Mohan Meakin ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹2,369
- Market Cap
- ₹2,107.55 Cr
- ISIN
- INE136D01018
- Face Value
- ₹5
- P/E Ratio
- 24.88
- EPS
- 99.55
- P/B Ratio
- 5.75
- Book Value
- 430.54
- Debt / Equity Ratio
- 0.012
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 1,929.92 | 1,771.21 | 1,370.42 | 1,099.01 | 1,020.9 | 947.94 |
| Growth % | 8.96% | 29.25% | 24.70% | 7.65% | 7.70% | 0 |
| Operating Expenses | 1,818.67 | 1,681.95 | 1,302.80 | 1,042.60 | 978.24 | 897.26 |
| Growth % | 0.08 | 0.29 | 0.25 | 0.07 | 0.09 | 0 |
| Operating Profit | 111.25 | 89.26 | 67.62 | 56.41 | 42.70 | 50.68 |
| Op. Profit Margin % | 0.06 | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 |
| Other Income | 11.85 | 7.37 | 8.96 | 2.86 | 6.84 | 6.19 |
| Finance Costs | 0.79 | 0.96 | 1.56 | 2.91 | 2.67 | 2.97 |
| Depreciation | 8.38 | 6.88 | 6.05 | 5.22 | 4.76 | 3.85 |
| Profit Before Tax | 113.94 | 88.79 | 68.98 | 51.13 | 42.10 | 50.05 |
| exceptional items | 0.00 | 3.01 | 0.00 | 3.01 | 0.00 | 1.28 |
| Tax | 29.24 | 23.40 | 17.52 | 13.84 | 15.69 | 16.38 |
| Tax % | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 |
| Profit After Tax | 84.70 | 68.39 | 51.45 | 40.31 | 26.41 | 34.94 |
| Growth % | 0.24 | 0.33 | 0.28 | 0.53 | -0.24 | 0 |
| PAT % | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 |
| Diluted EPS | 99.55 | 80.38 | 60.47 | 47.38 | 31.04 | 41.07 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Equity Capital | 4.3 | 4.3 | 4.3 | 4.3 | 4.3 | 4.3 |
| Reserves | 362.1 | 276.0 | 206.8 | 154.1 | 113.6 | 87.9 |
| Total Equity | 366.3 | 280.2 | 211.1 | 158.4 | 117.8 | 92.2 |
| Borrowings | 0.0 | 0.0 | 9.2 | 0.3 | 0.5 | 0.5 |
| Provision | 3.2 | 3.8 | 3.1 | 3.7 | 3.6 | 3.3 |
| Other Non-Current Liabilities | 12.6 | 12.7 | 3.8 | 12.0 | 15.9 | 17.9 |
| Total Non current Liabilities | 15.8 | 16.4 | 16.0 | 16.0 | 20.0 | 21.7 |
| Borrowings | 4.3 | 4.3 | 4.5 | 0.6 | 8.1 | 11.3 |
| Other Current Liabilities | 148.4 | 133.3 | 117.1 | 115.0 | 109.0 | 104.9 |
| Total current Liabilities | 152.6 | 137.6 | 121.6 | 115.5 | 117.1 | 116.2 |
| Equity + Liabilities | 534.7 | 434.3 | 348.7 | 290.0 | 254.9 | 230.1 |
| Fixed Assets (incl. WIP) | 72.5 | 61.5 | 69.2 | 65.7 | 61.3 | 54.8 |
| Other Non Current Assets | 129.0 | 48.5 | 25.4 | 20.5 | 21.3 | 27.4 |
| Total Non current Assets | 201.5 | 110.0 | 94.7 | 86.2 | 82.6 | 82.2 |
| Trade Receivables | 114.2 | 98.4 | 76.3 | 78.7 | 67.7 | 51.8 |
| Cash & Cash Equivalents | 65.7 | 90.2 | 67.1 | 29.8 | 15.8 | 15.7 |
| Other Current Assets | 153.4 | 135.7 | 110.6 | 95.2 | 88.8 | 80.4 |
| Total current Assets | 333.3 | 324.3 | 254.0 | 203.8 | 172.3 | 148.0 |
| Total Assets | 534.7 | 434.3 | 348.7 | 290.0 | 254.9 | 230.1 |
Shareholding Pattern
- Life Insurance Corporation of India
- 8.38%
- Shri J G S KER
- 3.79%
- Jagatjit Industries Ltd
- 1.55%
- Quick Reurn Investment Company ltd
- 0.61%
- Parbutty Churn Law
- 0.34%
- Sunita Sunderdas Damani
- 0.33%
- Other
- 85%
Strengths & Weaknesses
Strengths
- Experienced Leadership and Established Legacy: MML boasts over 150 years of experience in the liquor manufacturing industry, operating through both owned and franchise networks. The Mohan family, which took over in 1949, has maintained MML’s reputation as a prominent player in India. Currently, Mr. Hemant Mohan, a third-generation family member, leads the company
- Strong Brand and Market Position in Dark Rum: MML holds a prominent position in the domestic IMFL market, driven by its iconic Old Monk brand. With a pan-India presence, the company generated ~18% of its volumes from exports in FY2024, slightly down from ~21% in FY2023. The enduring popularity of Old Monk supports consistent growth in value and volume across both owned and franchise networks.
- Healthy Financial Risk Profile with Sustained Revenue Growth: MML’s revenue growth remains strong despite a significant portion of its volumes being franchise-based, generating only royalty income. In FY2024, operating income rose by ~16% to ₹1,471 crore, supported by ~6% volume growth, compared to 21% in FY2023. Slower growth in FY2024 was partly due to disruptions from General Elections in Q1 FY2025. Increasing premiumisation in the IMFL segment is boosting realisations but moderating volume growth. Robust demand in the domestic dark rum segment continues to drive the company's overall growth.
Weaknesses
- Moderate Margins Compared to Industry Peers: MML's operating margins remain lower than other major players, as its flagship brand, Old Monk, is priced below the premium segment. Margins also depend on the company’s ability to increase franchise fees or royalty income. However, measures like upgrading machinery and optimizing bottler and franchise arrangements have improved operational efficiency in recent years.
- Concentrated Product Portfolio with Diversification Efforts: Rum accounted for ~87% of MML’s total IMFL volumes in FY2024, reflecting a concentrated portfolio. However, the company has been diversifying by launching premium brands in gin, vodka, and whiskey segments in recent years.
About Mohan Meakin ltd
Mohan Meakin Limited (MML) was set up in 1855 by Mr. Edward Dyer, who established the entity as the first brewery in India. In 1949, Late Narendra N. Mohan took over its operations and as on March 31, 2022, the Mohan family owned the majority stake in the company. MML owns popular brands such as Old Monk in the rum segment, as well as Meakin 10000, Asia 72, and Golden Eagle in the beer segment.
Board of Directors
- Shri Yash Kumar Sehgal - Chairman, Independent Director
- Shri M. Nandagopal - Independent Director
- Shri N.P. Sahni - Independent Director
- Shri Vinay Mohan - Non-Executive, Non-Independent Director
- Mrs. Shalini Mohan - Non-executive, Non-Independent Director
- Shri Sanjeev Arya - Non-Independent, Non-Executive Director
- Shri Manish Malik - Non-Independent, Non-Executive Director
Senior Management
- Shri Hemant Mohan - Managing Director
- Shri Rajesh Kedia - Chief Financial Officer
- Shri Minas Kumar - Company Secretary
