Bira Unlisted Shares
About Bira Unlisted Shares
Bira 91, owned by B9 Beverages, is a leading craft beer brand that has gained immense popularity since its launch in 2015. With a bold identity and premium-quality beers, Bira has captured a significant market share in India’s beer industry. Headquartered in New Delhi, the brand has expanded internationally, establishing its presence in the United States and Singapore. Bira 91’s association with the ICC has further strengthened its global reputation, making it the first Indian beverage brand to partner with cricket’s governing body.
Business Divisions
Bira 91 operates in multiple segments, including:
- Premium Beers – Aiming at urban millennials with unique flavors.
- Mass Market Beers – Targeting tier-2, tier-3, and tier-4 cities to expand market reach.
- International Expansion – Available in key global markets such as the U.S. and Southeast Asia.
- Sponsorship & Branding – Strategic partnerships, including a $5-6 million per year ICC sponsorship deal.
Financial Highlights
Bira 91’s financial performance provides key insights into its growth trajectory and challenges:
- Revenue Growth – The company’s revenue has grown from ₹428.2 crore in 2021 to ₹824.32 crore in 2023, indicating strong demand.
- Expanding Losses – Despite revenue growth, losses widened, with PAT falling from -₹211.28 crore in 2021 to -₹445.47 crore in 2023.
- Declining Margins – Gross margins dropped from 79.64% in 2021 to 67.81% in 2023, highlighting cost pressures.
- Debt & Liabilities – Borrowings stood at ₹314.6 crore in 2023, with total liabilities increasing to ₹1274.27 crore.
- BIRA Unlisted Share Price Movement – The latest unlisted share price is ₹650 per share, translating to a market valuation of ₹3900 crore.
Pros
- Fastest Growing Craft Beer Brand – Ranked among the top 25 craft beer brands globally.
- Expanding Brewery Capacity – Increased production to 2.64 crore bottles per month.
- Strong Investor Backing – Sequoia Capital, Sofina, and Bollywood celebrities among its investors.
Cons
- Financial Losses – The company is yet to achieve profitability, with losses widening over the years.
- High Debt – Bira has significant borrowings, impacting its financial stability.
- Raw Material Price Volatility – Inflation and rising costs of barley, aluminum, and glass impact margins.
Key Details
| Share Name | Particulars |
|---|---|
| Bira Unlisted | 345.00 |
| Shares Price | Per Equity Share |
| Lot Size | 100 Shares |
| 52 Week High | ₹ 650 |
| 52 Week LoW | ₹ 515 |
| Depository | NSDL & CDSL |
| PAN Number | AAECD6739Q |
| ISIN Number | INE833U01014 |
| CIN | U80903DL2012PLC236595 |
| RTA | Skyline Financial Services |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 1931.66 |
| P/E Ratio | -4.34 |
| P/B Ratio | 11.23 |
| Debt to Equity | 1.94 |
| ROE (%) | -275 |
| Book Value | 30.72 |
| EPS | -79.56 |
| Face Value | 10 |
| Total Shares | 55990000 |
Financials
| P&L Statement | 2023 | 2022 | 2021 |
|---|---|---|---|
| Revenue | 824.32 | 717.77 | 428.2 |
| Cost of Material Consumed | 265.38 | 164.4 | 87.17 |
| Gross Margins | 67.81 | 77.1 | 79.64 |
| Change in Inventory | -26.27 | 68.44 | 4.48 |
| Employee Benefit Expenses | 114.98 | 90.71 | 62.96 |
| Other Expenses | 710.29 | 567.45 | 378.01 |
| EBITDA | -240.06 | -173.23 | -104.42 |
| OPM | -29.12 | -24.13 | -24.39 |
| Other Income | 24.39 | 15.98 | 34.61 |
| Finance Cost | 96.59 | 87.72 | 76.2 |
| D&A | 121.41 | 90.09 | 74.24 |
| EBIT | -361.47 | -263.32 | -178.66 |
| EBIT Margins | -43.85 | -36.69 | -41.72 |
| PBT | -433.69 | -335.07 | -211.28 |
| PBT Margins | -52.61 | -46.68 | -49.34 |
| Tax | 11.78 | 0 | 0 |
| PAT | -445.47 | -335.07 | -211.28 |
| NPM | -54.04 | -46.68 | -49.34 |
| EPS | -79.56 | -69.51 | -159.22 |
| Ratio | FY23 | FY22 |
|---|---|---|
| Operating Margin | -40% | -42% |
| Net Profit Margin | -51% | -55% |
| Return on Equity | -268% | 178% |
| Debt-Equity | 1.94 | -1.56 |
| Current Ratio | 0.78 | 0.56 |
| Dividend Payout | 0% | 0% |
| Company | B9 Beverages (Bira Beer, i.e. BIRA91 Ltd) | United Breweries Ltd | United Spirits Ltd |
|---|---|---|---|
| Market Cap (₹ Crores) | 1179 | 42358 | 75594 |
| Profitability Margin (%) | -51% | 4% | 9% |
| ROCE (%) | -70% | 11% | 20% |
| ROE (%) | -268% | 8% | 18% |
| D/E Ratio | 1.95 | 0.00 | 0.03 |
| P/E Ratio | -6.65 | 136.00 | 61.30 |
| P/B Ratio | 7.28 | 10.70 | 12.60 |
| Book Value per Share (₹) | 85.13 | 150.00 | 82.50 |
| Assets | 2023 | 2022 | 2021 |
|---|---|---|---|
| Fixed Assets | 431.45 | 84.45 | 76.36 |
| CWIP | 15.16 | 7.16 | 7.01 |
| Investments | 1.1 | 54.7 | 35.52 |
| Trade Receivables | 169.68 | 126.68 | 124.53 |
| Inventory | 164.2 | 74.05 | 99.25 |
| Other Assets | 492.54 | 645.76 | 578.2 |
| Total Assets | 1274.13 | 992.8 | 920.87 |
| Liabilities | 2023 | 2022 | 2021 |
|---|---|---|---|
| Share Capital | 55.99 | 48.206 | 13.27 |
| FV | 10 | 10 | 10 |
| Reserves | 106 | -72 | 28.07 |
| Borrowings | 314.6 | 346.71 | 246.94 |
| Trade Payables | 290.05 | 187.26 | 138.07 |
| Other Liabilities | 507.63 | 482.45 | 494.52 |
| Total Liabilities | 1274.27 | 992.63 | 920.87 |
