Asgard Alcobev Ltd Management Discussions

Economic and industry overview

India is the fastest-growing large beer market in the world by volume opportunity, and the most fragmented by regulation.

Economic overview

The Companys transition into beverages coincided with an unusually supportive macroeconomic year. According to IBEF, real GDP is estimated to have grown 7.4% in FY 2025-26, against 6.5% in FY 2024-25, making India the fastest- growing major economy for a fourth consecutive year. Growth was led by domestic demand rather than exports: private final consumption expenditure rose to 61.5% of GDP, its highest share since 2011-12, and grew approximately 7% in the year, while gross fixed capital formation expanded around 7.8% and remained near 30% of GDP. Sectoral growth of 8.4% in services, 6.5% in industry and 3.8% in agriculture, together with foreign exchange reserves above US$701 billion and a current account deficit contained near 0.6-1.0% of GDP, describes an economy with room to sustain consumption- led expansion (Economic Survey 2025-26; IBEF). For beer specifically, the combination of rising real incomes, a young urban workforce and benign inflation is the demand backdrop against which the Company acquired its manufacturing platform, and management regards it as favourable but not permanent — inflation is projected to normalise towards the 4% midpoint of the Reserve Banks tolerance band in FY 2026-27.

Market size and growth

The India beer market was valued at Rs.477.05 billion — approximately Rs.47,705 crore — in 2025 and is projected to reach Rs.832.93 billion by 2034, a compound annual growth rate of 6.45% over 2026 to 2034, as per analysis by IMARC Group, India Beer Market, 2026. IMARC attributes the expansion to rising urbanisation, evolving preference towards premium beverages, increasing social acceptance among young adults, growing middle-class disposable incomes, expansion of hospitality and tourism, and the spread of modern retail formats.

Reported industry performance during FY 2025-26 ran ahead of that long-range trend. United Breweries, which holds an estimated 48-49% national share, described category growth of approximately 8-9% for the full year and a return to 10% growth in the fourth quarter, with 80% of its markets expanding. Management regards IMARCs 6.45% value CAGR as the appropriate long-range planning assumption, with the higher observed rates treated as cyclical rather than structural.

The structural case rests on penetration rather than on cyclical demand. Per capita beer consumption in India is approximately 2 litres a year against roughly 85 litres in Germany, and more than half of Indias population is below thirty years of age, according to the Economic Survey 2024. Volume growth in this market is therefore a function of availability, affordability and regulatory permissiveness far more than of consumer appetite.

Market structure by segment, 2025

Segment category	Leading segment	Share
Product type	Standard lager	52%
Packaging	Glass	40%
Production	Macro-brewery	69%
Alcohol content	Low	44%
Flavour	Unflavoured	73%
Distribution channel	Supermarkets and hypermarkets	34%
Region	North India	29%

Source: IMARC Group, India Beer Market, base year 2025.

WHAT THE SEGMENT MIX MEANS FOR THE COMPANY

Standard lager at 52% and unflavoured beer at 73% confirm that volume in India remains concentrated in mainstream, high-throughput specifications — precisely the production profile a large automated brewery is built to serve efficiently.

Macro-breweries account for 69% of production against microbreweries and others, so scale manufacturing, not craft, remains where the volume sits.

Glass leads packaging at 40%, which places returnable glass bottle management at the centre of cost control, and North India leads regionally at 29% — a reminder that the Companys Northeast catchment, while defensible, is not the largest regional pool and that national relevance will require either partner-led reach or a second location.

Market structure and competitive concentration

IMARC describes the India beer market as a consolidated competitive landscape in which established multinational brewing corporations compete alongside regional manufacturers across premium and economy price segments, with participants focused on distribution expansion, brand building and product innovation. The participants IMARC identifies include Anheuser-Busch InBev, Carlsberg India, United Breweries (Heineken N.V.), B9 Beverages, Som Distilleries and Breweries, Devans Modern Breweries, White Rhino Brewing and Sona Beverages — the last of these being a contract manufacturing customer of the Company. United Breweries alone holds approximately 48-49% national share, and standard lager accounts for 52% of the market by product type while macro-breweries account for 69% of production.

Below the top tier, the market has been consolidating and professionalising. Mount Everest Breweries crossed one million hectolitres of annual sales in 2026 and acquired Karnatakas Cheers Breweries for approximately Rs.300 crore in 2025, and the number of craft and microbreweries in India exceeded 500 by April 2026 against roughly 200 in 2023. For a contract manufacturer, this proliferation of brand owners without owned capacity is directly additive to the addressable market.

The regulatory architecture

Alcohol is a State subject under the Constitution of India. Every state operates its own licensing regime, excise structure, label registration process, pricing approval mechanism, distribution model and advertising restriction. Excise duty can account for as much as 50% of retail price in certain states (Ken Research, 2026), and in most states brewers cannot raise prices to recover input cost inflation without a state approval process.

The direction of policy travel during FY 2025-26 was, on balance, favourable to beer. Several states moved towards alcohol-content-based excise structures and greater duty parity between beer and Indian Made Foreign Liquor, improving beers relative affordability, with Maharashtra, Meghalaya and West Bengal each cited as examples. United Breweries described multiple FY 2025-26 regulatory developments as having enhanced affordability, predominantly in favour of the beer category. Investment followed policy: members of the Brewers Association of India announced Rs.5,500 crore of investment in Uttar Pradesh over three years, including two greenfield breweries worth Rs.1,500 crore, following that states 2026-27 excise policy.

IMARC identifies the stringent regulatory and taxation framework, limited distribution infrastructure in rural areas, and cultural and social acceptance barriers as the three principal restraints on the Indian beer market, and identifies the demographic dividend and urbanisation, rising disposable incomes, and hospitality and tourism expansion as its three principal growth drivers. Industry investment has nonetheless continued: Indias largest brewers committed over Rs.3,500 crore of capital expenditure to brewery expansion in February 2025, United Breweries commissioned a Rs.90 crore canned beer facility at its Nizam Brewery in Telangana in August 2025, and Carlsberg India commissioned a Rs.100 crore canning line at Mysuru adding 22,000 cans per hour in January 2026.

Fragmentation is a cost for national brand owners but a barrier to entry for incumbents with licenced capacity. It is the principal reason a commissioned, compliant brewery cannot be replicated quickly, and it underpins the strategic logic of the Companys acquisition rather than a greenfield build.

Contract and franchise brewing as a structural model

The most directly relevant industry development for the Company during the year was the accelerating shift by national brand owners towards third-party and in-state production. This is a structural, not cyclical, shift, and it is driven by arithmetic. Beer is heavy, low in value per litre, and taxed on entry into most states. Producing within the consuming state avoids inter-state duty, shortens lead times and reduces freight as a proportion of realisation. For brand owners it converts fixed manufacturing capital into a variable conversion cost. For a brewer with licenced regional capacity, it converts capacity into contracted, repeatable revenue in which the brand owner retains the demand risk, the marketing spend and the working capital burden.

The Companys business model is not a bet on consumer beer demand. It is a bet on brand owners continuing to prefer regional third-party manufacture over central production and freight. The FY 2025-26 disclosures of the market leader are direct, verifiable evidence that this preference is strengthening.

The Northeast India market

The Companys platform serves the eight states of Northeast India together with Bhutan as an export market. Two features of this market are commercially material.

First, in-state production is being actively favoured by policy. The Meghalaya Cabinet approved an increase in the special duty on liquor imported from outside the state from Rs.25 to Rs.30 per bulk litre in May 2026, expressly to improve state revenue collection. A duty levied on goods entering the state is, in economic effect, a subsidy to the manufacturer already inside it. The state subsequently approved the merger of VAT on alcohol into the excise duty regime to simplify administration and monitoring.

Second, the regional market is opening on distribution. Meghalaya has permitted home delivery and Arunachal Pradesh has introduced online ordering, and industry commentary describes limited brand choice across the region outside a handful of multinational labels, implying headroom for both partner brands and the Companys own portfolio (Brews & Spirits). Assam notified the Assam Excise (Amendment) Rules, 2026, creating a dedicated framework for traditional and heritage alcoholic beverages alongside changes to licensing and outlet management.

The Company and its business model

Asgard Alcobev Limited is a holding company listed on BSE Limited under scrip code 512025 and, since 17 April 2026, scrip identifier ASGARD. Its entire operating business sits within CMJ Breweries Private Limited, in which it holds 78.90%. CMJ Breweries was incorporated in 2011 and operates a brewing, bottling and packaging facility at Byrnihat, Meghalaya, described in the acquisition announcement as the largest brewery in Northeast India and engaged exclusively in beer production. The Company reports a single business segment, Beverages, following the disposal of the paper business during the year.

The revenue model

The platform generates revenue through Franchise and licenced brewing & Contract manufacturing model. Production of a brand owners product to its specification, under its quality audit, typically for a conversion fee. The brand owner retains ownership of the brand, the demand risk, the marketing investment and, commonly, a substantial part of the working capital. Revenue is contracted and repeatable.

The customer base

The platform produces for five established beverage companies: United Breweries Ltd, Carlsberg India Private Limited, Mohan Meakin Limited, Yuksom Breweries Limited and Sona Beverages Pvt Limited, encompassing Kingfisher, Carlsberg, Tuborg, Asia 72, Golden Eagle, Simba and Fleman 9000. Each relationship reflects a completed qualification process — specification acceptance, plant audit and sustained delivery performance — which constitutes a barrier to entry that cannot be acquired separately from the operating history that produced it.

Opportunities and threats

Opportunities

Opportunity	Basis and quantification
Capacity utilisation headroom	Installed capacity is 700,000 HL per annum. Incremental volume on a commissioned, licenced and staffed asset carries high operating leverage and requires no fresh capital. The scale of this opportunity is a direct function of current utilisation.
Structural shifttothird-party manufacture	The market leader disclosed that Q4 FY26 volume growth was concentrated in contract-brewery-sourced markets and that it is redesigning its manufacturing network around partnerships and in-state production. Demand for the Companys core service is expanding.
Contracted revenue visibility	The Golden Eagle agreement runs to 31 March 2029 across eight states and Bhutan. Replicating this contract structure is the primary near-term commercial objective.
Regional excise policy favouring in-state production	Meghalaya raised the special duty on liquor imported into the state from Rs.25 to Rs.30 per bulk litre, improving the relative economics of manufacturing inside the state.
Premiumisation mix	Premium volumes at the market leader grew 16% in Q4 FY26 against 4.1% total volume growth (UBL). Premium specifications typically command higher conversion economics.
Own-brand margin expansion	Seven owned labels are already in market on an asset that is already paid for. Growth in own-brand share converts conversion-fee revenue into full- margin revenue.
Expansion optionality	The site carries stated headroom beyond 700,000 HL. Capital deployment can follow contracted demand rather than anticipate it.
Fragmentation of brand ownership	India exceeded 500 craft and microbreweries by April 2026 against roughly 200 in 2023, expanding the population of brand owners without adequate owned capacity.

Threats

Threat	Basis and exposure
Customer concentration	Five partners account for the substantial majority of platform volume. The loss or non-renewal of a single significant agreement would have a disproportionate effect on utilisation and revenue.
Single-site dependency	All manufacturing is at one facility. Peer experience demonstrates the severity of this exposure: Som Distilleries reported a licence-related disruption at its Bhopal plant from February 2026 that contributed to a 49.2% YoY revenue decline and EBITDA margin contraction from 13.3% to 5.5% in the June 2026 quarter.
State regulatory and excise change	Alcohol is a State subject; licensing, excise, pricing and distribution can change at short notice in any of the states served. Excise can represent up to 50% of retail price.
Competitive capacity addition	Rs.5,500 crore of announced industry investment in Uttar Pradesh alone, including two greenfield breweries worth Rs.1,500 crore, signals that third- party capacity will not remain scarce indefinitely.
Reputational and social licence risk	The Company manufactures a regulated product in a state where it is also a significant employer. Advertising restrictions, responsible-consumption expectations and community relations are permanent operating constraints.

Segment-wise and product-wise performance

Reportable segments

With effect from FY 2025-26 the Company operates under a single reportable business segment w.e.f 17/02/2026, Beverages (FY 2025-26 audited results). The kraft paper segment, which constituted the entirety of consolidated turnover in FY 2024-25, ceased on completion of the disposal of Banganga Paper Mills Limited during the fourth quarter.

Because a single-segment disclosure conveys little, best practice for a business of this shape is to provide a voluntary product-wise or route-to-market analysis beneath the statutory segment note.

Product portfolio

The platform produced partner brands including Kingfisher for United Breweries, Carlsberg and Tuborg for Carlsberg India, Asia 72 and Golden Eagle for Mohan Meakin, Fleman 9000 for Yuksom Breweries and Simba for Sona Beverages during the year. The Companys own portfolio comprises seven labels: Shimla, a lager below 4.8% ABV; The Flimalayan Monkey, an India Pale Ale below 4.8%; Magpie, a lager below 5%; and Savawm, Savage, Red Indian and Nutcracker 9000 in the strong segment below 8%, across 330,500 and 650 ml formats.

The portfolios weighting towards the strong beer segment is consistent with the structure of Indian demand, where strong beer accounts for a substantial share of volume, and is a reasonable positioning for a regional brewer competing against national mainstream lager brands on price and availability rather than on brand equity.

Financial performance and operational performance

Revenue

In FY2025-26, consolidated revenue from operations rose approximately 74.7% to Rs.101.51 crore from Rs.58.10 crore. The increase is not organic. It reflects the consolidation of CMJ Breweries from 17 February 2026, contributing approximately six weeks of brewing revenue, layered on a paper business that operated for most of the year before being divested. CMJ Breweries reported standalone turnover of Rs.216.59 crore in FY 2025-26.

Cost structure and EBITDA

Consolidated operating profit was approximately Rs.7 crore against approximately Rs.5 crore, with EBITDA margin easing to approximately 6.9% from approximately 8.6%. The compression is attributable to the transition rather than to operating deterioration. Transaction costs, professional fees, listing and regulatory costs associated with the name change and objects amendment, and costs of the disposal were all incurred within the year.

A contract-weighted brewer would be expected to run a lower gross margin than a brand owner, because the brand owner retains the brand premium, but a structurally higher and more stable EBITDA conversion once volume covers fixed cost.

Finance costs and depreciation

Finance costs approximately rose to around Rs.1.5 crore and depreciation to around Rs.1.7 crore, in both cases reflecting the consolidation of CMJ Breweries borrowings and fixed asset base from 17 February 2026. Consolidated borrowings stood at approximately Rs.73 crore at year-end against approximately Rs.10 crore a year earlier, and net fixed assets at approximately Rs.91 crore against approximately Rs.17 crore. Because both the debt and the asset were consolidated for only six weeks of the reporting period, the FY 2025-26 charge substantially understates the annualised run-rate, and FY 2026-27 will carry a materially higher absolute charge for both lines.

Profit

Consolidated profit after tax was Rs.1.49 crore against Rs.1.88 crore, a decline of approximately 20.7%, and earnings per share fell to Rs.0.10 from Rs.0.16 on a face value of Rs.1 (FY 2025-26). Revenue therefore rose approximately 75% while profit fell approximately 21%.

Three factors account for it: one-off transaction, restructuring and compliance costs incurred in effecting the transformation; the consolidation of a full year of the acquired entitys interest and depreciation burden being absent while only six weeks of its revenue was recognised; and the disposal of the paper business, which had contributed the entirety of prior-year turnover, part-way through the year.

The dilution in earnings per share is additionally a function of share issuance. The acquisition was effected through the allotment of approximately 15.10 crore shares by way of swap at Rs.1.45 and a further 4.068 crore shares, together with 2.20 crore warrants. Equity capital rose to approximately Rs.31.15 crore from approximately Rs.12 crore.

Balance sheet and capital structure

Total assets rose to approximately Rs.202 crore from approximately Rs.39 crore, and net worth to approximately Rs.45 crore from approximately Rs.16 crore, principally through the issuance of equity in consideration for the acquisition. Borrowings of approximately Rs.73 crore against that net worth imply a debt-equity ratio of approximately 1.6 times, against approximately 0.6 times a year earlier.

Cash flow

Cash from operating activities turned positive at approximately Rs.4 crore from approximately negative Rs.2 crore, with free cash flow of approximately Rs.4 crore and an operating cash conversion of approximately 54% of operating profit. Investing activities generated approximately Rs.11 crore, consistent with the Rs.11.22 crore received on the disposal of Banganga Paper Mills Limited, and financing activities absorbed approximately Rs.14 crore.

Key financial ratios

Ratio	FY 2025-26	FY 2024-25	Variance	Reasons
Current ratio (times)	3.06	106.48	-97.12%	This is on account of higher loans & advances
Return on Equity (%)	3.96	-2.17	-281.98	This is due to the absence of sales and thus losses incurred for the year
Return on Capital Employed (%)	1.31	-1.11	-218.19	This is due to Capital income on sale of Subsidiary during the year

Outlook

The Companys near-term priority is the conversion of installed capacity into contracted volume. This requires no incremental capital and carries the highest operating leverage available to the business. With the current platform capable of supporting meaningful volume growth within its existing footprint, the focus on utilisation is both a financial discipline and a commercial imperative.

Capital deployment for capacity expansion will follow contracted demand rather than anticipate it. The Company has identified a clear pathway to 900,000 hectolitres and up to 1.5 million hectolitres, and will commit to that expansion once the demand foundation justifies it. This sequencing, contracted volume first, then capacity, ensures that growth is funded by the business it enables rather than carried ahead of it.

The outlook for the coming year is therefore defined by two parallel objectives: accelerating volume off take against the existing platform, and building the contracted pipeline that will underwrite the next phase of capacity investment.

Risks and concerns

The risks below are stated with the specific exposure and the mitigation in place or planned.

Risk	Exposure	Mitigation
Customer concentration	Five partners account for the substantial majority of platform volume. Nonrenewal or loss of one agreement would disproportionately affect utilisation.	Lengthening contract tenor, as with the three-year Golden Eagle agreement to March 2029; widening the partner base; growing own-brand volume as a structural counterweight.
Single-site dependency	All production is at Byrnihat. Any licence, utility, environmental or force majeure interruption halts all revenue. Peer precedent is severe: Som Distilleries Bhopal plant has been non-operational since February 2026 on a licence issue, contributing to a 49.2% revenue decline in the June 2026 quarter (Som Distilleries results, August 2026).	Rigorous licence and compliance calendar management; preventive maintenance and redundancy in critical utilities; evaluation of a second site over the medium term.
State excise and regulatory change	Alcohol is a State subject. Licensing, excise rates, label registration, pricing approval and distribution rules can change at short notice across eight states and Bhutan. Excise can reach 50% of retail price (Ken Research, 2026).	Dedicated regulatory affairs capability; early engagement with state excise authorities; diversification of volume across states so no single jurisdiction is decisive.
Input cost inflation	Malt represents 60-70% of raw material cost and hops are largely imported (IndexBox, 2026). Glass, aluminium, energy and freight all inflated during the period; the market leader projected a Rs.350-500 crore impact (UBL Q4 FY26 and Q1 FY27).	Forward contracting for malt; returnable glass bottle management; energy efficiency programmes.
Pricing constraint	In most states, price revision requires excise approval, so cost inflation cannot be recovered promptly.	Productivity and yield programmes; mix shift towards premium specifications; conversion-fee indexation where negotiable.
Promoter share pledge	50 lakh shares pledged by the promoter on 1 July 2026 (SEBI SAST disclosure, 3 July 2026).	Disclosure and monitoring in accordance with SEBI SAST Regulations; Board oversight of pledge levels.
Competitive capacity addition	Rs.5,500 crore of announced industry investment in Uttar Pradesh, including two greenfield breweries worth Rs.1,500 crore (Expert Market Research, 2026).	Defend the regional cost and compliance advantage; lengthen contract tenor; build switching cost through quality and reliability performance.
Product quality and food safety	A single quality failure in a partners brand would jeopardise the relationship and the Companys qualification with other brand owners.	Laboratory testing regime, batch traceability, partner audit compliance and certification framework
Related party and governance perception	The disposal of the paper subsidiary was made to promoter group members and approved by special resolution.	Audit Committee oversight, independent valuation support, and full disclosure under Regulation 23.
Responsible consumption and social licence	The Company manufactures a regulated product subject to advertising restrictions and public health scrutiny.	Marketing code compliance, responsible consumption messaging, and community engagement in Meghalaya.

Internal control systems and their adequacy

The Company maintains an internal control framework commensurate with the nature, scale and complexity of its operations. This framework is designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, the reliability of financial reporting, the safeguarding of assets, and compliance with applicable laws and regulations.

Key Elements of the Framework

The internal control environment is built around clearly defined authority levels, documented standard operating procedures, and segregation of duties across key functions, including procurement, production, sales, and finance. Financial transactions are recorded and monitored through the Companys accounting systems, with built-in checks designed to prevent and detect errors and irregularities on a timely basis. Physical assets, including plant, equipment, and inventory, are subject to periodic verification against book records, with variances investigated and reconciled.

• Defined delegation of financial and operational authority across management levels

• Documented policies and procedures governing procurement, production, sales and finance

• System-based accounting controls with built-in checks for accuracy and completeness of financial records

• Periodic physical verification of fixed assets and inventory, with reconciliation of variances

• Budgetary controls, with actual performance reviewed against approved budgets on a periodic basis Internal Audit and Oversight

The internal control framework is supported by an internal audit function that reviews the design and operating effectiveness of controls across key business processes. Findings and observations arising from internal audit are reported to the Audit Committee of the Board, which reviews the adequacy of internal controls, monitors the implementation of corrective actions, and oversees the Companys overall risk management and compliance posture. The Audit Committee also coordinates with the statutory auditors on matters relating to the Companys internal financial controls over financial reporting.

Adequacy of Internal Financial Controls

Based on the internal control framework and the periodic reviews conducted through the year, the Board is of the view that the Companys internal financial controls are adequate and were operating effectively during the financial year. This assessment takes into account the Companys current scale of operations, and the framework will continue to be strengthened in line with the Companys growth.

The Company maintains an internal control framework commensurate with the nature, scale and complexity of its operations, designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, the reliability of financial reporting, the safeguarding of assets and compliance with applicable laws and regulations.

Human resources and industrial relations

Disclosure	Position
Total employees at 31 March 2026	400+
Of which, at the Byrnihat facility	140
Of which, corporate and administrative	10
Contract and seasonal workforce	250
Lost time injury frequency rate	NIL
Industrial relations status	Cordial throughout the year. No labour union exists within the plant or the surrounding area.
POSH complaints — received, disposed, pending	NIL

Sustainability and responsible growth

Environmental

Brewing is inherently water- and energy-intensive, and the Company treats both as measurable and manageable inputs rather than fixed costs of operation. Our sustainability framework rests on four pillars: water stewardship across the brewing process, energy efficiency together with active exploration of renewable sources, responsible handling and recycling of operational waste, and a planned transition toward recyclable packaging formats.

Among these, the recovery of spent grain represents the Companys most readily quantifiable circular-economy outcome. Spent grain is generated in significant volume through the brewing process and is diverted, in full, to an established secondary market as cattle feed. Because this recovery channel already exists at scale and requires no incremental capital outlay, it converts what would otherwise be a waste stream into a disclosed, verifiable sustainability metric.

Social

The Companys social commitments center on employee wellbeing and workplace safety, structured skill development, community engagement through local employment and outreach, and the promotion of responsible consumption awareness among consumers.

Of these, local employment in Meghalaya is the metric most directly relevant to the Companys state-level stakeholders, reflecting the direct economic contribution of the Companys operations to the communities in which it is based.

Governance

Sound governance underpins the Companys approach to sustainability and growth alike. This rests on strict regulatory compliance, operational transparency, adherence to established quality and safety standards, and close alignment with business partners across the value chain.

This governance foundation is reinforced by a Board that carries technical depth uncommon for a company of Asgard Alcobevs size. The independent directors bring, between them, over four decades of direct operating and engineering experience in brewing operations and project execution, a doctorate and Institute of Brewing and Distilling qualifications with prior experience at SABMiller India and AB InBev APAC, and in brewery and distillery project engineering.

This combination of deep sector expertise at the Board level ensures that governance oversight of operational, quality, and safety matters is grounded in direct industry experience rather than generalist review alone.

Cautionary statement

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may constitute forward-looking statements within the meaning of applicable securities laws and regulations. Such statements are based on assumptions and expectations of future events that management believes to be reasonable in the light of information currently available, but they are subject to risks and uncertainties, and actual results could differ materially from those expressed or implied.

Factors that could cause actual results to differ materially include, among others: changes in state excise policy, licensing and pricing regimes across the states in which the Companys products are sold; the renewal, variation or termination of contract manufacturing and franchise arrangements; the availability and cost of malt, hops, glass, aluminium, energy and freight; interruption at the Companys single manufacturing facility; the seasonality of beer demand; general economic conditions in India; changes in interest rates and the availability of finance; litigation and regulatory proceedings; and the successful integration of the recently acquired subsidiary.

The Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on such statements.

Industry data and third-party estimates cited in this document are attributed to their sources within the text. Market sizing, segment share and forecast data for the Indian beer industry are drawn principally from IMARC Group. Estimates for this market vary between research houses, and figures presented here should be read as one reputable estimate rather than as a settled measurement. The Company has not independently verified third-party data and does not warrant its accuracy.