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B9 Beverages Bira Beer Unlisted Shares

Bira 91 Unlisted Shares (B9 Beverages) — The Honest Picture Before You Buy or Sell

Most dealers will quote you a Bira 91 price without telling you what’s happening at the company. We won’t do that. Bira 91’s parent, B9 Beverages, is in a deep financial and governance crisis — its auditor has flagged going-concern doubt — and anyone touching this stock, as buyer or seller, deserves the full picture first.

Bira 91 (B9 Beverages) Unlisted Share Details
Our Buy Price ₹50 per share
Our Sell Price ₹75 per share
Lot Size On request
ISIN INE833U01014
Founded 2015, by Ankur Jain
Key shareholders Kirin Holdings ~20.1%, Jain family ~17.8%, Peak XV ~14.6%

[Talk to Our Desk Before Trading Bira] [Sell Your Bira Shares]

What Happened to Bira 91 — The Short Version

Bira 91 was India’s craft-beer phenomenon: 9 million cases across 550 towns and 18 countries, ₹824 crore revenue in FY23, and an IPO on the horizon. Then, in preparation for that IPO, the company dropped one word — “Private” — from its legal name. Because alcohol is state-regulated, the name change forced fresh licences and label approvals in every state, freezing sales for months in key markets, stranding ~₹80 crore of inventory, and handing shelf space to competitors.

The damage cascaded: FY24 revenue fell 22% to ₹638 crore with a net loss of ₹748 crore — larger than revenue itself. FY25 revenue slid further to roughly ₹507 crore as manufacturing largely halted, with the Andhra Pradesh plant (25–30% of capacity) vacated. As of March 2025, accumulated losses stood near ₹1,900–2,100 crore against debt of about ₹965 crore, and the auditor (a Grant Thornton network firm) noted the company’s net worth is fully eroded, with material uncertainty about its ability to continue as a going concern.

The governance crisis is equally serious: 250+ employees petitioned the board and investors for founder-CEO Ankur Jain’s removal citing unpaid salaries (some for six months) and PF arrears; the workforce shrank from ~900 to under 400; BlackRock reportedly withdrew a planned ₹500 crore facility; and largest shareholder Kirin Holdings, with lender Anicut Capital, took control of subsidiary BTB — operator of The Beer Cafe (~35% of group revenue) — by invoking pledged shares, a takeover the founder is contesting in the Delhi High Court.

Is There a Bull Case At All?

A thin one, for special-situation investors only: the brand still commands real consumer recognition; markets like Delhi and UP have resumed sales under fresh licences; fixed costs were cut by ~₹115 crore; a rights issue raised ₹84–100 crore; and the founder claims a $70 million structured-debt deal plus staged equity raises are in negotiation. Distressed-brand turnarounds do happen — but they require new money, and reports indicate investors have conditioned fresh capital on leadership change, talks that have repeatedly stalled. The 2021 peak price of ~₹1,000 versus today’s band tells you what the market concluded.

Our Straight Advice

  • If you HOLD Bira shares: you have three options — hold through a binary outcome, sell into whatever liquidity exists, or average down (which we generally discourage in going-concern situations). We buy on our own book and will give you a firm, honest exit quote. That liquidity — an exit when almost nobody is bidding — is precisely what a 35-year desk exists for.
  • If you want to BUY: treat this as venture-style risk capital where total loss is a realistic scenario. We will sell to you at our quoted price only after you’ve heard everything on this page. We do not market Bira as a “cheap multibagger” — anyone who does is not acting in your interest.

How to Buy or Sell

Talk to the desk first — this scrip warrants a conversation, not a click. Then: KYC → off-market demat transfer → prompt settlement. Process details: buy unlisted shares • sell unlisted shares.

FAQs — Bira 91 Unlisted Shares

What is the Bira 91 unlisted share price today?

Our current band is ₹50 (buy) to ₹75 (sell) — quotes in distressed scrips move sharply with news, so confirm live with the desk before any decision.

Is Bira 91 shutting down?

The company is operating but in crisis: its auditor has flagged going-concern doubt, net worth is fully eroded, and its survival depends on fresh capital and restructuring. It has not shut down, and some state markets have resumed sales.

Will the Bira 91 IPO still happen?

The planned IPO is effectively shelved. Ironically, an IPO-preparation step — the legal name change — triggered the regulatory freeze that caused this crisis. Any future listing would require a completed turnaround first.

Why did Bira 91 collapse?

A name change from “Private Limited” to “Limited” forced fresh state-level alcohol licences nationwide, freezing sales for months — compounding into inventory write-offs, a ₹748 crore FY24 loss, debt stress, employee unrest and loss of a key subsidiary to lenders.

Related unlisted shares: boAt • OYO (PRISM) • Mohan Meakin • Anheuser Busch InBev India • Empire Spices

Company Details

CIN U80903DL2012PTC236595
Company Name B9 BEVERAGES PRIVATE LIMITED
Company Status Active
RoC RoC-Delhi
Registration Number 236595
Company Category Company limited by Shares
Company Sub Category Non-govt company
Class of Company Private
Date of Incorporation 28 May 2012
Age of Company 7 years, 2 month, 29 days

Promoters And Management:

Name Designation
Mr. Ankur Jain Managing Director
Mrs. Shashi Jain Director
Ms. Sakshi Vijay Chopra Director
Mr. Varun Kwatra Company secretary

Financials of B9 Beverages (Bira Beer) Unlisted Shares:

(Fig. in Crores)

Year Revenue Expense PAT Shares FV EPS
2016 4.14 16 -12 0.038403 10 -320.9
2017 31 87 -55 2.68 10 -20.47
2018 160 241 -101 3.02 10 -7.06
2019 192 419 -202 3.97 10 -50

ANNUAL REPORT

B9 Beverages Bira Beer Annual Report 2018-19

B9 Beverages Limited Balance Sheet (Amt. in Million)

Particulars  31 March 2023  31 March 2022
ASSETS    
Non-current assets – –
Property, plant and equipment 4,314.59 3,579.88
Capital work-in-progress 151.62 84.11
Investment Property 11.02 –
Goodwill 688.70 –
Other intangible assets 666.88 66.9
Loans 46.84 87.19
Other financial assets 543.18 432.72
Income tax assets 14.90 8.54
Other Non Current Assets 139.26 122.96
Current assets – –
Inventories 1,642.05 741.80
Trade receivables 1,696.84 1,190.37
Cash and cash equivalents 321.58 88.36
Bank balances other than Cash and Cash equivalent 1639.06 424.16
Loans 44.39 35.03
Other financial assets 30.18 7.59
Other current assets 790.5 431.11
TOTAL ASSETS 12,741.59 7,300.72
EQUITY AND LIABILITIES – –
Equity share capital 190.15 142.08
Instruments entirely equity in nature 1,451.37 795.20
Other equity -22.93 -3,165.66
Non-current liabilities – –
Borrowings 174.03 1557.72
Lease Liabilities 2823.34 2674.43
Provisions 69.15 50.45
Deffered Tax Liability 139.80 –
Current liabilities –  
Borrowings 2,972.02 1,909.44
Lease Liabilities 651.32 542.90
Trade payables    
Total outstanding dues of micro and small enterprises 283.30 248.16
Total outstanding dues of Creditors other than micro and small enterprises 2,617.29 1,784.31
Other financial liabilities 266.63 260.42
Other current liabilities 986.91 487.70
Provisions 13.35 13.57
Current Tax Liability 125.86 –
TOTAL EQUITY AND LIABILITIES 12,741.59 7,300.72

 B9 Beverages Limited Profit & Loss Statement (Amt. in Million)

Particulars  31 March 2023  31 March 2022
Revenue from operations 8,243.23 7,188.51
Other income 243.96 76.20
Total income 8,487.19 7,264.71
Cost of Material Consumed 2,653.85 1,610.10
Changes in inventories of finished goods and work in progress -262.72 -6.60
Excise duty on sale of goods 3658.6 3,980.49
Employee benefits expense 1,149.88 935.67
Finance costs 965.99 890.81
Depreciation and amortization expense 1214.18 908.13
Other expenses 3,444.38 2,906.75
Total expenses 12,824.16 11,225.35
Loss before Tax -4,336.97 -3960.64
Current tax 117.86 –
Loss after Tax -4,454.83 -3,960.64
Other comprehensive Income – –
Items that will not be reclassified to profit or loss – –
Remeasurement loss on defined benefit obligations -3.37 -5.26
Items that will be reclassified to profit or loss – –
Exchanging difference in translating financial statements of foreign operations -143.56 -73.06
Other comprehensive Income -146.93 -78.32
Total comprehensive income for the year -4,601.76 -4038.96
Loss attributable to: – –
Owners of the Company -4,336.97 -3960.64
Loss for the year -4,336.97 -3960.64
Other comprehensive income attributable to: – –
Owners of the Company -146.93 -78.32
Other comprehensive income for the year -146.93 -78.32
Total comprehensive income for the year attributable to: – –
Owners of the Company -4,601.76 -4038.96
Total comprehensive income for the year -4,601.76 -4038.96
Loss Per Share – –
Basic and Diluted (INR) -93.26 -95.83

 B9 Beverages Limited Consolidated Cash Flow Statement (Amt. in Million)

Particulars  31 March 2023  31 March 2022
Cash flows from operating activities    
Loss before tax -4,336.97 -3960.64
Adjustments for:    
Depreciation and amortisation 1214.18 908.13
Employee Stock Option Expense 109.91 148.08
Provision for expired inventory 138.9 78.25
Bad debts 77.9 20.95
Loss Allowances 34.5 35.27
Interest income -82.88 -32.17
Lease concessions – -1.04
Property, Plant and equipment written off 46.54 2.35
Net gain on redemption of mutual funds units -21.59 -9.08
Gain on termination of lease contracts -68.11 -1.8
Finance cost 897.32 890.81
Unrealized foreign exchange loss/ (gain) -6.88 -38.88
Operating profit before working capital changes -1,997.18 -1959.77
(Increase)/decrease in trade receivables -607.53 -34.08
(Increase)/decrease in inventories -1039.15 173.77
(Increase)/decrease in Loans, Other financial assets, and other assets -594.33 4.30
Increase/(decrease) in trade payables, other financial liabilities and other liabilities 1,386.06 -114.27
Changes in working capital -854.95 29.72
Income tax refund (net) -6.36 0.6
Net cash generated by operating activities -2,858.49 -1929.45
Cash flows from investing activities    
Purchase of PPE and Capital WIP -1282.63 -444.86
Interest received 68.98 28.84
Deposits made with banks (net) -1110.83 -51.49
Net gain on redemption of mutual funds units 21.59 9.08
Loan (given)/repaid 30.99 26.81
Net cash generated by investing activities -2271.90 -431.62
Cash flows from financing activities    
Proceeds from issue of Instruments entirely equity in nature 6090.28 2662.64
Proceeds from transactions costs in relation to issue of Instruments entirely equity in nature -83.74 -48.65
Proceeds from application money received for allotment of securities – 7
Proceeds from non-current borrowings 390.00 150
Repayment of non-current borrowings -640.97 -50
Payment of lease liabilities- principal -579.28 -441.24
Payment of lease liabilities- Interest -430.24 -409.68
Proceeds from current borrowings(net) 1062.58 863.49
Interest Paid -445.02 -436.51
Net cash generated from financing activities 5,363.61 2297.05
Net increase/(decrease) in cash and cash equivalents during the year 233.22 -64.02
Cash and cash equivalents at the beginning of the year 88.36 152.38
Cash and cash equivalents at the end of the year 321.58 88.36

Annual Report- 2023

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