अApnaFunda
Menu

GM BREWERIES LIMITED (GMBREW)

Consumer Non-Durables · Beverages: Alcoholic · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.88 / 100
Profitability 76Balance sheet 100
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.56 / 100
Price 51FII/DII 61

Passes these screensValue PickDebt-light & profitable

Compare withUNITED SPIRITSRADICO KHAITANUNITED BREWERIES

Share price

Closing priceAdjusted for splits and bonus issues.

₹849.85 latest close · −13.1% over the last 90 sessions

₹800₹900₹1,000Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹800₹900₹1,000Jul 3Sep 4Nov 9

₹849.85 month-end · −16.7% over 12 months

₹800₹1,000₹1,200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹800₹1,000₹1,200Nov '25May '26Nov '26

₹849.85 month-end · +14.6% since Jun '25

₹800₹1,000₹1,200Jun '25Sep '25Jan '26Apr '26Aug '26Nov '26 ₹800₹1,000₹1,200Jun '25Mar '26Nov '26

52-week range ₹775.00 to ₹1328.80 · 1-year volatility 36.1%

Was the rally earned?

-17%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 25 points, but investors now pay less per rupee of profit (P/E 18.1x to 11.5x), which took 41 points back.
  • The share count barely moved.
Net profit growth: +25 pts. Points of the price return explained by net profit growing (or shrinking).+25 ptsNet profit growthP/E change: −41 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−41 ptsP/E changeShare price: −17%−17%Share priceNet profit growth: +25 pts. Points of the price return explained by net profit growing (or shrinking).+25ProfitP/E change: −41 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−41P/EShare price: −17%−17%Share price
Net profit growth+25 ptsNet profit rose about 31%, which lifts the price.
P/E change-41 ptsThe P/E fell from 18.1x to 11.5x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with UNITED SPIRITS

How rough has the ride been?

Maximum drawdown-67.8%recovered 2021-10
1-year volatility36.1%annualised
Beta vs sector index0.883-year daily, correlation 0.28
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−64.0% 0%−20%−40%−60%2020202220242026−64.0%
Largest drawdowns

-67.8% (2019-01 peak to 2020-03 low, recovered 2021-10)

-41.9% (2021-10 peak to 2022-06 low, recovered 2024-07)

-39.2% (2024-09 peak to 2025-02 low, recovered 2025-10)

Most recent volume spikes

2026-10-09: 10.4x the 50-day median, price -0.2% that day

2026-10-08: 50x the 50-day median, price -9.9% that day

2026-10-07: 6.8x the 50-day median, price +0.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Consumer Non-Durables peers?

Each cell is the company's percentile rank among its Consumer Non-Durables peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE67th
  • Op. margin86th
  • Revenue growth78th
  • EPS growth71st
  • Debt/equity ↓98thflat vs a year ago
  • Cash cycle ↓81st▼ 4 pts vs a year ago
  • P/E ↓86thflat vs a year ago
  • 12M momentum47th▼ 39 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Consumer Non-Durables sector page Watch it move against Consumer Non-Durables in the Observatory

What is the price implying?

~8%annual earnings growth implied by the price

At a P/E of 11.5x, the price would imply about 8.0%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Consumer Non-Durables The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹849.85
P/E
11.5x
ROCE
18.0%
Market Cap
₹1941 cr
Revenue (TTM)
₹785 cr
P/S
2.5x
P/B
1.8x
ROE
15.6%
Operating Margin
23.0%
Debt / Equity
0.0x
Promoter Holding
74.4%
12M Momentum
-16.7%

52-week range

₹775.00₹1328.80
14% of the way from its 52-week low to its high

Price risk

1Y volatility
36.1%
Beta vs sector
1-year daily
1.06

Balance sheet & cash

Debt service
no meaningful debt
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 2checks within rangeAll clear
Other income reliance14%Within range

Other income as a share of pre-tax profit (trailing twelve months): 14.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, institutional and promoter holdings were broadly unchanged.
  • The number of shareholders rose from 32,337 to 48,929 (+51%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters74.4%74.4%0.0 pts
FIIs0.3%0.6%+0.3 pts
DIIs0.0%0.0%0.0 pts
Public and others25.3%25.0%-0.3 pts

Number of shareholders

48,929shareholders+51% since Dec '23
32k38k44k49k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 32,337
Mar '24: 33,605
Jun '24: 39,890
Sep '24: 46,665
Dec '24: 46,896
Mar '25: 48,928
Jun '25: 49,406
Sep '25: 49,026
Dec '25: 47,207
Mar '26: 47,363
Jun '26: 48,929
 32k38k44k49k Dec '23Dec '24Dec '25Jun '26
Dec '23: 32,337
Mar '24: 33,605
Jun '24: 39,890
Sep '24: 46,665
Dec '24: 46,896
Mar '25: 48,928
Jun '25: 49,406
Sep '25: 49,026
Dec '25: 47,207
Mar '26: 47,363
Jun '26: 48,929

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−4.5%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like GM BREWERIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −16% to +33% vs the market, against −1% for all non-financial companies in the same months.
  • The gap against the base rate (−3.4%, 80% range −9.6% to +4.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
LIKHITHA · Nov 2024: −48.5% vs market
IPL · Aug 2023: −45.5% vs market
TVTODAY · Jul 2022: −35.6% vs market
QUICKHEAL · Dec 2021: −31.9% vs market
VARDHACRLC · Jun 2023: −30.5% vs market
XCHANGING · Jun 2021: −28.2% vs market
IRCON · Nov 2020: −25.6% vs market
STARCEMENT · Feb 2021: −23.9% vs market
GPPL · Apr 2021: −23.6% vs market
BAJAJCON · Dec 2023: −23.5% vs market
WONDERLA · Aug 2024: −21.5% vs market
SHREDIGCEM · Nov 2023: −20.2% vs market
HONDAPOWER · Oct 2020: −16.5% vs market
FMGOETZE · Sep 2023: −15.0% vs market
UNITEDTEA · Jan 2021: −14.5% vs market
MAZDA · Jun 2024: −13.9% vs market
FDC · Sep 2024: −11.2% vs market
TECHNOE · Jul 2021: −11.2% vs market
SANDESH · Feb 2020: −8.8% vs market
GRSE · Feb 2021: −8.1% vs market
NOCIL · Jan 2023: −7.3% vs market
INDOBORAX · Nov 2023: −6.9% vs market
VOLTAMP · Sep 2020: −6.2% vs market
VEEDOL · Mar 2024: −5.7% vs market
BEPL · Jul 2025: −4.7% vs market
COCHINSHIP · May 2020: −4.3% vs market
CONTROLPR · Dec 2020: −1.5% vs market
SREEL · Jun 2020: +1.5% vs market
GANDHITUBE · Apr 2020: +5.2% vs market
LINCOLN · Mar 2025: +5.3% vs market
PODDARMENT · Dec 2020: +6.6% vs market
INDNIPPON · Mar 2020: +8.2% vs market
KSCL · Oct 2024: +11.3% vs market
EXCELINDUS · Jun 2021: +13.7% vs market
MPSLTD · Feb 2020: +15.0% vs market
DHANUKA · Feb 2024: +24.6% vs market
CARERATING · Mar 2022: +32.6% vs market
AMBIKCO · Jun 2021: +32.7% vs market
ANUP · Feb 2022: +39.3% vs market
MAYURUNIQ · Sep 2025: +44.0% vs market
NUCLEUS · Apr 2020: +49.2% vs market
BOROLTD · Feb 2023: +49.4% vs market
SASKEN · Jun 2020: +55.3% vs market
NESCO · Jul 2024: +57.7% vs market
DATAMATICS · Jul 2024: +59.9% vs market
SHARDACROP · Apr 2021: +67.6% vs market
RATEGAIN · Aug 2025: +70.1% vs market
SIRCA · Mar 2025: +70.7% vs market
GOLDIAM · Jun 2024: +109.5% vs market
FINCABLES · Aug 2022: +117.9% vs market
Similar setups −4.5%All companies −1.1%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 2 beyond the range shown, drawn at the edge

Similar setups' median
−4.5%
All companies' median
−1.1%
Beat the market
46% vs 49%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
VOLTAMP
Producer Manufacturing		 Sep 2020 11x15% −15%−32% −6%
ANUP
Producer Manufacturing		 Feb 2022 16x19% +30%−30% +39%
QUICKHEAL
Technology Services		 Dec 2021 15x21% +43%−21% −32%
FINCABLES
Producer Manufacturing		 Aug 2022 12x21% −1%−23% +118%
GRSE
Producer Manufacturing		 Feb 2021 14x22% +30%−15% −8%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
INDNIPPON
Producer Manufacturing		 Mar 2020 7x22% −55%−59% +8%
KSCL
Process Industries		 Oct 2024 15x22% +47%−23% +11%
GOLDIAM
Consumer Durables		 Jun 2024 19x20% +24%−22% +110%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and ROCE. Not used (unavailable for this company): interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to GM BREWERIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

BHARAT RASAYANBHARATRAS
Process Industries
63%similar
P/Edebt/equity
PUDUMJEE PAPER PRODUCTSPDMJEPAPER
Process Industries
62%similar
ROCErevenue
EXPLEO SOLUTIONSEXPLEOSOL
Technology Services
61%similar
P/Evolatility
ORIENT CEMENTORIENTCEM
Non-Energy Minerals
59%similar
operating marginP/E
GANDHI SPECIAL TUBESGANDHITUBE
Non-Energy Minerals
58%similar
debt/equitypromoter holding
KEWAL KIRAN CLOTHINGKKCL
Consumer Non-Durables
53%similar
promoter holdingROCE
AVT NATURAL PRODUCTSAVTNPL
Consumer Non-Durables
42%similar
revenuemarket cap
ASSOCIATED ALCOHOLS & BREWERIEASALCBR
Consumer Non-Durables
35%similar
ROCEP/E

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Mar '21

  1. OctPriceFell 38% from the Oct 2025 peak to the Oct 2026 low.
  2. OctPriceVolume reached 50.0x its 50-day median on 2026-10-08; price -9.9% that day.
  3. JulPriceVolume reached 24.3x its 50-day median on 2026-07-09; price +0.6% that day.
  4. AprPriceVolume reached 19.8x its 50-day median on 2026-04-09; price -3.1% that day.
  5. JanPriceVolume reached 10.8x its 50-day median on 2026-01-06; price -4.4% that day.
  6. OctPriceRegained the 2024-09 peak, 8 months after the low.
  7. OctPriceVolume reached 574.2x its 50-day median on 2025-10-15; price +15.4% that day.
  8. JulPriceVolume reached 8.0x its 50-day median on 2025-07-15; price -3.4% that day.
Show 22 earlier events
  1. JunPriceVolume reached 114.7x its 50-day median on 2025-06-11; price +10.8% that day.
  2. FebPriceFell 39% from the Sep 2024 peak to the Feb 2025 low.
  3. JanPriceVolume reached 11.9x its 50-day median on 2025-01-07; price -1.3% that day.
  4. DecPriceVolume reached 5.5x its 50-day median on 2024-12-17; price +3.4% that day.
  5. JulPriceRegained the 2021-10 peak, 25 months after the low.
  6. JulPriceVolume reached 111.6x its 50-day median on 2024-07-03; price +16.5% that day.
  7. AprPriceVolume reached 84.3x its 50-day median on 2024-04-04; price -4.9% that day.
  8. JanPriceVolume reached 16.2x its 50-day median on 2024-01-04; price -4.0% that day.
  9. OctPriceVolume reached 28.3x its 50-day median on 2023-10-10; price -9.8% that day.
  10. JulPriceVolume reached 22.8x its 50-day median on 2023-07-06; price -1.0% that day.
  11. AprPriceVolume reached 24.2x its 50-day median on 2023-04-06; price -4.1% that day.
  12. JanPriceVolume reached 20.6x its 50-day median on 2023-01-12; price +0.9% that day.
  13. OctPriceVolume reached 16.8x its 50-day median on 2022-10-11; price -6.0% that day.
  14. JulPriceVolume reached 21.7x its 50-day median on 2022-07-07; price +0.2% that day.
  15. JunPriceFell 42% from the Oct 2021 peak to the Jun 2022 low.
  16. AprPriceVolume reached 20.4x its 50-day median on 2022-04-12; price -3.9% that day.
  17. JanPriceVolume reached 16.9x its 50-day median on 2022-01-07; price -10.3% that day.
  18. OctPriceRegained the 2019-01 peak, 19 months after the low.
  19. OctPriceVolume reached 56.0x its 50-day median on 2021-10-12; price +13.6% that day.
  20. SepPriceVolume reached 10.9x its 50-day median on 2021-09-23; price +5.7% that day.
  21. AprPriceVolume reached 71.2x its 50-day median on 2021-04-06; price +1.7% that day.
  22. MarPriceVolume reached 13.7x its 50-day median on 2021-03-23; price +6.1% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history18 months · 2025-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1111.5x₹785 cr15.6%18.0%0.0x
2026-1010.6x₹785 cr15.7%18.0%0.0x
2026-0913.1x₹785 cr15.7%18.0%0.0x
2026-0812.8x₹748 cr14.6%18.0%0.0x
2026-0713.1x₹748 cr14.6%18.0%0.0x
2026-0613.9x₹748 cr14.6%18.0%0.0x
2026-0513.0x₹715 cr17.4%—0.0x
2026-0413.4x₹715 cr17.4%—0.0x
2026-0313.8x₹715 cr17.4%—0.0x
2026-0217.6x₹637 cr13.7%—0.0x
2026-0117.2x₹637 cr13.7%—0.0x
2025-1221.4x₹637 cr13.7%—0.0x
2025-1118.1x₹637 cr13.7%—0.0x
2025-1021.7x₹637 cr13.7%—0.0x
2025-0912.4x₹637 cr13.7%—0.0x
2025-0812.0x₹637 cr13.7%—0.0x
2025-0712.2x₹637 cr13.7%—0.0x
2025-0613.1x₹637 cr13.7%—0.0x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

Feedback