1. At a Glance
Monika Alcobev, a luxury liquor importer with a buzz-worthy portfolio, is popping a ₹153.68 Cr SME IPO cork. With ₹137 Cr fresh infusion and 70+ brands in tow, she’s ready to party hard—across India and the subcontinent. Cheers or hangover?
2. Introduction with Hook
Imagine running the liquor store for India’s rich and tipsy. Monika Alcobev does just that—with Jose Cuervo, Bushmills, and everything top-shelf your dad pretends he can’t afford.
- Revenue Growth: 25% YoY
- PAT Growth: 39% YoY
- ROE: Sizzling at 29.91%
But don’t get tipsy on the numbers yet—because this IPO has a premium price tag and a balance sheet that’s juiced with debt. Let’s swirl, sniff, and sip this one carefully.
3. Business Model (WTF Do They Even Do?)
Monika Alcobev is a premium alcoholic beverage importer and distributor operating across India, Nepal, Maldives, Sri Lanka, and Bangladesh. They deal in:
- Spirits
- Wines
- Liqueurs
- Travel retail, HORECA, and private consumption markets
Key Brands Distributed:
Jose Cuervo, Onegin Vodka, Bushmills, La Rioja Alta, etc.
Moat
- Exclusive imports and bonded warehouses
- Long-term customer relationships
- Logistics + Licensing + Liquor = Tough to replicate
This is a high-barrier business—think RBI meets DJ nights.
4. Financials Overview
| FY | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | Net Worth (₹ Cr) | Debt (₹ Cr) |
|---|---|---|---|---|---|
| 2023 | 140.36 | 24.67 | 13.03 | 17.12 | 72.06 |
| 2024 | 191.28 | 32.14 | 16.60 | 58.53 | 123.16 |
| 2025 | 238.36 | 46.19 | 23.11 | 96.01 | 174.10 |
Notes:
- Strong top and bottom line compounding
- But… Debt also grew 2.4x in two years
- Net worth finally catching up
5. Valuation
IPO Price Band: ₹271–₹286
Market Cap Post IPO: ₹613.47 Cr
Post EPS (FY25): ₹10.78
P/E (FY25): 25.1x – 26.54x
P/B: 4.94
Fair Value Range:
- Conservative: 18x EPS → ₹195
- Median: 22x EPS → ₹237
- Premium: 28x EPS → ₹302
➡️ FV Range: ₹195 – ₹302
Pricey for an SME, but so is everything aged in oak barrels.
6. What’s Cooking – News, Triggers, Drama
- Anchor Booked ₹46 Cr: Pre-party strong
- ₹100+ Cr going to working capital: Scale-up incoming
- Expansion across subcontinent: Cross-border buzz
- Warehouse Infra + Distribution Network: Backbone of their moat
- Luxury Category Dependence: High margins, but recession risk
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Assets | 128.53 | 216.42 | 323.89 |
| Net Worth | 17.12 | 58.53 | 96.01 |
| Total Borrowing | 72.06 | 123.16 | 174.10 |
| D/E Ratio | 4.21 | 2.10 | 1.81 |
Takeaway:
- Debt still heavy but falling D/E
- IPO proceeds to shave some off
- Improving capital structure, but it’s not sober yet
8. Cash Flow – Sab Number Game Hai
| Year | Ops Cash Flow | Investing | Financing |
|---|---|---|---|
| FY23 | ₹19 Cr (est) | -₹15 Cr | ₹30 Cr |
| FY24 | ₹24 Cr (est) | -₹25 Cr | ₹40 Cr |
| FY25 | ₹30 Cr+ (est) | -₹45 Cr | TBD |
Observation:
They’re spending like they just won a lottery (which they kinda did via anchor funding). But cash flow supports it—barely.
9. Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROE | 29.91% |
| ROCE | 16.21% |
| PAT Margin | 9.79% |
| EBITDA Margin | 19.56% |
| Debt/Equity | 1.81 |
| P/B | 4.94 |
Translation:
Great ROE. Okay-ish ROCE. Leverage party still going. Margins are healthy thanks to the premium focus.
10. P&L Breakdown – Show Me the Money
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 140.36 | 191.28 | 238.36 |
| EBITDA | 24.67 | 32.14 | 46.19 |
| PAT | 13.03 | 16.60 | 23.11 |
What’s Brewing?
- YoY profit growth of 39% in FY25
- Better operating leverage kicking in
- Not bad for a liquor logistics firm—where margins are traditionally sobered by regulation
11. Peer Comparison
| Company | Rev (Cr) | PAT Margin | ROE | P/E | D/E |
|---|---|---|---|---|---|
| Monika Alcobev | 238.36 | 9.79% | 29.91% | 26.5x | 1.81 |
| United Spirits | 10,800+ | ~11% | ~15% | 55x | 0.1 |
| Radico Khaitan | 4,000+ | ~10% | 17% | 58x | 0.5 |
Verdict:
Smaller, faster-growing, and more profitable on capital—but also much riskier and far more leveraged.
12. Miscellaneous – Shareholding, Promoters
Promoters:
- Bhimji Nanji Patel
- Kunal Bhimji Patel
| Shareholding | % |
|---|---|
| Pre-IPO | 79.96% |
| Post-IPO | 62.08% |
Employee Strength: 191 FTEs
Anchor Investors: Subscribed ₹46 Cr—confidence shot accepted
13. EduInvesting Verdict™
Monika Alcobev is India’s exclusive alcohol butler, opening the cellar for a ₹150 Cr IPO party. Their brand play is tight, margins are classy, and ROE would make any investor tipsy.
But don’t drink without reading the label: high leverage, SME volatility, and rich IPO pricing.
Still, for those who believe in India’s evolving premium consumption story—and don’t mind the occasional hangover—this one might just be your intoxicating multibagger.
Just remember, investing here is not a bottom-shelf bargain. It’s for those who know their single malt from their sugar wash.
Metadata
– Written by EduInvesting Research Desk | July 13, 2025
– Tags: Alcobev, SME IPO, Premium Consumption, Import Liquor, Monika Alcobev, Luxury Brands, Retail Distribution
