Research & Analysis

Our Research

Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.

All Sectors Banking & Finance Energy & Hydropower Cement & Materials Reinsurance Alcohol & Beverages Investments

Alcohol & Beverages

2 reports

Sector Overview

Industry Report

Nepal Alcohol & Spirits Industry — Sector Analysis

Carlsberg committed Rs 10 billion to Nepal in April 2026, alcohol excise revenue grew +26.64% year-on-year, and Jawalakhel Group quietly took 15% of Gorkha Brewery sixteen months after Carlsberg consolidated control. Yet the listed equity universe gives Nepali investors only two ways to play any of it. Most of the value in this industry is sitting in private hands.

May 9, 202616 min

Company Research

HDL

Himalayan Distillery (HDL) — Investment Report

Nepal's first listed distillery has cycled through peak, collapse, and recovery in five years — bonus-adjusted EPS ran NPR 29 → NPR 10 → NPR 31 across FY 2020/21 to today. The 9M FY 2025/26 numbers show the recovery is real, with gross margins stepping from 58% to 70%. The unresolved question is a NPR 720 million annual related-party flow that has been undisclosed across five audits.

May 9, 202620 min