Asgard Alcobev reports half-year profit of Rs 4.24 crore

For the half year ended September 30, 2026, Asgard Alcobev Limited reported consolidated profit after tax of Rs 4.24 crore, up from Rs 82.13 lakh a year earlier, as total income reached Rs 102.43 crore and its 78.90%-owned subsidiary CMJ Breweries Private Limited reported the same income before consolidation adjustments.

How did Asgard Alcobev perform in the first half?

Asgard Alcobev's consolidated total income rose to Rs 102.43 crore for the half year ended September 30, 2026, from Rs 45.30 crore in the corresponding prior-year half. Revenue from operations increased to Rs 101.96 crore from Rs 45.28 crore, while other income rose to Rs 46.70 lakh from Rs 1.31 lakh. Profit before tax increased to Rs 4.70 crore from Rs 1.15 crore.

Asgard Alcobev reported profit after tax of Rs 4.24 crore, compared with Rs 82.13 lakh in the half year ended September 30, 2025. Total comprehensive income was Rs 4.23 crore against Rs 82.13 lakh. Of the half-year profit, Rs 3.37 crore was attributable to owners of Asgard Alcobev and Rs 86.53 lakh to non-controlling interest.

The September 2026 quarter generated total income of Rs 49.15 crore, below Rs 53.28 crore in the June 2026 quarter. Yet profit after tax rose to Rs 2.55 crore from Rs 1.69 crore, while profit before tax increased to Rs 3.31 crore from Rs 1.39 crore. The quarter-on-quarter change was therefore lower income alongside higher reported profit.

What was CMJ Breweries' contribution to Asgard Alcobev?

CMJ Breweries reported total revenue including other income of Rs 102.43 crore for April to September 2026, before consolidation adjustments, matching Asgard Alcobev's consolidated total income for that period. The subsidiary's interim figures also showed profit after tax of Rs 5.53 crore and total comprehensive income of Rs 5.52 crore for the six months. These interim figures were reviewed by another auditor, according to the group auditor's report.

Asgard Alcobev held 78.90% of CMJ Breweries with effect from February 17, 2026. CMJ Breweries had total assets of Rs 162.02 crore at September 30, 2026, while Asgard Alcobev's consolidated assets were Rs 204.52 crore. The filing identifies beverages as the group's only business segment under Indian Accounting Standard 108, or Ind AS 108.

CMJ Breweries' reported half-year profit of Rs 5.53 crore was higher than the group's Rs 4.24 crore consolidated profit after tax, but the filing does not provide a separate parent profit-and-loss statement within the consolidated results. The reported allocation of group profit was Rs 3.37 crore to owners and Rs 86.53 lakh to non-controlling interest. The figures should therefore be read as subsidiary interim information and consolidated results, respectively.

Which costs changed at Asgard Alcobev during the half year?

Asgard Alcobev's total expenses increased to Rs 97.74 crore in the half year from Rs 44.15 crore a year earlier. Cost of materials consumed rose to Rs 47.69 crore from Rs 41.85 crore, employee benefits expense rose to Rs 7.08 crore from Rs 90.40 lakh, and finance costs rose to Rs 3.07 crore from Rs 50.21 lakh. Depreciation and amortisation increased to Rs 5.18 crore from Rs 81.23 lakh.

Other expenses reached Rs 37.39 crore, compared with Rs 24.03 lakh in the prior-year half. Changes in inventories produced a credit of Rs 2.68 crore, against a credit of Rs 15.85 lakh a year earlier. After these cost movements, profit before tax was Rs 4.70 crore, an increase of Rs 3.55 crore from the corresponding period.

Depreciation included the correction of acquisition accounting for CMJ Breweries. Asgard Alcobev said June-quarter depreciation increased by Rs 1.18 crore, including Rs 37.41 lakh relating to February 17 through March 31, 2026, while September-quarter depreciation increased by Rs 81.01 lakh. The company said profit before tax fell by the same amounts in the respective quarters because of those adjustments.

What do Asgard Alcobev's balance sheet and cash flow show?

Asgard Alcobev's total assets were Rs 204.52 crore at September 30, 2026, compared with Rs 209.10 crore at March 31, 2026. Property, plant and equipment declined to Rs 80.98 crore from Rs 85.16 crore. Inventories increased to Rs 26.12 crore from Rs 19.98 crore, while trade receivables increased to Rs 37.42 crore from Rs 35.00 crore.

Total equity increased to Rs 52.14 crore from Rs 47.91 crore over the same dates, including non-controlling interest of Rs 3.80 crore at September 30. Non-current borrowings rose to Rs 41.98 crore from Rs 12.10 crore, while current borrowings declined to Rs 18.86 crore from Rs 60.45 crore. Deferred tax liability was Rs 6.71 crore, down from Rs 9.21 crore at March 31.

Net cash flow from operating activities was Rs 10.98 crore in the half year, compared with Rs 4.00 crore a year earlier. Inventory growth used Rs 6.14 crore of cash and higher trade receivables used Rs 2.42 crore, while provisions and other financial liabilities generated Rs 9.57 crore. Net repayment of borrowings was Rs 11.71 crore, leaving cash and cash equivalents at Rs 1.16 crore, down Rs 49.01 lakh during the period.

What is Asgard Alcobev planning after the CMJ Breweries acquisition?

Asgard Alcobev's board approved in principle on August 14, 2026 the conversion of Rs 21 crore from an inter-corporate deposit, or ICD, to CMJ Breweries into subsidiary equity, subject to definitive terms and applicable approvals. Shareholders approved the proposal at the September 30, 2026 annual general meeting. The remaining ICD principal of Rs 1.20 lakh and interest receivable are to continue as a loan or receivable.

No effect of the proposed conversion was included in the September 2026 results because definitive agreements and share allotment had not been completed. Asgard Alcobev said that, after execution and allotment, the increase in its holding would be accounted for as an equity transaction in the quarter ending December 31, 2026. The parent had also received Rs 79.75 lakh, representing 25% of the issue price, on 2,20,00,000 preferential convertible warrants by September 30, 2026.

Conclusion

Asgard Alcobev's first-half results reflect the inclusion of CMJ Breweries in a larger consolidated beverages business, with total income of Rs 102.43 crore and profit after tax of Rs 4.24 crore. The scale-up was accompanied by higher materials, employee, finance, depreciation and other expenses, while operating cash flow rose to Rs 10.98 crore.

The next disclosed event is the planned Rs 21 crore ICD conversion into CMJ Breweries equity, which Asgard Alcobev expects to account for in the quarter ending December 31, 2026 after definitive agreements and allotment. The effect of the acquisition-accounting corrections also remains relevant, as they added Rs 1.18 crore to June-quarter depreciation and Rs 81.01 lakh to September-quarter depreciation.