🔍

GM Breweries Limited (GMBREW)

₹867.75 -0.11% last close, 16 Oct

📊 NSE: GMBREW 🏢 Breweries & Distilleries 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

GM Breweries Limited reported Q2 FY27 results on 8 Oct 2026: revenue ₹214 Cr (+18.0% year on year, +7.0% on the previous quarter), and net profit ₹39.3 Cr (+12.3% year on year); the operating margin was 23.4%.

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Revenue	₹214	+18.0%	+7.0%
Operating profit	₹49.9	+10.9%	+7.4%
Net profit	₹39.3	+12.3%	+4.1%
EPS (₹)	17.20	+12.6%	+4.1%
Operating margin	23.4%	—	—

Profit -26% below its own trend
Operating margin contracted 149 bps YoY
Operating cash flow was negative in FY26 despite a profit

Quality of profit: of pre-tax profit of ₹52.5 Cr, ₹48.4 Cr (92%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +9.9% year on year.

Against its own trend: net profit of ₹39.3 Cr was -26.4% against the ₹53.4 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.

Share price since the results: -11.9% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

GMBREW delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 50.69% of the GMBREW shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.24%. That is close to its usual level. Volume was 0.3 times its average, well below normal.

50.69%Delivery, 16 Oct

49.24%Own 20-session average

0.3×Volume vs its average

₹867.75NSE close · -0.11%

Delivery in the last 5 sessions: 39.5% · 44.8% · 54.1% · 36.1% · 50.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

GM Breweries Submits Quarterly Demat Certificate Under Regulation 74(5)

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 10 Oct 2026, 11:12 AM

GM Breweries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd., confirms the processing and cancellation of physical share certificates received for dematerialisation. The document details multiple share dematerialisation transactions executed between July 1, 2026, and September 30, 2026. This is a standard statutory compliance filing with no operational or financial impact on the company.

Confirmation certificate submitted under SEBI Regulation 74(5) for the quarter ended September 30, 2026
Issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd. dated October 1, 2026
Covers physical share certificates dematerialised between 01/07/2026 and 30/09/2026
Confirms mutilation and cancellation of processed physical certificates within prescribed timelines

💡 No action is required as this is a recurring regulatory filing. Investors should focus on upcoming quarterly earnings reports for operational and financial performance updates.

GM Breweries Reports H1 FY27 PBT of ₹102.94 Cr, Net Operating Cash Flow at ₹95.53 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 08 Oct 2026, 12:36 PM

GM Breweries has released its standalone and consolidated un-audited financial results for the quarter and half-year ended September 30, 2026. For H1 FY27, the company reported a standalone profit before tax of ₹102.94 crore, compared to ₹81.19 crore in H1 FY26, representing a growth of 26.8% YoY. Net cash generated from operating activities stood at ₹95.53 crore for the half-year against ₹40.02 crore in the prior period. The company maintains a debt-free balance sheet with zero financial indebtedness reported as of September 30, 2026.

Standalone Profit Before Tax for H1 ended Sep 30, 2026 stood at ₹102.94 crore vs ₹81.19 crore in H1 FY26
Net Cash generated from operating activities rose to ₹95.53 crore for the half year compared to ₹40.02 crore in H1 FY26
Total financial indebtedness remained at Nil with zero default on bank loans or debt securities
Investments in financial assets stood at ₹659.64 crore as of September 30, 2026
Total non-current assets increased to ₹1,135.76 crore from ₹1,028.02 crore as of March 31, 2026

💡 Track the full quarterly P&L breakdown to evaluate EBITDA margins and raw material cost trends, alongside updates on state excise duty policies.

Routine dematerialization of 413 shares for June 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 15 Jul 2026, 11:07 AM

GM Breweries Limited has filed its monthly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that 413 physical shares were processed for dematerialization during the month of June 2026. This is a standard administrative procedure where physical share certificates are cancelled and the names of depositories are substituted in the register of members. The filing involves two shareholders and multiple certificate numbers.

Total of 413 shares dematerialized between June 1, 2026, and June 30, 2026
Shareholder Dinesh Kumar Singh dematerialized 390 shares across five certificates
Shareholder Deepak Manubhai Bhatt dematerialized 23 shares from one certificate
Compliance confirmed by Registrar and Share Transfer Agent, Purva Sharegistry (India) Pvt. Ltd.

💡 This is a routine regulatory filing with no impact on business fundamentals. Investors should continue to monitor excise policy changes in Maharashtra, which significantly impact the company's margins.

GMBREW Approves Q1 FY27 Results; Forms New Real Estate Subsidiary with Rs 1 Lakh Capital

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 13 Jul 2026, 11:51 AM

GM Breweries Limited has approved its unaudited financial results for the quarter ended June 30, 2026. A notable development is the formal entry into the real estate sector through a new wholly-owned subsidiary, established with an initial capital of Rs 1 Lakh. As of the reporting date, this subsidiary has not commenced business operations and recorded zero financial transactions. The company's core operations remain strictly within the country liquor segment in Maharashtra.

Board approved unaudited consolidated and standalone results for the quarter ended June 30, 2026
Invested Rs 1 Lakh as initial capital in a new wholly-owned real estate subsidiary
The real estate subsidiary reported zero financial transactions for the period ending June 30, 2026
Company operations remain concentrated in a single segment: Country Liquor
Board meeting was conducted efficiently, lasting 30 minutes from 11:30 AM to 12:00 PM

💡 Investors should review the full financial tables for Q1 margin performance and monitor if the company increases capital allocation to the new real estate venture from its existing Rs 589 Cr investment pool.

GM Breweries Reports SDD Compliance for Q1 FY27 with 1 UPSI Event Captured

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 13 Jul 2026, 11:43 AM

GM Breweries has submitted its quarterly compliance certificate for the Structured Digital Database (SDD) for the period ended June 30, 2026. The company confirmed that it maintains an internal, non-tamperable database to track Unpublished Price Sensitive Information (UPSI) in accordance with SEBI (Prohibition of Insider Trading) Regulations. During the quarter, the company identified and recorded exactly one event involving UPSI. This filing is a routine procedural requirement to demonstrate adherence to corporate governance and insider trading norms.

Confirmed compliance with Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015 for the quarter ended June 30, 2026.
Exactly 1 UPSI event was required to be captured and was successfully recorded during the quarter.
The Structured Digital Database is maintained internally with an audit trail and is non-tamperable.
The system is capable of maintaining records for a mandatory period of 8 years.

💡 No action is required as this is a routine administrative filing. Investors should monitor upcoming financial results to assess the company's operational performance and margin trends.

GM Breweries Q1 FY27 Results; New Real Estate Subsidiary Formed with Rs 1 Lakh Capital

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 09 Jul 2026, 12:30 PM

GM Breweries approved its unaudited financial results for the quarter ended June 30, 2026. While specific revenue and profit figures for the quarter were not detailed in the provided text, the company confirmed its operations remain strictly within the Country Liquor segment. Notably, the company has incorporated a wholly-owned subsidiary to explore real estate opportunities with a nominal initial investment of Rs 1 Lakh. This aligns with the company's existing strategy of increasing non-operating assets, which previously accounted for over 80% of total assets.

Board approved unaudited consolidated and standalone results for the quarter ended June 30, 2026
Incorporated a new wholly-owned subsidiary for the real estate sector with Rs 1 Lakh initial capital
Company operations remain 100% confined to the Country Liquor segment
The new subsidiary has not yet commenced business and had zero financial transactions in the reporting period
Board meeting was brief, lasting 30 minutes from 11:30 AM to 12:00 PM

💡 Investors should review the full financial tables once published to check for margin compression from excise duties and monitor any further capital allocation toward the new real estate venture.

GM Breweries Q1 FY27 Results Approved; Rs 1 Lakh Invested in New Real Estate Subsidiary

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 09 Jul 2026, 12:07 PM

GM Breweries approved its unaudited financial results for the quarter ended June 30, 2026, in a board meeting held on July 9, 2026. The company also disclosed the formation of a wholly-owned subsidiary to explore real estate opportunities with an initial capital investment of Rs 1 Lakh. Currently, the subsidiary has not commenced business and had no financial transactions during the reporting period. The core business remains concentrated in the Country Liquor segment, which is subject to high regulatory and excise duty impacts.

Board approved unaudited consolidated and standalone financial results for the quarter ended June 30, 2026.
Initial capital investment of Rs 1 Lakh made in a new wholly-owned real estate subsidiary.
Company operations remain strictly confined to a single segment: Country Liquor.
The board meeting was conducted efficiently, lasting 30 minutes from 11:30 AM to 12:00 PM.
Statutory auditors issued a Limited Review Report with no material misstatements noted.

💡 Investors should review the full financial tables (once fully accessible) to check for margin compression, as TTM OPM stands at 23.4%. Monitor the company's strategy for its new real estate subsidiary given its large cash/investment balance of over Rs 589 Cr.

GM Breweries to Close Trading Window from July 7, 2026, Ahead of Q1 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jun 2026, 12:35 PM

GM Breweries Limited has announced the closure of its trading window for all designated persons starting July 7, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's un-audited financial results. The results are scheduled to be published on July 11, 2026. The trading window will remain closed until 48 hours after the results are made public.

Trading window closure commences on July 7, 2026.
Un-audited financial results are expected to be published on July 11, 2026.
The window will reopen 48 hours after the results are officially announced.
The closure applies to all designated persons and their immediate relatives as per SEBI norms.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should focus on the upcoming financial results on July 11 for performance updates.

GM Breweries 43rd AGM: 90% Dividend Approved; Kiran Parashare Appointed Whole Time Director

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 22 Jun 2026, 10:52 AM

GM Breweries Limited concluded its 43rd Annual General Meeting where shareholders approved a 90% final dividend (Rs. 9 per share) for the financial year 2025-26. The company reported a commendable performance despite facing high raw material and packing material costs during the year. Key management decisions included the appointment of Mr. Kiran Parashare as Whole Time Director for a five-year term with a monthly salary scale of Rs. 3,00,000 to Rs. 5,00,000. The financial statements for FY26 were adopted with no adverse remarks or qualifications from the auditors.

Approved a final dividend of 90% (Rs. 9 per share) on 2,28,46,923 fully paid equity shares for FY 2025-26.
Appointed Mr. Kiran Parashare as Whole Time Director for a 5-year term effective April 1, 2026, with a salary scale up to Rs. 5,00,000 per month.
Adopted audited financial statements for the year ended March 31, 2026, with a clean audit report containing no qualifications.
Management noted resilient performance despite significant inflationary pressure on raw and packing materials throughout the fiscal year.
Re-appointed Mrs. Jyoti Almeida Kashyap and Mr. Kiran Parashare as Directors liable to retire by rotation.

💡 Investors should take confidence in the company's consistent dividend policy and the clean audit report. The stock remains a steady play in the brewery sector, though monitoring input cost management will be key for future margins.

GM Breweries Submits Voting Results and Scrutinizer's Report for Shareholders Meeting

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 28 May 2026, 04:56 PM

GM Breweries Limited has officially filed the voting results and Scrutinizer's Report following its shareholders' meeting on May 28, 2026. This filing, compliant with Regulation 44 of SEBI (LODR), provides transparency on the resolutions passed by the members. The submission was made through the BSE XBRL e-filing system to ensure regulatory compliance. Investors can now verify the approval levels for various corporate actions proposed during the meeting.

Filing of voting results under Regulation 44 of SEBI (LODR) Regulations.
Includes the Scrutinizer's Report for the meeting dated May 28, 2026.
Submitted to BSE via XBRL mode for regulatory compliance.
Confirms the conclusion of the shareholder voting process for the period.

💡 Investors should review the detailed results to confirm the approval of key resolutions like dividends or director re-appointments. This is a routine governance update and does not necessitate immediate portfolio changes.

GM Breweries Concludes 43rd AGM; Approves Dividend and Key Director Appointments

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 28 May 2026, 01:09 PM

GM Breweries Limited conducted its 43rd Annual General Meeting on May 28, 2026, where shareholders approved the financial accounts for the year ended March 31, 2026. A key outcome was the formal declaration of a dividend for the shareholders. The meeting also saw the re-appointment of Mrs. Jyoti Almeida Kashyap and the appointment of Mr. Kiran Parashare as a Whole Time Director. Chairman Jimmy Almeida Kashyap provided insights into the company's prospects for the 2026-2027 fiscal year during the proceedings.

43rd Annual General Meeting held on May 28, 2026, with 80 shareholders attending via video conferencing.
Shareholders approved the adoption of audited accounts for the financial year ended March 31, 2026.
Declaration of dividend was officially passed as a resolution during the meeting.
Mr. Kiran Parashare was appointed as Whole Time Director, including the fixing of his remuneration.
Chairman addressed shareholder queries regarding the business outlook and prospects for FY 2026-2027.

💡 Investors should look for the specific dividend payout details and the scrutinizer's report on the company's website. The continuity in management through director re-appointments suggests a stable governance environment.

GM Breweries Sets May 21, 2026 as Record Date for Final Dividend of FY 2025-26

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 28 Apr 2026, 11:10 AM

GM Breweries Limited has officially fixed May 21, 2026, as the record date for determining shareholder eligibility for the final dividend of the financial year 2025-2026. Shareholders whose names appear in the company's register or depositories at the close of business on this date will be entitled to the payout. This announcement follows the company's compliance with Section 91 of the Companies Act, 2013, and SEBI Listing Regulations. The dividend distribution is subject to shareholder approval at the upcoming Annual General Meeting.

Record date for final dividend payment is fixed as Thursday, May 21, 2026
Dividend pertains to the full financial year 2025-2026
Compliance maintained with Regulation 42 of SEBI (LODR) Regulations, 2015
Eligibility determined by shareholding status as of the close of the record date

💡 Investors seeking to receive the dividend should ensure they own the shares before the ex-dividend date, typically one business day prior to the May 21 record date. Existing shareholders should maintain their holdings through this date to qualify for the payout.

GM Breweries Reports Full Compliance with SEBI SDD Regulations for Q4 FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 15 Apr 2026, 11:56 AM

GM Breweries Limited has filed its compliance certificate for the Structured Digital Database (SDD) for the quarter ended March 31, 2026. The company confirms adherence to SEBI (Prohibition of Insider Trading) Regulations, maintaining an internal, non-tamperable system to track Unpublished Price Sensitive Information (UPSI). During the reporting period, the company successfully captured one required UPSI event in its database. This filing is a routine procedural requirement to demonstrate transparency and regulatory compliance regarding insider trading controls.

Certified compliance with Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015
Captured 1 specific UPSI event in the database during the quarter ended March 31, 2026
Maintains an internal, non-tamperable database with an audit trail and 8-year record capability
Confirmed strict access controls for the Structured Digital Database

💡 This is a routine regulatory filing indicating sound corporate governance and compliance with insider trading norms. No specific action is required from investors based on this announcement.

GM Breweries Reports Nil Dematerialization Requests for Quarter Ended March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Apr 2026, 12:44 PM

GM Breweries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Purva Sharegistry (India) Pvt. Ltd., confirms that all procedures for dematerialization of securities were followed for the period from January 1, 2026, to March 31, 2026. Notably, the filing indicates that zero (NIL) share certificates were received or processed for dematerialization during this quarter. This is a standard regulatory filing ensuring the reconciliation of share capital between the company and depositories.

Compliance certificate submitted for the quarter ended March 31, 2026.
Registrar and Share Transfer Agent confirmed zero (NIL) shares were dematerialized during the period.
Confirmation provided that all regulatory timelines for depository record updates were met.
The filing covers the ISIN INE075D01018 for GM Breweries Limited.

💡 No action is required as this is a routine regulatory disclosure with no impact on company fundamentals. Investors should monitor upcoming earnings reports for material financial updates.

GM Breweries Promoters Declare Zero Pledged Shares as of March 31, 2026

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 09 Apr 2026, 08:05 PM

The promoters of GM Breweries Limited have submitted a formal declaration under Regulation 31(4) of the SEBI (SAST) Regulations for the period ending March 31, 2026. The filing confirms that the promoter group has not encumbered or pledged any of their shares, either directly or indirectly, during the financial year. This disclosure is a standard annual compliance requirement that ensures transparency regarding promoter shareholding. A zero-pledge status is a positive sign of promoter financial stability and commitment to the company.

Promoters declared 0% encumbrance on their shareholding as of March 31, 2026.
Compliance filing under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The declaration covers the entire promoter group including Jimmy Almeida and Almeida Holdings Private Limited.

💡 Investors should take note of the zero-pledge status as a sign of healthy corporate governance. No immediate portfolio action is required as this is a routine annual confirmation of the existing shareholding structure.

View All GMBREW Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Gross revenue (including indirect taxes) grew by 2.25% YoY to INR 2,551.79 Cr from INR 2,495.64 Cr. Net revenue (excluding indirect taxes) decreased by 1.48% to INR 684.67 Cr from INR 695.56 Cr. Segment-specific growth rates were not disclosed in available documents.

Geographic Revenue Split

Not disclosed in available documents; however, the company's manufacturing facility is located in Virar, Palghar, Maharashtra, suggesting a regional focus.

Profitability Margins

Net Profit Margin (on gross revenue) declined from 6.07% to 5.06% YoY. Profit for the year decreased by 14.84% to INR 129.04 Cr from INR 151.52 Cr, primarily due to a 3.34% increase in total expenses and higher tax provisions.

EBITDA Margin

EBITDA margin stood at 6.49% for FY25, calculated from an EBITDA of INR 165.72 Cr. This represents a decline from the previous year's EBITDA of INR 187.72 Cr (7.52% margin), reflecting a 11.72% drop in core operating profitability.

Capital Expenditure

The company invested INR 6.22 Cr in Property, Plant and Equipment and INR 51.86 Cr in Investment Property during FY25. Capital work-in-progress reclassified or capitalized amounted to INR 4.73 Cr.

Credit Rating & Borrowing

The company appears to be largely debt-free with finance costs of only INR 0.58 Cr (up from INR 0.37 Cr). No specific credit rating or formal borrowing cost percentage was disclosed.

⚙️ Operational Drivers

Raw Materials

Not specifically named in documents, though typical for this industry are Extra Neutral Alcohol (ENA) and packaging materials. Total expenses (including materials) rose 3.34% to INR 2,391.83 Cr.

Capacity Expansion

Current installed capacity is not explicitly stated; however, the company capitalized INR 4.73 Cr into investment properties and maintained a net PPE carrying amount of INR 50.06 Cr.

Raw Material Costs

Not disclosed as a separate line item, but total operating expenses represent 93.73% of gross revenue. Indirect taxes (Excise/GST) alone constitute 73.17% of gross revenue at INR 1,867.12 Cr.

Manufacturing Efficiency

Depreciation decreased by 15.48% to INR 5.18 Cr, suggesting a stable or slightly aging asset base. Capacity utilization metrics were not disclosed.

📈 Strategic Growth

Growth Strategy

The company is focusing on diversifying its asset base, evidenced by a 27.40% increase in Investment Property to INR 241.12 Cr and a 12.02% increase in Financial Asset Investments to INR 589.59 Cr. These non-operating assets generated INR 29.61 Cr in income, supporting the bottom line despite a dip in core manufacturing profits.

Products & Services

Country Liquor and alcoholic beverages (implied by the company name and high excise duty payments).

🌍 External Factors

Industry Trends

The industry is characterized by heavy regulation and high taxation. The company is shifting towards a more investment-heavy balance sheet, with non-current investments and properties now making up 83.58% of total assets (INR 917.34 Cr out of INR 1,097.56 Cr).

Competitive Moat

The company's moat is built on its established manufacturing presence in Maharashtra and its significant liquidity, with INR 93.92 Cr in bank balances and INR 589.59 Cr in investments providing a financial cushion.

Macro Economic Sensitivity

Highly sensitive to state-level regulatory changes and inflation in raw material costs (ENA). Net profit before tax fell 11.73% YoY, showing sensitivity to rising operational costs.

Geopolitical Risks

Low direct impact as operations are localized in Maharashtra, India.

⚖️ Regulatory & Governance

Industry Regulations

Subject to strict state excise laws and the Companies Act 2013. The company maintains an audit trail facility in its accounting software as per recent regulatory mandates.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 19.33% (Total Tax Expense of INR 30.92 Cr on PBT of INR 159.96 Cr). Indirect taxes paid amounted to INR 1,867.12 Cr.

Legal Contingencies

The company has disclosed the impact of pending litigations on its financial position, though specific case values were not detailed in the provided snippets. It has made provisions for material foreseeable losses as required.

⚠️ Risk Analysis

Key Uncertainties

Regulatory risk regarding liquor licensing and excise duties poses a potential impact of over 70% on gross revenue. The resignation of Independent Director Shantilal Haria in October 2025 required a rapid board reconstitution.

Geographic Concentration Risk

High concentration in Maharashtra, with the primary factory located in Virar.

Technology Obsolescence Risk

Low risk for the core product, but the company is updating its financial reporting technology to include audit trails and internal control monitoring.

Credit & Counterparty Risk

Trade receivables are low at INR 2.71 Cr (0.1% of gross revenue), indicating very low credit risk and a predominantly cash-and-carry or short-cycle business model.