B9 Beverages Bira Beer Unlisted Shares

READ THIS BEFORE ANYTHING ELSE

Arms Securities does not recommend buying B9 Beverages (Bira 91) unlisted shares at this time. We are publishing this page so investors have accurate information — not to sell you a position.

The FY24 audit findings are severe:

Read the loss figure against the revenue figure again: the company lost ₹748 crore on revenue of ₹638 crore. It lost more money than it earned in sales.

Recent corporate developments compound the concern:

• Kirin Holdings — the largest investor at 20.1% — is exploring an exit, in talks with founder Ankur Jain to allow a new strategic investor to step in
• Kirin has already written down the value of both its debt and equity holdings
• B9 lost control of The Beer Cafe, its pub chain, after Kirin Holdings and debt lender Anicut Capital took action
• Financial strain has fuelled tension between B9’s founders and investors including Peak XV, Sofina, and debt provider Anicut Capital

When a company’s net worth is fully eroded and liabilities exceed assets, equity shareholders are — in accounting terms — behind creditors with nothing left to claim. If you are considering this share, understand you are speculating on a rescue, not investing in a business.

If you already hold Bira 91 shares: call +91-8882245112. We will tell you honestly whether an exit exists at any price, and explain the capital-loss tax set-off, which may have real value.

Key Takeaways

• B9 Beverages Limited is the company behind Bira 91, India’s best-known craft beer brand, founded by Ankur Jain.
• The company changed its legal name in 2024 from ‘B9 Beverages Private Limited’ to ‘B9 Beverages Limited’ ahead of a planned IPO — which required re-registration of products with state excise authorities, causing 4–7 months of business disruptions and inventory write-offs.
• High fixed costs from commissioning four breweries between 2015 and 2019 further strained the company. As competitors offered more attractive pricing, B9’s sales fell sharply, pushing losses higher. Debt servicing added to the burden.
• Shareholding (as of June 2025): Kirin Holdings 20.1%, Ankur Jain and family 17.8%, Peak XV 14.6%.
• The planned IPO has not happened, and the company’s financial position has deteriorated materially since it was contemplated.

Company Overview

Shareholding

What Went Wrong — The Honest Diagnosis

1. The IPO name change backfired. Converting from Private Limited to Limited in 2024 required re-registering every product with state excise authorities across India. Indian alcohol regulation is state-by-state, and this triggered 4–7 months of business disruption and inventory write-offs. A procedural step intended to enable an IPO instead crippled operations.

2. Fixed costs from four breweries. Commissioning four breweries between 2015 and 2019 created a heavy fixed-cost base that requires high volumes to absorb. When volumes fell, those costs did not.

3. Competitive pricing pressure. As competitors offered more attractive pricing, B9’s sales fell sharply, pushing losses higher.

4. Debt servicing. With approximately ₹1,000 crore of debt, interest costs consume cash the operating business is not generating.

5. The result: revenue down 22% to ₹638 crore, net loss of ₹748 crore, net worth fully eroded, and liabilities exceeding assets by ₹619.6 crore.

What Would Need to Happen for a Recovery

For equity holders to see any value, all of the following would likely need to occur:

1. A new strategic investor injects substantial fresh capital — Kirin is in talks with Ankur Jain to allow this
2. Debt is restructured or converted — approximately ₹1,000 crore must be addressed
3. Operations stabilise — excise registrations resolved, volumes recover, pricing normalises
4. Existing equity is not wiped out in the process — this is the critical uncertainty

In most rescues of companies with fully eroded net worth, new capital comes in at a valuation that heavily dilutes or eliminates existing shareholders. That is the base case an honest adviser must present.

Risks — All of Them

1. Net worth fully eroded; liabilities exceed assets by ₹619.6 crore
2. Losing more than it earns — ₹748 crore loss on ₹638 crore revenue
3. ~₹1,000 crore debt with servicing pressure
4. Largest investor Kirin exploring exit and has already written down its holdings
5. Lost control of The Beer Cafe to lenders
6. Investor–founder tension reported with Peak XV, Sofina and Anicut Capital
7. Revenue declining 22% year on year
8. Dilution risk — any rescue capital would likely come at terms devastating to existing equity
9. No IPO — the planned listing has not materialised and current financials would not support one
10. Extremely illiquid — finding a buyer for these shares may be very difficult

If You Hold Bira 91 Shares

Call Arms Securities at +91-8882245112. We will:

• Tell you honestly whether any exit exists and at what indicative level
• Explain the capital loss set-off — realising a loss can be offset against other capital gains, which may have genuine tax value
• Handle the transfer if a buyer can be found

We have dealt in unquoted, distressed and delisted shares since 1990. We will give you the truth about your position.

Delisted shares guide → | Tax on unlisted shares →

FAQs

What is the current price of Bira 91 unlisted shares?

Prices for B9 Beverages have fallen sharply in line with its financial deterioration and liquidity is very poor. Call +91-8882245112 for the current position — and read the financial warning at the top of this page before transacting.

Is Bira 91 in financial trouble?

Yes, seriously. The FY24 audit revealed the group’s net worth fully eroded, with liabilities exceeding assets by ₹619.6 crore, negative cash flow of ₹84 crore and losses of ₹1,904 crore. The company posted a net loss of ₹748 crore in FY24 on revenue of ₹638 crore — a 22% revenue decline — with total debt around ₹1,000 crore.

Why did Bira 91’s business deteriorate?

Several compounding factors: the 2024 name change from B9 Beverages Private Limited to B9 Beverages Limited ahead of a planned IPO required re-registration of products with state excise authorities, causing 4–7 months of business disruption and inventory write-offs; high fixed costs from commissioning four breweries between 2015 and 2019; competitors offering more attractive pricing which caused sales to fall sharply; and debt servicing burden.

Is Kirin Holdings exiting Bira 91?

Kirin Holdings, the largest investor with 20.1% as of June 2025, is exploring a possible exit and is in talks with founder Ankur Jain to allow a new strategic investor to step in. Kirin has already written down the value of its debt and equity holdings.

What happened to The Beer Cafe?

B9 Beverages lost control of The Beer Cafe, its pub chain, after Kirin Holdings and debt lender Anicut Capital took action.

Will Bira 91 do an IPO?

The company changed its legal name in 2024 ahead of a planned IPO, but the listing has not happened, and its current financial position — fully eroded net worth and losses exceeding revenue — would not support one. Treat any IPO expectation as remote.

Should I buy Bira 91 unlisted shares?

Arms Securities does not recommend it. With net worth fully eroded and liabilities exceeding assets, equity holders rank behind creditors. Any rescue capital would likely dilute or eliminate existing equity. If you invest despite this, treat it strictly as a speculative lottery ticket with capital you can afford to lose entirely.

Disclaimer: Informational purposes only; not investment advice. B9 Beverages has fully eroded net worth per its FY24 audit. Equity shareholders rank behind creditors. Consult a SEBI-registered advisor.

+91-8882245112 | contact@armssecurities.com

Entity Summary, Analysis & FAQ

Honest Answer Block (keep the warning prominent)

Should I buy Bira 91 unlisted shares? Arms Securities does not recommend it at this time. The FY24 audit revealed the group’s net worth fully eroded, with liabilities exceeding assets by ₹619.6 crore, negative cash flow of ₹84 crore and losses of ₹1,904 crore. The company posted a net loss of ₹748 crore on revenue of ₹638 crore — it lost more money than it earned in sales — with total debt around ₹1,000 crore.

Can I sell my Bira 91 shares? Yes — call +91-8882245112. We will tell you honestly whether an exit exists at any price, and explain the capital-loss tax set-off, which may have real value.

When net worth is fully eroded, equity shareholders rank behind creditors. Any rescue capital would likely dilute or eliminate existing equity.

For Existing Holders: Your Three Options

If you hold Bira 91 shares, you have decisions to make. Here they are honestly.

Option 1 — Sell now if a buyer exists

Prices have fallen sharply and liquidity is poor, but a market may still exist at some level. Call +91-8882245112 for a current bid. Realising something is better than realising nothing.

Option 2 — Realise the loss for tax benefit

Even where the shares have little value, formally realising a capital loss allows set-off against other capital gains under Indian tax law. For an investor with gains elsewhere, this has genuine monetary worth. We can facilitate the transaction and you should consult a Chartered Accountant on the treatment.

Option 3 — Hold and accept the risk

Kirin Holdings, the largest investor at 20.1%, is exploring an exit and is in talks with founder Ankur Jain to allow a new strategic investor to step in. If that succeeds, and if debt is restructured, and if existing equity is not wiped out in the process — some value could return.

All three “ifs” must hold. In most rescues of companies with fully eroded net worth, new capital comes in at a valuation that heavily dilutes or eliminates existing shareholders.

 Call +91-8882245112 for an honest assessment of your specific holding.

What Actually Went Wrong (For Sector Learners)

The lesson for unlisted investors: Indian brewing punishes sub-scale players. Compare against AB InBev India, whose global parent’s procurement scale and balance sheet absorb shocks that destroyed a smaller competitor.

FAQ

How do I realise a capital loss on Bira 91 shares?

You must complete an actual transaction — a sale — to crystallise the loss. Arms Securities can facilitate this. Call +91-8882245112, and consult a Chartered Accountant on how the loss offsets your other capital gains.

Is Kirin definitely exiting?

Kirin Holdings, the largest investor with 20.1% as of June 2025, is exploring a possible exit and is in talks with founder Ankur Jain to allow a new strategic investor to step in. Kirin has already written down the value of its debt and equity holdings. Nothing is confirmed.

Could Bira 91 recover?

For equity holders to see value, all of the following would need to occur: a new strategic investor injects substantial capital; approximately ₹1,000 crore of debt is restructured; operations stabilise; and existing equity is not wiped out in the process. That last condition is the critical uncertainty.

Why does Arms Securities publish a negative page?

Because our reputation over 35 years matters more than a single transaction. We would rather lose a sale than see you lose your capital on a speculation dressed up as a recovery story.

Related Companies & Guides

• AB InBev India — the scale contrast: world’s largest brewer
• Mohan Meakin — Old Monk, heritage since 1855
• Empire Spices and Foods — FMCG with branded loyalty
• Chennai Super Kings

Guides:Delisted Shares Guide • Tax on Unlisted Shares • Capital Gains Tax on Unlisted Shares

How to Buy Bira 91 Unlisted Shares — Complete Process

Buying Bira 91 unlisted shares takes 24–48 hours from first call to shares landing in your demat account. Arms Securities has executed off-market transfers since 1990 — we are among the founder members of India’s unquoted stock market.

Step 1 — Get today’s live buy price

Call or WhatsApp +91-8882245112 or email contact@armssecurities.com with the company name (Bira 91) and the quantity or investment amount you have in mind. We reply with today’s confirmed buy price, available quantity and minimum lot size.

Unlisted share prices are not exchange-quoted — they move with OTC supply and demand — so a live quote matters more than any published figure.

Step 2 — Confirm the deal terms

We lock in the price per share, total quantity and consideration, settlement timeline (typically T+1 to T+2) and applicable stamp duty (0.015% on off-market transfers). Nothing moves until you confirm in writing on WhatsApp or email.

Step 3 — Share your demat details

Send your Client Master Report (CMR) — a one-page PDF from your broker’s app or Depository Participant containing your DP ID, Client ID, beneficiary name, depository (NSDL or CDSL) and PAN.

You do not need a special account. Bira 91 shares are credited to your existing demat account — the same one you use for listed shares.

Step 4 — Transfer payment

Pay by NEFT, RTGS or IMPS to Arms Securities’ verified bank account. We share full details in writing with the deal confirmation. Never pay to an account shared verbally or by an unverified number — always confirm on +91-8882245112.

Step 5 — Receive shares in your demat account

We initiate the off-market transfer through NSDL or CDSL. Shares are credited within 24–48 hours of payment confirmation. You receive SMS and email from the depository, and the holding appears in your regular demat statement.

Documents required to buy Bira 91 shares

Everything can be submitted digitally on WhatsApp or email. No physical paperwork, no courier, no branch visit.

Minimum investment in Bira 91 shares

Minimum investment depends on the prevailing price and the minimum lot available at that moment — both change. Call +91-8882245112 for today’s exact minimum. For allocations above ₹10 lakh, see our bulk unlisted share transactions service.

Is it legal and safe to buy Bira 91 unlisted shares?

Yes — trading in unlisted shares is completely legal in India.

One caution: SEBI has warned investors against unauthorised electronic platforms offering unlisted securities. Deal only with established intermediaries who settle through the depository system and who you can speak to on a phone number.

 Buy Bira 91 shares — call/WhatsApp +91-8882245112

Related: buy unlisted shares in India • off-market share transfer • our transfer procedure • how to buy unlisted shares — step-by-step guide

Sell Your Bira 91 Unlisted Shares — We Buy

Arms Securities buys Bira 91 unlisted shares. If you hold them and want to exit, we provide a firm bid, handle the entire transfer, and pay by NEFT/RTGS within 24 hours of receiving the shares.

We buy in every format

Why sellers come to Arms Securities

Most brokers cannot help you. Your regular stockbroker can only trade listed shares on the exchange. Unlisted shares have no exchange — you need a dealer with an actual buyer network.

We have been that dealer since 1990. We are among the founder members of India’s unquoted stock market, we deal in physical certificates that most modern platforms refuse to touch, and we maintain a standing book of HNI and institutional buyers across 15+ states.

How to sell Bira 91 shares — step by step

Step 1 — Tell us what you hold. Call/WhatsApp +91-8882245112 with the company name, quantity, and whether your shares are in demat or physical form.

Step 2 — Receive our bid. We quote a firm buy price based on current OTC demand. No obligation.

Step 3 — Submit documents.

For demat holdings: Demat account statement / Client Master Report • PAN card copy • Cancelled cheque • Delivery Instruction Slip (DIS)

For physical certificates: Original share certificates • PAN card copy • Address proof • Cancelled cheque • Transfer deed (Form SH-4) • If inherited: death certificate, succession certificate or legal heir documents

Step 4 — Transfer the shares. Demat: Submit a DIS to your DP transferring shares to Arms Securities — A/C 11323830, DP ID IN302365, DP: Shri Parasram Holdings Pvt. Ltd. You can also execute online via CDSL Easiest or NSDL Speed-e. Physical: Courier the certificates with signed transfer deed. We guide you through the exact process.

Step 5 — Receive payment. On confirmation of share receipt, we release payment by NEFT or RTGS — typically within 24 hours.

Selling inherited or old Bira 91 share certificates

This is our specialism, and very few dealers in India offer it.

If you have found old Bira 91 share certificates among family papers — perhaps belonging to a parent or grandparent — you likely have a valid, transferable asset.

1. Do not discard them. Old certificates frequently retain real value.
2. Photograph them and send to +91-8882245112. We verify authenticity and current status at no cost.
3. We check the company’s position — active, merged, renamed, delisted or dissolved — and tell you honestly what your holding represents today.
4. If the shares have value, we quote and buy. If not, we explain the position and the capital-loss tax set-off available to you.

Full physical share certificate guide →

Tax when you sell Bira 91 unlisted shares

• No STT (Securities Transaction Tax) applies to unlisted share transactions
• Stamp duty of 0.015% applies on off-market transfers, collected by the depository
• For inherited shares, the holding period includes the original owner’s period — often making gains long-term automatically
• For NRIs, TDS provisions apply; we guide on documentation

If the shares later list, post-listing tax treatment changes to listed-share rules (12-month LTCG threshold), with the holding period counted from your original purchase date.

 Complete tax guide on unlisted shares • Capital gains tax on unlisted shares

Consult a Chartered Accountant for your specific situation.

 Sell your Bira 91 shares — call/WhatsApp +91-8882245112 for a firm bid

Related: sell unlisted shares in India • physical & demat share assistance

Trust & Contact Block

Why Buy and Sell Bira 91 Shares Through Arms Securities?

Our pre-IPO track record

Arms Securities identified and supplied pre-IPO shares in companies that became genuine multibaggers for our clients:

DLF • D-Mart (Avenue Supermarts) • Nazara Technologies • LUX Industries • ISGEC Heavy Engineering • L&T Infotech (now LTIMindtree)

 The full 35-year Arms Securities story • Arms Securities vs UnlistedZone • ⭐ Client success stories

Contact:  +91-8882245112 (Call/WhatsApp) • +91-9899131155 • +91-11-47000023  contact@armssecurities.com •  www.armssecurities.com Mon–Fri 9:30–18:00 • Sat 10:00–14:00

Related guides: What are unlisted shares in India • Best unlisted shares to buy in 2026 • Full unlisted share price list • Unlisted shares FAQ • Contact Arms Securities

Profit & Loss Summary

(All Amount in ₹ Crores)

• Balance Sheet

• (All Amount in ₹ Crores)

• Balance Sheet	2024	2023	2022	2021	2020	2019	2018
  Cash & Cash Equivalent	8.0	32.2	51.3	7.9	4.2	4.4	4.8
  Non Current Asset	713.4	657.7	437.9	26.8	31.1	20.4	8.4
  Current Asset	429.3	584.3	240.9	289.7	196.6	151.6	124.7
  Total Asset	1,150.7	1,274.2	730.1	755.6	597.8	282.3	220.8
  Equity Share Capital	21.0	19.0	14.2	13.3	13.1	39.8	30.2
  Reserves	-503.1	142.8	-237.0	-109.1	-48.2	75.0	-2.6
  Total Equity	-482.1	161.8	-222.8	-95.8	-35.1	114.8	27.6
  Non Current Liability	576.0	320.6	428.3	419.9	313.8	58.5	51.8
  Current Liability	1,056.8	791.8	524.7	431.6	319.1	109.0	141.4
  Total Liabilities	1,632.8	1,112.4	952.9	851.4	632.9	167.5	193.2
  Total Equity & Liability	1,150.7	1,274.2	730.1	755.6	597.8	282.3	220.8

• Cash Flow Summary

• (All Amount in ₹ Crores)

• CASH FLOW SUMMARY	2024	2023	2022	2021	2020	2019	2018
  Operating Activity	-84.3	-285.8	-194.3	-127.7	-135.9	-190.8	-129.9
  Investing Activity	-189.7	-227.2	-43.2	-59.5	-55.1	-43.2	-26.6
  Financing Activity	178.3	536.3	231.1	189.2	188.7	232.8	170.8
  Net Cash Flow	-95.7	23.3	-6.4	2.0	-2.3	-1.2	14.3