GM Breweries Ltd.
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ABOUT
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 20.9%
- Latest quarter profit grew 45.9% YoY, showing strong momentum
- Company has delivered good sales growth of 19.6% CAGR over last 5 years
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Operating cash flow has been negative in recent years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.29x)
- Though reporting repeated profits, the company pays out little dividend (13.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UNITDSPR | 1397.20 | 53.94 | 101625.46 | 1.22 | 463.00 | 11.03 | 6122.00 | -2.75 | 27.86 | 7.01 |
| RADICO | 4366.95 | 83.16 | 58509.44 | 0.21 | 229.60 | 75.91 | 5867.69 | 10.43 | 22.64 | 6.07 |
| UBL | 1255.85 | 83.93 | 33205.32 | 0.80 | 166.28 | -9.65 | 5919.44 | 10.01 | 11.92 | 4.77 |
| ABDL | 631.85 | 79.98 | 17673.49 | 0.85 | 45.42 | -18.65 | 1809.15 | 1.85 | 18.53 | 6.38 |
| TI | 520.50 | 0.00 | 12903.09 | 0.19 | 31.59 | -64.31 | 2252.43 | 160.74 | 4.31 | 7.50 |
| PICCADIL | 602.65 | 42.27 | 5940.45 | 0.17 | 214.35 | 1063.05 | 2705.03 | 1081.24 | 18.01 | 16.20 |
| TRUALT | 416.30 | 24.05 | 3569.88 | 0.00 | 592.71 | 12444.13 | 6268.83 | 1962.85 | 10.57 | 21.18 |
| GLOBUSSPR | 839.60 | 26.27 | 2641.49 | 0.78 | 26.48 | 49.69 | 1151.88 | 21.05 | 11.34 | 6.66 |
| GMBREW | 908.50 | 13.23 | 2075.64 | 0.99 | 377.40 | 524.21 | 8029.00 | 1110.77 | 20.40 | 5.79 |
| SDBL | 70.03 | 0.00 | 1455.93 | 0.00 | 1.56 | -96.29 | 609.19 | -31.13 | 18.52 | 2.46 |
| ASALCBR | 677.55 | 16.46 | 1360.47 | 0.30 | 17.83 | -24.60 | 286.30 | 5.96 | 18.06 | 10.43 |
| SULA | 136.35 | 46.49 | 1151.44 | 1.47 | 1.06 | -45.36 | 120.79 | 2.11 | 7.57 | 13.74 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 579 | 594 | 618 | 623 | 601 | 596 | 644 | 663 | 638 | 718 | 809 | 812 | 803 | |
| 552 | 565 | 593 | 598 | 569 | 568 | 614 | 634 | 607 | 673 | 756 | 760 | 758 | |
| Operating Profit | 27 | 30 | 25 | 25 | 31 | 28 | 30 | 29 | 31 | 45 | 53 | 52 | 45 |
| OPM % | 4.67% | 5.00% | 4.11% | 4.04% | 5.24% | 4.62% | 4.65% | 4.33% | 4.84% | 6.24% | 6.50% | 6.45% | 5.59% |
| 1 | 1 | 7 | 71 | 4 | 3 | 1 | 40 | 5 | 3 | 5 | 17 | 6 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 2 |
| Profit before Tax | 27 | 29 | 31 | 95 | 33 | 29 | 29 | 68 | 35 | 47 | 56 | 68 | 50 |
| Tax % | 25.18% | 24.09% | 26.19% | 8.33% | 25.15% | 25.20% | 25.14% | 11.50% | 25.17% | 25.18% | 25.16% | 20.63% | 25.16% |
| Net Profit | 20 | 22 | 23 | 87 | 25 | 22 | 22 | 60 | 26 | 35 | 42 | 54 | 38 |
| 10.90 | 12.23 | 12.37 | 47.40 | 10.92 | 9.48 | 9.61 | 26.47 | 11.32 | 15.27 | 18.39 | 23.66 | 16.52 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 748 | 919 | 982 | 971 | 710 | 1,041 | 1,358 | 1,409 | 1,461 | 1,735 | 3,141 | |
| 679 | 812 | 865 | 887 | 635 | 946 | 1,242 | 1,302 | 1,343 | 1,570 | 2,947 | |
| Operating Profit | 69 | 108 | 117 | 84 | 75 | 96 | 116 | 107 | 118 | 165 | 195 |
| OPM % | 9.22% | 11.71% | 11.90% | 8.69% | 10.61% | 9.18% | 8.57% | 7.62% | 8.05% | 9.52% | 6.20% |
| 4 | 10 | 14 | 14 | 30 | 29 | 21 | 80 | 48 | 46 | 31 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 6 | 6 | 7 | 7 | 5 | 6 | 6 | 6 | 5 | 5 | 5 |
| Profit before Tax | 67 | 111 | 123 | 91 | 100 | 118 | 132 | 181 | 160 | 205 | 221 |
| Tax % | 34.86% | 34.50% | 33.20% | 25.26% | 19.96% | 20.92% | 24.12% | 16.38% | 19.33% | 23.66% | 23.77% |
| Net Profit | 44 | 73 | 82 | 68 | 80 | 93 | 100 | 152 | 129 | 157 | 169 |
| EPS | 29.84 | 49.86 | 45.21 | 37.12 | 43.82 | 51.08 | 54.61 | 82.90 | 56.48 | 68.65 | — |
| Dividend Payout % | 10.05% | 6.02% | 6.66% | 8.08% | 9.13% | 9.79% | 10.98% | 8.44% | 13.28% | 13.11% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 20%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 10%
- 5 Years:
- 14%
- 3 Years:
- 16%
STOCK PRICE CAGR
- 10 Years:
- 10%
- 5 Years:
- 15%
- 3 Years:
- 21%
- 1 Year:
- 32%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 17%
- 3 Years:
- 17%
- Last Year:
- 16%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 18 | 18 | 18 | 18 | 18 | 18 | 23 | 23 |
| 210 | 277 | 349 | 412 | 487 | 573 | 663 | 804 | 916 | 1,055 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56 | 35 | |
| Trade Payables | 5 | 5 | 5 | 11 | 3 | 3 | 9 | 21 | 19 | 11 |
| 50 | 54 | 52 | 42 | 65 | 74 | 78 | 74 | 84 | 101 | |
| Total Liabilities | 279 | 351 | 424 | 484 | 573 | 668 | 769 | 917 | 1,098 | 1,225 |
| 63 | 66 | 67 | 62 | 57 | 53 | 53 | 50 | 50 | 42 | |
| Capital Work in Progress | 76 | 64 | 48 | 26 | 20 | 20 | 8 | 6 | 0 | 47 |
| 46 | 108 | 163 | 226 | 287 | 379 | 446 | 526 | 590 | 570 | |
| 11 | 12 | 18 | 21 | 28 | 32 | 37 | 29 | 33 | 34 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 2 | |
| Cash & Bank | 6 | 10 | 1 | 22 | 7 | 27 | 24 | 13 | 95 | 12 |
| 77 | 92 | 127 | 128 | 174 | 158 | 202 | 291 | 328 | 517 | |
| Total Assets | 279 | 351 | 424 | 484 | 573 | 668 | 769 | 917 | 1,098 | 1,225 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,039 | 2,460 | 2,584 | 2,526 | 1,804 | 2,761 | 3,592 | 59 | 162 | -96 | |
| Cash from Investing | -50 | -61 | -57 | -72 | 10 | -95 | -87 | -48 | -149 | 114 |
| Cash from Financing | -4 | -5 | -5 | -7 | -6 | -7 | -9 | -11 | -13 | -17 |
| -1 | -4 | -2 | -0 | 6 | -5 | 0 | -1 | -0 | 1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-07-15 - GM Breweries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-13 - GM Breweries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-13 - Compliance Certificate for the Quarter ended June 30, 2026
2026-07-09 - Un - Audited Financial Results for The Quarter Ended June 30, 2026
2026-07-09 - GM Breweries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-06-23 - GM Breweries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-22 - Minutes of 43rd AGM
2026-05-28 - Voting Results and Scrutinisers Report
2026-05-28 - AGM Proceedings Out Come
News
Recent coverage and analyst commentary for GMBREW
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GM Breweries Ltd.
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