RATING

RECOMMENDATION

Strong Buy

  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Strong Buy

Business Type

Emerging Leader

RATING

RECOMMENDATION

Strong Buy

Business Type

Emerging Leader

Here in this research report, you will get:
- Mohan Meakin Review and Analysis
- Mohan Meakin Pre IPO Details

- Mohan Meakin Upcoming IPO Details
- Expected Mohan Meakin Upcoming IPO Date
- Expected Price Band
- Management Details (Ownership)
- Business Model
- Key Ratios
- Peer Comparisons
- Financial reports (Profit and Loss Statements, Balance Sheets, Results, 
Growth, Valuations, Funding Rounds)

- Latest News (Articles and Videos)
- Upcoming and Past Events Details
- Rating and recommendations for the Company's shares (Whether to Buy/Sell/Hold)

Mohan Meakin Share Price (Latest in Pre IPO Market)


Discover and get a complete analysis on Mohan Meakin Limited - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get latest updates on Mohan Meakin Upcoming IPO.

ISIN

INE136D01018

Face Value

₹5.00

Total Share

85,08,479

Total Income

₹1,029.02 Cr

Profit After Tax

₹51.45 Cr

Promoter Holding

67.87 %

EPS

₹60.47

P/E

20.51

P/B

5.71

Market Capitalisation

₹1,055.05 Cr

Enterprise Value

₹1,003.68 Cr

Book Value

₹217.13

Intrinsic Value

₹3,603.00

Earnings Yield

4.88 %

Sector

Consumer Staples

Sub-sector

Beverage- Alcoholic

Category

Micro Cap

Cashflow - Operations

₹47.68 Cr

Cashflow - Financing

-₹1.01 Cr

Mohan Meakin Growth

Compounded Sales Growth

  • 33.94%

    1 Year

  • 17.02%

    5 Year

  • 11.67%

    9 Year

Pro Only

Compounded Profit Growth

  • 27.65%

    1 Year

  • 61.79%

    5 Year

  • 33.20%

    9 Year

Pro Only

Return On Equity

  • 27.85%

    2022

  • 30.12%

    2018

  • -67.78%

    2014

Pro Only

About Mohan Meakin

  • Mohan Meakin Limited (MML) is a large conglomerate that began with Asia's first brewery, manufacturing alcoholic and non-alcoholic beverages is the company's main business. The company’s alcoholic products include whiskies, beers, brandies, gins, rums, and vodka. Its non-alcoholic products comprise apple juices, brewed and non-fruit vinegars, and mineral water; and breakfast foods, such as corn flakes, wheat porridge, wheat flakes, and wheat dalia, as well as malt extracts. 
  • The company has been a pioneer in the liquor industry and has made steady progress, established breweries and distilleries in various parts of the Country. The company also exports its beer, rum, whisky, brandy, and gin products to the United Arab Emirates, the United States, Singapore, Qatar, Germany, Kenya, Ukraine, Russia, Hong Kong, Oman, the Democratic Republic of the Congo, and Estonia.
  • Solan, Kasauli, Mohangram, MohanNagar, Bhankarpur, and Lucknow are among the company's manufacturing sites.
  • Edward Dyer founded MML in 1855 (although it was founded much earlier) at Kasauli in the Himalayan Mountains of India under the name Dyer Breweries.
  • The name of the company with Indian assets and liabilities was changed from Dyer Meakin & Co. Ltd. to Dyer Meakin Breweries Ltd. in 1935, and the Burma Brewery assets and liabilities were separated.
  • Following that, the name of the company was changed from Dyer Meakin Breweries Ltd. to Mohan Meakin Breweries Ltd. in 1966, and then to Mohan Meakin Ltd. in 1980, and the company is now known as Mohan Meakin Limited.

  • Mohan Meakin IPO Details

  • The 163-year-old corporation is considering re-listing its equity shares on the Delhi and Calcutta stock exchanges, some 16 years after they were de-listed. They have filed documents to re-list on the exchanges with the Metropolitan Stock Exchange (MSE).
  • The company has not filed any DRHP for the IPO as of now.

  • Mohan Meakin Merger & Acquisition

Investments

Long Term Investment as On 31 March 2022:

(All amounts in Rs. Lacs unless otherwise stated)



  • Mohan Meakin Subsidiaries

  • The does not have any subsidiaries or associate companies as specified by section 129(3) of the Companies Act, 2013.

Mohan Meakin Business Model

  • The company makes both alcoholic and non-alcoholic products and makes money from them.
  • Mohan Meakin Revenue Segmentation

  • Revenue generated from Manufacturing of goods
  • Revenue generated from trading of goods
  • Revenue generated from other sources
  • Revenue generated from other operations
  • Mohan Meakin Product & Services

Products & Services:
The company’s segments include:
  • Alcoholic products (including Premium Rums, Whiskies, Brandy
  • Non-alcoholic product (including Juice, Vinegar, breakfast foods      
Alcoholic products:
  • Whiskies: Summer Hall, Colonel’s Special, Golden Eagle, King Castle, etc.
  • Beers: Golden Eagle Deluxe Premium Lager, Gold lager Beer, Golden Eagle Super Strong, etc.
  • Brandies: Triple Crown, Doctor’s Reserve No.1, MMB, etc.
  • Rums: Old Monk the Legend, Old Monk Supreme, Old Monk Gold Reserve, etc.


Non-Alcoholic Products:
  • Juices
  • Mineral Water
  • Breakfast Foods
  • Vinegars
Other Business:
  • Manufacturing of Glass Bottles.
  • Exports: Beer, Rum, and Whisky-the company exports some of its products like Old Monk, Lion Beer and Solan Whisky to 13 countries which include USA, UAE, and Russia.
  • Mohan Meakin Assets

Assets as on March 2022

AssetsAmount (IN Cr.)
Freehold Land 1.36
Building 7.11
Plant and Machinery 46.14
Lab Equipment's0.52
Office Equipment 3.36
Furniture 0.6
Vehicles 1.25
Computer

0.17

  • Mohan Meakin Industry Overview

Industry Statistics

  • The term "alcoholic drink" refers to a beverage made by the fermentation of grains, fruits, and other sugar sources. The fermentation process produces wine, beer, and spirits, which is a natural byproduct of yeast digestion of the sugars found in the raw materials used. Beer is one of the most well-known alcoholic beverages, and it is made out of malt, rice, hops, and maize.
  • At a compound annual growth rate (CAGR) of 3%, the worldwide alcoholic beverage industry was predicted to expand from $515.2 bn in FY19 to $528.5 bn in FY20. The poor growth is primarily attributable to a global economic slowdown caused by the COVID-19 epidemic and the actions taken to combat it. From FY21 to FY23, the market is predicted to recover and increase at a CAGR of 7%, reaching $647.7bn.
  • The alcohol market in India is the third biggest in the world and is worth more than $35 billion. Only two other major nations, China and Russia, have larger alcohol industries than India, which ranks among the largest worldwide.
  • Some of the industry's growth trends include a growing youth sector and working women population, rising income, and increased purchasing power.
  • According to CARE Research, India's alcohol business is the world's third largest after China and Russia, at $35bn as of FY21. Whiskey, brandy, rum, and vodka are among the spirits produced in India. The alcohol market in India divided into different segments such as country liquor, Indian Made Foreign Liquor (IMFL), beer, and imported liquor. Country liquor commands the highest market share given its affordability.
  • IMFL: (i) Despite high duties, India is the world's fastest-growing producer of IMFL. It is also the most appealing destination for international alcohol beverage companies. Due to the COVID-19 pandemic, IMFL production and consumption will decrease in FY20 and FY21. According to data from the Centre for Monitoring Indian Economy (CMIE), IMFL imports are predicted to increase by over 12% in FY22, while exports are expected to increase by roughly 2% IMFL is expected to grow at a CAGR of 12% till FY21, and then at a CAGR of 3% from FY21 to FY26.(ii) (ii) (ii) Whiskey dominates the IMFL category, and India has the largest whiskey industry in the world. India-based United Spirits Limited’s McDowell’s No. 1 is the most prominent whiskey. Its Royal Challenge and Bagpiper are also popular. Other prevalent whiskeys include French Pernod Ricard’s Imperial Blue, Seagram’s Blender’s Pride, Royal Stag, and Japanese Beam Global’s Teachers. Rum is the second most common spirit in India. India-based Mohan Meakin Ltd.’s Old Monk is popular. Gin and vodka also comprise the IMFL category, growing in demand among urban youth and women. Bermuda-based Bacardi’s Bombay Sapphire gin and U.K.-based Diageo’s Smirnoff vodka are top products.
  • Beer: Although India had its first brewery in 1830 (in Kasauli, later transferred to Solan) and there has been consistent beer use over the centuries, beer has only recently become a popular beverage in the country. Strong beers make up the majority of the beer category (with an alcohol content of at least 8%). Beer production fell by 5% in FY20 and is expected to fall by roughly 47% in FY21, owing primarily to COVID-19 lockdowns. Now that the economy is reopening in stages, we foresee an uptick in production trend. India-based United Breweries, 42% owned by Dutch beer giant Heineken, dominates the market with its Kingfisher. U.K.-based SAB Miller’s Miller, Foster’s, and Royal Challenge and Denmark Carlsberg's and Tuborg are also popular options. While weaker beers are less common, brands such as Kingfisher provide options with lower alcohol content.
  • Country Liquor & Rectified Spirits: Country liquor is the largest consumed alcohol type in India, growing at a rate of 6-8% per year with faster growth in some states in the north and east. The average alcohol content in country liquor is 33% v/v.
  • Wine: The modern Indian wine market is modest but expanding; annual per capita wine consumption in India is only 9 milliliters or about 1/8000th of that in France. The main reason for this is that Indians prefer hard liquor and beer, which account for about 98%, whereas wine with low ABV accounts for barely 2% of the market. On the other hand, the consumption of both local and scotch whiskies in India, which is the world's largest growth market for that spirit category, will move the whiskey market forward. According to International Wines and Spirits Record (IWSR) data, scotch is predicted to contribute 10.5 mn cases to total whiskey growth, while others (mostly Indian) are expected to increase 28.2 cases.

Emerging Trends in Alcohol Beverages Industry :

  • The Growth of Low & No- Alcohol - Taking advantage of the health and wellness trend, the low and no-alcohol category is expected to see the most innovation and evolution throughout the whole sector.
  • E-commerce & Technology - The e-commerce channel is expected to be valued US$45.5 Bn by FY24, greatly exceeding the growth rate of global trade over the following five years, owing to a need for convenience. 
  • Brand Ethics & Packaging Innovation - As consumers become more environmentally conscious, firms will be asked to share their approach to ethical and sustainable living.

Peers:

  • United Spirits, United Breweries, Radico Khaitan, and other alcohol and non-alcohol manufacturing enterprises are among the company's main competitors.

Future Prospects

Outlook
  • The Indian alcohol market is growing at 2017-ndia is very low as compared to the Western countries. Alcohol consumption in India to touch 6.5 billion litres by end of 2020 although perceived to be a recession-free industry, Covid-19 proved that the alcohol industry too could be brought to its knees. However, demographics in India and various factors prove that the industry could bounce back provided that legislative interference is to a minimum.
  • As per, Goldstein Market Intelligence analyst forecast the India alcoholic beverages market to grow at a CAGR of 7.4% during the forecast period 2017-2030. Further, the market is anticipated to reach $ 39.7 billion by the end of forecast period as alcohol consumption is growing in urban areas of the country.

Government Initiatives

  • High Taxation: Alcohol is a state subject and the aim of most state policies is to earn revenue from alcohol products. Most states derive around one-fifth of their revenue from alcohol taxation, which is their second largest source of income after sales tax. All this is true of many emerging economies of the world, but what is markedly different in India is that beer (4-7% alcohol) gets taxed at the same rate as other spirits that have over 40% alcohol. This means lesser value for money for beer drinkers. Beer in India is thus much more expensive compared to other comparable countries inhibiting growth of the category. Excise increases by some states are extremely steep, and thus even if the rise is passed on to consumers, there is an adverse impact on volumes which can even last for a couple of years. On the other hand, if companies do not pass on the excise increase, it leaves them with a hit on the EBITDA margin front
  • Ban on Advertisement:  Advertisement for alcoholic brands is banned in India and companies has to use surrogate advertisement as the last reost. Surrogate advertising involves advertising for products (non-alcoholic) that use the same brand name as the alcohol products. For example, many alcohol companies advertise music CDs, packaged drinking water and other items under the same brand name as their alcohol product. 
  • The FSSAI informed the beverage production industry of its new draught directive for alcohol-free beer in July FY20. The Food Safety and Standards (Alcoholic Beverages) Regulations of the FSSAI state that Alcohol-free beer is defined as beer having an alcohol-by-volume ("ABV") content of 0% or less. Beers with an alcohol by volume (ABV) of 0.5% to 5% are also allowed, according to the rules. Beers with an ABV of 5% to 8% are classified as Regular or Mild, whereas those with an ABV of 5% to 8% are classified as strong as well as strong brews. The beer laws would not apply to alcoholic beverages with higher alcohol by volume (ABV).However, under existing alcoholic beverage standards, these beers can only be labelled as "low-alcoholic," not "alcohol-free."

Government Regulator:

  • The Food Safety and Standards Authority of India (FSSAI) regulates alcoholic beverages in India to guarantee that they are consumed in a safe and legal manner.

Mohan Meakin Strengths

  • According to the MSN credit rating agency, the company's risk analysis is normal and its payment trend is positive. On a scale of 100, the agency awarded 72 credit points.
  • Observing the market trend and rising demand for Beer in Cannes. The company has also installed a canning plant to meet consumer demand to accommodate consumer demand.
  • The company's "Old Monk" brand has a loyal client base, and even though the liquor business has been hampered by a few state governments' bans in recent years, liquor consumption has climbed dramatically. It accounts for roughly 80% of Mohan Meakin's overall revenue. 

Mohan Meakin Shortcomings

  • In the mid-2000s, the market began to shift toward premium (expensive) brands. McDowell's increased the price of Celebration Rum, which was strategically priced 20% higher than Old Monk. However, Mohan Meakin only produced a few premium kinds, unable to capitalise on the emerging premium brand trend..
  • Managing logistics and retail distribution is a vital component of a liquor brand's business. It must also be adaptable in order to respond to changing government policy. On both counts, The company failed. It had entrusted third-party distributors with its distribution. And neglected to keep a close eye on them. As a result, bad decisions about the trade channel were made.

Mohan Meakin Opportunities

  • The U.P. Government has revised the excise policy and made it Industrial Friendly w.e.f. 01/04/2018, as a consequence of which the company will be able to significantly raise its sales of various brands of liquor and beer in the state of U.P., which had significantly decreased over time. The effects of the shift in excise policy can be seen in the company's overall performance in recent years.
  • The development of liquor home delivery is one of the most significant changes now occurring in the alcoholic sector, as the concept of having a glass or two at a bar or lounge appears risky. As a result, some alcohol firms are researching ways to promote the trend of "liquor on your doorsteps" in conjunction with state authorities around the country. Big Basket, a popular glossary delivery platform with a pan-India reach, has listed the Company's rum items. Customers will be able to purchase things more easily as a result of this.



  • Sustainability is gaining traction in both the domestic and international alcohol beverage markets. Diageo has announced the creation of a paper-based spirits bottle that is 100% plastic-free and constructed from sustainably sourced wood. Being environmentally friendly is a necessity for the environment, and it also helps the firm boost its brand image in the market and demonstrate a positive attitude toward the environment.
  • Breakfast Cereals Market in India is predicted to develop at a 6.5% CAGR, Mordor Intelligence claims this. As the corporation has broadened its horizons, it has entered the cereal market under the brand name. "Mohan's New Life" is a brand of corn flakes created by Mohan Meakin. It might be a fantastic opportunity for the company to expand in the cereals sector.

Mohan Meakin Threats

  • High Taxation - In India, state governments are in charge of alcohol, and tariffs on alcohol account for more than 25% of state revenues (and up to 40% in a few states). After sales tax/VAT, it is the second greatest revenue generator for most states. Alcohol is a major source of additional money for many cash-strapped states.
  • Government control over supply, distribution and pricing - For a country with a population of 1.3 billion people, there are only 90,000 beer outlets. This is far lower than other emerging markets in terms of per capita income. In India, there is one beer outlet for every 20,000 people, whereas in China, there is one outlet for every 200 people. In 70% of the country, the government determines product pricing, and price increases are not given on a yearly basis to account for commodity cost inflation, but only once every few years. Until then, the producer must absorb the cost rise.
  • Ban on advertising - Unlike other consumer products, advertising of alcohol is not permitted in the media. This restricts awareness of products and new launches. Alcoholic beverage companies have to take the resort of surrogate advertising, hoardings at alcohol vending outlets and sponsorship of sports/ music events, but the impact of ban on direct advertising does affect growth.
Mohan Meakin Rating

  • RECOMMENDATION

    Strong Buy

  • Mohan Meakin Detail Info

Industry Statistics

PRIVATE LIMITED

Registered In

India

last Updated

22/09/2022

Registered Date

02/11/1934

Planify Ticker

Mohan Meakin

Reg Office: Post Office Solan Brewery, Distt. Solan (H.P)-173214

Visit Website

Frequently Ask Questions

The company has not filed any DRHP for the IPO as of now.

Face value of the company is Rs 5.

Yes, we can expect good profit in the future.

The promoters of the company hold major shareholding in the company.

Hemant Mohan and Vinay mohan are the owners of the company.

The company's "Old Monk" brand has a loyal client base, and despite the fact that the liquor business has been hampered by a few state governments' bans in recent years, liquor consumption has climbed dramatically. It accounts for roughly 80% of Mohan Meakin's overall revenue. 

The minimum holding period after the company has been listed is 6 months

The company has generated a total profitof Rs 40 Cr.

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