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B9 Beverages
FMCG
ISIN INE833U01014
NSDL / CDSL
B9 Beverages offering bold, flavorful craft beer experiences
B9 Beverages key metrics
Market capitalisation
₹195 Cr
Revenue
₹638.53 Cr
Book value per share
₹-195.29
Face value
₹10
Figures as of FY24.
About B9 Beverages
B9 Beverages Limited is the company behind Bira 91, one of India's best-known craft beer brands. Founder Ankur Jain returned to India in 2008 after working in the US technology and healthcare sectors, and initially imported European and American craft beers before launching Bira 91 under B9 Beverages in early 2015. The name blends "birra", the Italian word for beer, with "91", India's international dialling code.
Registered as B9 Beverages Limited (CIN U80903DL2012PLC236595) and headquartered in New Delhi, the company sells Bira 91 White, Blonde, Light, Strong and the Bira 91 IPA across draft, bottle and can formats. Production, originally based in Belgium, has since shifted to breweries within India, supported by a distribution network that now reaches well beyond metro markets.
The company has raised capital from investors including Peak XV Partners (formerly Sequoia Capital India) and Japan's Kirin Holdings, and built its early growth largely on word-of-mouth and youth-oriented branding rather than traditional advertising. More recently, however, B9 Beverages has faced financial strain: FY24 filings show a net loss of around Rs 748.8 crore on revenue of about Rs 638.5 crore, widening from a loss of Rs 445.5 crore in FY23, with accumulated losses eroding the company's net worth and prompting its auditor to flag material uncertainty around its ability to continue as a going concern. Media reports through 2025 and 2026 have referred to plans for a public listing, which would make the company's shares tradeable on an exchange for the first time.
Until any such listing, B9 Beverages remains unlisted, and its shares change hands only through privately negotiated, broker-facilitated transactions in the pre-IPO market.
- Registered name
- B9 Beverages Limited
- Founded
- 2015
- Headquarters
- New Delhi, Delhi
- Website
- bira91.com
Industry & outlook
India's beer market has historically trailed spirits in size, but the premium and craft segments have been among the fastest-growing parts of the alcoholic beverages industry over the past decade, helped by rising disposable incomes, a young urban population and beer's positioning as a lower-strength, everyday drink. Bira 91 was among the first India-founded brands to compete head-on with established players such as United Breweries' Kingfisher and AB InBev's Budweiser, winning share through distinctive branding and word-of-mouth rather than large traditional ad budgets.
The sector remains structurally difficult to operate in. Alcohol is taxed and regulated state by state in India, so distribution requires separate licences and relationships in every state, and route-to-market costs are high relative to most other consumer categories. Rising input costs for glass, aluminium and barley, along with logistics expenses, have pressured margins across the industry. These pressures show up directly in B9 Beverages' own recent results, where revenue has fallen even as losses have widened, reflecting both competitive discounting and the underlying cost structure of the business.
Looking ahead, India's premium and craft beer category is still expected to grow faster than the alcoholic beverages market as a whole, and consolidation among smaller craft brewers is likely to continue. For B9 Beverages specifically, the near-term outlook depends on its ability to improve unit economics, manage working capital and execute on any fundraising or listing plans, particularly given the going-concern uncertainty flagged in its FY24 audited accounts.
B9 Beverages financials
| Financial year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EPS (₹) |
|---|---|---|---|---|
| FY23 | 824.32 | — | -445.48 | -90.70 |
| FY24 | 638.53 | — | -748.80 | -125.99 |
Figures in ₹ crore unless stated otherwise, as reported by the company.
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FAQs on B9 Beverages unlisted shares
Is B9 Beverages (Bira 91) listed on the stock exchange?
No. B9 Beverages Limited, which owns the Bira 91 beer brand, is currently unlisted. Its shares trade only in the private, broker-facilitated pre-IPO market, though media reports have referred to the company exploring a public listing.
What is the ISIN of B9 Beverages (Bira 91) shares?
B9 Beverages Limited's equity shares carry the ISIN INE833U01014, with a face value of Rs 10 per share.
Is B9 Beverages (Bira 91) profitable?
No. B9 Beverages reported a net loss of about Rs 748.8 crore in FY24 on revenue of roughly Rs 638.5 crore, widening from a Rs 445.5 crore loss in FY23. Accumulated losses have eroded the company's net worth, and its auditor has flagged material uncertainty about its ability to continue as a going concern.
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