Indore-based Mount Everest Breweries Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO) crore.

The IPO, with a face value of Rs 10, is a fresh issue for up to 11, 500, 000 equity shares.

The company, in consultation with the book-running lead managers, may consider a Pre-IPO Placement, prior to filing of the Red Herring Prospectus with the RoC. If the pre-IPO placement is completed, the amount raised pursuant will be reduced from the Fresh Issue.

The proceeds from its fresh issuance worth Rs 230 crore will be utilised for part financing the capital expenditure requirements for setting up a proposed facility with a brewing capacity of 1.00 million HLPA (Proposed Project), Rs 70 crore for repayment/pre-payment in full or part, of certain borrowings availed by the company, and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

As on date of the Draft Red Herring Prospectus, the company has two brewing facilities situated at Village Memdi, District – Indore, Madhya Pradesh (Simrol Brewing Facility) and at District- Mysuru, Mysuru Brewing Facility. The company established its Simrol Brewing Facility in 2008 and acquired Mysuru Brewing Facility in 2025.

The company is also engaged in contract brewing and distribution/contract manufacturing of beer for other beer brands in India (Source – Technopak Report). It has also entered into a contract brewing arrangement at Sonitpur, Assam.

Its proprietary beer portfolio comprises five brands – Mount’s 6000, Lemount, Mount’s Lager, Dabang, and Stok (Proprietary Beer Brands) positioned across economy, core and premium segments. In addition to above, its beer products are available across 22,229 retail outlets/ touch points as of August 31, 2026.

The company is part of the Associated Kedia Group, which comprises this company and Associated Alcohols & Breweries Limited (AABL). AABL is a listed entity and forms part of the Promoter Group. While the focuses on the brewing, packaging, sale and distribution of beer, AABL is engaged in the manufacture of Indian-Made Foreign Liquor (IMFL), Indian-Made Indian Liquor (IMIL), Extra Neutral Alcohol (ENA) and ethanol.

Certain key products manufactured by AABL include Nicobar (Gin), Hillfort (Whisky), Central Province (Whisky), Central Province (Vodka), Titanium (Vodka) and Lemount (White Brandy). Accordingly, while the company and AABL fall under the umbrella of the Associated Kedia Group, each operates in a distinct product vertical and caters to separate business segments.

Also, both companies function independently, with separate boards of directors and no overlapping executive leadership. Further, to avoid any conflict a non-compete agreement dated April 01, 2026, has been entered into by and amongst the company, its promoters, Anand Kumar Kedia, Prasann Kumar Kedia, Anshuman Kedia, and Vedant Kedia and the promoter group entity, Associated Alcohols & Breweries Limited, wherein the parties have agreed that they will not undertake any activity related to other party’s business.

The company’s growth journey reflects a phased evolution from a single-facility regional brewer into a multi-facility brewer with a diversified proprietary brand portfolio and an expanding presence across selected markets in India.

The company was the fastest growing company among the select peer companies in terms of EBITDA (operating profit) with a compounded annual growth (CAGR) of 45.83% for the period FY 2024-26. In FY 2026, the company registered the highest PAT Margin at 6.23% among the select peer companies. In FY 2026, MEBL registered the highest gross margin at 46.86% among the select peer companies (Source: Technopak Report).

Its brand portfolio is built on understanding of consumer preferences and is designed to cater a wide spectrum of taste profiles and price points. The company’s proprietary beer brands have a presence across categories – economy, core and premium segments, and is positioned to serve consumers across these categories. Each of its proprietary beer brands carries a distinct identity and is positioned in line with its portfolio strategy, evolving market trends and consumer preferences, enabling the company to cater to requirements of diverse consumers.

Over the years, the company has expanded its proprietary beer brands business through a portfolio positioned across relevant consumer segments, supported by a distribution network spanning key markets in India. As on August 31, 2026, its distribution footprint covered 16 states and 3 union territories in India. The company has also exported proprietary beer brands to Mauritius, the UAE and USA.

The company caters to a diverse consumer base across its key markets through a portfolio positioned across multiple price segments. Its business model is anchored by its in-house brewing capabilities and a wide distribution network, and it has consistently focused on enhancing operational efficiency and expanding its market presence.

As of the date of this Draft Red Herring Prospectus, the company operates brewing facilities – Simrol brewing facility spans an aggregate area of 11.69 hectares with an installed capacity of 2 million hectolitres per annum as on August 31, 2026. Its Mysuru brewing facility, which has been acquired from Cheer Breweries Limited, with effect from September 12, 2025, spans an aggregate area of 6.67 hectares with an installed capacity of 0.80 million hectolitres per annum as on August 31, 2026.

The company has also established quality control systems across its brewing facilities supported by dedicated in-house laboratories where raw materials, in-process samples and finished products are tested and monitored at various stages of the brewing process.

To enhance product quality, consistency and operational efficiency, the company utilises advanced processes such as automated wort analysers, in-line fermentation monitoring systems, trained testers for beer flavour profiling and SCADA systems, which support automation of key brewing processes and real-time monitoring of critical brewing parameters.

Its revenue from operations was Rs 1,017.8 crore during FY26 as compared to Rs 546.6 crore during FY24.

Its net profit was Rs 53.18 crore during FY26 as compared to Rs 20.36 crore during FY24.

Beeline Capital Advisors Private Limited and Ashika Capital Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.