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RATING

RECOMMENDATION

Strong Buy

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RATING

RECOMMENDATION

Strong Buy

Business Type

Emerging Leader

  • unlisted stock logo
    Mohan Meakin Unlisted Shares Essentials

Discover and get complete analysis on Mohan Meakin upcoming IPO unlisted shares - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and latest updates.

ISIN

INE136D01018

Face Value

₹5.00

Total Share

85,00,000

Total Income

₹1,101.87 Cr

Profit After Tax

₹40.57 Cr

EPS

₹47.38

P/E

26.91

P/B

12.15

Market Capitalisation

₹1,083.75 Cr

Book Value

₹104.98 Cr

Intrinsic Value

₹2,514.57

Sector

Consumer Staples

Sub-sector

Beverage- Alcoholic

Category

Upcoming IPO

Cashflow - Operations

₹29.69 Cr

Cashflow - Financing

-₹9.19 Cr

Mohan Meakin Growth

Compounded Sales Growth

  • 7.21%

    1 Year

  • 18.61%

    3 Year

  • 17.13%

    4 Year

Pro Only

Compounded Profit Growth

  • 58.17%

    1 Year

  • 37.28%

    3 Year

  • 72.99%

    4 Year

Pro Only

Return On Equity

  • 29.38%

    1 Year

  • 44.32%

    3 Year

  • 30.81%

    4 Year

Pro Only

About Mohan Meakin

Overview: 
  • Mohan Meakin Limited (“the Company”) is a public limited company incorporated and domiciled in India. Its registered office is at Solan Brewery, Himachal Pradesh.
  • 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 has been delivering an array of highly successful products.

Key Facts: 

  • It was formerly known as E. Dyer & Co., Dyer Meakin & Co. Ltd., Dyer Meakin Breweries Ltd., and Mohan Meakin Breweries Ltd., and was established in 1855.
  • The company introduced a premium brand of Single Malt Whisky known as Solan Gold Single Malt Whisky in H.P., which is gradually being introduced in other states of the country. 
  • In addition to the main products of beer, the company also manufactures juices, canned products, corn flakes, wheat porridge, and vinegar.

    The company generates revenue from three activities —
    •  Manufacture and sale of alcoholic products,
    • Manufacture and sale of non-alcoholic products, and
    • Royalty and technical know-how by allowing bottling & manufacturing of company’s products throughout India.

    Key Client Base:

    • Products like Old Monk Rum, Old Monk Rum Supreme, Old Monk Peach Rum, Colonels Special Whisky, Old Monk Cola, Old Monk Cranberry, Old Monk Mojito, Old Monk Deluxe Rum, Solan Gold Indian Single Malt Whisky, Old Monk Legend Rum, O M 10000 Super Beer and Lion Beer are exported to 13 countries i.e., U.A.E., Qatar, Singapore, Germany, USA, Hong Kong, Kenya, Estonia, Malaysia, Oman, D.R. Congo, Russia, and Ukraine.

    • Mohan Meakin IPO Details

    • Mohan Meakin, the maker of the popular brand of rum "Old Monk", has submitted its papers with the Metropolitan Stock Exchange (MSE) to re-list itself on the exchanges.
    • The 163-year-old company is looking to return to the capital market, almost 16 years after it had de-listed its equity shares from the Delhi and Calcutta stock exchanges.
    • Last year, the company applied for getting re-listed on the NSE, but the exchange raised some concerns.
    • The company has not filed any DRHP for the IPO as of now.

    • Mohan Meakin Revenue Segmentation

    • Alcoholic
    • Non-Alcoholic Products
    • Mohan Meakin Product & Services

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

    Non-Alcoholic Products:
    a) Juices
    b) Mineral Water
    c) Breakfast Foods
    d) Vinegars

    Other Business:
    a) Manufacturing of Glass Bottles.
    b) 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 Industry Overview

    Industry Statistics

    • India offers one of the largest growth potentials in spirits consumption amongst all markets.
    • The global alcoholic-beverage market was expected to grow from $515 billion in 2019 to $529 billion in 2020. But low growth has been observed, which is mainly due to the economic slowdown across countries, owing to the COVID-19 outbreak and the measures to contain it.
    • India’s lockdown, the most stringent in the world, has made many regular consumers of cigarettes and liquor, reduce their consumption levels.
    • According to a survey by Edelweiss Securities, an extension of the lockdown has affected both the manufacturing and availability of these products.
    • People have started to cut down on consumption of alcoholic products, in research, two primary reasons cited by respondents for a reduction in consumption are changes in habit and increased focus on personal health. Interestingly, 78.0% of respondents have partially or completely cut down consumption of liquor, citing “unavailability and not feeling the urge to drink" as key reasons.
    • Although, the government has allowed the opening of standalone liquor vends in parts of the country. The move is expected to help states, shore up their finances in absence of full-fledged economic activity, which has taken a toll on their revenues.

    Future Prospects

    The market is expected to recover and grow at a CAGR of 7.0% in 2021 and reach $648 billion by 2023.

    Mohan Meakin Strengths

    • Total income of the company has increased by 24.8% since FY18.
    • Operating profits have increased at a CAGR of 47.4% since FY18.
    • From 2018 to 2020, company’s profit after tax has grown at a CAGR of 27.0%.
    • Book value per share has increased by 39.2% as compared to FY19.
    • Operating margins of the company have improved in last two financial years. EBIT margin, PBT margin and EBITDA margin has increased since FY18, at a CAGR of 18.2%, 10.6% and 17.3% respectively.
    • The company’s ROE and ROA is best among its peers.
    • To overcome the obstacles like unabated rise in oil prices, the logistic issues and different regulations applicable in different states, most of the leaders in the liquor industry have opted for collaboration, technical know-how and bottling arrangements in various other states and Mohan Meakin Limited is one of them.

    Mohan Meakin Shortcomings

    • According to industry analysts, Old Monk has been a victim of changing consumer preferences.
    • The market saw a shift towards premium (more expensive) brands in the mid-2000s. McDowell’s raised the price of Celebration Rum; it was tactically priced 20% in excess of Old Monk. However, Mohan Meakin came up with only some premium varieties and as a result, it failed to tap the new shift towards premium brands.
    • In the alcohol business, strong distribution machinery is considered as important as the product. Mohan Meakin outsources distribution to a third party in many markets, which needs to be improved.
    • The cost of alcoholic beverages has been affected largely due to two factors. First, the VAT on raw materials used to produce alcohol is as high as 18%. Second, the states want to fill their coffers, after their revenues were battered by several months of the COVID-19 lockdown. A plethora of taxes has an adverse impact on profit margins.
    • While alcoholic beverages do not come under the purview of GST, states levy GST on transportation and freight charges of liquor.

    Mohan Meakin Opportunities

    • Keeping with the market trend and growing demand for Beer in Cannes, company has installed a canning plant to meet the consumer demand. The company is hopeful that this will generate substantial revenues in the coming years.
    • The U.P. Government has after a long period, changed the excise policy and has made it Industry friendly w.e.f 01/04/2018, as a result of which the company would get the opportunity to substantially increase its sale of various brands of Liquor and Beer in the state of U.P., which had considerably come down over the period of time.

    Mohan Meakin Threats

    • COVID-19 is significantly impacting the business operation of the company, by way of interruption in production, supply chain disruption, unavailability of personnel, etc.
    • Currently, the client market segments that the company serves are also facing challenges like the closure of bars, pubs, hotels, and restaurants.
    • Operating in a highly competitive and rapidly changing market is a challenge for the company.
    Mohan Meakin Rating

    • RECOMMENDATION

      Strong Buy

    • Mohan Meakin Detail Info

    Industry Statistics

    PRIVATE LIMITED

    Registered In

    India

    last Updated

    30/07/2020

    Registered Date

    02/11/1934

    Planify Ticker

    M.M

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

    Website: https://mohanmeakin.com/