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15 Days Price Change

Bira Unlisted Share

₹585 0 | 0%

Market Cap ₹ 1112Cr.

Current Price ₹ 585

Lot Size 25

52W High ₹ 710

ROFR Required

EPS -234.3

P/B 6.9

Face Value 10

Debt to Equity 1.94

Stock P/E -2.5

Book Value ₹ 85.1

Company

52W Low ₹ 585

Demat Account Both

ISIN INE833U01014

Valuation

No. of Shares 1.9Cr.

Bira Unlisted Share Price

| |

Price

Overview Inc. Year: 2015Industry: Breweries & Distilleries

In India, B9 Beverages Limited formally known as B9 Beverages Private Limited is known for its beer brand Bira 91. Incorporated in 2015 and headquartered in New Delhi, Bira 91 has become inarguably famous among urban millennials, for its bold identity, delicious beer, and strong draft network. It has created a very strong portfolio of beers and aims to come up with more colours and flavours and bring a global shift. The beer is made from wheat, barley, and hops and is available in various drafts such as 330ml, 650ml bottles, and 500ml cans. B9 Beverages Limited was registered in the name of Divya Jyoti Coaching Institute Private Limited. The company now has four breweries in India. They offer various types of beers such as light beer, strong ale, boom strong, classic beers, white ale, blonde lager, and much more. The first brewery unit of the company was actually located in the Flanders region of Belgium, a craft distillery was used to manufacture the beer with ingredients from the Himalayas, France, Belgium, and Bavarian Farms, then the beer was finally imported to India. After the initial success, the company began manufacturing the beer in India with the same ingredients. In 2017, Bira 91 vaulted to New York City to start its campaign in the United States, and in 2018, the brand expanded its spread to the Asia Pacific market by entering Singapore.

B9 Beverages Limited's Unlisted Share Price are updated on our website on a daily basis, to stay updated with the share price you can visit our website every two days or register with us to get daily updates on WhatsApp.

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Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Financial Data (in cr.)

FY18 FY19 FY20 FY22 FY23 YOY % FY23 CAGR % FY23
Net Sales 158.2 178.8 457.2 718.9 824.3 14.7 51.1
Total Income 160.2 188.3 463.6 726.5 848.7 16.8 51.7
Net Profit -21.4 -135.5 -417.4 -396.1 -445.5 12.5 113.6
Shareholder Funds 109.1 260.7 18.3 -222.8 161.9 -172.7 10.4
Total Assets 296 417 586.1 730.1 1274.2 74.5 44
EPS -8.72 -55.29 -170.34 -208.31 -234.3 12.5

Financial Docs

Type Period/Date Document
Investor Presentation 2022-03
Annual Report 2020-03
Annual Report 2019-03

Bira Investment Thesis

Company Overview:

A refreshingly modern beer brand, Imagined in India, Bira 91 aspires to bring flavorful beers to the new world. As one of the fastest growing brands in the world, Bira 91 has built a diverse portfolio of award-winning beers, one for every occasion, and aims to drive the global shift in beer towards more colour and flavor. Bira 91 is now available in over 500 towns and cities spread across 15 countries and brews its beers across five breweries in India. Bira 91 has its flagship taproom in Bangalore, where it releases one new experimental beer every week, paired with its curry-shop menu. Bira 91 also offers branded merchandize across categories such as glassware, apparel and gifts, to make every day a lot more playful.  It has created a very strong portfolio of beers and aims to come up with more colours and flavours and bring a global shift. The beer is made from wheat, barley, and hops and is available in various drafts such as 330ml, 650ml bottles, and 500ml cans. The company now has four breweries in India. They offer various types of beers such as light beer, strong ale, boom strong, classic beers, white ale, blonde lager, and much more. The first brewery unit of the company was actually located in the Flanders region of Belgium, a craft distillery was used to manufacture the beer with ingredients from the Himalayas, France, Belgium, and Bavarian Farms, then the beer was finally imported to India. After the initial success, the company began manufacturing the beer in India with the same ingredients. In 2017, Bira 91 vaulted to New York City to start its campaign in the United States, and in 2018, the brand expanded its spread to the Asia Pacific market by entering Singapore. Established in 2015, Bira 91 is driven by a dynamic team of over 600+ passionate beer lovers and is backed by Sequoia Capital India, Sofina of Belgium and Kirin Holding of Japan. Over the last 7 years, the business has scaled across the country and the manufacturing footprint bumped up to 5 breweries across India to support the growth. In parallel, Bira 91 is on a mission to be a net-zero carbon emissions company by 2025. It plans to achieve this goal by making a shift towards clean energy and consuming 60 percent lesser energy, halving water consumption, making packaging sustainable and ensuring that no waste is sent to landfills. Bira 91 partnered with NH1design to communicate their vision for its sustainable future, to the industry, their business partners and most importantly, the consumers.

Mission Statement:

A refreshingly modern beer brand, Bira 91 aspires to bring flavorful beers to the new world. The brand is positioned as creative and playful, brewing beers for a modern India with the ambition to become the beer of choice for this generation of Indian consumers. 

Products Offered:

  • Beers

  • Merchandise

Bira91 Business Strategy:

  • Craft Beer:

The craft beer segment in India is finding a steadily growing market in India’s metros, and it is of little surprise that this global trend is most popular among aspirational, well-travelled Indians. And local is the underlying principle for craft beers, to which end Bira 91’s latest offerings are styled as ‘Imagined in India’ – an attempt to bring together the many flavours of India and its creative energy fuelled by emerging artists, entrepreneurs, and start-ups. “Each beer is brewed with unusual ingredients – local and seasonal – which makes them unique and bursting with flavour. Experimental, creative, limited, each of these flavours – Bollywood IPA, Kokum Sour, Brown Ale, and Mango Lassi – is sure to elevate the beer experience of Indian consumers.” This isn’t the brand’s first foray in limited editions though; earlier offerings include Malabar Stout and IPA Brewed with Pomelo.

  • Limited Edition Beer:

To try a ‘limited’ release is an experiment, at least for the domestic market. “Limited releases help push the envelope on beer and bring experimental products to consumers”. “As a rapidly growing brand, there is a strategic imperative to always keep improving, creating and setting new benchmarks. The driving force of our innovation wagon has been gathering imperative consumer feedback from their ‘taproom’ and amalgamating the right flavours and mixtures to create extraordinary beers for consumers. The ‘taproom’ is a place where they host consumers and let them try out new variants of brews. It has 20 beers on tap, the most of any microbrewery or taproom in India. Within just a year of its launch, Bira 91’s limited release taproom has been awarded the People’s Choice Award for the best Micro-brewery/ taproom at 30 ‘Best Bars in India’ awards. The Imagined in India beers that are being brought into the market have been fuelled by the positive response received for them at our Taproom in Koramangla, Bengaluru.”

  • Design led growth:

In an increasingly visual and crowded market, catching the eyeballs is crucial. While beer labelling has none of the complexity associated with wine, it is also not a space that has generally attracted attention. However, Bira has never shied away from using bold colours and designs, and ‘Imagined in India’ pushes the envelope in this regard too. “The first touchpoint for consumers with a brand is packaging and design’. “The reason for partnering with different designers for packaging was so to make sure that just like the taste, the design of each beer has a different story to tell.” “Bira 91 is highly focussed on developing colourful and modern packaging that immediately grabs consumer attention and delivers clutter breaking shelf presence. For Imagined in India, Bira collaborated with Kulture Co. (a curated platform spearheading the new wave of Indian Graphic Art) to onboard artists, who are breaking the mould and taking modern India to new frontiers – to conceptualise and design the packaging of the four new flavours. The artists have done an amazing job to showcase a vibrant palette of local stories around shared identities painted onto these beer cans and narrating the story of our home country. 

Bira Growth Drivers:

Beer is one of the most popular alcoholic beverages produced by extracting malted cereal grain, flavored with hops, and brewed by slow fermentation

  • The beer market was valued at 5,533.73 Mn ltrs in terms of volume in 2020 and is expected to reach 9,004.74 Mn ltrs by 2025, expanding at a CAGR of 10.89% during the 2021 – 2025 period.

  • The maximum levels of beer consumption in India are observed in the southern states. The healthy growth rate for the beer industry is an indication of the huge potential of opportunities open for breweries and beer brands marketing and/or manufacturers in India.

  • Based on type, the market is segmented into strong beer, mild beer, and craft beer.

  • Strong beer contributed the largest revenue share in 2020, while the craft beer segment is estimated to be the fastest-growing segment over the forecast period

  • In terms of volume of strong beer, the market was valued at 4,379.87 Mn ltrs in2020 and is expected to reach 5,728.16 mn ltrs by 2025, expanding at a CAGR of 5.19% during the 2021 – 2025 period.

  • The Indian beer market continues to grow in line with expectations. Industry volumes grew at a CAGR of 8% during the last five years. There has been a trend of emergence of brew pubs in large cities such as Bengaluru, Pune and Gurgaon over the last few years.

  • India is one of the fastest growing alcoholic beverages markets globally with an estimated market size of 52.5 bn dollars (about Rs 3.9 lakh crore), the Indian Council for Research on International Economic Relations (ICRIER) has said.

  • The number of people consuming alcohol increased from 21.9 crore in 2005 to 29.3 crore in 2018 and is projected to increase to 38.6 crore by 2030.

  • Pub and bar culture in India is escalating at significant pace, and is becoming more popular in the age group of 20-45. Further, the market is anticipated to grow at a CAGR of 10.9% over the forecast period as alcohol consumption is growing in urban areas of the country.

  • Further, the craft beer segment is expected to reach US 900.0 million by the end of the 2030. Bira beer is emerging brand of Craft beer in India. 

Promoters and ShareHolding Pattern:

Peer Comparison:

Financials:

BALANCE SHEET - AOC-4 (Rs. Crore) 31 Mar, 2019 31 Mar, 2020 31 Mar, 2021 31 Mar, 2022
Equity and Liabilities        
Equity        
Share Capital 39.79 13.09 13.27 14.21
Reserves and Surplus 74.97 -48.20 -109.12 -237.05
Other Equity 0.00 0.00 0.00 0.00
Total Equity 114.76 -35.11 -95.85 -222.84
Liabilities        
Non-current Liabilities        
Long Term Borrowings 56.00 89.50 137.35 155.77
Net Deferred Tax Liabilities - - - -
Other Long Term Liabilities 0.23 221.39 279.20 267.44
Long Term Provisions 2.26 2.93 3.33 5.05
Total Non-current Liabilities 58.48 313.81 419.88 428.26
Current Liabilities        
Short Term Borrowings 32.46 76.64 109.60 190.94
Trade Payables 38.51 121.44 183.18 203.25
Other Current Liabilities 34.38 120.48 137.79 129.10
Short Term Provisions 3.69 0.52 0.98 1.36
Total Current Liabilities 109.03 319.09 431.55 524.65
Total Equity and Liabilities 282.28 597.79 755.58 730.07
         
Assets        
Net Fixed Assets        
Tangible Assets 51.13 77.94 76.72 84.78
Intangible Assets 6.17 5.27 4.47 6.69
Total Net Fixed Assets 57.30 83.21 81.19 91.47
Capital Work-in-progress 6.73 243.84 278.49 281.62
Other Non-current Assets        
Non-current Investments 0.00 0.00 0.00 0.00
Net Deferred Tax Assets - - - -
Long Term Loans and Advances 9.84 27.46 25.13 51.99
Other Non-current Assets 10.51 3.59 1.68 12.79
Total Other Non-current Assets 20.35 31.05 26.82 64.78
Current Assets        
Current Investments 0.00 0.00 0.00 0.00
Inventories 48.88 86.49 99.38 74.18
Trade Receivables 64.97 91.46 121.25 119.04
Cash and Bank Balances 46.32 43.12 79.32 51.25
Short Term Loans and Advances 17.03 0.84 6.99 4.26
Other Current Assets 20.70 17.78 62.14 43.47
Total Current Assets 197.89 239.69 369.08 292.20
Total Assets 282.28 597.79 755.58 730.07

Source: Company Filing Form AOC-4

 

PROFIT & LOSS - AOC-4 (Rs. Crore) 31 Mar, 2019 31 Mar, 2020 31 Mar, 2021 31 Mar, 2022
Net Revenue 354.98 478.75 430.76 718.85
Operating Cost        
Cost of Materials Consumed 62.65 90.06 85.41 163.29
Purchases of Stock-in-trade - - - -
Changes in Inventories / Finished Goods 0.22 1.15 -2.18 68.44
Employee Benefit Expense 58.16 88.55 69.52 93.57
Other Expenses 419.73 523.98 390.45 618.70
Total Operating Cost 540.76 703.74 543.21 944.00
Operating Profit ( EBITDA ) -185.78 -224.99 -112.44 -225.15
Other Income 9.39 15.02 12.10 7.62
Depreciation and Amortization Expense 5.95 58.28 74.96 90.81
Profit Before Interest and Tax -182.34 -268.24 -175.31 -308.34
Finance Costs 19.45 49.23 76.21 87.73
Profit Before Tax and Exceptional Items Before Tax -201.79 -317.47 -251.51 -396.06
Exceptional Items Before Tax 0.00 -0.42 0.00 0.00
Profit Before Tax -201.79 -317.89 -251.51 -396.06
Income Tax 0.00 0.00 0.00 0.00
Profit for the Period from Continuing Operations -201.79 -317.89 -251.51 -396.06
Profit from Discontinuing Operations After Tax - 0.00 0.00 0.00
Minority Interest and Profit from Associates and Joint Ventures - - - -
Profit for the Period -201.79 -317.89 -251.51 -396.06

Source: Company Filing Form AOC-4

 

CASH FLOW - AOC-4 (Rs. Crore) 31 Mar, 2019 31 Mar, 2020 31 Mar, 2021 31 Mar, 2022
Cash Flows from / ( Used in ) Operating Activities        
Profit Before Tax -201.79 -317.89 -251.51 -396.06
Adjustment for Finance Cost and Depreciation 25.40 106.85 150.33 174.47
Adjustments for Current and Non-Current Assets -39.50 -64.01 -105.04 14.40
Adjustments for Current and Non-Current Liabilities 8.36 136.27 78.40 -3.60
Other Adjustments in Operating Activities 16.74 2.88 0.11 16.50
Net Cash Flows from / ( Used in ) Operating Activities -190.78 -135.90 -127.71 -194.30
Cash Flows from / ( Used in ) Investing Activities        
Cash Outflow from Purchase of Assets 21.00 47.06 30.47 44.49
Cash Inflow from Sale of Assets 21.36 0.00 0.00 0.00
Income from Assets 8.64 0.86 0.87 2.88
Other Adjustments in Investing Activities -52.23 -8.89 -29.94 -1.56
Net Cash Flows from / ( Used in ) Investing Activities -43.24 -55.09 -59.54 -43.16
Cash Flows from / ( Used in ) Financing Activities        
Cash Outflow from Repayment of Capital and Borrowings 54.97 8.84 72.61 94.96
Cash Inflow from Raising Capital and Borrowings 307.72 245.04 313.08 281.26
Interest and Dividends Paid 19.90 47.55 36.21 42.30
Other Adjustments in Financing Activities 0.00 - -15.05 87.05
Net Cash Flows from / ( Used in ) Financing Activities 232.85 188.65 189.22 231.06
Increase / ( Decrease ) in Cash and Cash Equivalents Before Effect of Exchange Rate Changes -1.17 -2.33 1.96 -6.40
Adjustments to Cash and Cash Equivalents - 0.00 0.00 0.00
Net Increase / ( Decrease ) in Cash and Cash Equivalents -1.17 -2.34 1.96 -6.40
Cash and Cash Equivalents at End of Period 15.61 13.28 15.24 8.84

Source: Company Filing Form AOC-4

 

RATIOS - AOC-4 31 Mar, 2019 31 Mar, 2020 31 Mar, 2021 31 Mar, 2022
Revenue Growth (%) 123.7 34.9 -10.0 66.9
Gross Profit Margin (%) - - - -
EBITDA Margin (%) -52.3 -47.0 -26.1 -31.3
Net Margin (%) -56.9 -66.4 -58.4 -55.1
Return on Equity (%) -175.8 - - -
Return on Capital Employed (%) -89.7 -204.7 -116.0 -248.9
Debt Ratio 0.3 0.3 0.3 0.5
Debt / Equity 0.8 - - -
Interest Coverage Ratio -9.4 -5.5 -2.3 -3.5
Current Ratio 1.8 0.8 0.9 0.6
Quick Ratio 1.4 0.5 0.6 0.4
Inventory / Sales (Days) 50 66 84 38
Debtors / Sales (Days) 67 70 103 60
Payables / Sales (Days) 40 93 155 103
Cash Conversion Cycle (Days) 77 43 32 -5
Sales / Net Fixed Assets 6.2 5.8 5.3 7.9

Source: Company Filing Form AOC-4

 

Valuations:

Over the last 3 years, revenue has grown at a yearly rate of 70%. Products are very popular and the demand is increasing day by day. Its very good for the company and its management. Currently the market share of Bira is 12%. Company is spending aggressively to expand the capacity , the fixed assets has grown by 65% CAGR in the last 3 years because the company is in growing phase and expanding there business. Company has raised $180 Mn in last 15 funding rounds and is backed by some lead investors. Free cash flow has witnessed a decrease over the last 1 years. As company has raised funds to support the long term projects such as establishing manufacturing unit, that's why they have liquidity crunch and negative free cash flow as of now. The net profit as well as net profit margin is falling due to increase in employee and marketing related cost. The assets of the company has increased but on the other hand company has reported loss in the last years because of which ROA of the company is increasing negatively.

 

Bira Unlisted Shares: FAQs

1. Is trading in B9 Beverages Limited's unlisted shares legal in India?

Yes trading in unlisted shares is undoubtedly legal in India. The trading takes place in the over-the-counter market through various platforms like Sharescart.com.

2. Is unlisted shares regulated by SEBI?

No, SEBI does not regulate the unlisted share market but certain rules and regulations of SEBI are applicable in the unlisted market space as well, such as, the DP charges for each transaction, stamp duty, lock-in period and more.

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B9 Beverages Limited's unlisted shares can be easily purchased at Sharescart.com by following a few easy steps. Given below are the steps involved in the buying of these shares:

Step 1 - Confirmation on the number of shares you want to purchase of B9 Beverages Limited at a trading price.

Step 2 - Submission of the necessary document like your Client Master Report. Certain additional documents will also be asked for by our representative if required such as a cancelled cheque and your PAN Card if you are paying from a secondary bank account which is not mentioned in your CMR.

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5. How can I sell B9 Beverages Limited unlisted shares?

B9 Beverages Limited's unlisted shares can be easily sold at Sharescart.com by following a few easy steps. Given below are the steps involved in the of selling of these shares:

Step 1- Confirmation on the number of shares you want to sell of B9 Beverages Limited and at what price you want to sell.

Step 2- At Sharescart, we will find a suitable buyer for you according to your requirements and if you accept the trade we will move on to the transfer and the payment aspect of the trade.

Step 3- The Sharescart representative will provide you with the Demat account details to transfer your B9 Beverages Limited shares. They will also notify you about the additional details required from your end before the transfer of shares such as client master copy, delivery instruction slip, and more.

Step 4- Once the transfer is complete, the payment would be credited to your bank account within 24 hours, depending on the holidays.

6. What is the minimum ticket size for investment in B9 Beverages Limited unlisted shares?

Over the years the minimum ticket size for investment has dropped as more and more people have started investing in the Unlisted market. Currently, the minimum ticket size for B9 Beverages Limited is between 30K to 50K.

7. How to check if B9 Beverages Limited shares are credited to my account?

Brokers or dealers provide you with a trading facility means you can buy and sell shares with your broker but when you buy shares the Depository holds your shares. There are mainly two depositories NSDL and CDSL.

If you want to check your shares in NSDL and CDSL you need to download the application (NSDL Speede App or CDSL myeasi).

  • You need to download the Application.
  • Login or Register yourself.
  • Fill in your DP Id and Client Id (NSDL DP Id starts with IN and CDSL DP & Client Id in numeric).
  • After registration, log on to your account and go to Dashboard.
  • You can see all your holding (Listed, Unlisted, Mutual Fund) there.

8. What will be the tax bearing on B9 Beverages Limited?

The taxation on the B9 Beverages Limited shares may vary depending on 2 Factors:

  • Short-term capital or long-term capital.
  • Pre-IPO stage (unlisted shares) or Post-IPO stage (listed shares)

Short-term capital

Unlisted shares - In unlisted shares, the taxation of short-term capital gain i.e. less than 24 months is taxable according to the investor's income tax slab.

Listed Shares - In listed shares, the taxation for short-term capital gains i.e. less than 12 months is at 15%

Long-term capital

Unlisted shares - The taxation for long-term capital gain i.e. more than 24 months is taxable at 20% with indexation benefits.

Listed Shares - The taxation for long-term capital gains i.e. more than 12 months is at 10% after an exemption of 1 lakh. There are no indexation benefits in listed shares.

9. What is the lock-in period of B9 Beverages Limited shares?

According to the current rule issued by SEBI last year in August 2021, the lock-in period is brought down from 1 year to 6 months. This was done to entice more investors to invest their money in pre-IPO companies and startups. The lock-in period of B9 Beverages Limited varies depending on which type of investor you are:

  • Foreign Venture Capital Investor - These investors have a lock-in period of 6 months from the procurement date of B9 Beverages Limited shares.
  • Alternative Investment Funds II - These investors don't have to serve any lock-in period.
  • Other investors - These investors include body corporate, retail, high net-worth individuals. The lock-in period for them is 6 months from the date of listing of B9 Beverages Limited enlisted shares.

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