The breweries and distillery companies in India are one of the most demanded, with the industry contributing around ₹92,324 crore in the year 2023, accounting approximately 0.3% of the total GDP. This emerging industry in India has strong growth potential, driven by the rising youth population and the country’s developing economy. Further, in this blog, let us look at the best distilleries & breweries stocks in India 2025.
Also Read: Zomato and Jio Financial shares inclusion in Nifty 50
Top 5 breweries and distilleries stocks in India 2025
Breweries and distilleries stocks can be considered as a good option for investment over the coming years. Further, let us have a look at the top 10 breweries and distillery companies in India, based on the market capitalisation as on 9 April 2025:
| Company | Market Cap (₹ Cr) | Current Market Price (₹) | Price-to-Earnings Ratio | Dividend Yield (%) | ROE (%) | Promoter Holding (%) |
| United Spirits Ltd. | 1,05,582 | 1,425 | 71.9 | 0.62% | 21.0% | 56.7% |
| United Breweries Ltd. | 52,927 | 2,002 | 121 | 0.50% | 10.1% | 70.8% |
| Radico Khaitan Ltd. | 31,054 | 2,321 | 99.8 | 0.13% | 11.3% | 40.2% |
| Allied Blenders & Distillers Ltd. | 8,748 | 313 | 73.2 | 0.00% | 1.9% | 80.9% |
| Piccadily Agro Industries Ltd. | 5,240 | 555 | 49.5 | 0.0% | 30.6% | 71.0% |
| Tilaknagar Industries Ltd. | 4,436 | 229 | 23.1 | 0.22% | 24.6% | 40.0% |
| India Glycos Ltd. | 3,780 | 1,221 | 18.1 | 0.66% | 9.1% | 61.0% |
| Globus Spirits Ltd. | 2,848 | 983 | 167 | 0.36% | 10.3% | 50.9% |
| Som Distilleries & Breweries Ltd. | 2,328 | 119 | 23.1 | 0.0% | 18.4% | 36.3% |
| Sula Vineyards Ltd. | 2,253 | 267 | 31.9 | 3.18% | 17.2% | 24.7% |
( as of 9 April 2025)
1. United Spirits Ltd.
United Spirits Ltd. is the country’s one of the top beverage alcohol companies and a subsidiary of global leader Diageo PLC. The company has a portfolio of premium brands such as Signature, Royal Challenge, McDowell’s No.1, Smirnoff and Captain Morgan.
| Metrics (In ₹ Crore) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 8,131 | 9,712 | 10,612 | 11,321 | 9,038 |
| EBITDA | 1,051 | 1,595 | 1,417 | 2,000 | 7,261 |
| Net profit | 384 | 829 | 1,137 | 1,408 | 1,777 |
| EPS (In ₹) | 5.28 | 11.4 | 15.63 | 19.36 | 19.28 |
During the recent quarter (Q3FY25), the company reported a revenue growth of 14.4%, reaching ₹3,433 crores. The EBITDA margin was reported at 16%, with the net profit reaching ₹355 crores, showing a slight decline of 4.3% YoY.
The company has expressed intentions to scale up operations. They aim to continue expanding the business in the newly opened state of Andhra Pradesh and aim to drive revenue further.
2. United Breweries Ltd.
United Breweries Limited (UBL) is a brand engaged in the manufacture and sale of beer and non-alcoholic beverages.
| Metrics (In ₹ Crore) | FY20 | FY21 | FY22 | FY23 | 9MFY25 |
| Sales | 4,243 | 5,838 | 7,500 | 8,123 | 6,592 |
| EBITDA | 381 | 697 | 616 | 696 | 654 |
| Net profit | 113 | 365 | 304 | 410 | 344 |
| EPS (In ₹) | 4.28 | 13.82 | 11.50 | 15.51 | 16.08 |
In Q3FY25, the company’s sales reached ₹2,000 crores, showing a rise of 9.64%. The EBITDA margin stood at 7%, and net profit was ₹38 crores.
The company has launched Kingfisher flavours, which are targeting younger consumers and were initially introduced in Goa and Daman. The management has given guidance for an overall volume expansion of 6% to 8% in the coming years.
3. Radico Khaitan Ltd.
Radico Khaitan is a company which was incorporated in 1943. The company’s brand, 8 PM Whisky, is one of the products it operates.
| Metrics (In ₹ Crore) | FY21 | FY22 | FY23 | FY24 | 3MFY25 |
| Sales | 2,374 | 2,859 | 3,133 | 4,106 | 3,547 |
| EBITDA | 409 | 402 | 359 | 507 | 496 |
| Net profit | 271 | 252 | 204 | 256 | 254 |
| EPS (In ₹) | 20.26 | 18.86 | 15.29 | 19.13 | 23.27 |
The company’s overall revenue for Q3FY25 was reported at ₹183 crores, which was up 11.48% on a yearly basis. EBITDA margins stood at 14%, and net profit was ₹96 crores.
4. Allied Blenders & Distillers Ltd.
Allied Blenders & Distillers Ltd is engaged in selling products like whisky, brandy, rum, etc. Its major brands are its flagship products are Officer’s Choice Whisky and Officer’s Choice Blue.
| Metrics (In ₹ Crore) | FY21 | FY2 | FY23 | FY24 | 9MFY25 |
| Sales | 6,379 | 2,686 | 3,147 | 3,328 | 2,599 |
| EBITDA | 196 | 199 | 187 | 244 | 295 |
| Net profit | 6 | 6 | 5 | 7 | 119 |
| EPS (In ₹) | 0.24 | 0.25 | 0.20 | 0.28 | 4.28 |
The company had sales of ₹971 crores in Q3FY25, which was up 8.82% year-on-year. EBITDA margins stood at 12%, with a net profit of ₹58 crores. The company recently acquired Woodburns, which is a contemporary Indian whiskey brand, for ₹39.5 crores in February 2025. Further, it is aiming for expansion into additional states.
5. Piccadily Agro Industries Ltd
Piccadily Agro Industries Ltd manufactures sugar and distillery products. It produces these at its manufacturing plant in Haryana.
| Metrics (In ₹ Crore) | FY21 | FY2 | FY23 | FY24 | 9MFY25 |
| Sales | 488 | 572 | 598 | 742 | 562 |
| EBITDA | 52 | 69 | 62 | 150 | 117 |
| Net Profit | 18 | 29 | 22 | 110 | 62 |
| EPS (In ₹) | 1.90 | 3.10 | 2.37 | 11.64 | 11.22 |
The company reported revenue growth of 2.6% compared to the previous year, reaching ₹182 crores for Q3FY25, with EBITDA margins at 26% and net profit at ₹24 crores.
Expansion is underway to increase distillery capacity in Haryana from 78 KLPD to 220 KLPD for ENA, and from 12 KLPD to 30 KLPD for malt and in Chhattisgarh, A 210 KLPD distillery for ENA, ethanol, and malt is being developed to boost domestic production.
6. Tilaknagar Industries Ltd.
Tilaknagar Industries Ltd. (TI) is an alcoholic beverage company. Its key product brand is Mansion House Brandy, the largest-selling brand in India.
| Metrics (In ₹ Crore) | FY21 | FY2 | FY23 | FY24 | 9MFY25 |
| Sales | 549 | 783 | 1,164 | 1,394 | 1,028 |
| EBITDA | 54 | 112 | 137 | 185 | 176 |
| Net profit | -38 | 45 | 150 | 138 | 152 |
| EPS (In ₹) | -3.06 | 2.85 | 8.09 | 7.16 | 9.52 |
The company’s revenue fell by 9.5% for Q3FY25, reaching ₹340 crores compared to the previous year, due to a price correction in Andhra Pradesh to maintain market share. EBITDA stood at 18%, and net profit was ₹54 crores.
Mansion House Whisky is performing well in Assam, and the company plans to expand into southern markets.
7. India Glycols Ltd.
India Glycols Ltd. is engaged in multiple segments including portable spirits, green technology-based bulk chemicals, specialty chemicals, and performance chemicals.
| Metrics (In ₹ Crore) | FY21 | FY2 | FY23 | FY24 | 9MFY25 |
| Sales | 2,317 | 2,868 | 2,651 | 3,294 | 2,905 |
| EBITDA | 291 | 269 | 305 | 415 | 365 |
| Net profit | 132 | 340 | 125 | 173 | 166 |
| EPS (In ₹) | 42.51 | 109.77 | 40.4 | 55.87 | 67.54 |
The company reported sales of ₹975 crores for Q3FY25, marking a 7.8% rise compared to the previous year. EBITDA margins stood at 13%, and net profit was ₹57 crores.
The IMFL (Indian Made Foreign Liquor) segment of the company is projected to grow significantly at 7.2% by FY34, with a strong focus on premiumization.
8. Globus Spirits Ltd.
Globus Spirits Ltd. is engaged in the manufacturing of liquor, bulk alcohol, hand sanitiser, and franchise bottling.
| Metrics (In ₹ Crore) | FY21 | FY23 | FY24 | 9MFY25 |
| Sales | 1,224 | 2,103 | 2,414 | 1,882 |
| EBITDA | 255 | 255 | 255 | 107 |
| Net profit | 141 | 122 | 96 | 17 |
| EPS (In ₹) | 48.9 | 42.43 | 33.47 | 6.25 |
In Q3FY25, the company reported a revenue decline of 12.4%, mainly due to maintenance activities and low margins. EBITDA margins stood at 5%, with net profit reaching ₹17 crores.
For the future, management is aiming to improve capacity utilisation in the range of 80 to 90%. Additionally, the Uttar Pradesh multi-feed distillery project is expected to be commissioned in the second quarter of this year.
9. Som Distilleries & Breweries Ltd.
Som Distilleries & Breweries Ltd. is a company that manufactures beer and is also engaged in the sale of Indian Made Foreign Liquor (IMFL).
| Metrics (In ₹ Crore) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 288 | 365 | 807 | 1,281 | 1,103 |
| EBITDA | -10 | 20 | 102 | 149 | 134 |
| Net profit | -38 | -10 | 60 | 87 | 80 |
| EPS (In ₹) | -2.08 | -0.54 | 3.12 | 4.46 | 5.19 |
The company’s Q3FY25 revenue jumped year-on-year by 13.06%, reaching ₹301 crores, with EBITDA margins at 12% and net profit of ₹21.5 crores. The company has recently launched brands like Legend and Woodpecker in September 2024, which are attracting customers in the market.
10. Sula Vineyards Ltd
Sula Vineyards Ltd. is one of India’s well-known wine producers and sellers. Popular brands include RASA, Dindori, The Source, Satori, Madera, and Dia.
| Metrics (In ₹ Crore) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 386 | 424 | 517 | 568 | 453 |
| EBITDA | 64 | 113 | 158 | 176 | 120 |
| Net profit | 3 | 52 | 84 | 93 | 57 |
| EPS (In ₹) | 1.98 | 6.63 | 9.98 | 11.06 | 8.38 |
For Q3FY25, the company reported a slight revenue decline of 1.4%, with revenue at ₹200 crores. EBITDA margins stood at 27%, and net profit was ₹28 crores. The company is opening a new facility near Gujarat. A new tasting room and an expanded bottle shop/restaurant have also been completed in the first half of FY26.
Also Read: Trump’s 27% Tariff on Indian Exports – who gains and who loses?
Risks associated with the industry
While this business has significant growth potential in emerging countries, it also comes with certain risks and uncertainties. Let us take a look at some of the key risks associated with this industry.
- Regulatory risk: This industry is heavily regulated, and frequent changes in government policy may adversely affect the production and distribution system.
- Change in social norms: Customer preferences change continuously. Today, health consciousness and religious beliefs may significantly impact the industry.
- Complex distribution structure: The industry’s multi-layered distribution network, varying by state, involves producers, distributors, and retailers, usually leading to higher logistics costs and delivery delays.
- Minimum selling price: Some markets enforce minimum alcohol prices to curb consumption, which can hurt pricing strategies, competitiveness, and profit margins.
Also Read: US Fed maintains rates – Impact on Indian markets
Bottomline
India’s breweries and distilleries sector is developing and evolving with the times. With people’s lifestyles and habits changing, this sector is getting more interesting and significant. It is no longer just about commerce, but also this is also indicating modernisation. For investors, breweries share can be crucial to watch in the next few years.
FAQ
1. How does climate and raw material availability have an impact on this industry?
Alcohol production, specifically for spirits and beer, typically depends on raw materials like grains, sugarcane, barley, and water. Climate change and unexpected rainfall can impact agricultural yields, leading to increased raw material prices. Droughts, floods, or poor harvests may also severely affect the cost structure and availability of key ingredients, making this a significant risk factor in production planning.
2. How are breweries and distilleries adjusting to sustainability and environmental concerns?
As environmental sustainability becomes a key focus in today’s times, many companies are now planning to invest in energy-efficient distillation units, water recycling systems, and biomass energy. There is also a growing trend of green spirits and eco-friendly breweries. These steps are not only beneficial for the environment but also enhance brand perception, especially among urban, eco-conscious consumers.
3. Are Indian liquor companies expanding into international markets?
Yes, several Indian liquor brands are now entering global markets. Premium Indian whiskies, in particular, have seen rising demand abroad. Companies like Radico Khaitan and United Spirits are aggressively expanding exports overseas. This global push not only diversifies revenue streams but also helps Indian brands compete on a premium platform internationally.
4. How does consumer behaviour differ in urban vs rural markets for alcoholic beverages?
Urban consumers prefer quality, branded, and flavoured alcoholic beverages, with a strong focus on quality and variety. In contrast, rural markets are more price-sensitive. Country liquor and brandy are in greater demand in rural areas due to their affordability and lower prices. However, as rural incomes and awareness increase, consumer behaviour may gradually shift toward higher-quality and branded products in these markets as well.
5. What role do branding and packaging have in the success of beer companies?
Packaging and branding play a crucial role in the alcoholic beverages industry, especially as consumers shift toward premium and lifestyle-driven products. Appealing packaging, distinctive bottle designs, and strong branding not only enhance shelf appeal but also create a strong emotional connection with consumers. Brands that invest in innovative marketing and compelling brand narratives are more likely to gain market loyalty and enjoy greater pricing power.
