1. At a Glance – Blink and You’ll Miss the Plot
Arunjyoti Bio Ventures Ltd (ABVL) is a ₹136 crore market cap microcap trading at around ₹7.3 per share, with a business story that has more costume changes than a Bollywood side actor. Once upon a time, this company dabbled in equities, commodities, wealth management, and software. Then in July 2022, it woke up one morning and decided it wanted to be an FMCG and beverage co-packer for MNCs.
Fast forward to FY25: sales of ₹25.8 crore, EBITDA margin of ~21.8%, PAT still negative at ₹-1.12 crore TTM, ROE chilling at -10.7%, and debt at ₹24.1 crore. Fixed assets have ballooned to ~₹40–47 crore, promoters did a rights issue, stake briefly jumped to 61.79%, then slid back to ~47.6%.
Quarterly numbers look “improving” if you squint hard enough. Q3 FY26 PAT is a tiny ₹0.05 crore, sales ₹6.47 crore. The stock is down ~50% YoY, up ~17% in six months, and confusing investors consistently.
So… is this a serious beverage outsourcing story in the making, or just another capital-intensive experiment funded by hope, rights issues, and patience? Let’s find out.
2. Introduction – From Stock Trader to Juice Supplier: The Origin Story
Arunjyoti Bio Ventures Ltd was incorporated in 1986. For most of its life, it did not resemble anything remotely connected to juices, water bottles, or FMCG supply chains. Earlier known as Century 21st Portfolio Limited, the company’s activities included trading in equities and commodities, portfolio management, and even software development.
Then came July 20, 2022. That’s the date ABVL officially amended its main objects to include FMCG and beverages, alongside bio-pesticides, fertilizers, and agri-inputs. Translation: “Boss, markets are hot, FMCG sounds sexy, let’s pivot.”
Soon after, things moved fast. Land purchases in Andhra Pradesh and Telangana. Announcements of two beverage plants. Rights issue to clean up promoter loans and fund working capital. Debt shoots up, fixed assets explode, depreciation and interest start punching the P&L in the face.
The result? Revenue has scaled rapidly from almost nothing to ~₹25–28 crore, margins look optically decent, but net profits are still struggling to stay positive.
The company today positions itself as a co-packer—not a brand owner. It manufactures beverages as per MNC specifications, handles non-carbonated water production, and even distribution from its plants. In theory, this is a low-marketing, steady-volume business. In practice, it is brutally
capital-intensive and margin-sensitive.
So the big question: can ABVL grow into its balance sheet before the balance sheet grows tired of carrying losses?
3. Business Model – WTF Do They Even Do?
Let’s simplify this without fancy MBA jargon.
Arunjyoti Bio Ventures is a beverage co-packing company. That means:
- Big FMCG or beverage brands come to them
- Say: “Here’s the recipe, here’s the quality spec, make this for us”
- ABVL runs the machines, bottles the product, and ships it
They do not own consumer brands. No ads. No celebrities. No IPL sponsorships. Just factories, machines, and operating discipline.
Core Services
- Beverage Co-Packing
Non-carbonated drinks, juices, energy drinks—manufactured exactly as per MNC standards. - Non-Carbonated Water Production
Think packaged drinking water, processed under defined quality norms. - Distribution from Plant
Logistics and dispatch of finished goods, reducing friction for clients.
Manufacturing Capacity
The company has set up two units:
Unit 1
- 160 CPM Juice Line: ~7,500 cases/day
- 120 BPM Water Line (2 lines): ~9,500 cases/day
- 150 BPM Juice Line: ~7,000 cases/day
Unit 2
- 160 CPM Juice Line: ~7,500 cases/day
- 120 BPM Water Line (2 lines): ~9,500 cases/day
On paper, capacity looks decent. On ground, utilisation is the real boss. Empty machines don’t generate cash flow, only EMI anxiety.
Now ask yourself: Is beverage co-packing a high-moat business?
Short answer: no.
Long answer: contracts, relationships, execution, and scale matter—but pricing power is weak.
4. Financials Overview – The Numbers Don’t Lie, They Just Smirk
Quarterly Performance (Q3 FY26 – Quarterly Results)
| Metric | Latest Qtr (Dec-25) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 6.47 | 6.15 | 5.34 | ~5.2% | ~21.2% |
| EBITDA (₹ Cr) | 1.42 | 0.34 | 0.26 | Big jump | Big jump |
| PAT (₹ Cr) | 0.05 | -0.89 | -1.23 | 105%+ | Improved |
| EPS (₹) | 0.00 | -0.05 | -0.07 | — | — |
