Mohan Meakin Limited closed FY26 with one of its strongest financial years in recent memory. Revenue crossed Rs. 2,302 Cr and profit after tax jumped past the Rs. 150 Cr mark, a sharp turnaround from the muted growth seen a year earlier.
The 92nd Annual Report, released for the year ended March 31, 2026, shows the brewer and IMFL maker delivering broad based gains across revenue, margins, net worth and shareholder returns. Note that Mohan Meakin does not have any subsidiaries, joint ventures or associate companies, so these are the company's standalone financial statements, not consolidated ones.
TL;DR
Revenue from operations rose 7% to Rs. 2,302.38 Cr in FY26 from Rs. 2,151.34 Cr in FY25.
Profit After Tax jumped 53% to Rs. 156.75 Cr from Rs. 102.63 Cr, aided by an exceptional item and controlled cost growth.
Profit Before Tax grew 51% to Rs. 209.24 Cr, well ahead of revenue growth.
Basic and diluted EPS rose to Rs. 184.23 from Rs. 120.62, up 53%.
Net worth increased 33% to Rs. 626.13 Cr, taking book value per share to roughly Rs. 735.90.
The board recommended a final dividend of Rs. 2.50 per share, up from Rs. 1.50 in FY25.
Total assets grew 25% to Rs. 813.95 Cr, led by a fresh Rs. 123.79 Cr investment in LIC certificates of deposit.
Mohan Meakin FY26 Results: Key Financial Numbers
Particular (in Rs. Cr.) | FY25 | FY26 | Change |
Revenue from Operations | 2,151.34 | 2,302.38 | 7% |
Other Income | 15.20 | 31.22 | 105% |
Total Income | 2,166.55 | 2,333.60 | 8% |
Total Expenses | 2,028.36 | 2,126.07 | 5% |
Profit Before Tax | 138.19 | 209.24 | 51% |
Profit After Tax | 102.63 | 156.75 | 53% |
Basic EPS (Rs.) | 120.62 | 184.23 | 53% |
Total Equity (Net Worth) | 470.18 | 626.13 | 33% |
Total Assets | 651.91 | 813.95 | 25% |
Source: Mohan Meakin Annual Report FY26, Statement of Profit and Loss and Balance Sheet
Revenue Growth Stayed Steady
Revenue from operations moved up from Rs. 2,151.34 Cr to Rs. 2,302.38 Cr, a growth of about 7%. This growth came from the company's core business of manufacturing Beer and IMFL brands including Rum, Whisky, Brandy, Vodka and Gin, along with its smaller food and beverage segment covering juices, cornflakes, wheat porridge and vinegars. The Board's report attributes the increase to improved operational efficiency and stronger performance across key segments, rather than any one time item.
Profit Grew Faster Than Revenue
The real story of FY26 is how profit outpaced revenue!
Profit Before Tax rose from Rs. 138.19 Cr to Rs. 209.24 Cr, a jump of 51%. Profit After Tax increased from Rs. 102.63 Cr to Rs. 156.75 Cr, up 53%. This included a one time exceptional item of Rs. 1.71 Cr (gain), but even without it, operating profit before exceptional items and tax still rose 50% to Rs. 207.53 Cr. Basic and diluted EPS climbed from Rs. 120.62 to Rs. 184.23, reflecting stronger per share earnings for shareholders.
Cost Structure Improved
Total expenses (excluding depreciation and finance cost) rose only 5%, much slower than revenue growth, pointing to better cost control during the year.
Cost of materials consumed: Rs. 260.06 Cr, up from Rs. 216.89 Cr
Excise duty: Rs. 146.05 Cr, down sharply from Rs. 545.47 Cr
Purchase of stock in trade: Rs. 1,493.13 Cr, up from Rs. 1,069.56 Cr
Employee benefits expense: Rs. 61.32 Cr, up from Rs. 52.61 Cr
Other expenses: Rs. 163.14 Cr, up from Rs. 139.96 Cr
The steep fall in excise duty as a standalone line item, alongside the rise in purchase of stock in trade, reflects a shift in how certain products are classified and sold, rather than a genuine cost saving. Even so, the overall expense growth of 5% against 7% revenue growth helped operating margins expand meaningfully.
Other Income Nearly Doubled
Other income rose from Rs. 15.20 Cr to Rs. 31.22 Cr, up 105%. This was largely driven by higher interest income, which rose to Rs. 20.43 Cr from Rs. 10.69 Cr, along with a gain on sale of property, plant and equipment. While other income is a small part of total income, its sharp rise added extra support to the bottom line in FY26.
Balance Sheet Insights
Mohan Meakin's balance sheet showed strong improvement in FY26. Net worth increased 33% from Rs. 470.18 Cr to Rs. 626.13 Cr, driven almost entirely by retained profits. Total assets grew 25% to Rs. 813.95 Cr from Rs. 651.91 Cr, with current assets alone rising to Rs. 669.98 Cr.
Particular (in Rs. Cr.) | FY25 | FY26 | Change |
Total Equity | 470.18 | 626.13 | 33% |
Non Current Assets | 139.64 | 143.97 | 3% |
Current Assets | 512.26 | 669.98 | 31% |
Total Liabilities | 181.73 | 187.82 | 3% |
Inventories | 150.51 | 161.29 | 7% |
Trade Receivables | 112.15 | 82.28 | -27% |
Cash and Bank Balances | 219.19 | 264.56 | 21% |
Source: Mohan Meakin Annual Report FY26, Balance Sheet
A large chunk of the increase in current assets came from a fresh Rs. 123.79 Cr investment in certificates of deposit with Life Insurance Corporation of India, a category the company did not hold in FY25. Trade receivables fell by around 27%, from Rs. 112.15 Cr to Rs. 82.28 Cr, indicating tighter collections during the year. Total liabilities barely moved, up just 3%, meaning the company funded most of its growth through internal accruals rather than fresh borrowings. Long term borrowings remained flat at Rs. 4.29 Cr, unchanged from FY25.
Dividend Nearly Doubled
The Board of Directors recommended a final dividend of Rs. 2.50 per equity share of Rs. 5 face value for FY26, at a rate of 50%. This is a sharp jump from the Rs. 1.50 per share (30%) dividend recommended for FY25, and continues an upward trend from Rs. 1 per share in both FY23 and FY24.
Financial Year | Face Value (Rs.) | Dividend per Share (Rs.) | Dividend Rate |
2022-23 | 5 | 1.00 | 20% |
2023-24 | 5 | 1.00 | 20% |
2024-25 | 5 | 1.50 | 30% |
2025-26 | 5 | 2.50 | 50% |
Source: Mohan Meakin Annual Report FY26, Board's Report
The total dividend outgo for FY26 works out to roughly Rs. 2.13 Cr, subject to shareholder approval at the upcoming Annual General Meeting scheduled for September 25, 2026.
Key Ratios and Efficiency Metrics
Ratio | FY25 | FY26 |
PAT Margin (on revenue from operations) | 4.77% | 6.81% |
Return on Equity | 21.83% | 25.04% |
Book Value per Share (Rs.) | 552.60 | 735.90 |
Basic EPS (Rs.) | 120.62 | 184.23 |
PAT margin improved from 4.77% to 6.81%, and Return on Equity moved up from 21.83% to 25.04%, both signalling that the company converted its revenue growth into disproportionately higher shareholder returns during FY26.
Cash Flow Position Remained Healthy
Net cash generated from operating activities rose to Rs. 167.79 Cr in FY26 from Rs. 96.54 Cr in FY25, an increase of about 74%. This was supported by higher operating profit and a favourable swing in trade receivables.
Cash used in investing activities was Rs. 170.21 Cr, mainly on account of the new certificate of deposit investment and routine capital expenditure of Rs. 18.28 Cr on property, plant and equipment. The company also spent Rs. 2.30 Cr toward Corporate Social Responsibility during the year, up from Rs. 1.80 Cr in FY25.
Mohan Meakin's Industry Position and Metrics
Mohan Meakin operates in India's alcoholic beverages industry, one of the largest and fastest growing globally by both volume and value. The Indian alcohol market is estimated between USD 65 Bn and USD 208 Bn depending on scope (beer, IMFL, wine, country liquor, imported spirits combined), with most estimates pointing to a CAGR of 4% to 8% through 2031-2033, driven by rising disposable incomes, and greater urban consumption. (Source: Persistence MR dated March 2026)
Company vs Industry Growth
Mohan Meakin Limited's FY26 revenue growth of 7% roughly tracks the broader alco-bev industry's mid single digit volume growth, but its profit growth of 53% significantly outpaced sector averages, reflecting company specific cost efficiencies rather than a purely industry driven tailwind. (Source:persistencemarketresearch)
Within IMFL specifically, the segment is forecast to grow from USD 31,980 Mn in 2025 to USD 53,339 Mn by 2031 at an 8.9% CAGR, with average case realisation rising as consumers trade up to premium products, a trend Mohan Meakin can tap given its legacy brands in Rum, Whisky, Brandy and Gin.
Metric | Mohan Meakin (FY 26) |
Revenue Growth | 7% |
PAT Growth | 53% |
ROE | 25.04% (FY26) |
ROCE | 37.4% |
PAT Margin | 6.81% |
Source: Mohan Meakin Annual Report FY26
Conclusion
FY26 turned out to be a year where operational discipline mattered more than sheer top-line expansion for Mohan Meakin. Revenue growth was a moderate 7% but profit after tax jumped 53% to Rs 156.75 Cr. This was driven by controlled growth in expenses, higher other income and a modest exceptional gain. The 33% jump in net worth to Rs. 626.13 Cr and a near doubling of the dividend to Rs. 2.50 per share point to a company translating earnings growth into direct shareholder value. Investors should still track whether the fall in excise duty as a reported line item reflects a lasting change in product mix or classification, since it directly shaped the expense trend this year.
FAQs
Is Mohan Meakin's FY26 annual report consolidated or standalone?
Mohan Meakin has no subsidiaries, joint ventures or associate companies, so the company reports only standalone financial statements. There is no separate consolidated financial statement for FY26.
What was Mohan Meakin's revenue in FY26?
Revenue from operations increased 7% to Rs. 2,302.38 Cr in FY26 from Rs. 2,151.34 Cr in FY25.
What was the profit made by Mohan Meakin in FY26?
Profit After Tax was Rs. 156.75 Cr in FY26, up 53% from Rs. 102.63 Cr in FY25. Profit Before Tax rose 51% to Rs. 209.24 Cr.
Mohan Meakin announced a dividend of Rs. 10/- per share for FY26.
The board has recommended a final dividend of Rs. 2.50 per equity share of Rs. 5 face value at the rate of 50% subject to approval of the shareholders at the Annual General Meeting to be held on September 25, 2026.
What is Mohan Meakin EPS for FY26?
The basic and diluted EPS stood at Rs. 184.23 for FY26 compared to Rs. 120.62 in FY25.
What is the Net Worth of Mohan Meakin as of March 31, 2026?
Total equity or net worth was Rs. 626.13 Cr as on 31st March 2026 compared to Rs. 470.18 Cr in the previous year.
Where are Mohan Meakin shares listed?
Mohan Meakin's equity shares are listed on the Calcutta Stock Exchange (CSE). But they are primarily traded as unlisted shares.
