BSE: 512025
ASGARD ALCOBEV LIMITED
Operates an alcoholic beverages business through its subsidiary CMJ Breweries Private Limited, in which it holds a 78.9% stake acquired in February 2026. The beverages business became the primary revenue source after the company divested its former paper manufacturing operations via the sale of Banganga Paper Mills Ltd. Consolidated revenue for FY26 was ₹10,150.68 lakhs, up about 74.7% from ₹5,809.63 lakhs in FY25, largely reflecting the consolidation of CMJ Breweries. Standalone revenue was minimal at ₹31.05 lakhs in FY26, with most of the year's revenue coming from the newly acquired subsidiary. The cost structure is raw-material heavy, with materials at 74.4% of revenue, employees at 3.0%, other operating expenses at 9.2%, and depreciation at 1.7%. Profit after tax was ₹148.95 lakhs, down from ₹188.28 lakhs a year earlier, weighed down by an exceptional loss of ₹178.43 lakhs on the disposal of the paper subsidiary. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Alcoholic beverages. Recently pivoted from paper to alcoholic beverages; raw-material intensive with thin EBITDA margin
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 58 | 102 |
| EBITDA (ex other income) | 5 | 5 |
| margin % | 8.2 | 5.0 |
| Owners' profit | 0 | 1 |
| EPS, as reported (₹) | 1.57 | 0.10 |
| ROE % · ROCE % | 12.1 · 15.8 | 3.0 · 5.7 |
| Debt / equity (x) | 0.64 | 1.48 |
| Cash from operations | (2) | 4 |
| Capex | 0 | 0 |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 17 | 21 | 20 | 21 | 24 | 20 | 37 |
| Profit before tax | 0 | 1 | 1 | 1 | 0 | 0 | 1 |
| Net profit | 0 | 1 | 1 | 1 | 0 | 0 | 1 |
| EPS (₹) | 0.11 | 0.64 | 0.83 | 0.05 | 0.01 | 0.01 | 0.03 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 282.0 | 13.0 | 79 of 79 | 0% |
| P/B | 17.9 | 1.3 | 93 of 95 | 2% |
| ROCE | 3.4 | 3.4 | 52 of 103 | 50% |
| ROE | 3.0 | 2.9 | 56 of 113 | 51% |
| Debt / Equity | 1.5 | 0.1 | 82 of 91 | 10% |
| EBITDA margin | 4.8 | 25.4 | 66 of 92 | 29% |
| Revenue growth | 78.3 | 16.2 | 18 of 91 | 81% |
| Profit growth | (40.1) | 5.2 | 80 of 110 | 28% |
| Market cap | 879 | 47 | 20 of 108 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Investor presentation on brewing platform and expansion plans | investor communications | medium | — | — |
| 10 Oct 2026 · Clarification on disclosure delay for subsidiary credit rating press release | compliance | low | — | — |
| 9 Oct 2026 · Subsidiary CMJ Breweries rating reaffirmed at CARE B-; Stable | credit debt | medium | — | — |
| 7 Oct 2026 · Routine RTA compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · All 7 resolutions passed at 42nd AGM with 100 percent approval | compliance | minimal | — | — |
| 30 Sept 2026 · 42nd AGM concluded; 7 resolutions put to vote including auditor and remuneration approvals | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1, 2026 until 48 hours after Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Registered office shifted from Maharashtra to Meghalaya | general | low | — | — |
| 8 Sept 2026 · Asgard Alcobev publishes 42nd AGM notice and e-voting details in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Asgard Alcobev FY26 Annual Report: Complete pivot from paper to brewing | results | high | — | — |
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.