BSE: 531126
KATI PATANG LIFESTYLE LIMITED
Operates a premium craft beer platform built around the Kati Patang brand, selling beers flavoured with Indian ingredients such as saffron, turmeric and ginger. Distribution reaches Indian states including Delhi, Haryana, Uttarakhand, Rajasthan and Chhattisgarh, and extends overseas via a 23% stake in UK JV CHADKP Holdings (placing the beer across 800+ J D Wetherspoons venues) and exports of Saffron Lager and Bareilly Bold to 5 US states, priced 20–25% above Kingfisher, Taj Mahal and Bira. Revenue is generated from sale of alcoholic beverages (and previously digital/marketing activity), with FY26 revenue of Rs. 13.3255 cr and Q1 FY27 consolidated revenue of Rs. 624.54 lakh, up from Rs. 289.29 lakh a year earlier. The alco-bev line has been built primarily through acquisitions — a 99.5% stake in Empyrean Spirits, 100% of Agnetta International and a 51% stake approved in Chhota Hazri Spirits (Delhi-based). Costs are dominated by other operating expenses at 104.7% of FY26 revenue, with employee costs at 25.2% and depreciation at 1.0%, leaving the company loss-making at the EBITDA line. The business also raises capital through equity instruments such as a Rs. 20.51 cr Rights Issue that was oversubscribed by more than 10%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Alcoholic beverages (craft beer), Digital / marketing operations (legacy). Early-stage, asset-light alco-bev platform pivoting from legacy digital/marketing activity; currently loss-making with revenue ramping.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 4 | 5 | 11 | 13 |
| EBITDA (ex other income) | (3) | (4) | (2) | (4) | (9) |
| margin % | (84.1) | (110.5) | (42.6) | (37.4) | (69.9) |
| Owners' profit | 0 | 0 | 0 | (3) | (10) |
| EPS, as reported (₹) | (2.69) | (2.52) | (19.04) | 1.31 | 2.15 |
| ROE % · ROCE % | 7.7 · (15.0) | 10.2 · (23.7) | 6.9 · (12.2) | (21.5) · (12.2) | (42.9) · (24.7) |
| Debt / equity (x) | (1.84) | (1.70) | (1.70) | 0.82 | 0.60 |
| Cash from operations | (3) | (3) | (3) | (1) | (10) |
| Capex | (0) | (0) | (1) | (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 | 4 | 4 | 2 | 2 | 2 | 3 | 4 | 6 |
| Profit before tax | (0) | (2) | (2) | (1) | (2) | (3) | (4) | (2) |
| Net profit | (1) | (1) | (2) | (1) | (2) | (3) | (4) | (2) |
| EPS (₹) | (0.28) | (0.52) | 0.69 | 0.34 | 0.45 | 0.79 | 0.85 | 0.29 |
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 | 1,01,812 | 53.0 | 11.37 | 37.8 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 60,450 | 72.4 | 18.23 | 59.7 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 32,606 | 82.4 | 7.20 | 36.8 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 18,349 | 83.8 | 10.88 | 34.3 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 14,389 | — | 4.83 | 77.2 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,841 | 41.3 | 6.48 | 26.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| GLOBUS SPIRITS LTD | 2,419 | 20.4 | 2.22 | 10.8 | 8.4 | 8.5 | 16.7 | 6.9 |
| G M BREWERIES LTD | 2,166 | 23.6 | 2.01 | 10.3 | 14.5 | 19.0 | — | 6.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.2 | 23.9 | 4 of 24 | 87% |
| P/B | 3.0 | 2.2 | 15 of 25 | 42% |
| ROCE | (24.9) | 3.7 | 26 of 26 | 0% |
| ROE | (42.9) | 5.6 | 25 of 25 | 0% |
| Debt / Equity | 0.6 | 0.5 | 17 of 25 | 33% |
| EBITDA margin | (23.2) | 6.4 | 22 of 23 | 5% |
| Revenue growth | 254.8 | 10.2 | 2 of 22 | 95% |
| Profit growth | (21.7) | 6.1 | 16 of 23 | 32% |
| Market cap | 69 | 865 | 23 of 26 | 12% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 21 Sept 2026 · Further extension of call money payment deadline to October 1, 2026 | fund raising | low | — | — |
| 15 Sept 2026 · Extension of last date for call money payment on partly paid shares | fund raising | medium | — | — |
| 14 Sept 2026 · Last date extended for First and Final Call money payment | corporate actions | medium | — | — |
| 14 Sept 2026 · Extension of last date for First and Final Call Money payment | fund raising | low | — | — |
| 8 Sept 2026 · Annual Report FY26: Wider losses, rights issue oversubscribed, new markets | compliance | medium | — | — |
| 7 Sept 2026 · Sanjay K Jain appointed Non-Executive Chairperson for 5 years | management changes | high | — | — |
| 7 Sept 2026 · Gokul Tandan resigns as Chairperson, remains Managing Director | management changes | medium | — | — |
| 7 Sept 2026 · Annual Report FY26: Losses Widen, AGM on Sep 30 | compliance | low | — | — |
| 7 Sept 2026 · 34th AGM notice on Sep 30, 2026; board changes and related party deals on agenda | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board approves Annual Report, AGM Sep 30; Chairperson change | 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.