Monika Alcobev Limited is a leading player in the imported liquor sector, offering a diverse portfolio of premium and luxury alcoholic beverages. Company specialises in importing, sales, distribution, and marketing for luxury spirits, wines, and liqueurs throughout India and the Indian Subcontinent including Travel Retail Duty Free Shop. It provides complete supply chain solution through its robust distribution network. Company holds exclusive selling rights to more than 70 renowned global brands for India and Indian Subcontinent countries and is responsible for their strategic brand development and market expansion. They offers a comprehensive operational framework to its partner brands, which includes managing the entire supply chain process, starting with import, followed by sales & distribution across the region. Additionally, they handles pricing, strategic planning, brand development, and marketing to ensure that each brand effectively reaches its target audience and achieves growth in the Indian market and Indian subcontinent market. The diversified product portfolio includes iconic names such as Jose Cuervo (Tequila), Bushmills (Irish Whisky), Rémy Martin (Cognac), Cointreau (Liqueur), Choya (Liqueur) and Belenkaya (Vodka), all brands with a legacy of excellence. The Company holds a 19.0% share in tequila imports, marking its strong position amid growing demand for premium agave-based spirits. They also command a 7.5% share in liqueurs imports, underscoring its rising influence in niche and indulgent segments. Additionally, the Company maintains a 1.9% share in gin and geneva imports, focusing on catering to the evolving preferences in white spirits. The rum segment sees the Company as the top importer with a commanding 12.3% market share. Company operates both domestically within India and internationally across countries in Indian Subcontinent region, including Nepal, Sri Lanka and the Maldives. Domestically, the Company has an extensive reach, with distribution capabilities across more than 20 states and Union Territories in India. This broad distribution network allows the Company to cater to a diverse and expansive customer base, ensuring that premium alcoholic beverages are accessible in various markets across the country. Internationally, the Company leverages its infrastructure to serve key Indian Subcontinent markets, bringing world-class products to regions with rapidly growing demands for luxury spirits and wines. As per financial performance, Monika Alcobev Limited has posted total income / net profits of Rs 140.36 Cr / Rs 13.03 Cr (FY23), Rs 191.28 Cr / Rs 16.60 Cr (FY24) and Rs 238.36 Cr / Rs 23.11 Cr (FY25). So as per previous financials data, company has shown good growth. Company has posted an average EPS of Rs 12.38 and average RoNW of 34.17% for last three fiscals. Issue is priced at a P/BV of 4.94 as per NAV of Rs 57.84/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on fully diluted equity post issue, then asking price is at a P/E of around 47.10, 36.96 and 26.54 respectively, which looks fully priced. As per RHP, there are no listed peers. On BRLM's front, Marwadi Chandarana Intermediaries Brokers Private Limited is associated with this SME IPO and handled 3 SME IPOs in last 3 years. From last 3 IPOs, all opened above issue price or at par on the day of listing. As of now from last 3 IPOs, all are trading below issue price or at par as on today. ( As on 11.07.25 ) As per financials, Monika Alcobev Limited has shown good result, RoNW is 24.07% and P/E is respectively 47.10, 36.96 and 26.54 as per FY23, FY24 and FY25 earnings. So, issue looks aggressively priced as per recent earnings. Company is engaged in the business of importing, sales, distribution, and marketing for luxury spirits, wines, and liqueurs throughout India and the Indian Subcontinent including Travel Retail Duty Free Shop, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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