BSE: 539546
AGRIBIO SPIRITS LIMITED
Operates a spirits business built around country liquor and Indian-made foreign liquor (IMFL) bottling on a franchise basis, having rebranded from Beekay Niryat Limited. Standalone revenue from operations stood at Rs. 4,499.75 lakhs in FY26, up 147% from Rs. 1,818.98 lakhs in FY25, reflecting the shift into the spirits business. In September 2025 the company acquired a 99.10% stake in Solkit Distillery and Brewery Private Limited as a wholly-owned subsidiary; Solkit bottles country liquor and IMFL under a franchise model with a stated capacity of about 1,45,000 cases and generated Rs. 25.81 crore of turnover in FY25 (down from Rs. 30.41 crore in FY24). The company also holds a 29.76% stake in associate Agribiotech Industries Limited, which contributed Rs. 250.95 lakhs as share of profit in FY26, lifting consolidated PAT to Rs. 402.72 lakhs versus Rs. 366.29 lakhs in the prior year. A scheme of amalgamation with Agribiotech Industries (Agribiotech as transferor, Agribio Spirits as transferee) has received BSE's no-adverse-observation letter dated February 17, 2026 and is pending NCLT approval. Final dividend recommended for FY26 was Rs. 0.30 per equity share (3% on face value of Rs. 10). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone spirits business, Solkit Distillery and Brewery (subsidiary), Agribiotech Industries (associate). Small-cap, franchise-based spirits bottling and distribution with a pending merger into an associate biotech business.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 18 | 21 | 18 | 45 |
| EBITDA (ex other income) | 1 | 1 | (1) | (0) |
| margin % | 4.0 | 3.7 | (4.4) | (1.0) |
| Owners' profit | 1 | 2 | 0 | 4 |
| EPS, as reported (₹) | 1.27 | 3.18 | 1.11 | 3.70 |
| ROE % · ROCE % | 5.0 · 6.5 | 5.7 · 3.2 | 1.8 · 2.7 | 5.6 · 2.1 |
| Debt / equity (x) | 0.03 | 0.06 | 0.03 | 0.26 |
| Cash from operations | 0 | (2) | (12) | (4) |
| Capex | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 8 | 5 | 7 | 17 | 8 | 13 | 1 |
| Profit before tax | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Net profit | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| EPS (₹) | 1.57 | 0.17 | 0.32 | 0.90 | 0.99 | 1.01 | 0.83 | 1.11 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 95,570 | 49.7 | 10.67 | 35.4 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 59,131 | 70.9 | 17.83 | 58.4 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 30,768 | 77.8 | 6.80 | 34.8 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,328 | 88.3 | 11.47 | 36.0 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 13,609 | — | 4.56 | 73.5 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,678 | 40.1 | 6.30 | 25.7 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,371 | 7.2 | 0.81 | 6.0 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,273 | 19.1 | 2.09 | 10.2 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 78.2 | 26.0 | 18 of 21 | 15% |
| P/B | 4.7 | 2.1 | 19 of 25 | 25% |
| ROCE | 1.8 | 3.7 | 17 of 26 | 36% |
| ROE | 5.6 | 5.6 | 13 of 25 | 50% |
| Debt / Equity | 0.3 | 0.5 | 7 of 25 | 75% |
| EBITDA margin | 66.9 | 6.4 | 1 of 23 | 100% |
| Revenue growth | (91.4) | 10.2 | 22 of 22 | 0% |
| Profit growth | 23.2 | 6.1 | 9 of 23 | 64% |
| Market cap | 335 | 737 | 16 of 26 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · AGM 2026: 3% dividend declared, all 3 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Final dividend of 3 percent approved by shareholders for FY26 | corporate actions | medium | — | — |
| 30 Sept 2026 · 51st AGM proceedings: 3% dividend declared, accounts adopted, director re-appointed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · NCLT-convened shareholder meeting on Oct 24 for merger with Agribiotech Industries | strategic transactions | high | — | — |
| 10 Sept 2026 · Agribio Spirits appoints Ms. Priya Rohira as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 10 Sept 2026 · Company Secretary Madhuri Dhanopia resigns from Agribio Spirits | management changes | medium | — | — |
| 9 Sept 2026 · Agribio Spirits subsidiary begins production at Udaipur facility | business updates | high | — | — |
| 7 Sept 2026 · Notice of 51st AGM published in newspapers - September 30, 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · 51st AGM Notice and Annual Report Link Sent to Non-Email Shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.