ASGARD ALCOBEV : CMJ BREWERIES RS 56.50 CR FACILITIES RATING REAFFIRMED AT CARE B- STABLE

• CARE Ratings reaffirmed CARE B- Stable on ₹56.50 Cr long-term bank facilities of subsidiary, reduced from ₹98.80 Cr • CMJ Breweries became Asgard Alcobev's subsidiary after ~78% stake was taken over via share-swap completed February 17, 2026 • FY26 operating income fell ~14% to ₹216.59 Cr on distillery sale; brewery business grew ~10% with 7.5% volume growth • PBILDT margin improved to 6.27% in FY26 from 3.47% (YOY); interest coverage up to 4.37x from 0.77x • Net worth still negative at ₹10.36 Cr as on March 31, 2026; total debt rose to ₹93.26 Cr from ₹66.14 Cr; liquidity stretched Impact: Neutral (Rating reaffirmed with stable outlook and improving margins, but negative net worth and stretched liquidity keep the credit profile weak)

Asgard Alcobev Ltd

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