Aspri Spirits Limited IPO

01At a glance

What the company does: imports, markets and distributes international alcoholic beverages, whisky, rum, brandy, vodka, gin, wine, beer and tequila, in India and South Asia, and develops brands; it was established in 2004 (DRHP p.21). The Knowledge Company report it cites calls it India's largest alco-beverage distributor by portfolio size, with 323 brands at September 2025 (DRHP p.21).

Who pays it: more than 1,800 accounts including state beverage corporations, retail chains, hotels, bars and duty-free operators, through over 17,000 outlets in 28 states and union territories (DRHP p.190). No customer exceeded 23.24% of revenue in any period shown, and the top ten averaged 41.95% (DRHP p.190). Maharashtra, Karnataka and Delhi were 61.37% of sales in the June 2025 quarter (DRHP p.124).

Why it is raising money: ₹760.00 million to repay the company's borrowings, ₹290.00 million for four subsidiaries to repay theirs, and the rest for general purposes (DRHP p.22).

How fast it has grown: revenue from ₹3,783 million in FY23 to ₹4,187 million in FY24 and ₹4,607 million in FY25, and ₹1,196 million in the three months to June 2025 (DRHP p.23).

The one thing to understand: a licence-driven distributor. Its business depends on state-by-state excise label registrations, some held in distributors' names, and on regulation that varies by state; the top risk it lists is delay in renewing registrations after its conversion to a public company and change of name (DRHP p.25).

02The business, in plain words

An importer-distributor takes on the Indian rights to foreign brands, imports the product, pays customs and state excise, registers each label in each state, and sells to state corporations, retailers and hotels; it earns a margin between the landed cost and its selling price.

A Scotch whisky brand wants Indian distribution → Aspri imports the bottles, registers the label in Maharashtra and pays duties → it supplies the state's retailers and bars through its sales team → the retailers serve drinkers.

Spirits were 86.81% of gross revenue in FY25 (DRHP p.25). The company sold 2.45 million litres in FY25 (DRHP p.122).

Earnings equation: Profit ≈ litres sold × (realisation − landed cost including duties) − sales, marketing and warehousing cost − interest. EBITDA margin was 12.91% in the June quarter (DRHP p.122).

03Where the money comes from

Source: DRHP p.25, DRHP p.122. Volumes rounded to the litre. Q1 FY26 is three months.

04The growth record

Source: DRHP p.23, DRHP p.122, DRHP p.334. Q1 FY26 is three months.

Our arithmetic: revenue compounded about 10.4% a year from FY23 to FY25, while profit after tax fell about 5.5% a year (DRHP p.23).

05What the growth is made of

Volume and mix. Revenue grew 22% from FY23 to FY25 while litres sold grew 13%, as spirits rose as a share of volume (our arithmetic, DRHP p.122). EBITDA was flat at about ₹374 million over those years, and profit lower in FY25 than FY23 (DRHP p.122). The June quarter's margin of 12.91% was higher than any full year shown (DRHP p.122).

06Earnings quality

Cash generation has been uneven: ₹384 million of operating cash flow over FY23 to June 2025 against ₹623 million of profit (our arithmetic, DRHP p.23, DRHP p.334). Net worth fell from ₹736.79 million in March 2025 to ₹646.55 million in June 2025 despite ₹98.44 million of quarterly profit; the pages read do not explain the reduction (DRHP p.23). There are no auditor qualifications (DRHP p.24).

07The balance sheet

Source: DRHP p.23, DRHP p.122.

The company reported no contingent liabilities at June 2025 (DRHP p.25).

Our arithmetic: net debt of ₹1,028.81 million at March 2025 was 2.7 times the FY25 EBITDA of ₹374.43 million (DRHP p.23, DRHP p.122).

08What the money is for

Source: DRHP p.22. The subsidiaries are Vinspri Distributors, P M Marketing, Asdis Drinks India and Aspri Spirits FZE (DRHP p.22).

09Who is selling

Source: DRHP p.22. The last row is our arithmetic. Together they offer up to 5,000,000 shares; the split was not read for this study (DRHP p.21).

The cover's offer-for-sale table gives the split: Jaikishan Sham Matai up to 1,010,000 shares, Matai Jackie Sham HUF up to 760,000, Gautam Nandkishore Matai up to 680,000 and Arunkumar Venkat Bangalore up to 430,000, all promoters; Duru Matai, Kajal Matai and Vrutika Matai up to 180,000 each, all promoter group; and Parameshwari Narang up to 600,000, Emerald Electronics Private Limited up to 480,000, Pavan Narang up to 260,000 and Whiteline Impex Private Limited up to 240,000 (DRHP p.1).

10Promoters

The promoters are Jaikishan Sham Matai, Matai Jackie Sham HUF, Gautam Nandkishore Matai, Arunkumar Venkat Bangalore and Pritish Jaikishan Matai (DRHP p.21). Pritish Jaikishan Matai holds no shares (DRHP p.22). No proceedings are listed against the promoters (DRHP p.24).

11Who already owns it

Source: DRHP p.22. The last two rows are our arithmetic.

Our arithmetic from the share capital history: Emerald Electronics Private Limited holds 1,247,800 of the 13,091,734 shares before the offer, or 9.5%, and Whiteline Impex Private Limited 623,900, or 4.8% (DRHP p.96).

12What changed just before the IPO

• Share capital: up from ₹3.85 million to ₹130.91 million in the June quarter (DRHP p.23).

• Net worth: down ₹90 million in the June quarter (DRHP p.23).

• Name and status: converted to a public company and renamed, requiring fresh label registrations (DRHP p.25).

• Margins: June-quarter EBITDA margin of 12.91% (DRHP p.122).

• Public company: converted from a private limited company on 26 November 2025 (DRHP p.256).

• Bonus issue: 33 shares for every one held, on 2 April 2025, 12,706,683 shares in all (DRHP p.96).

• Share split: the face value was subdivided from ₹10 to ₹5 on 26 November 2025 (DRHP p.1).

• Last allotment before the IPO: 18,350 shares at ₹415 a share in March 2012, the last allotment for cash before the bonus (DRHP p.96).

• Promoter remuneration: ₹31.68 million in FY23 and ₹41.67 million in FY25 across three promoters (our arithmetic, DRHP p.26).

• Auditors: Vidhi Shah & Associates resigned in September 2025 and M M NISSIM & CO LLP was appointed the same month (DRHP p.91).

13Capacity and expansion

Capacity here is licences, warehousing and a sales and marketing team of about 168 (DRHP p.190). The proceeds reduce debt (DRHP p.22).

14Market size and industry structure

The Knowledge Company report cited in the offer document values India's alco-beverage market at ₹3,550 billion in FY2025, projects about ₹5,850 billion by FY2030, and puts imports at ₹167 billion in FY2025 (DRHP p.21). Those projections are the report's, and newboard has not tested them.

15Competitive position

What the document claims, and what it rests on:

• The widest brand portfolio among Indian alco-beverage distributors, citing The Knowledge Company (DRHP p.21).
• Long customer relationships: over 70% of revenue from customers of more than five years (DRHP p.190).

Against that: state excise regulation, label-registration risk, supplier contracts that can be short-term, brand-rights loss, and receivables from state corporations (DRHP p.25).

16Peers the company named

Source: DRHP p.124. The document gives the peers' P/E range as 25.85 to 125.19, average 75.31 (DRHP p.120).

No P/E is possible for the company until a price band is set.

17Risks, in plain words

• Label registrations. Needed state by state, and renewed after the name change (DRHP p.25).
• Regulation. Central and state rules can change (DRHP p.25).
• Receivables. Collection risk, including from state corporations (DRHP p.25).
• Spirits. 87% of gross revenue (DRHP p.25).
• Brand rights. Some registrations are held by distributors; suppliers can switch (DRHP p.25).

18Litigation and regulatory matters

Source: DRHP p.24.

19Related-party transactions

The company sells to Aaroha Alcobev Distributors, an associate and group company: ₹226.07 million in FY25 (4.91% of revenue) and ₹55.99 million in the June quarter; it also recovered ₹102.45 million of expenses from Aaroha in FY25 (DRHP p.26). Promoter remuneration was ₹41.67 million in FY25 across Arunkumar Venkat Bangalore, Jaikishan Sham Matai and Gautam Nandkishore Matai (our arithmetic, DRHP p.26).

20What the offer document does not say

In the sections read for this study, the document does not give:

• Why net worth fell in the June 2025 quarter, in the pages read.
• How the brand count is measured: 323 in the summary, 149 in the KPI comparison at June 2025 (DRHP p.21, DRHP p.124).
• What Aaroha Alcobev Distributors does and who owns it, in the pages read.
• How long its supplier contracts run, brand by brand, in the pages read.
• The price band, lot size or issue dates, which is normal at DRHP stage.

21Five questions for management

1. What reduced net worth by ₹90 million in the June 2025 quarter?
2. How many label registrations must be renewed after the name change, and how many are done?
3. What share of revenue comes from the largest supplier brands, and when do those contracts expire?
4. How much do state beverage corporations owe, and how long do they take to pay?
5. Why is the company selling to an associate distributor, Aaroha Alcobev?

1Sources and cited facts

This study was read from 1 document the company filed. The 79 figures it cites are listed under the document each came from, with the page and the sentence as printed.