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	27.80%
	Hemant Mohan (Trustee Narinder Mohan Foundation)	11.90%
	Life Insurance Corporation of India	8.30%
	Vinay Mohan	8.20%
	Others	43.80%

Fundamentals

Quick Insights

Heritage & Expertise – With over 150 years in the liquor industry, MML has deep expertise in manufacturing and distribution. The company has grown steadily since the Mohan family took over operations in 1949. Strong Brand Recognition – MML’s flagship brand, Old Monk, is a household name in India’s dark rum segment. The company enjoys a strong presence across the country and also exports its products to international markets. Expanding Product Portfolio – While MML is known for its rum, it has successfully ventured into whiskey, gin, and vodka, broadening its market reach and catering to evolving consumer preferences. Steady Growth & Financial Strength – The company has consistently increased its revenue, with a 9% jump in FY2024. Despite market challenges, MML continues to expand, driven by strong demand and premium offerings. Widespread Distribution & Franchise Network – MML operates through both its own manufacturing units and a franchise model, ensuring a strong distribution network that supports its nationwide and global sales.

Market Cap₹1,935.68 Cr

PE Ratio22.85

EPS₹99.55

Dividend Yield-

Book Value₹430.54 Cr

Debt/Equity0.012

Price/Book5.28

Price/Sales-

Industry PE-

Sales₹1,929.92 Cr

Profit After Tax₹84.7 Cr

Share Capital₹366.323 Cr

Shares Outstanding-

ISININE136D01018

SectorFood & Beverages

Symbol-

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.

Latest News

No news available.

Annual Reports

FY 21 FY 22 FY 23 FY 24

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

Quick Insights

Heritage & Expertise – With over 150 years in the liquor industry, MML has deep expertise in manufacturing and distribution. The company has grown steadily since the Mohan family took over operations in 1949. Strong Brand Recognition – MML’s flagship brand, Old Monk, is a household name in India’s dark rum segment. The company enjoys a strong presence across the country and also exports its products to international markets. Expanding Product Portfolio – While MML is known for its rum, it has successfully ventured into whiskey, gin, and vodka, broadening its market reach and catering to evolving consumer preferences. Steady Growth & Financial Strength – The company has consistently increased its revenue, with a 9% jump in FY2024. Despite market challenges, MML continues to expand, driven by strong demand and premium offerings. Widespread Distribution & Franchise Network – MML operates through both its own manufacturing units and a franchise model, ensuring a strong distribution network that supports its nationwide and global sales.

Balance Sheet

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

Equity Capital

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

9.2

0.3

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

20.0

21.7

Borrowings

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%

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%

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%

1.5%

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%

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

Color

Shareholder

Holding

Trade Links Pvt. Ltd

27.80%

Hemant Mohan (Trustee Narinder Mohan Foundation)

11.90%

Life Insurance Corporation of India

8.30%

Vinay Mohan

8.20%

Others

43.80%

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Mohan Meakin Ltd

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses

FAQs – Buying Unlisted Shares