Bira 91 Q3FY25 Investor Update

19 February 2025

​Bira 91 has delivered an impressive performance in Q3 FY25, showcasing robust growth and operational efficiency despite earlier disruptions.

Key Financial Highlights (Q3 FY25 vs Q3 FY24)

• Volume Sold: 632,000 cases, marking a 48% YoY increase 
  
  
• Gross Revenue:₹99 Cr, up 53% YoY
  
  
• Net Revenue:₹68 Cr, growing by 42% YoY
    
• Gross Margins: 68%, an 8% improvement over last year
  
  
• EBITDA:₹(71) Cr, improving by 49.5% YoY
  
  
• Expansion of Pubs and Taprooms: Growing from 37 locations to 53 in FY24, with projections to reach 63 by FY26.

Operational Highlights

• Award Recognition: Secured 9 awards at the World Beer Awards 2024, including 4 Gold Medals, strengthening Bira 91’s position as a global premium beer brand.
  
  
• Distribution Expansion: Distribution levels have returned to pre-disruption highs, with access across 30,000 stores nationwide.
  
  
• Cost Optimization: Achieved a 27% reduction in fixed costs through strategic efficiency measures and operational discipline.
  
  
• Margin Improvement: Gross margins stabilized at 66% in H1FY25, reflecting a significant 7% YoY improvement.
  

Strategic Growth Initiatives

• Pub & Taproom Expansion: Rapid growth with 63 active locations by FY25, aiming to become India’s largest pub chain.
  
  
• Technology Integration: Strengthened organizational capabilities through tech-driven cost controls and improved sales execution.
  
  
• Policy Tailwinds: Favorable regulatory changes in key markets such as Delhi, Uttar Pradesh, Telangana, Odisha, and Andhra Pradesh are expected to drive volume growth in FY26.
  

Future Outlook

• ​IPO Preparation: Bira 91 is on track for a potential listing by CY26, backed by strong growth momentum and improving financials.
  
  
• Partnerships: Strengthened ties with major distribution partners to enhance market reach in key territories like Delhi, Uttar Pradesh, and Maharashtra.
  
  
• Capital Raise: Plans for a Series E round ($50 million+) and issuance of NCDs worth ₹1000 Mn in early FY26.