GM Breweries Ltd, established in 1981, manufactures and markets alcoholic beverages, including Country Liquor (CL) and Indian-made Foreign Liquor (IMFL). The company has strategically positioned itself as a dominant player in Maharashtra's alcoholic beverage market, particularly in the country liquor segment.
The company enjoys a near-monopoly in country liquor in the districts of Mumbai, Thane & Palghar and is the single largest manufacturer of country liquor in the State of Maharashtra with a sizable market share. This strategic positioning provides GM Breweries with significant competitive advantages and market protection in key urban markets.
GM Breweries currently has a market capitalization of ₹1,731 crore (as of 2025), with revenue of ₹637 crore and profit of ₹129 crore. The company's financial performance shows mixed results, with a poor sales growth of 6.32% over the past five years, and the market capitalization having declined 16.5% in the last year. The company is almost debt-free, which provides financial flexibility and reduces interest burden on profitability.
For the quarter ended March 2025, GM Breweries Ltd's net profit fell 30.22% year-on-year to ₹60.46 crore, though the company showed strong sequential growth with a 175.19% jump in net profits compared to the previous quarter. The company's earnings include other income of ₹48.1 crore, indicating diversified revenue streams beyond core operations.
• Market Capitalization: ₹1,731 crore (as of 2025)
• Revenue (FY2025 Est.): ₹637 crore
• Profit (FY2025 Est.): ₹129 crore
• Q4 FY2025 Net Profit: ₹60.46 crore (down 30.22% YoY)
• Sales Growth (5-year CAGR): 6.32%
• Promoter Holding: 74.4%
• PE Ratio: 13.20
• PB Ratio: 1.80
GM Breweries manufactures Indian Made Foreign Liquor (IMFL) and Country Liquor. It markets its brandy, rum, and whisky under brand names such as Pioneer Doctor Brandy, Pioneer Special Doctor Brandy, Hot Shot Rum, and Reporter Choice Whisky. The company has invested in quality enhancement by using imported oakwood barrels to mature whisky for improved taste and character.
The company has significantly expanded its production capacity over the years. In 1995, GM Breweries embarked on an expansion project, increasing production facilities for IMFL products from 40.50 to 121.50 lakh litres and country liquor from 108.0 to 216 lakh litres. By 2003-04, installed capacity reached 143 lakh litres for IMFL and 363 lakh litres for Country Liquor.
The company maintains a promoter holding of 74.4%, indicating strong management control and commitment to the business. GM Breweries is almost debt-free, which strengthens its financial position.
The company announced a 1:4 bonus issue in 2024 and declared a dividend of ₹7.5 per share with a record date of May 22, 2025. However, the dividend payout has been relatively low at 10.9% of profits over the last 3 years.
The company has shown resilience in challenging market conditions. On June 11, 2025, GM Breweries shares experienced significant gains, rising nearly 19% after the Maharashtra government announced an excise duty hike on liquor, excluding beer and wine. The company is expected to benefit from this policy as it contributes a substantial portion of the state's excise revenue from country liquor.
The stock has a 52-week high of ₹1,049.00 and a 52-week low of ₹579.95, showing significant volatility. The PE ratio stands at 13.20 and PB ratio at 1.80, indicating reasonable valuation metrics compared to industry peers.
Despite a year-to-date decline of over 11%, the company has shown positive returns over 1, 2, 3, and 5-year periods. The stock is classified as a mid-range performer with average quality across financial and technical aspects, making it suitable for investors seeking moderate risk exposure in the alcoholic beverage sector.
GM Breweries' dominant position in Maharashtra's country liquor market, combined with its debt-free status and strategic market positioning, provides a stable foundation for long-term growth. However, investors should consider the cyclical nature of the alcoholic beverage industry and regulatory risks associated with excise policies.
