Key Metrics of Ads Spirits Private Limited
About Ads Spirits Private Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 18 Mar 2026 | ICRA | Reaffirmed | A- | A2+ | Stable | ₹105 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Experienced promoters in the alcobev industry
ADS has been promoted by the Mann family, who have been involved in the alcobev business for more than two decades.
+ Comfortable financial profile
Over the years, ADS has maintained a comfortable financial profile on the back of a steady earnings trajectory, limited reliance on external debt and healthy cash flow generation.
+ Upcoming unit in Himachal Pradesh to support scale and earnings profile
Since FY2025, the company has been in the process of setting up an integrated manufacturing facility (distillery, bottling and malt manufacturing) in Himachal Pradesh.
Credit challenges
− Vulnerability to changes in raw material prices
ADS’ margins remain exposed to volatility in raw material prices, particularly broken rice for the distillery, glass bottles for IMFL and coal/husk prices for its captive power plant.
− Moderate geographical concentration risk in Haryana and Delhi; single-brand concentration is high
ADS derives about 40- 45% of its IMFL sales volume fromthe key states of Haryana and Delhi, exposing the company to geographical concentration risks.
− High working capital intensity led by elevated receivable cycle
Due to the increasing scale of operations and evolving regulatory policies, the company’s working capital requirements have increased considerably in recent years.
− Intense competition in the highly regulated alcohol industry
The alcobev industry is intensely competitive due to the presence of numerous small players and a few organised entities.
Agency-reported financials (ICRA, 18 Mar 2026)
| Metric | FY2024 | FY2025 | 9MFY2026 |
|---|---|---|---|
| Operating income | ₹918 Cr | ₹862 Cr | ₹611 Cr |
| PAT | ₹74.90 Cr | ₹59.90 Cr | ₹54.80 Cr |
| OPBDIT/OI | 12.1% | 11.2% | 13.9% |
| PAT/OI | 8.2% | 7.0% | 9.0% |
| Revenue growth (YoY) | — | −6.0% | — |
| EBITDA (margin × income) | ₹111 Cr | ₹96.57 Cr | ₹84.94 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loan Long-term – Fund-based – Cash | Term loans | ₹5.04 Cr | ₹5.04 Cr | 0.0% | A- (Stable) | Reaffirmed | ICRA |
| credit Short-term – Interchangeable – Non-fund based | Non-fund based limits | ₹85.0 Cr | ₹85.0 Cr | 0.0% | A- (Stable) | Reaffirmed | ICRA |
| (2.00) (2.00) Long-term/Short-term – Unallocated | Working capital & bank lines | ₹15.0 Cr | ₹15.0 Cr | 0.0% | A- / A2+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term Loans FY FY | Term loans | 8.50% | 31 Mar 2024 | 31 Mar 2028 | ₹5.04 Cr | A- | Outstanding |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 54% |
| Information on file | 22% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 55% chance the next rating action is stable or better
- Current rating A- (investment grade)
- ₹14.96 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.