G.M. Breweries Ltd. approved a final dividend of ₹9 per share for FY26 at its 43rd Annual General Meeting held on May 28, 2026.
The meeting, conducted through video conferencing, was chaired by Managing Director Jimmy Almeida Kashyap. Shareholders passed all resolutions with the requisite majority.
The company also approved the appointment of Kiran Parashare as Whole-Time Director for a five-year term.
The final dividend amounts to 90% of the face value of ₹10 per share and will be paid on 2,28,46,923 fully paid-up shares.
The payout follows:
- ₹7.50 per share dividend in FY25
- ₹9 per share dividend for FY26
At a share price of around ₹923, the dividend yield works out to nearly 0.97%.
Dividend payout ratio remains modest
Despite the dividend, the company retained most of its earnings.
During FY26:
- Net profit stood at ₹157 crore.
- Dividend payout amounted to about ₹20 crore.
According to the company, retained earnings have helped build an investment portfolio worth ₹570 crore and support ongoing capital expenditure.
Capital work-in-progress stood at ₹47 crore as of March 2026.
The auditors’ report contained no qualifications or adverse remarks.
Revenue reaches record level
G.M. Breweries reported its highest-ever annual revenue in FY26.
FY26 financial performance
- Revenue: ₹748 crore
- Operating profit: ₹181 crore
- Operating margin: 24%
- Net profit: ₹157 crore
- Profit before tax: ₹205 crore
- Earnings per share (EPS): ₹68.64
In FY25, the company had reported:
- Revenue of ₹637 crore
- Operating profit of ₹118 crore
- Operating margin of 18%
- EPS of ₹56.48
Strong quarterly performance
The company recorded revenues of ₹202 crore in both Q3 FY26 and Q4 FY26, making them the highest quarterly revenue figures in its history.
Operating margins during the two quarters were in the 25-26% range.
Management said the performance came despite elevated raw material and packaging costs.
Debt-free for more than a decade
G.M. Breweries continues to operate without borrowings.
Key balance sheet metrics include:
- Debt: Nil
- Interest coverage ratio: 566 times
- Current ratio: 1.35
- Return on capital employed (ROCE): 18%
The company repaid its last outstanding debt of ₹32 crore in FY16 and has remained debt-free since then.
Free cash flow turns negative
Although the company has generated positive free cash flow over several years, FY26 saw a negative figure.
- Free cash flow: Negative ₹114 crore
The decline was attributed to higher investments and capital expenditure rather than operating weakness.
Total assets increased from ₹206 crore in FY15 to ₹1,225 crore in FY26, funded entirely through retained earnings.
Stock valuation
Shares of G.M. Breweries were trading at ₹922.75, up 0.26% during the session.
The company had:
- Market capitalisation: ₹2,108 crore
- Price-to-earnings ratio: 13.41 times
- 52-week range: ₹666 to ₹1,329
About the company
Founded in 1981 and headquartered in Mumbai, G.M. Breweries is the largest manufacturer of country liquor in Maharashtra.
The company produces:
- Country liquor (CL)
- Indian-made foreign liquor (IMFL)
Its key markets include:
- Mumbai
- Thane
- Palghar
The company is listed on both the BSE and NSE under the symbol GMBREW.
TL;DR:
G.M. Breweries approved a ₹9 per share dividend at its 43rd AGM and reported record FY26 revenue of ₹748 crore. The company posted a net profit of ₹157 crore and continued to maintain a debt-free balance sheet.
AI Summary:
- Shareholders approved a final dividend of ₹9 per share.
- FY26 revenue rose to a record ₹748 crore.
- Net profit increased to ₹157 crore.
- The company has remained debt-free since FY16.
- Total assets expanded to ₹1,225 crore.