Mohan Meakin Limited Unlisted Shares
Mohan Meakin Unlisted Shares — Own a Piece of Old Monk
Some companies have customers; Mohan Meakin has devotees. The 170-year-old maker of Old Monk — the world’s third-largest-selling rum and India’s most loved dark rum — is that rarest unlisted animal: an iconic consumer brand, debt-free, compounding profits at 30%+, still trading at an early-teens earnings multiple. Here’s the complete picture.
| Mohan Meakin Unlisted Share | Details |
| Our Buy Price | ₹2,300 per share |
| Our Sell Price | ₹2,500 per share |
| Lot Size | 100 shares (min. investment ≈ ₹2,50,000) |
| ISIN | INE136D01018 |
| Heritage | Kasauli Brewery, 1855 — Asia’s first; incorporated 1934 |
| Promoters | Mohan family (~67.8%); MD: Hemant Mohan |
| Brands | Old Monk, Golden Eagle, Lion, Solan No. 1, Solan Gold Single Malt |
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About Mohan Meakin
Born as Edward Dyer’s Kasauli brewery in 1855 — Asia’s first — and transformed under the Mohan family since 1949, Mohan Meakin today spans IMFL (rum, whisky, brandy, gin), beer (Golden Eagle, Lion), a rising premium play in Solan Gold Single Malt, plus food products (corn flakes, porridge, juices) and glass packaging. Manufacturing runs across the historic Solan brewery and Kasauli distillery in Himachal, Mohan Nagar (UP) and bottling units in Punjab. Old Monk exports reach 14–21 countries — USA, UAE, Kenya, Singapore among them — earning ₹87+ crore of foreign exchange in FY25 on pure diaspora love, with essentially zero advertising. Old Monk famously spends nothing on marketing; its fans do the marketing.
Mohan Meakin Financials — Quiet, Relentless Compounding
| Particulars | FY21 | FY23 | FY25 | FY26 (reported trends) |
| Revenue | ₹1,099 Cr | ₹1,771 Cr | ₹2,151 Cr | +7% |
| EBITDA | ₹62 Cr | — | ₹149 Cr | +40% |
| Profit After Tax | ₹40 Cr | ₹67 Cr | ₹102.6 Cr | +53% |
| EPS | — | ₹78.82 | ₹120.62 | ROE recovered to ~28.6% |
What the numbers say
revenue has nearly doubled since FY21 and profit has grown ~2.5x, with FY26 delivering the operating-leverage payoff — EBITDA up ~40% and PAT up ~53% as raw-material (ENA, glass) cost spikes normalised. The balance sheet is effectively debt-free (D/E ~0.01), ROCE has run above 28%, and operating cash flow has tripled since FY21 to ₹96.5 crore. Context worth remembering: this company earned barely ₹3 crore a year around 2015 — the last decade is one of Indian consumer’s great quiet turnarounds. With only ~0.85 crore shares outstanding, our sell price implies a market cap near ₹2,100 crore — roughly the mid-teens multiple on trailing earnings that analysts flag as a discount for a debt-free, 28%-ROE brand owner (premium spirits peers trade far higher).
The Listing Question
Mohan Meakin is a public limited company whose shares changed hands informally for decades; a formal NSE/BSE listing has long been discussed as the natural value-unlock, and the ISIN/demat infrastructure exists. But no listing has been announced — the promoter family (~67.8%) has historically preferred privacy. Buy for the compounding and the brand; treat listing as free optionality.
Why Investors Buy Mohan Meakin Unlisted Shares
- A brand money can’t build — Old Monk’s cult following spans generations and continents, sustained without advertising.
- Debt-free compounding — profits up 2.5x in four years with ROCE above 28%.
- Premiumisation runway — Solan Gold single malt and premium extensions ride India’s 12–15% premium-spirits growth.
- Cost moat — reported production economics far below MNC peers keep Old Monk’s value pricing profitable.
- Scarcity — tiny share count, promoter-dominated register, genuine collector’s-item float.
Key Risks
- Regulatory gauntlet — alcohol is state-regulated; excise changes, licensing shocks (see the Bira 91 saga) and dry-state politics are permanent hazards.
- Concentration in one hero brand — Old Monk dominates; dark rum is a slower category than whisky or premium white spirits.
- Promoter-controlled decisions — dividends, listing and strategy follow the family’s preference; minority investors are passengers.
- Input-cost cycles — ENA and glass price spikes compressed FY24–25 margins and can recur.
- Thin liquidity — small float means wider spreads and patience on exits.
How to Buy or Sell
Live quote → deal confirmation → KYC → off-market demat transfer, prompt settlement: buy unlisted shares. Mohan Meakin is one of the classic scrips of India’s unquoted market — our desk has dealt in it for decades, including old physical certificates and inherited holdings: sell unlisted shares with complete transmission and demat support.
FAQs — Mohan Meakin Unlisted Shares
What is the Mohan Meakin unlisted share price today?
We are buying at ₹2,300 and selling at ₹2,500 per share (lot of 100 — about ₹2.5 lakh minimum). WhatsApp us for a live quote.
Who owns Old Monk rum? Mohan Meakin Limited — the 1934-incorporated successor to Asia’s first brewery (Kasauli, 1855) — owns Old Monk, the world’s third-largest-selling rum, along with Golden Eagle and Lion beers and Solan whiskies.
Is Mohan Meakin profitable?
Strongly — FY25 PAT was ₹102.6 crore (EPS ₹120.62) on revenue of ₹2,151 crore, effectively debt-free, with FY26 trends showing EBITDA up ~40% and PAT up ~53%.
Will Mohan Meakin list on the stock exchange?
No listing has been announced. It has long been discussed as a natural value-unlock, but the promoter family has historically preferred staying private — treat listing as optionality, not the thesis.
How do I sell old Mohan Meakin physical share certificates?
Contact our desk — we’ve handled Mohan Meakin transfers for decades, including dematerialisation of old certificates and transmission of inherited holdings.
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Written by Arms Securities Research Desk • About us →
