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.
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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 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 |
