Mount Everest Breweries IPO

Mount Everest Breweries Limited Initial Public Offering is a Book Building Issue consisting solely of a Fresh Issue of up to 1.15 crore equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. Beeline Capital Advisors Private Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar to the Issue. Key details, such as the Initial Public Offering dates, price band, and lot size, are yet to be announced.

About Mount Everest Breweries Limited

Mount Everest Breweries Limited was incorporated in 1999 as a public limited company and is engaged in the brewing, fermentation, packaging, sale, and distribution of beer under its proprietary brands, along with contract brewing and manufacturing. The company operates in the Indian alcoholic beverages industry, with its registered and corporate office located in Indore, Madhya Pradesh. Its proprietary beer brands include Stok, Lemount, Mount’s 6000, and Dabang. The company has expanded its operations across multiple Indian markets and also exports its proprietary beer brands to international markets, including Mauritius, the United Arab Emirates, and the United States.

The company operates a portfolio of proprietary beer brands positioned across different consumer segments, alongside its contract brewing business. Its products are marketed through a distribution network spanning several states and union territories in India. During the financial year 2026, contract brewing contributed approximately 26.53% of its revenue from operations before the relevant excise duty and other adjustments reflected in the prospectus's product-wise revenue table. Stok contributed approximately 6.39%, while the company also generated revenue from Lemount, Mount’s 6000, and Dabang. The company further disclosed that production of its Mount’s Lager brand commenced in the financial year 2027; therefore, financial-year 2026 product-wise revenue data for this brand was not available.

The company operates two brewing facilities: the Simrol Brewing Facility in Indore, Madhya Pradesh, and the Mysuru Brewing Facility in Karnataka. As of August 31, 2026, the Simrol facility covered 11.69 hectares and had an installed capacity of 2.00 million hectolitres per annum, while the Mysuru facility covered 6.67 hectares and had an installed capacity of 0.80 million hectolitres per annum, taking the combined installed brewing capacity to 2.80 million hectolitres per annum. Both facilities undertake brewing, production, and dispatch, supported by in-house quality-control laboratories. The company also uses a third-party contract manufacturing arrangement in Assam. During the financial year 2026, its actual production stood at approximately 1.39 million hectolitres, representing capacity utilisation of 49.54%.

The company follows a distribution-led business model, supplying beer through state excise departments and state corporations, authorised distributors and wholesalers, bars, restaurants, and luxury hotels. As of August 31, 2026, it had 6,322 customers, comprising 12 state excise departments or state corporations, 211 authorised distributors or wholesalers, and 6,099 bars, restaurants, and luxury hotels. Its proprietary beer brands were available across approximately 22,229 retail outlets and touchpoints, with operations spanning 16 states and three union territories in India. The company also exported its proprietary beer brands to Mauritius, the United Arab Emirates, and the United States. Revenue from its top 10 customers accounted for 76.60% of revenue from operations in the financial year 2026, compared with 91.55% in the financial year 2025 and 94.57% in the financial year 2024, indicating a high, though declining, customer concentration.

Industry Outlook

• Beer consumption in Madhya Pradesh increased from 12.2 million cases in Financial Year 2020 to an estimated 26.4 million cases in Financial Year 2026, reflecting a compound annual growth rate of 13.7%.
• Regional players accounted for over 80% of Madhya Pradesh’s beer market in Financial Year 2026, while national and other smaller players contributed the remaining 20%, highlighting the strength of regional manufacturers.
• The economy segment accounted for 71.5% of Madhya Pradesh’s beer market in Financial Year 2026, followed by the core segment at 24.5% and the premium segment at 4.0%, indicating the continued dominance of affordable beer.
• Premiumisation is emerging as an important industry trend, driven by rising disposable incomes and changing consumer preferences. Approximately 70% of Mount Everest Breweries Limited’s product portfolio in Madhya Pradesh and Chhattisgarh was positioned in the premium segment.
• Growing interest in ready-to-drink beverages, hybrid products, and non-alcoholic beer is creating opportunities for manufacturers to diversify their product portfolios and cater to evolving consumer preferences.
• Aluminium cans are gaining traction due to their portability and faster chilling, while glass bottles remain widely used because of consumer acceptance and established returnable-bottle infrastructure. However, packaging cost fluctuations and periodic aluminium-can supply constraints pose challenges.
• The industry operates under state-specific excise duties, licensing requirements, labelling rules, and distribution regulations. Established distribution networks and experience in regulatory compliance can help manufacturers expand across multiple states.
• Beer consumption in India typically peaks between March and June and moderates during the monsoon and winter seasons. Volatility in the prices of malted barley, hops, aluminium cans, glass bottles, and other packaging materials can also affect manufacturers’ profitability.

Mount Everest Breweries IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Part financing the capital expenditure requirements for setting up a Proposed Facility
• Repayment/pre-payment, in full or part, of certain borrowings availed by the Company.
• Towards general corporate purposes.

Financial Performance of Mount Everest Breweries Limited

Mount Everest Breweries Limited Peer Details Comparison

Strengths and Opportunities of Mount Everest Breweries IPO

1. Mount Everest Breweries’ revenue from operations increased from ₹546.66 crore in FY2024 to ₹1,017.84 crore in FY2026, while profit after tax rose from ₹20.37 crore to ₹53.19 crore, reflecting strong growth in scale and profitability.
2. The company operates two brewing facilities with a combined installed capacity of 2.80 million hectolitres per annum as of August 31, 2026. The addition of the Mysuru facility in 2025 expanded its manufacturing footprint beyond Madhya Pradesh.
3. Its proprietary portfolio comprises five beer brands—Stok, Lemount, Mount’s 6000, Dabang, and Mount’s Lager—serving different market segments. This diversified portfolio provides opportunities to reach consumers across economy, core, and premium categories.
4. The company’s distribution network covered 16 states and 3 Union Territories, with its products available at approximately 22,229 retail outlets and other touchpoints as of August 31, 2026. This established reach provides a platform for expanding sales and brand awareness.
5. The company’s EBITDA margin improved from 8.90% in FY2024 to 11.39% in FY2026, while its PAT margin rose from 3.86% to 6.18%. This indicates improved profitability relative to net revenue over the period.
6. Mount Everest Breweries held an estimated 36.3% share of Madhya Pradesh’s beer production volume in FY2026, according to the industry report cited in the DRHP. Its established position in this market offers a base for strengthening its regional presence.
7. The company has opportunities to expand through contract brewing, in addition to selling its own brands. Its contract-brewing operations contributed ₹270.02 crore, or 26.53% of FY2026 revenue from operations, providing a second business channel alongside proprietary brands.
8. The proposed IPO plans to allocate ₹230 crore towards partly financing a new brewing facility with a capacity of 1 million hectolitres per annum in Hardoi, Uttar Pradesh. This expansion could increase production capacity and support entry into additional markets, subject to execution and demand.

Risks and Threats of Mount Everest Breweries IPO

1. The company’s top 10 customers contributed 76.60% of revenue in FY2026, despite declining from 94.57% in FY2024. This concentration exposes the business to revenue and cash-flow risks if major customers reduce orders or terminate contracts.
2. The top 10 suppliers accounted for 67.62% of total purchases in FY2026, amounting to ₹320.40 crore. Dependence on these suppliers for raw materials and packaging could disrupt production if supplies are interrupted or commercial terms deteriorate.
3. Raw materials and packaging materials accounted for 46.63% of total expenses in FY2026, compared with 48.29% in FY2025 and 56.37% in FY2024. Volatility in rice, malted barley, hops, and aluminium can prices, combined with the absence of long-term contracts for most key raw materials, could pressure margins.
4. Beer sales are seasonal, with demand generally higher from February to June and more moderate from July to January. Weak demand during off-peak months or adverse weather conditions could lower capacity utilisation, sales, and profitability.
5. The company operates in a highly regulated alcoholic beverages industry, where state-specific policies and regulatory changes can affect distribution and product availability. Unexpected changes in state government policies could cause stock-outs and lost sales opportunities.
6. Mount Everest Breweries faces competition from established brewers and regional players across economy, core, and premium beer segments. Competitive pricing, promotional spending, and difficulty strengthening brand recognition in new markets could constrain market-share gains and operating margins.
7. The company had a combined installed brewing capacity of 2.80 million hectolitres per annum and produced approximately 1.39 million hectolitres in FY2026, representing capacity utilisation of around 49.54%. If demand does not grow sufficiently, underutilised facilities could weigh on operating efficiency and returns on invested capital.
8. The proposed new brewing facility in Uttar Pradesh involves project execution and demand risks, including construction costs, commissioning timelines, and the ability to build distribution in a new market. The IPO also proposes ₹70 crore for repayment or prepayment of certain borrowings, highlighting the importance of managing financing needs alongside expansion.

Mount Everest Breweries IPO Reservation

Mount Everest Breweries IPO Promoter Holding

The promoters of the company are Anand Kumar Kedia, Prasann Kumar Kedia, Anshuman Kedia, Vedant Kedia, and Venkateshwar Investment & Finance Private Limited.

Mount Everest Breweries IPO Prospectus

• Mount Everest Breweries IPO DRHP

Mount Everest Breweries IPO Registrar and Lead Managers

Mount Everest Breweries IPO Lead Managers

• Beeline Capital Advisors Private Limited

Registrar for Mount Everest Breweries IPO

MUFG Intime India Private Limited

• Contact Number: 022-49186000
• E-mail: mounteverest.ipo@in.mpms.mufg

Mount Everest Breweries IPO Registrar

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Contact Details of Mount Everest Breweries IPO

Registered Office: 4th Floor, BPK Star Tower A.B. Road Indore, Madhya Pradesh, 452008

Phone: +91 0731 4780423

E-mail: investor@meblindia.com