NSE: GMBREW · BSE: 507488
G M BREWERIES LTD
G M Breweries manufactures and sells Country Liquor, operating entirely in that single segment for FY26. Revenue stood at Rs 2,976.57 crore with a net profit of Rs 156.83 crore and an EBITDA margin of 7.087%. The cost structure is unusual: materials account for 17.2% of revenue and employees for just 0.4%, while 'other opex' runs at 76.3% of revenue, which in the Indian liquor industry typically reflects state excise duties and related statutory levies that pass through the P&L. Depreciation is 0.2% and capex is shown at 0.0% of revenue. The company has floated a wholly-owned subsidiary, Buildfort Infra Dev Private Limited, with Rs 1 Lakh of initial capital to explore real estate, but the subsidiary has not commenced business and had no transactions in the reporting period. The board declared a Rs 9 per share final dividend (90% on face value) for FY26, which the chairman noted was achieved despite high raw and packing material costs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Country Liquor, Real estate (subsidiary, not yet operational). Single-product, excise-heavy consumer staples business in country liquor, currently exploring a real estate side-line through a newly formed subsidiary.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 2,977 |
| EBITDA (ex other income) | 181 |
| margin % | 6.1 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 68.64 |
| ROE % · ROCE % | 14.5 · 19.1 |
| Debt / equity (x) | 0.00 |
| Cash from operations | (96) |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY26 | Q1 FY27 |
|---|---|---|
| Revenue | 812 | 803 |
| Profit before tax | 68 | 50 |
| Net profit | 54 | 38 |
| EPS (₹) | 23.66 | 16.52 |
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 | 89,211 | 46.4 | 9.96 | 33.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 55,582 | 66.6 | 16.76 | 54.9 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 31,387 | 79.3 | 6.93 | 35.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,588 | 89.4 | 11.62 | 36.5 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,448 | — | 4.17 | 68.1 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,604 | 39.6 | 6.22 | 25.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,209 | 6.7 | 0.75 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,143 | 18.1 | 1.97 | 9.8 | 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) | 19.9 | 31.2 | 9 of 21 | 60% |
| P/B | 1.7 | 1.9 | 10 of 25 | 63% |
| ROCE | 19.0 | 3.7 | 4 of 26 | 88% |
| ROE | 14.5 | 5.6 | 6 of 25 | 79% |
| Debt / Equity | 0.0 | 0.5 | 1 of 25 | 100% |
| EBITDA margin | 6.5 | 6.4 | 11 of 23 | 55% |
| Market cap | 1828 | 726 | 9 of 26 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Quarterly compliance certificate for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Unaudited Financial Results for Q2 and H1 FY26 ended September 30, 2026 | results | high | — | — |
| 8 Oct 2026 · G M Breweries H1 FY27 results: PBT up 27% YoY, no debt | results | high | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 for unaudited results | compliance | minimal | — | — |
| 23 Sept 2026 · Board Meeting on Oct 8 to consider Q2 FY26 unaudited results | results | low | — | — |
| 15 Jul 2026 · Routine monthly compliance certificate for share dematerialisation, June 2026 | compliance | minimal | — | — |
| 13 Jul 2026 · GM Breweries Q1 FY27 results, subsidiary floated in real estate | results | high | — | — |
| 13 Jul 2026 · Compliance certificate for quarter ended June 30 2026 | compliance | minimal | — | — |
| 9 Jul 2026 · GM Breweries Q1 FY27 Results Filed With Clean Auditor Review | results | high | — | — |
| 9 Jul 2026 · GM Breweries Q1 FY27 results approved, clean auditor review | 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.