Bira91 (B9 Beverages Pvt Ltd) Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Bira91 (B9 Beverages Pvt Ltd) Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
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Financial Performance
| Indicators | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Revenue | 668.2 | 848.7 | 726.5 | 430.8 | 478.8 | 355.0 | 158.2 |
| Expense | 1,113.0 | 1,064.4 | 944.0 | 543.2 | 703.7 | 540.8 | 250.5 |
| EBITDA | -444.8 | -215.7 | -217.5 | -250.3 | -326.5 | -188.3 | -97.2 |
| Other Cost | 304.0 | 218.0 | 178.5 | 75.0 | 58.3 | 6.0 | 3.7 |
| PBT | -748.8 | -433.7 | -396.0 | -251.5 | -317.9 | -201.8 | -101.8 |
| Tax Expense | 0.0 | 11.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| PAT | -748.8 | -445.5 | -396.0 | -251.5 | -317.9 | -201.8 | -101.8 |
| Other Inc./Exp. | -3.4 | -14.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | -752.2 | -460.2 | -396.0 | -251.5 | -317.9 | -201.8 | -101.8 |
| Shares O/S | 6.00 | 4.80 | 4.10 | 3.90 | 3.90 | 3.00 | 2.40 |
| EPS (₹) | -126.00 | -93.30 | -96.90 | -64.50 | -120.90 | -45.00 | -8.90 |
| Rev. Growth % | -21.3% | 16.8% | 68.6% | -10.0% | 34.9% | 124.4% | — |
| EBITDA Mgn % | -66.6% | -25.4% | -29.9% | -58.1% | -68.2% | -53.0% | -61.4% |
| Net Mgn % | -112.6% | -54.2% | -54.5% | -58.4% | -66.4% | -56.8% | -64.3% |
| EPS Growth | 35.0% | -3.7% | 50.2% | -46.7% | 168.7% | 405.6% | — |
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About B9 Beverages Unlisted Shares (Bira91)
B9 Beverages Limited, founded by Ankur Jain in 2015, is the company behind Bira 91, one of India's leading premium craft beer brands. Launched to cater to the growing demand for flavourful and contemporary beers, Bira 91 disrupted a market traditionally dominated by mainstream lager brands.
Initially brewed in Belgium through contract manufacturing, the company later expanded production across India to meet rising demand. Today, Bira 91 offers a diverse portfolio including Bira White, Blonde, Strong, Light, Boom, and IPA and has expanded its presence to more than 20 international markets, including the US, UK, UAE, and Singapore, establishing itself as a globally recognized Indian beer brand.
B9 Beverages Timeline
Year | Milestone |
2008 | Ankur Jain entered the premium beer business by importing international craft beers into India. |
2015 | B9 Beverages launched Bira 91, starting with White and Blonde craft beers. |
2016 | Raised $6 million in Series A funding led by Sequoia Capital India. |
2017 | Expanded manufacturing in India and introduced new variants, including Strong and Light. |
2018 | Raised $50 million from Sofina, taking total funding beyond $100 million. |
2019 | Secured additional funding from Sixth Sense Ventures to accelerate expansion. |
2021 | Kirin Holdings invested $30 million, strengthening Bira 91's international growth plans. |
2024 | Kirin increased its stake through another investment, reinforcing long-term strategic support. |
2025 | Company converted into B9 Beverages Limited, preparing for a future IPO, though label re-registration temporarily disrupted operations. |
2026 | Founder Ankur Jain stepped down from the board after a settlement with lenders, while investors began restructuring the business and exploring fresh capital. |
Business Model of B9 Beverages (Bira 91)
B9 Beverages follows an asset-light premium beer business model, focusing on brand building, product innovation, and an extensive distribution network rather than owning all manufacturing facilities. Its business model revolves around four key pillars:
Premium Craft Beer Portfolio: The company offers products such as Bira White, Blonde, Strong, Boom, IPA, Light, and seasonal editions, targeting urban millennials and premium beer consumers.
Contract Manufacturing: Instead of building breweries in every region, B9 partners with multiple breweries across India, reducing capital expenditure while expanding production capacity.
Multi-Channel Distribution: Products are sold through liquor stores, bars, restaurants, hotels, airports, modern retail chains, and e-commerce-enabled alcohol platforms where regulations permit.
International Expansion: Bira 91 has expanded into more than 20 countries, helping diversify revenue beyond India and establish itself as a global Indian craft beer brand.
The company differentiates itself through premium branding, innovative packaging, and limited edition products instead of competing purely on price.
Financial Performance of B9 Beverages (Bira 91)
B9 Beverages witnessed exceptional growth between FY21 and FY25, driven by rising demand for premium beer and rapid expansion across India. Revenue increased from just Rs.45.5 cr in FY21 to Rs.1,912.1 cr in FY25, reflecting a strong 4 year CAGR of over 155%. During the same period, EBITDA rose from Rs.10.9 cr to Rs.496.3 cr, while net profit reached Rs.375.6 cr in FY25.
Particulars (Rs. Cr) | FY25 | FY24 |
Revenue | 1,912.1 | 1,237.6 |
EBITDA | 496.3 | 320.3 |
EBITDA Margin | 26.0% | 25.9% |
Profit Before Tax | 445.1 | 270.0 |
Net Profit (PAT) | 375.6 | 240.1 |
Net Margin | 19.9% | 19.5% |
EPS | 9.07 | 6.03* |
*Calculated using FY24 PAT and outstanding shares.
Revenue crossed Rs 1,900 cr in FY25, registering 54.5% YoY growth.
EBITDA increased by nearly 55% to Rs.496.3 cr, while margins remained healthy at 26%, indicating disciplined cost management.
Net profit rose 56.4% YoY to Rs.375.6 cr, with net margins improving to 19.9%.
Revenue has grown from Rs.126.4 cr in FY22 to Rs.1,912.1 cr in FY25, a more than 15x increase in just three years, highlighting the company's rapid scale-up in India's premium beer market.
B9 Beverages unlisted share price overview
Over the last six months, Bira 91's unlisted share price has witnessed sharp volatility. The stock declined from around Rs. 114 in February 2026 to nearly Rs. 55 in June 2026 before recovering to Rs. 79.80 in July 2026. Despite this recovery, the share remains 30% lower over the six month period, reflecting investor might concerns over the company's restructuring, fundraising initiatives, and leadership transition. Going forward, the performance of Bira 91's unlisted shares will largely depend on the company's ability to stabilize operations, secure fresh capital, and restore investor confidence.
Milestones Achieved by Bira 91
Year | Achievement |
2015 | Successfully launched Bira 91 and entered India's premium craft beer market. |
2016 | Secured funding from Sequoia Capital, validating the brand's growth potential. |
2017 | Expanded the portfolio with Strong, Light, and IPA variants. |
2018 | Crossed $100 million in cumulative funding after Sofina's investment. |
2021 | Formed a strategic partnership with Kirin Holdings to accelerate international expansion. |
2024 | Kirin increased its ownership, reaffirming confidence in the brand's long-term potential. |
2025 | Converted into B9 Beverages Limited as part of preparations for a future public listing. |
2026 | Underwent leadership restructuring and initiated a fresh recapitalization plan to revive operations after financial challenges. |
Recent Fundraising & Key Corporate Developments
Year | Development |
2016 | Raised $6 million (Series A) led by Peak XV Partners (formerly Sequoia Capital India), along with prominent angel investors. |
2018 | Secured $50 million from Belgian investment firm Sofina to accelerate capacity expansion and market growth. |
2019 | Raised $4.3 million in a Pre-Series C round led by Sixth Sense Ventures. |
2021 | Kirin Holdings (Japan) invested $30 million, becoming a strategic investor to support Bira 91's domestic and international expansion. |
2025 | The company completed a Rs. 100.75 cr rights issue to strengthen liquidity and support operations. |
2026 | Founder Ankur Jain stepped down from the board and relinquished executive control after reaching a settlement with lenders. Investors are now seeking buyers for the founder family's 17.8% stake while exploring fresh capital to revive the business. |
Why Investors May Consider Bira 91?
Strong Premium Brand: Bira 91 is one of India's best-known premium beer brands with a loyal urban consumer base.
Large Growth Opportunity: India's beer consumption remains low compared to global averages, leaving significant room for long-term growth.
Backed by Global Investors: The company has attracted investments from Kirin Holdings, Peak XV Partners, Sofina, and Sixth Sense Ventures, reflecting institutional confidence.
Rapid Business Scale-Up: Revenue has grown significantly over the past few years, demonstrating strong demand for the brand.
Potential IPO Candidate: Although no IPO timeline has been announced, the company's conversion into a public limited entity indicates long-term listing aspirations
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