Mount Everest Breweries IPO

Mount Everest Breweries Limitedmounteverestbreweries.com

AnnouncedMainboardConsumer StaplesNSE · BSE

Price band: —
Issue size: —
Lot size: —
Bidding: —
Grey market: —

Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

67Balanced

IPOVista score

A trade-off in both directions

56% of the scoring model was backed by disclosed data for Mount Everest Breweries, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1999 · Indore, Madhya Pradesh · 382 employees · part of Kedia family, who are also promoters of the listed Associated Alcohols & Breweries Limited

Mount Everest Breweries brews, packages, sells and distributes beer in India across the economy, core and premium categories. It owns five beer brands — Mount's 6000, Lemount, Mount's Lager, Dabang and Stok — and separately brews, packages and labels beer under contract for third-party brand owners. It operates two breweries: an owned plant at Village Memdi, Simrol, near Indore in Madhya Pradesh, established in 2008, and a leased plant in the Adakanhalli Industrial Area, Nanjangud taluka, Mysuru district, Karnataka, acquired in 2025. It also has a contract-brewing arrangement at Sonitpur, Assam. As of 31 August 2026 its products were sold through 22,229 retail outlets across 16 states and three union territories, and it had exported to Mauritius, the UAE and the USA. A Technopak report in the DRHP puts its share of Madhya Pradesh beer production volume at about 36.3% in FY2026.

Two verticals: own-brand beer, 62.05% of FY2026 revenue from operations, and contract brewing for other brand owners, 26.53%. The company does not set its own prices. State excise authorities fix them from an ex-brewery price covering production cost, plus state duties, cess and prescribed wholesale and retail margins. On a 650ml Dabang Premium Strong bottle in Madhya Pradesh at 31 August 2026, ex-brewery price was Rs 38.00 and excise duty Rs 49.40 against an MRP of Rs 156. FY2026 gross margin was 46.75% and EBITDA margin 11.39% of net revenue. Capacity utilisation was 49.54% against 2.80 million hectolitres installed. The top five customers accounted for 74.51% of FY2026 revenue; the DRHP withholds their names for want of consent.

The company on paper

Legal name: Mount Everest Breweries Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 13 Aug 1999
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U15549MP1999PLC049379
Parent group: Kedia family, who are also promoters of the listed Associated Alcohols & Breweries Limited
Sector: Consumer Staples · Beer brewing, packaging and contract brewing
Employees: 382
Registered office: Indore, Madhya Pradesh
Promoters: Anand Kumar Kedia, Prasann Kumar Kedia, Anshuman Kedia, Vedant Kedia, Venkateshwar Investment & Finance Private Limited
Promoter holding, pre-issue: 68.4%
Website: mounteverestbreweries.com

The numbers

Financial performance

Revenue has compounded at 36.5% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.

P/E at the band, post-issue

Not priced yet

No price band has been fixed yet, so there is no multiple to quote

Median P/E of its named peers

112.9×

2 listed companies the prospectus names itself

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY26): ₹12.90
EPS, post-issueNot disclosed, so computed from FY2026 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹11.61
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹55.42

What it earns on what it has

Returns and margins on FY2026. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 23.3%
Return on capital employed: 21.3%
EBITDA margin: 9.6%
Net margin: 5.2%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 1.04×

Valuation against listed peers

Asking P/E against operating margin. Bubble area is proportional to market capitalisation.

Mount Everest Breweries
Listed peers

Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. A very small company may be drawn at a minimum mark size for legibility. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 31 Mar 2026 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.

The terms

How the issue is structured

Fresh issueNew shares — proceeds go to the company: —
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: —
Shares offered in the OFS: None — this is a fresh issue only
Pre-issue shares outstanding: 4,58,02,282
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

Stated objects of the fresh issue, largest first

Invested in growth
Repairs the balance sheet

General corporate purposes, left as "[●]" in the draft and to be finalised on determination of the Issue Price, capped at 25% of the Gross Proceeds — amount not quantified in the prospectus

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

77% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.

Who owns it before the issue

23 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.

Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples

No dates have been set yet, so bidding has not opened.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

The lot size and price band are not fixed yet, so there is nothing to calculate.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

Retail subscription figures are not available yet, so there is nothing to estimate from.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

Revenue from operations includes excise duty, and that duty grew far faster than the business: Rs 19.33 cr in FY2024, Rs 51.05 cr in FY2025, Rs 157.53 cr in FY2026. Headline revenue therefore rose 44.5% in FY2026, but net revenue from operations (ex-excise) rose 31.69%, from Rs 653.27 cr to Rs 860.32 cr. The company computes its own gross and EBITDA margins on the net figure, not on the revenue shown here.
Total borrowings more than quadrupled in FY2026, from Rs 57.73 cr to Rs 237.91 cr, taking debt-equity from 0.33 to 1.04 times. This tracks the FY2026 investing outflow of Rs 238.68 cr, chiefly the Mysuru brewery acquisition. Rs 70 cr of the fresh issue is earmarked for repaying borrowings.
Capacity utilisation was 49.54% in FY2026 on 2.80 million hectolitres installed, while the issue's largest object is a new 1.00 million HLPA brewery at Hardoi, Uttar Pradesh.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Beeline Capital Advisors Private Limited, Ashika Capital Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)

How these figures were checked

Reconciled to Mount Everest Breweries's own prospectus and to exchange disclosures, then cross-checked against 1 other independently published compilation of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: —
Closes: —
Allotment: —
Lists: —
Revenue (FY2026): ₹1,018 Cr
Profit (FY2026): ₹53.19 Cr

Timeline

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.