Alcobrew Distilleries India IPO
Alcobrew Distilleries India Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 8 January 2026, so the company can open the IPO any time up to 8 January 2027. The draft proposes a fresh issue of up to ₹258.26 crore and an offer for sale of up to 1,80,00,000 shares by promoter Romesh Pandita. In FY25 the company made a profit of ₹69.45 crore on revenue of ₹1,615.01 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued8 Jan 2026
- SEBI received draft
- 30 Sep 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Motilal Oswal Investment Advisors Limited
- Must open by
- 8 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Alcobrew Distilleries India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI30 Sep 2025
- SEBI reviewDone
- SEBI observations8 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Alcobrew Distilleries India DRHP at a glance
Draft red herring prospectus, 25 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 183) and Basis for the Offer Price, KPIs (p. 113)Alcobrew Distilleries India makes Indian-made foreign liquor: whisky, vodka, gin, rum and brandy, mainly in the prestige and higher price segments. Brands launched since 2017 include Lion's Daddy Dark Rum, Victorio Reserve Brandy and One More Vodka.
It sold 4.34 million cases in FY25, and whisky was 76.54% of sales volume. It plans a visitor centre and new maturation hall at Gamber Valley, Solan, Himachal Pradesh. It was incorporated in 2002; the registered office is in New Delhi and the corporate office in Gurugram.
The offer
DRHP cover page and The Offer (p. 69)| Fresh issue | Up to ₹258.26 croreMoney goes to the company |
| Offer for sale | Up to 1,80,00,000 sharesBy promoter Romesh Pandita; his average cost is ₹0.11 a share |
| Shares before the IPO | 15,40,00,000The offer for sale is about 11.7% of them (ours) |
| Pre-IPO placement | Up to ₹51.65 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Motilal Oswal Investment Advisors Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Romesh Pandita, Veena Pandita and Romesh Pandita Family Trust |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 100 to 101)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain borrowings | 140.00 | 54.2% |
| Visitor centre and new maturation hall at Gamber Valley, Solan | 28.91 | 11.2% |
| Marketing for new product launches | 24.78 | 9.6% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹258.26 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary of Restated Financial Information (p. 72 to 74) and Basis for the Offer Price, KPIs (p. 111 to 113), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 1,216.87 | 1,640.11 | 1,615.01 |
| Revenue excluding excise duty | 634.27 | 779.88 | 787.38 |
| EBITDA | 88.40 | 107.75 | 119.73 |
| EBITDA margin | 13.94% | 13.82% | 15.21% |
| Profit after tax | 52.30 | 62.55 | 69.45 |
| Diluted EPS (₹) | 3.42 | 4.06 | 4.50 |
| Net worth | 192.31 | 254.78 | 324.10 |
| Cash from operations | -34.13 | 19.66 | 61.69 |
| Return on equity | 31.53% | 27.98% | 23.99% |
| Net debt to equity | 0.69 | 0.58 | 0.39 |
| Working capital (days) | 95.02 | 95.75 | 126.45 |
Restated figures. EBITDA margin is on revenue excluding excise duty. Net worth is total equity.
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 112). Peer prices as of 24 Sep 2025 on NSE.The DRHP shows return on equity for each company. The P/E for Alcobrew is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Alcobrew Distilleries India (FY25) | 4.50 | Set with the price band | 23.99% |
| United Spirits | 22.28 | 60.63x | 20.78% |
| Radico Khaitan | 25.82 | 115.00x | 13.31% |
| Allied Blenders and Distillers | 7.19 | 74.45x | 19.78% |
| Tilaknagar Industries | 11.81 | 39.14x | 29.89% |
| Piccadily Agro Industries | 10.84 | 65.90x | 20.07% |
Risks the draft lists first
DRHP, Risk Factors (p. 32 to 36)- SuppliersThe top 10 suppliers were 61.91% of FY25 cost of goods sold. (Risk factor 1, p. 32)
- Licences and taxThe liquor industry needs costly licences and faces a complex, changing tax regime. (Risk factor 2, p. 33)
- WhiskyMost revenue comes from whisky brands. (Risk factor 3, p. 34)
- ContaminationPoor handling or contamination of products could bring legal action and harm its name. (Risk factor 4, p. 35)
- BrandSales depend on the strength of its brands and reputation. (Risk factor 5, p. 35)
- GrowthIt may not manage its growth well. (Risk factor 6, p. 36)
Documents
Alcobrew Distilleries India DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Alcobrew Distilleries India IPO FAQs
When will the Alcobrew Distilleries India IPO open?
The date is not announced. SEBI issued observations on 8 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 8 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Alcobrew Distilleries India IPO?
Yes. SEBI issued its final observations on 8 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Alcobrew Distilleries India IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Alcobrew Distilleries India IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Alcobrew Distilleries India IPO?
Motilal Oswal Investment Advisors Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Alcobrew Distilleries India do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings (₹140.00 crore), visitor centre and new maturation hall at Gamber Valley, Solan (₹28.91 crore), marketing for new product launches (₹24.78 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Alcobrew Distilleries India do?
Alcobrew Distilleries India makes Indian-made foreign liquor: whisky, vodka, gin, rum and brandy, mainly in the prestige and higher price segments. Brands launched since 2017 include Lion's Daddy Dark Rum, Victorio Reserve Brandy and One More Vodka.
Where can I read the Alcobrew Distilleries India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 October 2025. The draft is dated 25 September 2025 and runs to 418 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 25 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.