G M Breweries Ltd, set up in 1981 manufactures and markets Alcoholic Beverages such as Country Liquor (CL) and Indian-made Foreign Liquor (IMFL).[1]
Milestones[1]The Co. has a monopoly in country liquor in the districts of Mumbai, Thane & Palghar.It is the single largest manufacturer of country liquor in the State of Maharashtra with a sizable market share.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | United Spirits | 1350.60 | 57.31 | 98254.39 | 0.89 | 464.00 | 42.56 | 3173.00 | 11.57 | 26.50 | 12658.00 | 18.34 | 1714.40 | 486.12 | 11.69 | 12.34 | 0.05 |
| 2. | United Breweries | 1517.45 | 105.59 | 40132.72 | 0.66 | 46.34 | -64.80 | 2052.83 | -3.02 | 13.88 | 9240.39 | 8.32 | 380.09 | 46.52 | 9.24 | 6.03 | 0.18 |
| 3. | Radico Khaitan | 2900.70 | 83.69 | 38851.18 | 0.14 | 138.96 | 69.07 | 1493.93 | 33.83 | 16.24 | 5598.29 | 14.85 | 464.24 | 138.96 | 13.31 | 7.98 | 0.21 |
| 4. | Allied Blenders | 472.85 | 51.47 | 13227.49 | 0.76 | 62.92 | 35.22 | 990.06 | 14.11 | 21.08 | 3807.51 | 12.86 | 256.98 | 64.31 | 8.49 | 6.29 | 0.68 |
| 5. | Tilaknagar Inds. | 421.75 | 38.26 | 10424.43 | 0.24 | 52.68 | -9.53 | 398.22 | 6.23 | 28.19 | 1553.60 | 18.89 | 272.47 | 52.68 | 4.41 | 20.26 | 0.02 |
| 6. | India Glycols | 936.35 | 24.23 | 6278.67 | 0.53 | 65.06 | 30.88 | 1092.20 | 13.63 | 12.35 | 3971.08 | 14.53 | 259.14 | 65.06 | 2.42 | 4.04 | 0.86 |
| 7. | Piccadily Agro | 585.50 | 52.57 | 5770.05 | 0.00 | 26.72 | 8.32 | 212.21 | 14.76 | 22.68 | 863.64 | 22.86 | 109.75 | 26.69 | 7.16 | 10.87 | 0.40 |
| 8. | G M Breweries | 1007.80 | 14.12 | 2304.07 | 0.75 | 42.01 | 91.22 | 202.14 | 21.89 | 18.13 | 714.85 | 21.96 | 163.22 | 42.01 | 2.34 | 12.74 | 0.00 |
| – | Median: 23 Co. | 286.55 | 33.74 | 1596.34 | 0.14 | 19.5 | 0.0 | 212.21 | 11.57 | 13.25 | 863.64 | 8.55 | 79.6 | 19.5 | 2.83 | 6.29 | 0.43 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 142 | 154 | 156 | 147 | 152 | 157 | 160 | 152 | 149 | 166 | 169 | 163 | 181 | 202 |
Expenses | 111 | 120 | 125 | 120 | 122 | 132 | 135 | 121 | 121 | 136 | 141 | 132 | 136 | 150 |
Operating Profit | 31 | 33 | 31 | 27 | 30 | 25 | 25 | 31 | 28 | 30 | 29 | 31 | 45 | 53 |
Other Income | 1 | 3 | 15 | 1 | 1 | 7 | 71 | 4 | 3 | 1 | 40 | 5 | 3 | 5 |
Profit before tax | 30 | 35 | 45 | 27 | 29 | 31 | 95 | 33 | 29 | 29 | 68 | 35 | 47 | 56 |
Tax % | 25% | 25% | 22% | 25% | 24% | 26% | 8% | 25% | 25% | 25% | 12% | 25% | 25% | 25% |
Net Profit | 23 | 26 | 35 | 20 | 22 | 23 | 87 | 25 | 22 | 22 | 60 | 26 | 35 | 42 |
EPS in Rs | 9.95 | 11.37 | 15.39 | 8.73 | 9.81 | 9.91 | 38.00 | 10.92 | 9.48 | 9.62 | 26.46 | 11.32 | 15.27 | 18.39 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 289 | 307 | 360 | 375 | 426 | 464 | 469 | 340 | 458 | 594 | 615 | 637 | 715 |
Expenses | 246 | 269 | 264 | 306 | 318 | 347 | 380 | 265 | 363 | 477 | 508 | 519 | 558 |
Operating Profit | 42 | 38 | 96 | 69 | 108 | 117 | 89 | 75 | 96 | 117 | 107 | 118 | 157 |
Other Income | 1 | 2 | 10 | 4 | 10 | 14 | 9 | 30 | 29 | 20 | 80 | 48 | 53 |
Interest | 6 | 7 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
Depreciation | 5 | 6 | 5 | 6 | 6 | 7 | 7 | 5 | 6 | 6 | 6 | 5 | 4 |
Profit before tax | 33 | 28 | 88 | 67 | 111 | 123 | 91 | 100 | 118 | 132 | 181 | 160 | 206 |
Net Profit | 22 | 19 | 58 | 44 | 73 | 82 | 68 | 80 | 93 | 100 | 152 | 129 | 163 |
EPS in Rs | 9.41 | 8.14 | 25.46 | 19.06 | 31.83 | 36.10 | 29.76 | 35.13 | 40.95 | 43.80 | 66.46 | 56.48 | 71.44 |
Dividend Payout % | 11% | 16% | 5% | 10% | 6% | 7% | 8% | 9% | 10% | 11% | 8% | 13% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 9 | 12 | 12 | 15 | 15 | 18 | 18 | 18 | 18 | 18 | 18 | 23 | 23 |
Reserves | 105 | 114 | 169 | 210 | 277 | 349 | 412 | 487 | 573 | 663 | 804 | 916 | 961 |
Borrowings | 29 | 32 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
Other Liabilities | 78 | 48 | 50 | 55 | 60 | 57 | 53 | 68 | 77 | 87 | 95 | 159 | 117 |
Total Liabilities | 221 | 206 | 231 | 279 | 351 | 424 | 484 | 573 | 668 | 769 | 917 | 1,098 | 1,101 |
Fixed Assets | 96 | 86 | 79 | 96 | 111 | 139 | 159 | 138 | 137 | 185 | 240 | 291 | 297 |
Gross Block | 137.51 | 130.80 | 128.93 | 101.70 | 122.23 | 156.60 | 183.44 | 167.78 | 172.78 | 226.64 | 286.95 | 343.85 | – |
Accumulated Depreciation | 41.98 | 44.87 | 50.28 | 5.39 | 11.38 | 17.11 | 24.40 | 29.88 | 35.94 | 41.58 | 47.44 | 52.62 | – |
CWIP | 7 | 1 | 2 | 76 | 64 | 48 | 26 | 20 | 20 | 8 | 6 | -0 | -0 |
Investments | 49 | 77 | 88 | 46 | 108 | 163 | 226 | 287 | 379 | 446 | 526 | 590 | 602 |
Other Assets | 69 | 42 | 62 | 61 | 69 | 74 | 73 | 128 | 133 | 131 | 146 | 217 | 202 |
Total Assets | 221 | 206 | 231 | 279 | 351 | 424 | 484 | 573 | 668 | 769 | 917 | 1,098 | 1,101 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 28 | 20 | 60 | 53 | 63 | 61 | 79 | 1 | 97 | 96 | 59 | 162 |
Cash from Investing Activity | -27 | -13 | -4 | -50 | -61 | -57 | -72 | 10 | -95 | -87 | -48 | -149 |
Cash from Financing Activity | 0 | -3 | -32 | -4 | -5 | -5 | -7 | -6 | -7 | -9 | -11 | -13 |
Net Cash Flow | 1 | 4 | 24 | -1 | -4 | -2 | -0 | 6 | -5 | 0 | -1 | -0 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 2 | 0 | 1 | 2 |
Inventory Days | 41 | 50 | 38 | 26 | 27 | 40 | 38 | 73 | 63 | 55 | 40 | 46 |
Days Payable | 12 | 11 | 11 | 11 | 12 | 10 | 21 | 8 | 6 | 13 | 29 | 27 |
Cash Conversion Cycle | 29 | 40 | 28 | 14 | 16 | 31 | 18 | 66 | 60 | 42 | 12 | 21 |
Working Capital Days | -58 | -30 | -19 | -26 | -17 | -8 | -7 | 25 | 17 | -1 | 9 | -41 |
ROCE % | 29% | 22% | 55% | 33% | 42% | 37% | 23% | 20% | 20% | 20% | 24% | 18% |
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Stock Analysis
G. M. Breweries Ltd. manufactures and markets alcoholic beverages, focusing on Country Liquor in Maharashtra, and holds a significant market share. The company operates solely in the Country Liquor segment.
The company has a monopoly in country liquor in Mumbai, Thane, and Palghar districts and is the largest manufacturer in Maharashtra, providing a strong market position.
Currently no data available for Order Book.
The company has historically shown poor sales growth over the past five years. Additionally, its earnings have included significant other income, which can mask core operational performance.
Corporate Announcements
