowings | 4.62 | 4.00 | 4.00 | 4.20 |
| Trade Payables | 77.62 | 93.00 | 96.00 | 105.00 |
| Other Liabilities | 55.33 | 56.75 | 68.75 | 72.55 |
| Total Liabilities | 348.66 | 434.00 | 535.00 | 652.00 |
Cash Flow Statement (₹ in Cr)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT (₹ Cr) | 68.97 | 92.00 | 114.00 | 138.00 |
| Operating Profit Before Working Capital (OPBWC) | 73.81 | 94.00 | 116.00 | 139.00 |
| Change in Receivables | 2.33 | -22.00 | -15.00 | 2.00 |
| Change in Inventories | -13.57 | -27.00 | -15.00 | -18.00 |
| Change in Payables | 4.03 | 16.00 | 3.00 | 10.00 |
| Other Changes | -0.51 | 1.00 | 8.00 | -2.00 |
| Working Capital Change | -7.72 | -32.00 | -19.00 | -8.00 |
| Cash Generated from Operations | 66.09 | 62.00 | 97.00 | 131.00 |
| Tax | -18.41 | -20.00 | -30.00 | -35.00 |
| Cash Flow from Operations (CFO) | 47.68 | 42.00 | 67.00 | 96.00 |
| Purchase of PPE | -9.98 | -24.00 | -17.00 | -17.00 |
| Sale of PPE | 0.01 | 4.00 | 0.00 | 0.00 |
| Cash Flow from Investment (CFI) | -40.01 | -52.00 | -71.00 | -89.00 |
| Borrowing | -0.76 | -0.30 | 0.00 | 0.00 |
| Dividend | 0.00 | 0.00 | -0.77 | -0.80 |
| Others from Financing | -0.24 | -0.20 | -0.23 | 0.00 |
| Cash Flow from Financing (CFF) | -1.00 | -0.50 | -1.00 | -0.80 |
| Net Cash Generated | 6.67 | -10.50 | -5.00 | 6.20 |
| Cash at Start | 26.07 | 33.00 | 22.00 | 17.40 |
| Cash at End | 32.74 | 22.50 | 17.00 | 23.60 |
Share Holding Pattern
NA
