Asgard Alcobev Ltd (512025)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Asgard Alcobev's revenue was ₹53.0 Cr (+150.7% year on year, +45.2% on the previous quarter), and net profit ₹2.5 Cr (+290.8% year on year); the operating margin was 9.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹53.0 | +150.7% | +45.2% |
| Operating profit | ₹5.2 | +228.1% | +55.1% |
| Net profit | ₹2.5 | +290.8% | +323.4% |
| EPS (₹) | 0.08 | +64.0% | +105.0% |
| Operating margin | 9.7% | — | — |
📢 Recent Corporate Announcements
Asgard Alcobev submitted a clarification to BSE regarding a delay in disclosing a press release under Regulation 30. The press release related to credit ratings assigned to long-term bank facilities of its subsidiary, CMJ Breweries Private Limited. The company explained that the delay beyond 24 hours was caused by a technical glitch, with the filing eventually submitted at 08:27 PM on 9th October 2026. Asgard noted that this was a voluntary disclosure rather than a mandatory one under its materiality policy.
- Clarification filed in response to BSE email dated 10 October 2026
- Pertains to press release filed on 9th October 2026 at 08:27 PM regarding subsidiary CMJ Breweries Private Limited
- Related to credit rating assigned to long-term bank facilities
- Company stated disclosure was voluntary under its Materiality Policy and delayed due to technical glitch
Asgard Alcobev's subsidiary, CMJ Breweries Private Limited, had its long-term bank facilities reaffirmed at 'CARE B-; Stable' by CARE Ratings, with rated facilities reduced to ₹56.50 crore from ₹98.80 crore. The rating reflects past debt restructuring, leveraged capital structure, and negative net worth (-₹10.36 crore as of March 31, 2026), offset by modernised operations and improved capacity utilisation (60.47% in FY26 and 73.07% in 5MFY27). Subsidiary total operating income moderated 14% to ₹216.59 crore in FY26 following the sale of its loss-making distillery business, while PBILDT margins rose to 6.27% from 3.47%.
- Long-term bank facilities reaffirmed at 'CARE B-; Stable' on a reduced quantum of ₹56.50 crore (down from ₹98.80 crore)
- Capacity utilisation improved from 45.41% in FY25 to 60.47% in FY26, further rising to 73.07% in 5MFY27
- Net worth remains negative at -₹10.36 crore as of March 31, 2026, though improved from -₹14.80 crore in FY25
- Total debt of subsidiary increased to ₹93.26 crore in FY26 from ₹66.14 crore in FY25, while PBILDT interest coverage improved to 4.37x
- Repaid ₹29.00 crore OTS dues to MIDCL on August 28, 2026; balance ₹9.00 crore payable by February 2027
Asgard Alcobev Limited has appointed Mr. Desai Venkatesh as an Additional Director (Non-Executive, Independent) effective September 23, 2026. Mr. Venkatesh brings over 40 years of operational experience across the brewery and distillery sectors, including greenfield projects and plant expansions. The appointment was approved based on the recommendation of the Nomination and Remuneration Committee. This board strengthening comes as the company generated TTM revenues of Rs 133 Cr and net profit of Rs 3 Cr.
- Appointment of Mr. Desai Venkatesh as Additional Director (Non-Executive, Independent) effective September 23, 2026
- Appointee has over 40 years of experience in the brewery and distillery sectors
- Relationship between directors reported as Nil
- Company reported TTM revenue of Rs 133 Cr and market cap of Rs 733 Cr
Asgard Alcobev Limited has appointed Mr. Desai Venkatesh as an Additional Director (Non-Executive, Independent) effective September 23, 2026. Mr. Venkatesh brings over 40 years of operational experience across the brewery and distillery sectors, including greenfield projects and plant expansions. The appointment was approved based on the recommendation of the Nomination and Remuneration Committee. This board strengthening comes as the company generated TTM revenues of Rs 133 Cr and net profit of Rs 3 Cr.
- Appointment of Mr. Desai Venkatesh as Additional Director (Non-Executive, Independent) effective September 23, 2026
- Appointee has over 40 years of experience in the brewery and distillery sectors
- Relationship between directors reported as Nil
- Company reported TTM revenue of Rs 133 Cr and market cap of Rs 733 Cr
Asgard Alcobev Limited has appointed Mrs. Kalpana Srinivasan, Practising Company Secretary, as the Secretarial Auditor for FY 2025-26 effective August 22, 2026. This appointment fills a casual vacancy resulting from the resignation of the previous Secretarial Auditor, Mrs. Ritika Agarwal. The appointment is valid up to the company's ensuing Annual General Meeting (AGM). The change is procedural and has no direct impact on company operations or revenue.
- Appointment of Mrs. Kalpana Srinivasan as Secretarial Auditor effective August 22, 2026
- Audit period covers Financial Year 2025-26 up to the ensuing AGM
- Fills casual vacancy caused by the resignation of Mrs. Ritika Agarwal
Asgard Alcobev Limited announced the resignation of its Secretarial Auditor, Mrs. Ritika Agarwal (Practicing Company Secretary), effective August 21, 2026. The company disclosed the cessation pursuant to Regulation 30 of SEBI LODR Regulations. No specific operational dispute or material reasons were cited in the filing beyond the formal resignation. The board will need to appoint a successor secretarial auditor in due course.
- Mrs. Ritika Agarwal resigned as Secretarial Auditor on August 21, 2026
- Cessation is effective immediately as of August 21, 2026
- Filing submitted under Regulation 30 read with SEBI Master Circular dated January 30, 2026
Asgard Alcobev reported standalone net profit of ₹12.12 Lakhs for the quarter ended June 30, 2026, recovering from a net loss of ₹2.63 Lakhs in the year-ago period. Standalone revenue from operations was zero, with total income comprising ₹41.87 Lakhs in other income (interest on inter-corporate loan to subsidiary CMJ Breweries). On a consolidated basis, total comprehensive income increased to ₹254.05 Lakhs (₹200.45 Lakhs attributable to owners) compared to ₹65.18 Lakhs in Q1 FY26. The group now operates as a single-segment entity focused on Beverages following the divestment of its paper business.
- Consolidated Total Comprehensive Income increased to ₹254.05 Lakhs in Q1 FY27 from ₹65.18 Lakhs in Q1 FY26.
- Consolidated Net Comprehensive Income attributable to owners reached ₹200.45 Lakhs with consolidated Basic EPS of ₹0.082.
- Standalone Net Profit stood at ₹12.12 Lakhs versus a net loss of ₹2.63 Lakhs in Q1 FY26.
- Standalone other income recorded at ₹41.87 Lakhs, derived from interest on loans to subsidiary CMJ Breweries Pvt Ltd.
Asgard Alcobev approved its unaudited financial results for the quarter ended June 30, 2026. On a standalone basis, net profit stood at ₹12.12 lakh against a net loss of ₹2.63 lakh in Q1 FY26, driven entirely by other income of ₹41.87 lakh (inter-corporate loan interest from subsidiary CMJ Breweries). Standalone revenue from operations was nil, with total expenses recorded at ₹27.15 lakh. At the subsidiary level, CMJ Breweries Private Limited generated total revenue of ₹5,328.24 lakh (₹53.28 crore) and net profit of ₹241.93 lakh.
- Standalone net profit reached ₹12.12 lakh in Q1 FY27 versus a net loss of ₹2.63 lakh in Q1 FY26
- Standalone core revenue from operations was ₹0, with total income of ₹41.87 lakh coming from other income / interest
- Subsidiary CMJ Breweries Pvt Ltd delivered ₹5,328.24 lakh in revenue and ₹241.93 lakh in net profit for the quarter
- Standalone total expenses were ₹27.15 lakh, including employee benefit costs of ₹15.25 lakh
Asgard Alcobev Ltd has scheduled a board meeting for August 14, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company is currently in a critical phase, having reported zero revenue for the last four consecutive quarters despite a market capitalization of Rs 341 Cr. Investors should monitor these results for any operational progress regarding its stated pivot to the paper industry. The trading window for company securities remains closed until 48 hours after the results are declared.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results
- Company reported Rs 0.0 Cr revenue for the entire FY26 period
- Promoter holding has decreased from 71.09% in September 2025 to 59.95% in June 2026
- Trading window remains closed until 48 hours post-result declaration
- Current P/E ratio stands at an elevated 619.8 despite lack of operational revenue
Financial Performance
Revenue Growth by Segment
Standalone turnover grew 14,682% from INR 0.39 Cr in FY24 to INR 58.24 Cr in FY25 following the company's pivot from steel trading to paper manufacturing. The subsidiary, Banganga Paper Mills, reported revenues of INR 37.60 Cr, up 81.4% from INR 20.72 Cr YoY.
Geographic Revenue Split
100% of operations and revenue are concentrated in Nashik, Maharashtra, where the primary manufacturing facility is located.
Profitability Margins
Net Profit Margin for the operational subsidiary is approximately 2.34% (INR 0.88 Cr profit on INR 37.60 Cr revenue). Standalone operations reported a cash loss of INR 15.58 Lakhs in FY25 compared to a loss of INR 2.19 Lakhs in FY24.
EBITDA Margin
EBITDA margin for the paper operations was 7.5% (INR 2.82 Cr) in FY25, a slight compression from 8.1% (INR 1.69 Cr) in FY24 due to increased raw material and employee costs.
Capital Expenditure
The company made a strategic investment of INR 10.20 Cr in its subsidiary, Banganga Paper Mills Limited, to operationalize and modernize the Dindori manufacturing facility.
Credit Rating & Borrowing
Not Applicable as the company reported zero loans or borrowings from financial institutions, banks, or debenture holders during the financial year.
Operational Drivers
Raw Materials
Recycled paper is the primary raw material, accounting for 90.08% of total operational expenditure (INR 33.87 Cr out of INR 37.60 Cr).
Import Sources
Raw materials are sourced locally within Maharashtra, India, to support the Nashik-based manufacturing unit.
Capacity Expansion
The company operates a modern facility in Dindori, Nasik, producing corrugated and craft paper; specific installed capacity in MTPA was not disclosed.
Raw Material Costs
Raw material costs reached INR 33.87 Cr (90.08% of revenue) in FY25, up 81.5% from INR 18.66 Cr YoY, highlighting high sensitivity to waste paper pricing.
Manufacturing Efficiency
High efficiency achieved through 90-95% water and chemical recycling and consistent 6-day-a-week production schedules.
Strategic Growth
Growth Strategy
Growth is driven by the pivot to the paper industry, focusing on high-demand segments like food-grade packaging and corrugated boxes. The strategy involves maximizing capacity utilization at the Dindori plant and leveraging eco-friendly recycling practices to attract sustainability-conscious clients.
Products & Services
Craft paper, corrugated papers (various GSM ranges), and food-grade papers used for packaging fruits, vegetables, and consumer goods.
Brand Portfolio
Banganga Paper Industries.
New Products/Services
Food-grade papers designed for agricultural and food packaging, expected to contribute to higher-margin revenue streams.
Market Expansion
Targeting industrial and agricultural hubs across Maharashtra for packaging paper supply.
Market Share & Ranking
Positioned as a leading regional manufacturer of craft paper in the Nashik district.
Strategic Alliances
100% ownership of Banganga Paper Mills Limited, which serves as the primary operational arm.
External Factors
Industry Trends
The industry is shifting toward sustainable, recycled-content packaging due to plastic bans and environmental regulations; the company is well-positioned with its 90-95% water recycling and 100% recycled feedstock.
Competitive Landscape
Competes with regional paper mills in Maharashtra; market dynamics are driven by raw material procurement efficiency.
Competitive Moat
Moat is based on cost leadership through localized sourcing in Nashik and high resource recovery (water/chemicals), which is sustainable as long as environmental compliance remains a barrier to entry.
Macro Economic Sensitivity
Highly sensitive to e-commerce growth and FMCG demand, which drive the requirement for corrugated packaging.
Consumer Behavior
Increasing consumer preference for eco-friendly and biodegradable packaging in the food and retail sectors.
Geopolitical Risks
Low, as the business model relies on domestic sourcing of recycled paper and domestic sales of packaging materials.
Regulatory & Governance
Industry Regulations
Subject to pollution control board norms for paper mills and food-grade standards for packaging materials.
Environmental Compliance
High focus on ESG through 90-95% water recycling to comply with industrial discharge norms.
Taxation Policy Impact
Effective tax rate of 28.8% (INR 0.36 Cr tax on INR 1.25 Cr PBT) for the operational subsidiary.
Legal Contingencies
INR 0 (The company disclosed that it has no pending litigations as of March 31, 2025).
Risk Analysis
Key Uncertainties
Significant governance risks including the resignation of statutory auditors due to 'preoccupation', the non-appointment of an internal auditor (violating Section 138), and failure to operate audit trail features in accounting software.
Geographic Concentration Risk
100% of revenue and assets are concentrated in the Nashik region of Maharashtra.
Third Party Dependencies
High dependency on third-party waste paper vendors for 90% of input requirements.
Technology Obsolescence Risk
Low risk currently due to the 'modern facility' status of the Dindori plant.
Credit & Counterparty Risk
100% of the company's loans (INR 3.56 Cr) are concentrated in its single subsidiary, with no interest income recognized on these loans.
