Monika Alcobev Ltd. IPO Review

About the Company

Monika Alcobev Ltd. (MAL) is a major name in the imported liquor space, offering a wide portfolio of premium and luxury spirits, wines, and liqueurs. The company is active across India and nearby countries including Nepal, Sri Lanka, and the Maldives.

It operates with a strong supply chain and exclusive rights to over 70 renowned international brands such as Jose Cuervo (Tequila), Bushmills (Irish Whisky), Rémy Martin (Cognac), and Cointreau (Liqueur).

Market Position

• 19.0% market share in tequila imports
• 7.5% share in liqueur imports
• 12.3% market share in rum imports (No.1 importer)
• 1.9% share in gin and geneva imports

IPO Details

• IPO Opening: July 16, 2025 | Closing: July 18, 2025
• Price Band: ₹271 – ₹286 per share
• Lot Size: 800 shares (and multiples of 400)
• Total Issue Size: ₹165.63 crore
• Fresh Issue: ₹137.03 crore | OFS: ₹28.60 crore
• Listing Exchange: BSE SME
• Post-IPO Market Cap: ₹613.47 crore

Financial Performance

• FY23: Revenue ₹140.36 cr | PAT ₹13.03 cr
• FY24: Revenue ₹191.28 cr | PAT ₹16.60 cr
• FY25: Revenue ₹238.36 cr | PAT ₹23.11 cr

Average EPS (3 years): ₹12.38 | Average RoNW: 34.17%

P/E Ratio based on FY25 earnings: 26.53x | FY24 earnings: 36.95x

Use of IPO Proceeds

• ₹100.64 cr – Working capital requirements
• ₹11.45 cr – Loan repayment
• Rest – General corporate purposes

Dividend History

• FY23 & FY24: 100% dividend
• FY25: 14% dividend

Merchant Banker’s Track Record

Marwadi Chandarana has handled 3 IPOs before this in the past 2 fiscals. One listed at par, while 2 gave up to 90% listing gains.

Conclusion

Monika Alcobev Ltd. has established a stronghold in the premium imported liquor segment. With steady financial growth, strategic brand partnerships, and a wide presence across India and nearby countries, the company looks promising.

However, the IPO pricing is aggressive. Hence, informed investors may consider investing moderate funds for a medium-term perspective.