Mohan Meakin Ltd

₹2,100 - ₹3,500

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	784	Visit
★★★★☆	₹2,600	368	Visit
★★★★★☆	₹2,700	684	Visit
★★★★★☆	₹2,800	969	Visit
★★★★☆☆	₹2,900	978	Visit

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LTP:₹2,100

Min Qty:268

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★★★★☆

LTP:₹2,600

Min Qty:355

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★★★★★☆

LTP:₹2,700

Min Qty:383

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★★★★★☆

LTP:₹2,800

Min Qty:162

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★★★★☆☆

LTP:₹2,900

Min Qty:344

Strengths & Weaknesses

Strengths

Reputed brand and established market position: Mohan Meakin enjoys strong brand recognition and an established position because of its Old Monk brand in the domestic IMFL (Indian Made Foreign Liquor) market. Healthy brand reputation of Old Monk continues to drive healthy growth (both in value as well as volume terms) across own and franchisee networks.

Operational Performance: Mohan Meakin’s operating profit grew by 24.6% to ₹111.2 crore in FY 2024, supported by a 6% growth in volumes. Strong demand in the domestic dark rum segment, along with recent launches in whiskey, gin, and vodka, is driving continued growth.

Financial Strength: Mohan Meakin’s credit metrics are expected to remain strong, with robust revenue growth, a debt-free capital structure, and healthy liquidity. Profit margins improved in FY 2024 due to operational efficiencies and stable input prices. Mohan Meakin is setting up a ₹100 crore distillery, funded through internal accruals.

Pan-India Presence: The company has an established pan-India presence and generated ~18% of its total volumes from exports in FY2024.

Weaknesses

Lower Profit Margins Compared to Larger Players – Despite having a strong brand, MML’s operating margins are lower than some competitors. This is mainly because Old Monk is priced more affordably, and the company has limited flexibility in increasing franchisee fees.

Heavy Dependence on Rum Sales – A large part of MML’s revenue comes from the rum segment, with 87% of its total sales in FY2024 coming from rum alone. While the company is expanding into whiskey, gin, and vodka, rum remains its core product.

Strong Market Competition – MML faces tough competition from well-established liquor brands in India. While Old Monk has a loyal customer base, the company competes with premium and mass-market players, limiting its ability to capture higher-margin segments easily.

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	4.3	4.3	4.3	4.3	4.3	4.3	4.3
Reserves	465.9	362.1	276.0	206.8	154.1	113.6	87.9
Total Equity	470.2	366.3	280.2	211.1	158.4	117.8	92.2
Borrowings	0.0	0.0	0.0	9.2	0.3	0.5	0.5
Provision	3.0	3.2	3.8	3.1	3.7	3.6	3.3
Other Non-Current Liabilities	12.1	12.6	12.7	3.8	12.0	15.9	17.9
Total Non current Liabilities	15.2	15.8	16.4	16.0	16.0	20.0	21.7
Borrowings	4.3	4.3	4.3	4.5	0.6	8.1	11.3
Other Current Liabilities	162.3	148.4	133.3	117.1	115.0	109.0	104.9
Total current Liabilities	166.6	152.6	137.6	121.6	115.5	117.1	116.2
Equity + Liabilities	651.9	534.7	434.3	348.7	290.0	254.9	230.1
Fixed Assets (incl. WIP)	103.3	72.5	61.5	69.2	65.7	61.3	54.8
Other Non Current Assets	36.3	129.0	48.5	25.4	20.5	21.3	27.4
Total Non current Assets	139.6	201.5	110.0	94.7	86.2	82.6	82.2
Trade Receivables	112.1	114.2	98.4	76.3	78.7	67.7	51.8
Cash & Cash Equivalents	219.2	65.7	90.2	67.1	29.8	15.8	15.7
Other Current Assets	180.9	153.4	135.7	110.6	95.2	88.8	80.4
Total current Assets	512.3	333.3	324.3	254.0	203.8	172.3	148.0
Total Assets	651.9	534.7	434.3	348.7	290.0	254.9	230.1

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	2,151.34	1,929.9	1,771.2	1,370.4	1,099.0	1,020.9	947.9
Growth %	11.47%	8.9%	29.2%	24.7%	7.6%	7.7%	0
Operating Expenses	2,017.73	1,818.6	1,681.9	1,302.8	1,042.6	978.2	897.2
Growth %	10.95%	8.1%	29.1%	24.9%	6.5%	9.0%	0
Operating Profit	133.61	111.2	89.2	67.6	56.4	42.7	50.6
Op. Profit Margin %	6.21%	5.7%	5.0%	4.9%	5.1%	4.1%	5.3%
Other Income	15.20	11.8	7.3	8.9	2.8	6.8	6.1
Finance Costs	0.74	0.7	0.9	1.5	2.9	2.6	2.9
Depreciation	9.89	8.3	6.8	6.0	5.2	4.7	3.8
Profit Before Tax	138.19	113.9	88.7	68.9	51.1	42.1	50.0
exceptional items	0.00	0.0	3.0	0.0	3.0	0.0	1.2
Tax	35.56	29.2	23.4	17.5	13.8	15.6	16.3
Tax %	1.65%	1.5%	1.3%	1.2%	1.2%	1.5%	1.7%
Profit After Tax	102.63	84.70	68.39	51.45	40.31	26.41	34.94
Growth %	21.17%	23.8%	32.9%	27.6%	52.6%	-24.4%	0
PAT %	4.77%	4.3%	3.8%	3.7%	3.6%	2.5%	3.6%
Diluted EPS	120.62	99.5	80.3	60.4	47.3	31.0	41.0

Shareholding Pattern

Color	Shareholder	Holding
	Trade Links Pvt. Ltd	27.8
	Hemant Mohan (Trustee Narinder Mohan Foundation)	11.9
	Life Insurance Corporation of India	8.3
	Vinay Mohan	8.2
	Others	43.8

Fundamentals

Quick Insights

Reputed brand and established market position: Mohan Meakin enjoys strong brand recognition and an established position because of its Old Monk brand in the domestic IMFL (Indian Made Foreign Liquor) market. Healthy brand reputation of Old Monk continues to drive healthy growth (both in value as well as volume terms) across own and franchisee networks.
Operational Performance: Mohan Meakin’s operating profit grew by 24.6% to ₹111.2 crore in FY 2024, supported by a 6% growth in volumes. Strong demand in the domestic dark rum segment, along with recent launches in whiskey, gin, and vodka, is driving continued growth.
Financial Strength: Mohan Meakin’s credit metrics are expected to remain strong, with robust revenue growth, a debt-free capital structure, and healthy liquidity. Profit margins improved in FY 2024 due to operational efficiencies and stable input prices. Mohan Meakin is setting up a ₹100 crore distillery, funded through internal accruals.
Pan-India Presence: The company has an established pan-India presence and generated ~18% of its total volumes from exports in FY2024.

Market Cap₹1,935.68 Cr

PE Ratio22.85

EPS99.55

Dividend Yield0%

Book Value₹430.54

Debt/Equity0.012

Price/Book5.28

Industry PE0

Sales1,929.92

Profit After Tax84.7000

ISININE136D01018

SectorFood & Beverages

About Company

Mohan Meakin Limited (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.

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. It has two manufacturing facilities for beer, spirits and food products (mainly grain flakes) at Mohan Nagar, Uttar Pradesh, and at Kasauli/Solan in Himachal Pradesh. In addition, it has bottling plants at Mohangram (Punjab) and Solan.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	467	Visit
★★★★☆	₹2,600	924	Visit
★★★★★☆	₹2,700	531	Visit
★★★★★☆	₹2,800	499	Visit
★★★★☆☆	₹2,900	295	Visit

Quick Insights

Reputed brand and established market position: Mohan Meakin enjoys strong brand recognition and an established position because of its Old Monk brand in the domestic IMFL (Indian Made Foreign Liquor) market. Healthy brand reputation of Old Monk continues to drive healthy growth (both in value as well as volume terms) across own and franchisee networks.
Operational Performance: Mohan Meakin’s operating profit grew by 24.6% to ₹111.2 crore in FY 2024, supported by a 6% growth in volumes. Strong demand in the domestic dark rum segment, along with recent launches in whiskey, gin, and vodka, is driving continued growth.
Financial Strength: Mohan Meakin’s credit metrics are expected to remain strong, with robust revenue growth, a debt-free capital structure, and healthy liquidity. Profit margins improved in FY 2024 due to operational efficiencies and stable input prices. Mohan Meakin is setting up a ₹100 crore distillery, funded through internal accruals.
Pan-India Presence: The company has an established pan-India presence and generated ~18% of its total volumes from exports in FY2024.

Market Cap₹1,935.68 Cr

PE Ratio22.85

EPS99.55

Dividend Yield0%

Book Value₹430.54

Debt/Equity0.012

Price/Book5.28

Industry PE0

Sales1,929.92

Profit After Tax84.7000

ISININE136D01018

SectorFood & Beverages

About Company

Strengths

Pan-India Presence: The company has an established pan-India presence and generated ~18% of its total volumes from exports in FY2024.

Weaknesses

Annual Reports

FY24 FY23 FY22 FY21

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	4.3	4.3	4.3	4.3	4.3	4.3	4.3
Reserves	465.9	362.1	276.0	206.8	154.1	113.6	87.9
Total Equity	470.2	366.3	280.2	211.1	158.4	117.8	92.2
Borrowings	0.0	0.0	0.0	9.2	0.3	0.5	0.5
Provision	3.0	3.2	3.8	3.1	3.7	3.6	3.3
Other Non-Current Liabilities	12.1	12.6	12.7	3.8	12.0	15.9	17.9
Total Non current Liabilities	15.2	15.8	16.4	16.0	16.0	20.0	21.7
Borrowings	4.3	4.3	4.3	4.5	0.6	8.1	11.3
Other Current Liabilities	162.3	148.4	133.3	117.1	115.0	109.0	104.9
Total current Liabilities	166.6	152.6	137.6	121.6	115.5	117.1	116.2
Equity + Liabilities	651.9	534.7	434.3	348.7	290.0	254.9	230.1
Fixed Assets (incl. WIP)	103.3	72.5	61.5	69.2	65.7	61.3	54.8
Other Non Current Assets	36.3	129.0	48.5	25.4	20.5	21.3	27.4
Total Non current Assets	139.6	201.5	110.0	94.7	86.2	82.6	82.2
Trade Receivables	112.1	114.2	98.4	76.3	78.7	67.7	51.8
Cash & Cash Equivalents	219.2	65.7	90.2	67.1	29.8	15.8	15.7
Other Current Assets	180.9	153.4	135.7	110.6	95.2	88.8	80.4
Total current Assets	512.3	333.3	324.3	254.0	203.8	172.3	148.0
Total Assets	651.9	534.7	434.3	348.7	290.0	254.9	230.1

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	2,151.34	1,929.9	1,771.2	1,370.4	1,099.0	1,020.9	947.9
Growth %	11.47%	8.9%	29.2%	24.7%	7.6%	7.7%	0
Operating Expenses	2,017.73	1,818.6	1,681.9	1,302.8	1,042.6	978.2	897.2
Growth %	10.95%	8.1%	29.1%	24.9%	6.5%	9.0%	0
Operating Profit	133.61	111.2	89.2	67.6	56.4	42.7	50.6
Op. Profit Margin %	6.21%	5.7%	5.0%	4.9%	5.1%	4.1%	5.3%
Other Income	15.20	11.8	7.3	8.9	2.8	6.8	6.1
Finance Costs	0.74	0.7	0.9	1.5	2.9	2.6	2.9
Depreciation	9.89	8.3	6.8	6.0	5.2	4.7	3.8
Profit Before Tax	138.19	113.9	88.7	68.9	51.1	42.1	50.0
exceptional items	0.00	0.0	3.0	0.0	3.0	0.0	1.2
Tax	35.56	29.2	23.4	17.5	13.8	15.6	16.3
Tax %	1.65%	1.5%	1.3%	1.2%	1.2%	1.5%	1.7%
Profit After Tax	102.63	84.70	68.39	51.45	40.31	26.41	34.94
Growth %	21.17%	23.8%	32.9%	27.6%	52.6%	-24.4%	0
PAT %	4.77%	4.3%	3.8%	3.7%	3.6%	2.5%	3.6%
Diluted EPS	120.62	99.5	80.3	60.4	47.3	31.0	41.0

Shareholding Pattern

Color	Shareholder	Holding
	Trade Links Pvt. Ltd	27.8
	Hemant Mohan (Trustee Narinder Mohan Foundation)	11.9
	Life Insurance Corporation of India	8.3
	Vinay Mohan	8.2
	Others	43.8

Board of Directors

Shri Yash Kumar SehgalChairman, Independent Director

Shri M. NandagopalIndependent Director

Shri N.P. SahniIndependent Director

Shri Vinay MohanNon-Executive, Non-Independent Director

Mrs. Shalini MohanNon-executive, Non-Independent Director

Shri Sanjeev AryaNon-Independent, Non-Executive Director

Shri Manish MalikNon-Independent, Non-Executive Director

Senior Management

Shri Hemant MohanManaging Director

Shri Rajesh KediaChief Financial Officer

Shri Minas KumarCompany Secretary