Mohan Meakin Ltd
Maker of Old Monk, India's largest-selling rum, with ₹2,150 Cr of revenue, ₹103 Cr of profit and almost no debt.
Market cap
₹1,998 Cr
0.85 Cr shares
P/E ratio
19.47
Sector average 45
Book value
₹526.59
P/B 4.46
1-year return
+12.72%
52w ₹2,100 – ₹2,585
Currently 52% of the way through its 52-week range.
Indicative price history
1Y change
+12.53% ₹2,088 → ₹2,350
52-week band in this window: ₹2,051.62 – ₹2,578.62. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Old Monk is India's largest-selling rum and the third largest globally; rum is ~87% of sales.
- FY25 revenue ₹2,151 Cr and PAT ₹102.6 Cr (EPS ₹120.62) with a debt-equity ratio of about 0.01.
- Promoters hold 67.81%; insurance companies 8.45%; only 85 lakh shares of ₹5 face value exist.
About Mohan Meakin
Mohan Meakin Ltd traces its roots to the Kasauli and Solan breweries set up by Edward Dyer in 1855 and was incorporated in its present form on 2 November 1934. Controlled by the Mohan family since the 1940s, it is best known for Old Monk dark rum — the largest-selling rum in India and among the top three globally — alongside Solan No. 1 whisky, Golden Eagle beer, Diplomat whisky and a range of non-alcoholic products such as vinegar and cornflakes. Rum contributed roughly 87% of FY24 sales.
Revenue from operations rose from about ₹1,099 Cr in FY21 to ₹2,151 Cr in FY25 (a five-year CAGR near 22%), while profit after tax climbed from ₹40 Cr to ₹102.6 Cr (basic EPS ₹120.62). FY24 revenue was ₹1,930 Cr with a PAT of ₹84.7 Cr. The company is virtually debt-free (debt-equity about 0.01) and generated ₹96.5 Cr of operating cash flow in FY25; the June 2025 quarter saw profit jump 62% to ₹22.2 Cr.
Promoters hold 67.81%, insurance companies 8.45% and bodies corporate 1.28%, with the balance held by the public. Hemant Mohan is Managing Director; Vinay Mohan and Shalini Mohan represent the family on a board that also includes independent directors Nand Parkash Sahni, Manish Malik, Sanjeev Arya, Minas Kumar, Kalpataru Tripathy and Ramesh Rama Narang. The shares carry a face value of ₹5 with 85 lakh shares outstanding; the company was historically listed on the Calcutta Stock Exchange and today trades only in the unlisted market.
Figures are compiled from the company's published results and dealer research notes. FY23 totals are derived from reported growth rates, and balance-sheet line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Rum (Old Monk)85%
Old Monk XXX, Old Monk Gold Reserve and Supreme; about 87% of FY24 sales
- Whisky, brandy & gin8%
Solan No. 1, Diplomat, Summer Hall and other IMFL labels
- Beer4%
Golden Eagle and Lion brands
- Non-alcoholic & other3%
Vinegar, cornflakes, juices and contract bottling
Products & services
Old Monk rum
Dark rum aged in oak; XXX, Gold Reserve, Supreme and flavoured variants.
Whisky & other spirits
Solan No. 1, Diplomat and Summer Hall whiskies, plus brandy and gin.
Beer
Golden Eagle and Lion lagers brewed at Solan and Mohan Nagar.
Non-alcoholic products
Vinegar, cornflakes, juices and mineral water.
What works
- • Old Monk is a cult brand with pricing power and near-universal distribution in the rum category.
- • Debt-free balance sheet, ROE above 20% and operating cash flow of ₹96.5 Cr in FY25.
- • Revenue CAGR of ~22% and PAT CAGR of ~35% over five years, with Q1 FY26 profit up 62%.
What to watch
- • Heavy dependence on a single brand and category — rum is roughly 87% of sales, with limited premiumisation so far.
- • State excise policies and price controls on liquor can compress margins abruptly.
- • Only 85 lakh shares exist and the promoter family holds two-thirds, so liquidity is thin and the quote can gap; no IPO is planned.