Small Alcoholic Beverages
Market Cap
₹6,100 ₹6,100 Cr.
P/E
43.41
PEG
1.21
PEG = P/E ÷ 5yr Forward EPS CAGR
5yr Forward EPS CAGR Thesis - Base Case

- The thesis comes alive if Chhattisgarh and Indri capacity ramp smoothly, excise approvals enable utilization, IMFL volumes accelerate, and the sugar demerger completes.- The upside requires sustained Indri premiumization plus inorganic and Scotland contributions, while the downside is driven by competition, slower IMFL demand, delayed demerger, and slower project ramp-up.
- Quarterly IMFL volumes, Chhattisgarh utilization, demerger approvals, and Scotland milestones are the key validation points.

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5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The thesis comes alive if Chhattisgarh and Indri capacity ramp smoothly, excise approvals enable utilization, IMFL volumes accelerate, and the sugar demerger completes.
  • The upside requires sustained Indri premiumization plus inorganic and Scotland contributions, while the downside is driven by competition, slower IMFL demand, delayed demerger, and slower project ramp-up.
  • Quarterly IMFL volumes, Chhattisgarh utilization, demerger approvals, and Scotland milestones are the key validation points.
Bear : 14.6% CAGR ₹480 Cr
Base: 31.9% CAGR ₹969 Cr
Bull: 45.6% CAGR ₹1,590 Cr
Management Credibility Report
TRACK RECORD
  • Management appears dependable on internally controlled capacity build-outs and strategic execution, with infrastructure milestones delivered on or ahead of schedule.
  • Reliability is weaker for legacy sugar and country-liquor volume targets, and barrel procurement remains a constraint for Indri's growth.
  • The split reflects exposure to external variables—weather, regulation, competition, and procurement—rather than a broad failure to execute capital projects.
Met : 7
Progress: 5
Missed : 2
Risk Probe Report
WORST-CASE SCENARIO
  • Liquidity is the most acute weakness: heavy short-term obligations, negative free cash flow, and supplier-funded working capital leave little cushion.
  • Receivables deterioration and maturing-whisky inventory create material cash-conversion and asset-quality uncertainty, while leverage and planned capex amplify funding risk.
  • The compound distributor-default, project-delay, and excise-tightening scenario is existential, with solvency exposed to correlated shocks.
High Risk : 2
Medium Risk : 6
Low Risk : 9
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