1. At a Glance – The “Daaru Pivot” That Markets Drank Blindly
Agribio Spirits Ltd, with a ₹260 Cr market cap, is the classic Indian stock market glow-up story: export leather → jute → handicrafts → suddenly… alcohol. The stock is trading around ₹239, up ~75% in 1 year and 28% in 6 months, while delivering a ROE of just 6.4% and an OPM of –2.6%.
Let that sink in. Negative operating margins. Premium valuation.
Sales for TTM stand at ₹36.76 Cr, PAT ₹3.48 Cr, and EPS ₹3.21. The P/E multiple of ~74x places it closer to United Spirits’ valuation dreams, but with Piccadilly-level scale minus the whisky moat.
Latest quarter (Q3 FY26) posted ₹7.83 Cr revenue and ₹1.10 Cr PAT, down ~6% QoQ on profits. Meanwhile, other income of ₹5.18 Cr TTM is quietly doing more work than the distillery itself.
Is this a serious liquor play or a balance-sheet cocktail experiment? Let’s pour slowly.
2. Introduction – From Beekay Niryat to Booze King Aspirant
Agribio Spirits didn’t wake up one day and decide to become a liquor company.
It reinvented itself out of necessity.
Originally incorporated in 1975, the company spent decades exporting leather, jute, handicrafts, and commodities. Growth was… let’s say spiritually flat. Then came the great Indian bull market lesson: “If you can’t grow organically, pivot aggressively.”
FY24–FY25 became the transformation years.
Name change? Done.
Object clause rewrite? Done.
Preferential allotment + warrants? Done.
Acquisitions in alcohol? Multiple.
The company now wants to be seen as an alcohol manufacturing + bottling + sourcing platform, spanning IMFL, CL, RML, and even raw material sourcing (rice supply to distilleries).
But here’s the twist:
The financials still look like a finance & investment company, not a high-margin consumer alcohol play.
So the real question for investors is
simple:
👉 Is Agribio still “setting up the bar” or already serving diluted drinks?
3. Business Model – WTF Do They Even Do? (Now Edition)
Let’s simplify this chaos.
What Agribio Spirits Actually Does Today
- Alcohol Manufacturing & Bottling (Indirect + Direct)
- 30.45% stake in Agribiotech Industries Ltd
- 23% controlling stake in Pioneer Spirits LLP
→ Bottles IMFL under agreement with Allied Blenders
- 100% Ownership of Solkit Distillery & Brewery Pvt Ltd
- Acquired for ₹13 Cr
- Monthly capacity: ~1.45 lakh cases
- Produces Country Liquor, Rajasthan Made Liquor, and IMFL
- Trading & Sourcing
- Supplies rice to North Indian distilleries
- Still books sale of goods (94% of FY24 revenue)
- Investment & Finance DNA Still Alive
- Large investment book (₹52.9 Cr as of Sep 2025)
- Meaningful interest income
So yes, it talks like a distillery, but walks like a hybrid NBFC-cum-holding company.
Question for you:
👉 Do you value this as an FMCG alcohol company or an investment vehicle with ethanol ambitions?
4. Financials Overview – Numbers Don’t Get Drunk, Investors Do
Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 7.83 | 7.85 | 16.86 | -0.25% | -53.6% |
| EBITDA | -0.19 | -0.07 | -0.06 | NA | NA |
| PAT | 1.10 | 1.17 | 1.08 | -5.98% | +1.9% |
| EPS (₹) | 1.01 | 1.17 | 0.99 | -13.7% | +2.0% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4
=
