Mount Everest Breweries IPO
Mount Everest Breweries Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue only of up to 1,15,00,000 shares, with no offer for sale. In FY26 the company made a profit of ₹53.19 crore on revenue of ₹1,017.84 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Oct 2026
- Type of issue
- Fresh issue only
- Lead manager
- Beeline Capital Advisors Private Limited
- Last SEBI contact
- 16 Oct 2026
- Price band and dates
- Not announced
Where it stands
Mount Everest Breweries IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Oct 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 5 October 2026, 32 days ago, and its last communication on the draft was on 16 October 2026 (day count is our calculation).
DRHP at a glance
Mount Everest Breweries DRHP at a glance
Draft red herring prospectus, 24 Sep 2026What 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. 220) and Risk Factors (p. 24 to 29)Mount Everest Breweries brews, packages, sells and distributes beer in the economy, core and premium segments, and also brews beer under contract for other brands. It is one of the leading beer makers in Madhya Pradesh, with a market share of about 36% there per the industry report in the DRHP.
It has two breweries, at Indore in Madhya Pradesh and Mysuru in Karnataka, and plans a new one at Hardoi, Uttar Pradesh. Beer sales in Madhya Pradesh were ₹727.48 crore in FY26. It is based in Indore.
The offer
DRHP cover page and The Issue (p. 74)| Fresh issue | Up to 1,15,00,000 shares₹ amount set with the price; money goes to the company |
| Shares before the IPO | 4,58,02,282The fresh issue equals about 25.1% of them (ours) |
| Pre-IPO placement | Amount not setOptional; up to 20% of the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Beeline Capital Advisors Private Limited and Ashika Capital Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Anand Kumar Kedia, Prasann Kumar Kedia, Anshuman Kedia and Vedant Kedia |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 128 to 129)| Object | ₹ crore |
|---|---|
| Part of the cost of a new brewery at Hardoi, Uttar Pradesh | 230.00 |
| Repaying or prepaying certain borrowings | 70.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹300 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Information (p. 76 to 80) and Basis for Issue Price, KPIs (p. 148 to 152), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 546.66 | 704.32 | 1,017.84 |
| Net revenue (after excise) | 527.33 | 653.27 | 860.32 |
| EBITDA | 46.91 | 67.10 | 98.03 |
| EBITDA margin | 8.90% | 10.27% | 11.39% |
| Profit after tax | 20.37 | 34.55 | 53.19 |
| Diluted EPS (₹) | 4.94 | 8.38 | 12.90 |
| Total equity | 141.29 | 175.56 | 228.44 |
| Cash from operations | 1.83 | 83.56 | 70.95 |
| Return on equity | 15.53% | 21.81% | 26.33% |
| Debt to equity | 0.77 | 0.33 | 1.04 |
Restated consolidated figures. EBITDA margin is on net revenue. Net revenue grew about 27.7% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 149 to 150).The DRHP compares it with United Breweries and Som Distilleries & Breweries, whose P/Es range from 98.67x to 127.12x, average 112.89x. The P/E for Mount Everest is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Mount Everest Breweries (FY26) | 12.90 | Set with the price band | 23.28% |
Risks the draft lists first
DRHP, Risk Factors (p. 24 to 29)- Raw materialsRice, malted barley, hops, cans and bottles were 46.63% of FY26 costs, and their prices can swing. (Risk factor 1, p. 24)
- Seasonal cropsBad harvests could hurt the quality and supply of its brewing grains. (Risk factor 2, p. 25)
- Madhya PradeshBeer sales in Madhya Pradesh were ₹727.48 crore of FY26 revenue. (Risk factor 3, p. 26)
- Price approvalsState excise authorities approve beer prices, so it may not pass on cost rises in time. (Risk factor 4, p. 27)
- New breweryApprovals for the Hardoi brewery are still pending. (Risk factor 5, p. 28)
- Two breweriesIt operates from two breweries, at Indore and Mysuru. (Risk factor 6, p. 29)
Documents
Mount Everest Breweries 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
Mount Everest Breweries IPO FAQs
When will the Mount Everest Breweries IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 32 days ago (our calculation).
Has SEBI approved the Mount Everest Breweries IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Mount Everest Breweries 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 Mount Everest Breweries 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 Mount Everest Breweries IPO?
Beeline Capital Advisors Private 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 Mount Everest Breweries do with the IPO money?
According to the DRHP, the fresh issue money goes to part of the cost of a new brewery at Hardoi, Uttar Pradesh (₹230.00 crore), repaying or prepaying certain borrowings (₹70.00 crore), and the rest to general corporate purposes.
What does Mount Everest Breweries do?
Mount Everest Breweries brews, packages, sells and distributes beer in the economy, core and premium segments, and also brews beer under contract for other brands. It is one of the leading beer makers in Madhya Pradesh, with a market share of about 36% there per the industry report in the DRHP.
Where can I read the Mount Everest Breweries DRHP?
On SEBI's website, where the draft red herring prospectus was published on 29 September 2026. The draft is dated 24 September 2026 and runs to 549 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 24 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.