What does Pincon Spirit Limited do?

Pincon Spirit Limited is a Kolkata-based alcoholic beverages company incorporated in 1978. It is engaged in the manufacture and distribution of spirits and alcoholic beverages, operating in the consumer staples sector under the Registrar of Companies, West Bengal.

Is Pincon Spirit Limited listed on any stock exchange?

Pincon Spirit Limited is currently classified as an unlisted company. Its shares are not actively traded on BSE or NSE and are available only through the unlisted or over-the-counter market.

Why is the share price of Pincon Spirit so low at ₹1?

A share price of ₹1 is at or below face value for most Indian companies, which may indicate accumulated losses, capital erosion, or inactive operations. Investors should review audited financial statements through MCA filings before investing.

Who are the promoters of Pincon Spirit Limited?

Promoter details are not publicly confirmed through available sources. Investors should review MCA filings under CIN L67120WB1978PLC031561 for director and promoter information.

What is the lot size for Pincon Spirit Limited unlisted shares?

The lot size is 1 share, priced at approximately ₹1 per share in the unlisted market.

Is Pincon Spirit Limited planning an IPO?

No IPO plans have been publicly announced. The company has remained unlisted and at a very low share price, making a near-term IPO unlikely without significant financial improvement.

How do I buy Pincon Spirit unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Pincon Spirit?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Pincon Spirit shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Pincon Spirit Unlisted Share Price | Buy Pincon Spirit Pre-IPO Shares — wisefolio

Investment Thesis

Pincon Spirit Limited is under NCLT-ordered Liquidation (IBC 2016). BSE listed (538771); peak revenue ₹1,420 Cr (FY17); authorized ₹100 Cr, paid-up ₹47.79 Cr. IMFL company (rum, whisky, gin, vodka). Equity effectively worthless under liquidation. Kolkata, West Bengal.

Pros

Peak revenue ₹1,420 Cr (FY17) — was a substantial IMFL company; authorized ₹100 Cr, paid-up ₹47.79 Cr; 47+ years since 1978.
Diversified IMFL portfolio: rum (Pincon XXX Rum, Ultra Force XXX Rum), whisky (Highland Blue, King's Coin series), gin, vodka, brandy, country liquor, beer, industrial alcohol.

Cons

Under Liquidation per NCLT Kolkata Bench order (IBC 2016) — company is being wound up; equity effectively worthless.
IBBI proceedings confirm insolvency; BSE listed (538771) but delisted/trading suspended post-NCLT order.
Revenue collapse from ₹1,420 Cr (FY17) to near-zero under insolvency — complete business failure.
IMFL sector is capital-intensive with excise duty and regulatory complexity; overleveraged companies face acute stress.

Business Segments

IMFL Manufacturing & Distribution

Indian Made Foreign Liquor: rum, whisky, gin, vodka, brandy under Pincon XXX Rum, Ultra Force XXX Rum, Highland Blue Whisky, King's Coin brands; also country liquor, beer, industrial alcohol.

Revenue Model

Pincon Spirit Limited generates revenue through the manufacture and sale of alcoholic beverages. Revenue is driven by production volumes, brand pricing, and state excise policies. Distribution through state-controlled beverage corporations in West Bengal and other eastern states is a primary sales channel.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds11

Growth Plans

India's growing per capita spirits consumption and premiumisation trend

Expansion of organised liquor retail in West Bengal

Potential brand revitalisation or strategic partnership with a larger spirits company

East India's growing urban middle class driving IMFL consumption

Industry Tailwinds

Recent Developments

India alcoholic beverages market growth

India's spirits market continued to grow with rising per capita consumption, premiumisation trends, and expanding organised retail channels, benefiting established regional players in states like West Bengal.

2024-06

West Bengal excise policy update

West Bengal continued to refine its state excise policy for IMFL and country spirits, impacting pricing and distribution arrangements for regional spirit manufacturers operating in the state.

2023-11

Comparable Companies

CompanyTypeTickerMkt Cap

Radico KhaitanListedRADICO~25,000 Cr

United Spirits (Diageo India)ListedMCDOWELL-N~70,000 Cr

Allied Blenders & DistillersListedABDL~4,000 Cr

Radico KhaitanListed

RADICO · ~25,000 Cr

Frequently Asked Questions

About Pincon Spirit

Pincon Spirit Limited, originally incorporated as Sarang Viniyog Limited in Kolkata, West Bengal on 29 June 1978, was one of the fast-growing liquor companies in eastern India. The company was primarily engaged in the manufacturing, marketing, blending, bottling, and retail of Indian Made Foreign Liquor (IMFL), Indian Made Indian Liquor (IMIL), and refining and packaging of fast-moving consumer goods (FMCG) items including edible oil. Headquartered at Wellesley House, 7 Red Cross Place, 3rd Floor, Kolkata, West Bengal, Pincon Spirit operated across multiple product categories in the alcoholic beverages space. The company built a portfolio of liquor brands targeting both mass-market and mid-premium consumer segments in West Bengal and surrounding regions. At its peak, Pincon Spirit reported remarkable revenue growth — from approximately Rs 43 crore in FY2009 to Rs 988 crore in FY2016, representing a 22x expansion over seven years. The company also recorded eight consecutive years of profitable growth, with a 43% revenue increase and a 53% increase in profit after tax in FY2015-16. The company operated eight manufacturing units spread across West Bengal, giving it significant regional production capacity. Its product range covered industrial alcohol, country liquor (desi daru), and IMFL under multiple brand names. Pincon also diversified into FMCG products, including edible oil under retail packaging. However, a serious governance crisis emerged in November 2017 when Monoranjan Roy, the Chairman of the Pincon Group, was arrested in connection with an alleged Ponzi scheme. Investigations by law enforcement agencies revealed that public money collected by affiliated entities had allegedly been siphoned, leaving the company burdened with substantial debt and unable to meet obligations. Following these developments, the company's operations were severely curtailed, and it has been placed under liquidation proceedings. The current status of Pincon Spirit Limited is Under Liquidation, making it one of the most high-profile corporate governance failures in the eastern India FMCG and liquor space. The company's authorized share capital is Rs 100 crore with a paid-up capital of approximately Rs 47.79 crore.

Key Milestones

Common questions about unlisted shares

How do I buy Pincon Spirit unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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