Subsidiary CMJ Breweries rating reaffirmed at CARE B-; Stable
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.2 pts more than Nifty Microcap 250 and 3.0 pts more than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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CARE Ratings reaffirmed CARE B-; Stable on subsidiary CMJ Breweries Rs 56.50 crore long-term bank facilities (reduced from Rs 98.80 crore). Concerns remain over negative net worth of about minus Rs 10.36 crore, leveraged capital structure, stretched liquidity, past debt restructuring and regulatory risks. Strengths include improved PBILDT margin of 6.27 percent versus 3.47 percent, capacity utilisation rising to 60.47 percent, and bottling tie-ups with Kingfisher and Carlsberg. FY26 brewery revenue grew about 10 percent. CMJ paid Rs 29 crore MIDCL OTS in Aug 2026 funded by Rs 25 crore Kotak term loan.
Rating reaffirmed at low grade despite better profitability. No upgrade yet; weak capital structure and stretched liquidity remain concerns for shareholders.