B9 Beverages Ltd (Bira 91)
Craft-led beer brand scaling into a capital-intensive, heavily regulated category.
Market cap
₹211.7 Cr
2.90 Cr shares
P/E ratio
Loss making
Sector average 52
Book value
₹95.52
P/B 0.76
1-year return
-77.43%
52w ₹73 – ₹480
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
-77.48% ₹324 → ₹73
52-week band in this window: ₹73.00 – ₹362.97. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Leading craft beer brand in the premium segment with strong urban recall.
- Losses narrowing on cost control; volumes recovered in FY26.
- State-by-state excise regulation is the key operating constraint.
About Bira 91
B9 Beverages makes and sells craft-styled beers across draught, bottled and canned formats, with a portfolio spanning wheat beers, lagers and strong variants.
Manufacturing is a mix of owned breweries and contract brewing arrangements across states, because alcohol distribution is state regulated.
The company has also expanded into taprooms and a direct-to-consumer engagement layer around the brand.
Where the revenue comes from
- Bottled & canned beer71%
Retail off-trade volumes
- Draught & on-trade19%
Bars, restaurants and taprooms
- Exports6%
Select international markets
- Merchandise & other4%
Brand licensing and merchandise
Products & services
Bira 91 White / Blonde
Flagship wheat beer and lager.
Bira 91 Boom
Strong and mass-premium variants.
Bira 91 Taprooms
Owned on-trade venues.
Merchandise
Lifestyle apparel and licensing.
What works
- • Strong brand salience with urban consumers in the premium beer segment.
- • Premium mix supports a higher realisation per case than mass-market beer.
- • Growing in-house brewing capacity reduces dependence on contract partners.
What to watch
- • State-by-state excise regulation makes pricing and distribution complex and slow to scale.
- • The company has been loss making and remains dependent on external funding.
- • Working capital is tied up in state corporation receivables, which pay slowly.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Bira 91This page | ₹73.00 | ₹211.7 Cr | — | 0.76 | +2.46% |
| boAt | ₹795.44 | ₹5,727 Cr | 33.30 | 5.49 | +10.99% |
| OYO | ₹23.40 | ₹21,185 Cr | 21.27 | 6.94 | +31.78% |
Latest reported year: FY26 ending 31 Mar 2026.