IBL

What IBL does

IBL Ltd is a publicly listed Mauritian diversified group founded in 1830 and headquartered at IBL House, Caudan Waterfront, Port Louis. Listed on the Stock Exchange of Mauritius (ticker: IBLL) since July 2016 following the merger of Ireland Blyth Ltd and GML Investissement Ltée, the company is controlled by the Lagesse family and employs approximately 39,500 people across 20 countries in the Indian Ocean and East Africa. The group operates through four clusters: Retail (Naivas in Kenya with 114 stores, Winners in Mauritius, Run Market in Réunion); Consumer Brands & Distribution (Phoenix Beverages with Coca-Cola partnership, BrandActiv FMCG distribution, Harley's and HealthActiv healthcare distribution, covering 400+ brands); Industrials (CNOI shipbuilding, UBP and Manser Saxon construction, Alteo and Miwa Sugar agri-energy, IBL Energy with SeaBrew Solar and Equator Energy, plus seafood processing via Froid des Mascareignes and Cervonic); and Services (The Lux Collective and Lux Island Resorts hospitality, Bloomage and BlueLife property, Eagle Insurance and DTOS financial services, Life Together healthcare, and IBL Aviation, Logidis, IBL Shipping logistics).

The group generates revenue across hardware sales (retail, industrials), distribution fees (400+ brand distribution network), and managed services (hospitality, financial services, logistics). For the nine months ended 31 March 2026, IBL reported revenue of Rs 94.8 billion (+15.2% YoY), operating profit of Rs 7.1 billion (+25.4%), and improved net debt/EBITDA from 3.8x to 2.8x. International operations contribute approximately 35% of group revenue, with international growth accounting for 65% of incremental growth, and total revenue surpassed Rs 100 billion in FY2024. The group's Beyond Borders strategy has deployed approximately USD 380 million across East Africa and the Indian Ocean since 2016, anchored by the 2022 Naivas acquisition (control increased to 51% in 2023) and continued regional consolidation.

Technology and digital platforms include the Nexus Project for carbon accounting (covering 57% of Mauritian operations), the wiiv customer engagement app, and the ala-lila mobility platform integrated with Uber via 'Taxi by ala-lila' launched March 2026. The group also operates DotExe Ventures (USD 10M commitment to 4Di DotExe Fund I for African seed-stage tech) and pursues renewable energy initiatives including the E-motion EV charging network (26 stations with Vivo Energy) and solar projects totaling 25 MW. Strategic partnerships span The Coca-Cola Company, McKinsey (Beyond Borders strategy), Uber, Vivo Energy, ESSEC Business School, and Stoa/Inspired Evolution.

Name

IBL

Legal name

IBL Ltd

Website

https://iblgroup.com

Company type

Public

Founded year

1830

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

IBL Ltd is a publicly listed Mauritian diversified conglomerate operating across Retail, Consumer Brands & Distribution, Industrials, and Services clusters, with 39,500 employees in 20 countries spanning the Indian Ocean and East Africa. It serves individual consumers, retail chains, and enterprises through brands including Naivas, Phoenix Beverages, The Lux Collective, and IBL Energy.

Ownership category

akta.pro rank

Headquarters

HQ city

Port Louis

HQ country

Mauritius

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Retail Operations: Revenue from supermarket and hypermarket operations across Mauritius, East Africa (Kenya via Naivas), and Réunion Island (Run Market). FY2025 retail revenue grew from Rs 41.5 billion to Rs 45.8 billion.
2. Consumer Brands & Distribution: Distribution of 400+ trusted local, regional, and international brands including beverages (Phoenix Beverages, Edena, Seychelles Breweries), FMCG (BrandActiv), and healthcare products (Harley's, HealthActiv). Revenue increased from Rs 19.2 billion to Rs 22.3 billion.
3. Industrials Cluster: Revenue from construction, engineering, shipbuilding (CNOI), agriculture, energy (IBL Energy, Alteo, Miwa Sugar), and seafood processing operations. Revenue increased from Rs 12.9 billion to Rs 15.1 billion.
4. Services Cluster: Revenue from hospitality (Lux Island Resorts, The Lux Collective), property (Bloomage, BlueLife), financial services (AfrAsia, Eagle Insurance, DTOS, EllGeo Re, City Brokers), healthcare (Life Together, CIDP), and logistics (IBL Aviation, Logidis, IBL Shipping). Revenue increased from Rs 13.2 billion to Rs 14.9 billion.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

IBL Group is a diversified Mauritian conglomerate operating four business clusters (Retail, Consumer Brands & Distribution, Industrials, Services) across 20 countries in the Indian Ocean and East Africa. The group runs supermarket chains (Naivas, Winners, Run Market), distributes 400+ consumer brands, produces beverages and FMCG, operates shipbuilding and energy businesses, and provides hospitality, financial services, healthcare, and logistics solutions. It also runs the wiiv customer loyalty platform and the ala-lila ride-hailing service powered by Uber.

Product overview

IBL is a diversified Mauritian group operating across four business clusters: Retail, Consumer Brands & Distribution, Industrials, and Services. The group operates as a platform of diverse companies rather than a single unified product. In Retail, it operates supermarket chains including Naivas (Kenya, 114 stores), Winners (Mauritius), and Run Market (Réunion). Consumer Brands & Distribution includes Phoenix Beverages, BrandActiv (FMCG distribution), Harley's, and HealthActiv (healthcare distribution) covering 400+ brands. Industrials spans shipbuilding (CNOI), construction (UBP, Manser Saxon, CMH), energy (IBL Energy, Alteo, Miwa Sugar), and seafood processing (Froid des Mascareignes, Cervonic, Marine Biotechnology Products). Services includes hospitality (The Lux Collective, Lux Island Resorts, Bloomage), financial services (DTOS, Eagle Insurance, City Brokers), healthcare (Life Together), and logistics (IBL Shipping, Logidis, IBL Aviation). The group also operates digital platforms including the wiiv app and mobility service Taxi by ala-lila (powered by Uber), plus venture capital arm DotExe Ventures. IBL Energy drives renewable energy initiatives including SeaBrew Solar (15 MW), Basalt Solar (10 MW), E-motion EV charging network (26 stations), and waste-to-value projects. Key technology partnerships include Uber integration for mobility and Vivo Energy for EV charging infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• wiiv: A platform strengthening connections across the IBL brand ecosystem, a mobile application for the IBL brand community.
• Nexus
• Together Magazine
• Dodo Trail
• IBL on the Move

Products and services

• Naivas Supermarket Chain
• Winners Supermarket Chain
• Run Market Supermarket Chain
• Phoenix Beverages (PBL)
• BrandActiv FMCG Distribution
• Harley's Healthcare Distribution
• HealthActiv Healthcare Distribution
• CNOI Shipbuilding and Maritime Construction
• Alteo Agri and Energy
• Miwa Sugar
• E-motion EV Charging Network
• SeaBrew Solar (15 MW Photovoltaic Project)
• Basalt Solar (10 MW Photovoltaic Project)
• Énergie des Mascareignes (Waste-to-Value)
• Equator Energy (East Africa Solar)
• The Lux Collective Hospitality
• Lux Island Resorts
• Eagle Insurance
• DTOS Fund Administration
• IBL Shipping
• Logidis Logistics and Distribution
• IBL Aviation Ground Handling
• Taxi by ala-lila, powered by Uber
• wiiv Customer Loyalty Platform
• DotExe Ventures (Venture Capital Arm)
• Captain Arctic Exploration Vessel

Quantifiable outcome

• Revenue growth of 15.2% to Rs 94.8 billion for nine months ended March 2026
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, major and minor.

• UbercoreTechnology or Integration · 1 January 2026Partnership with Uber for 'Taxi by ala-lila, powered by Uber' mobility service in Mauritius. Uber provides proven technology, structured service standards, and broader access to demand, while Logidis' ala-lila platform connects drivers with passengers.
• ESSEC Business School - Business and Industry in Africa ChaircoreStrategic or Co-development Partner · 1 January 2025IBL's partnership with ESSEC's 'Business and Industry in Africa' Chair supports the Group's long-term regional ambitions and transformation of African economies. The program is dedicated entirely to Africa with students studying across three campuses on three continents (Cergy, Singapore, Rabat). IBL provides talent development and knowledge sharing for African business realities.
• Vivo EnergycoreStrategic or Co-development Partner · 1 January 2023Partnership with Vivo Energy launched Mauritius' first electric vehicle charging network named E-motion, now comprising 26 charging stations to accelerate electric mobility.
• The Coca-Cola CompanycoreStrategic or Co-development PartnerPartnership with The Coca-Cola Company in Mauritius and Réunion gives Phoenix Beverages access to one of the world's most recognized beverage brands, makes fuller use of production and distribution infrastructure, and reinforces credibility with international partners.
• McKinsey & CompanymajorImplementation/ SI/ Consulting PartnerMcKinsey teams from Johannesburg, Casablanca and Paris helped shape IBL's Beyond Borders strategy for the next phase of development, providing strategic advisory services.
• United Nations Global Compact (UNGC) Indian OceanminorStrategic or Co-development PartnerIBL participates in UNGC Indian Ocean network for sustainability collaboration and knowledge sharing.
• Business MauritiusminorStrategic or Co-development PartnerIBL collaborates with Business Mauritius on sustainability initiatives and responsible business practices.

Scale indicators11 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• CIEL Group: CIEL is a Mauritian-listed diversified conglomerate with interests across textiles, finance, healthcare, agribusiness and property — directly comparable to IBL's four-cluster model and listed on the same Stock Exchange of Mauritius.
• MCB Group: Largest listed group on the Stock Exchange of Mauritius and a diversified holding company spanning banking, insurance and non-financial services — relevant as a regional conglomerate peer with similar governance and listing structure.
• East African Breweries Limited (EABL): Diageo-affiliated regional beverage company and Coca-Cola bottler across East Africa — directly comparable to IBL's Phoenix Beverages (also a Coca-Cola partner) and its 2025 acquisition of Seychelles Breweries (Seybrew).
• Constance Group: Mauritian conglomerate with operations in hospitality (Constance Hotels), agriculture and real estate, headed by IBL director Clément Rey — comparable as another diversified Indian Ocean platform with shared regional dynamics.

Broad incumbents

• Tiger Brands: Largest branded FMCG manufacturer in Africa, distributing through modern and general trade across the continent — analogous to IBL's Consumer Brands & Distribution cluster spanning 400+ brands.
• Bidvest Group: South African diversified services group spanning logistics, distribution, facilities management and financial services — directly analogous to IBL's Services cluster (logistics, freight, financial services) on a broader scale.
• Shoprite Holdings: Africa's largest food retailer operating supermarkets across multiple African countries — comparable as a broad incumbent in retail, especially relevant given IBL's Naivas-led push into East African modern trade.
• Pick n Pay Stores: Major South African supermarket group with operations across Africa — directly relevant for benchmarking Naivas' growth trajectory and retail margins.
• Majid Al Futtaim (Carrefour): Operates Carrefour franchises across Kenya and the wider region; a significant competing retailer in East Africa and a benchmark for international multi-format retail expansion in IBL's target markets.

Emerging players

• Quickmart Supermarket: Fast-growing Kenyan supermarket chain that competes head-to-head with Naivas in modern trade — the most direct competitive overlap with IBL's largest international asset.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/groupIBL
• Facebookfacebook.com/IBLTogether
• LinkedInlinkedin.com/company/iblgroup
• Instagraminstagram.com/ibltogether
• Xx.com/ibl_together

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries32 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IBL