# Alcoholic Beverages — company-by-company sector analysis

> Alcoholic Beverages: United Spirits Ltd owns the largest revenue base; Tilaknagar Industries Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Alcoholic Beverages has underperformed NIFTY 500 by 4.3% over 52 weeks and 0.9% over 13 weeks. 5 of 14 covered companies beat NIFTY on Mansfield relative strength, while 6 of 14 beat the sector itself. United Spirits Ltd leads with revenue of ₹12,626 crore, based on 14 of 14 comparable companies through Jun 2026.

### Is the Alcoholic Beverages sector outperforming NIFTY 500?

Alcoholic Beverages has underperformed NIFTY 500 by 4.3% over 52 weeks and 0.9% over 13 weeks. 5 of 14 covered companies beat NIFTY on Mansfield relative strength, while 6 of 14 beat the sector itself.

### Which Alcoholic Beverages company is largest by revenue?

United Spirits Ltd leads with revenue of ₹12,626 crore, based on 14 of 14 comparable companies through Jun 2026.

### Which Alcoholic Beverages company is growing fastest?

Tilaknagar Industries Ltd has the fastest current revenue growth at 68.5%, across 14 of 14 comparable companies.

### Which Alcoholic Beverages company has the strongest 4-Factor Sector Score?

Radico Khaitan Ltd ranks first at 76/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Alcoholic Beverages company reports the most CAPEX?

Allied Blenders & Distillers Ltd reports the largest latest CAPEX at ₹7 crore, with 1 of 14 companies comparable.

### Which Alcoholic Beverages company has the least gross debt?

G M Breweries Ltd has the lowest comparable gross debt at ₹35 crore. Tilaknagar Industries Ltd has the highest at ₹2,301 crore.

### Which Alcoholic Beverages company has the lowest comparable PEG?

Tilaknagar Industries Ltd has the lowest comparable Guarded PEG at 0.58, among 6 of 14 companies that pass the metric’s comparability rules.

### How much history does this Alcoholic Beverages comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Alcoholic Beverages has underperformed NIFTY 500 by 4.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.9%. 5 of 14 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. G M Breweries Ltd is the strongest against the sector itself at +37.3%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 0.9%
52-week sector return versus NIFTY 500: -4.3%
Stocks leading NIFTY: 5/14
Stocks leading sector: 6/14

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 14
Combined market value: ₹2.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Radico Khaitan Ltd (RADICO): 76/100 — Favorable setup; evidence 96%
   - Growth & earnings 29.9/35 | Capital efficiency 19.7/25 | Valuation 6.8/20 | Relative strength 19.6/20
   - Exact sum: 29.9 + 19.7 + 6.8 + 19.6 = 76
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. G M Breweries Ltd (GMBREW): 71/100 — Favorable setup; evidence 74%
   - Growth & earnings 28.4/35 | Capital efficiency 17.6/25 | Valuation 11.5/20 | Relative strength 13.7/20
   - Exact sum: 28.4 + 17.6 + 11.5 + 13.7 = 71.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. India Glycols Ltd (INDIAGLYCO): 64/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 20.4/35 | Capital efficiency 14.3/25 | Valuation 11.5/20 | Relative strength 18.2/20
   - Exact sum: 20.4 + 14.3 + 11.5 + 18.2 = 64.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Piccadily Agro Industries Ltd (PICCADIL): 61/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.4/35 | Capital efficiency 14.6/25 | Valuation 10.1/20 | Relative strength 14.0/20
   - Exact sum: 22.4 + 14.6 + 10.1 + 14 = 61.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. IFB Agro Industries Ltd (IFBAGRO): 61/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 27.9/35 | Capital efficiency 13.8/25 | Valuation 11.3/20 | Relative strength 7.8/20
   - Exact sum: 27.9 + 13.8 + 11.3 + 7.8 = 60.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. United Spirits Ltd (UNITDSPR): 57/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 12.7/35 | Capital efficiency 19.2/25 | Valuation 8.8/20 | Relative strength 15.9/20
   - Exact sum: 12.7 + 19.2 + 8.8 + 15.9 = 56.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 9.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. Globus Spirits Ltd (GLOBUSSPR): 51/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 27.3/35 | Capital efficiency 9.8/25 | Valuation 10.8/20 | Relative strength 3.3/20
   - Exact sum: 27.3 + 9.8 + 10.8 + 3.3 = 51.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.2% and the one-year return is -19.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. Allied Blenders & Distillers Ltd (ABDL): 45/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 14.4/35 | Capital efficiency 12.6/25 | Valuation 4.2/20 | Relative strength 14.1/20
   - Exact sum: 14.4 + 12.6 + 4.2 + 14.1 = 45.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 13.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Associated Alcohols & Breweries Ltd (ASALCBR): 43/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 9.2/35 | Capital efficiency 15.6/25 | Valuation 13.3/20 | Relative strength 5.2/20
   - Exact sum: 9.2 + 15.6 + 13.3 + 5.2 = 43.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. Tilaknagar Industries Ltd (TI): 42/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 11.2/35 | Capital efficiency 10.0/25 | Valuation 13.3/20 | Relative strength 7.1/20
   - Exact sum: 11.2 + 10 + 13.3 + 7.1 = 41.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11. United Breweries Ltd (UBL): 37/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 12.1/35 | Capital efficiency 10.5/25 | Valuation 8.5/20 | Relative strength 6.1/20
   - Exact sum: 12.1 + 10.5 + 8.5 + 6.1 = 37.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Sula Vineyards Ltd (SULA): 35/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 9.2/35 | Capital efficiency 11.9/25 | Valuation 10.4/20 | Relative strength 3.7/20
   - Exact sum: 9.2 + 11.9 + 10.4 + 3.7 = 35.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Jagatjit Industries Ltd (JAGAJITIND): 33/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 14.5/35 | Capital efficiency 4.1/25 | Valuation 9.4/20 | Relative strength 4.8/20
   - Exact sum: 14.5 + 4.1 + 9.4 + 4.8 = 32.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Som Distilleries & Breweries Ltd (SDBL): 25/100 — Adverse evidence; evidence 70%
   - Growth & earnings 5.2/35 | Capital efficiency 8.4/25 | Valuation 8.7/20 | Relative strength 3.0/20
   - Exact sum: 5.2 + 8.4 + 8.7 + 3 = 25.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: United Spirits Ltd is the scale leader at ₹12,626 crore, 36.6% ahead of United Breweries Ltd. Tilaknagar Industries Ltd's growth is 68.5% from a ₹2,379 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: United Spirits Ltd is the scale benchmark; Tilaknagar Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: United Spirits Ltd's growth falls below Tilaknagar Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: United Spirits Ltd · ₹12,626 crore | 36.6% versus #2 · United Breweries Ltd | 6/8 recent comparable periods | 14/14 companies · 231 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. United Spirits Ltd (UNITDSPR): ₹12.6K Cr
2. United Breweries Ltd (UBL): ₹9.2K Cr
3. Radico Khaitan Ltd (RADICO): ₹6.1K Cr
4. India Glycols Ltd (INDIAGLYCO): ₹4.2K Cr
5. Allied Blenders & Distillers Ltd (ABDL): ₹4.0K Cr

### Revenue growth — fastest growers
1. Tilaknagar Industries Ltd (TI): 69%
2. IFB Agro Industries Ltd (IFBAGRO): 33%
3. Piccadily Agro Industries Ltd (PICCADIL): 27%
4. Radico Khaitan Ltd (RADICO): 25%
5. G M Breweries Ltd (GMBREW): 21%

### 20-quarter Revenue history
- UNITDSPR: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹2.7K Cr
- RADICO: Sep 2021 ₹709 Cr | Dec 2021 ₹766 Cr | Mar 2022 ₹790 Cr | Jun 2022 ₹757 Cr | Sep 2022 ₹761 Cr | Dec 2022 ₹792 Cr | Mar 2023 ₹832 Cr | Jun 2023 ₹954 Cr | Sep 2023 ₹925 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- UBL: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹740 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹771 Cr | Jun 2023 ₹814 Cr | Sep 2023 ₹851 Cr | Dec 2023 ₹895 Cr | Mar 2024 ₹768 Cr | Jun 2024 ₹758 Cr | Sep 2024 ₹868 Cr | Dec 2024 ₹974 Cr | Mar 2025 ₹921 Cr | Jun 2025 ₹923 Cr | Sep 2025 ₹990 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹979 Cr
- TI: Sep 2021 ₹201 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹241 Cr | Jun 2022 ₹230 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹303 Cr | Mar 2023 ₹357 Cr | Jun 2023 ₹304 Cr | Sep 2023 ₹354 Cr | Dec 2023 ₹377 Cr | Mar 2024 ₹359 Cr | Jun 2024 ₹313 Cr | Sep 2024 ₹375 Cr | Dec 2024 ₹340 Cr | Mar 2025 ₹384 Cr | Jun 2025 ₹409 Cr | Sep 2025 ₹398 Cr | Dec 2025 ₹623 Cr | Mar 2026 ₹949 Cr | Jun 2026 —
- INDIAGLYCO: Sep 2021 ₹780 Cr | Dec 2021 ₹795 Cr | Mar 2022 ₹642 Cr | Jun 2022 ₹808 Cr | Sep 2022 ₹670 Cr | Dec 2022 ₹554 Cr | Mar 2023 ₹619 Cr | Jun 2023 ₹689 Cr | Sep 2023 ₹775 Cr | Dec 2023 ₹904 Cr | Mar 2024 ₹926 Cr | Jun 2024 ₹969 Cr | Sep 2024 ₹961 Cr | Dec 2024 ₹975 Cr | Mar 2025 ₹863 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹976 Cr | Jun 2026 —
- PICCADIL: Sep 2021 ₹91 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹166 Cr | Jun 2022 ₹184 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹219 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹178 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹196 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹255 Cr | Jun 2025 ₹214 Cr | Sep 2025 ₹212 Cr | Dec 2025 ₹276 Cr | Mar 2026 ₹335 Cr | Jun 2026 —
- GLOBUSSPR: Sep 2021 ₹382 Cr | Dec 2021 ₹347 Cr | Mar 2022 ₹479 Cr | Jun 2022 ₹495 Cr | Sep 2022 ₹480 Cr | Dec 2022 ₹592 Cr | Mar 2023 ₹541 Cr | Jun 2023 ₹570 Cr | Sep 2023 ₹567 Cr | Dec 2023 ₹687 Cr | Mar 2024 ₹590 Cr | Jun 2024 ₹642 Cr | Sep 2024 ₹638 Cr | Dec 2024 ₹602 Cr | Mar 2025 ₹655 Cr | Jun 2025 ₹700 Cr | Sep 2025 ₹661 Cr | Dec 2025 ₹717 Cr | Mar 2026 ₹632 Cr | Jun 2026 ₹789 Cr
- GMBREW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹154 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹202 Cr | Jun 2026 ₹200 Cr
- ASALCBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹252 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹327 Cr | Mar 2025 ₹242 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹254 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹238 Cr | Jun 2026 ₹281 Cr
- SDBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹149 Cr | Mar 2023 ₹253 Cr | Jun 2023 ₹385 Cr | Sep 2023 ₹248 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹382 Cr | Jun 2024 ₹513 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹339 Cr | Jun 2025 ₹528 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹181 Cr | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹191 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹134 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹200 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹135 Cr | Jun 2026 —
- IFBAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹281 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹239 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹295 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹293 Cr | Sep 2025 ₹402 Cr | Dec 2025 ₹342 Cr | Mar 2026 ₹368 Cr | Jun 2026 —
- JAGAJITIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹137 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹120 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹76 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- UNITDSPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 16% | Dec 2022 -5.7% | Mar 2023 -1.3% | Jun 2023 10% | Sep 2023 -1.4% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 3.5% | Sep 2024 -0.9% | Dec 2024 14% | Mar 2025 5.9% | Jun 2025 9.4% | Sep 2025 12% | Dec 2025 7.5% | Mar 2026 3.7% | Jun 2026 -10%
- RADICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 7.3% | Dec 2022 3.4% | Mar 2023 5.3% | Jun 2023 26% | Sep 2023 22% | Dec 2023 47% | Mar 2024 30% | Jun 2024 19% | Sep 2024 21% | Dec 2024 11% | Mar 2025 21% | Jun 2025 32% | Sep 2025 34% | Dec 2025 20% | Mar 2026 15% | Jun 2026 —
- UBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 118% | Sep 2022 18% | Dec 2022 1.9% | Mar 2023 3.3% | Jun 2023 -6.7% | Sep 2023 12% | Dec 2023 13% | Mar 2024 21% | Jun 2024 8.8% | Sep 2024 12% | Dec 2024 9.7% | Mar 2025 8.9% | Jun 2025 16% | Sep 2025 -3.0% | Dec 2025 3.7% | Mar 2026 -3.1% | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.2% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -0.4% | Jun 2024 -6.9% | Sep 2024 2.0% | Dec 2024 8.8% | Mar 2025 20% | Jun 2025 22% | Sep 2025 14% | Dec 2025 3.0% | Mar 2026 9.3% | Jun 2026 6.1%
- TI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 36% | Dec 2022 47% | Mar 2023 48% | Jun 2023 32% | Sep 2023 29% | Dec 2023 24% | Mar 2024 0.6% | Jun 2024 3.0% | Sep 2024 5.9% | Dec 2024 -9.8% | Mar 2025 7.0% | Jun 2025 31% | Sep 2025 6.1% | Dec 2025 83% | Mar 2026 147% | Jun 2026 —
- INDIAGLYCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 -14% | Dec 2022 -30% | Mar 2023 -3.6% | Jun 2023 -15% | Sep 2023 16% | Dec 2023 63% | Mar 2024 50% | Jun 2024 41% | Sep 2024 24% | Dec 2024 7.9% | Mar 2025 -6.8% | Jun 2025 7.3% | Sep 2025 14% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- PICCADIL: Sep 2021 — | Dec 2021 — | Mar 2022 8.5% | Jun 2022 -11% | Sep 2022 27% | Dec 2022 4.6% | Mar 2023 20% | Jun 2023 19% | Sep 2023 -1.7% | Dec 2023 55% | Mar 2024 35% | Jun 2024 -11% | Sep 2024 62% | Dec 2024 2.3% | Mar 2025 -5.2% | Jun 2025 9.2% | Sep 2025 15% | Dec 2025 52% | Mar 2026 31% | Jun 2026 —
- GLOBUSSPR: Sep 2021 — | Dec 2021 — | Mar 2022 34% | Jun 2022 33% | Sep 2022 26% | Dec 2022 71% | Mar 2023 13% | Jun 2023 15% | Sep 2023 18% | Dec 2023 16% | Mar 2024 9.1% | Jun 2024 13% | Sep 2024 13% | Dec 2024 -12% | Mar 2025 11% | Jun 2025 9.0% | Sep 2025 3.6% | Dec 2025 19% | Mar 2026 -3.5% | Jun 2026 13%
- GMBREW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.0% | Mar 2024 2.6% | Jun 2024 3.4% | Sep 2024 -2.0% | Dec 2024 5.7% | Mar 2025 5.6% | Jun 2025 7.2% | Sep 2025 21% | Dec 2025 22% | Mar 2026 20% | Jun 2026 23%
- ASALCBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 6.0% | Sep 2025 -0.4% | Dec 2025 -20% | Mar 2026 -1.7% | Jun 2026 5.2%
- SDBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 79% | Mar 2024 51% | Jun 2024 33% | Sep 2024 17% | Dec 2024 13% | Mar 2025 -11% | Jun 2025 2.9% | Sep 2025 -6.9% | Dec 2025 -17% | Mar 2026 -47% | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.5% | Mar 2024 8.1% | Jun 2024 11% | Sep 2024 -1.0% | Dec 2024 -1.4% | Mar 2025 2.6% | Jun 2025 -9.3% | Sep 2025 -1.1% | Dec 2025 -9.9% | Mar 2026 7.3% | Jun 2026 —
- IFBAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -13% | Mar 2024 -4.5% | Jun 2024 14% | Sep 2024 12% | Dec 2024 21% | Mar 2025 7.5% | Jun 2025 10% | Sep 2025 51% | Dec 2025 16% | Mar 2026 58% | Jun 2026 —
- JAGAJITIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.2% | Dec 2023 23% | Mar 2024 -0.8% | Jun 2024 -12% | Sep 2024 -2.1% | Dec 2024 -21% | Mar 2025 -12% | Jun 2025 -25% | Sep 2025 -53% | Dec 2025 -81% | Mar 2026 -34% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: G M Breweries Ltd leads opm at 23%; Radico Khaitan Ltd leads margin change at +5 percentage points.

Investor read: G M Breweries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: G M Breweries Ltd · 23% | 9.5% versus #2 · Piccadily Agro Industries Ltd | 6/8 recent comparable periods | 14/14 companies · 266 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. G M Breweries Ltd (GMBREW): 23%
2. Piccadily Agro Industries Ltd (PICCADIL): 21%
3. Sula Vineyards Ltd (SULA): 21%
4. Radico Khaitan Ltd (RADICO): 19%
5. India Glycols Ltd (INDIAGLYCO): 17%

### Margin change — fastest expanders
1. Radico Khaitan Ltd (RADICO): +5.0 pp
2. G M Breweries Ltd (GMBREW): +4.0 pp
3. IFB Agro Industries Ltd (IFBAGRO): +2.4 pp
4. Globus Spirits Ltd (GLOBUSSPR): +2.0 pp
5. Allied Blenders & Distillers Ltd (ABDL): 0.0 pp

### 20-quarter OPM history
- UNITDSPR: Sep 2021 19% | Dec 2021 18% | Mar 2022 17% | Jun 2022 15% | Sep 2022 15% | Dec 2022 13% | Mar 2023 9.0% | Jun 2023 27% | Sep 2023 16% | Dec 2023 16% | Mar 2024 12% | Jun 2024 26% | Sep 2024 18% | Dec 2024 16% | Mar 2025 17% | Jun 2025 21% | Sep 2025 21% | Dec 2025 17% | Mar 2026 19% | Jun 2026 16%
- RADICO: Sep 2021 16% | Dec 2021 16% | Mar 2022 9.8% | Jun 2022 12% | Sep 2022 12% | Dec 2022 12% | Mar 2023 9.0% | Jun 2023 13% | Sep 2023 13% | Dec 2023 12% | Mar 2024 11% | Jun 2024 13% | Sep 2024 14% | Dec 2024 14% | Mar 2025 14% | Jun 2025 15% | Sep 2025 16% | Dec 2025 17% | Mar 2026 19% | Jun 2026 —
- UBL: Sep 2021 12% | Dec 2021 11% | Mar 2022 15% | Jun 2022 11% | Sep 2022 13% | Dec 2022 5.0% | Mar 2023 3.0% | Jun 2023 10% | Sep 2023 10% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 12% | Sep 2024 11% | Dec 2024 7.0% | Mar 2025 8.0% | Jun 2025 11% | Sep 2025 6.0% | Dec 2025 11% | Mar 2026 6.0% | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 4.2% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 6.0% | Jun 2023 6.0% | Sep 2023 8.0% | Dec 2023 7.0% | Mar 2024 8.0% | Jun 2024 10% | Sep 2024 12% | Dec 2024 12% | Mar 2025 15% | Jun 2025 12% | Sep 2025 13% | Dec 2025 14% | Mar 2026 17% | Jun 2026 12%
- TI: Sep 2021 15% | Dec 2021 16% | Mar 2022 11% | Jun 2022 9.5% | Sep 2022 11% | Dec 2022 13% | Mar 2023 12% | Jun 2023 13% | Sep 2023 13% | Dec 2023 14% | Mar 2024 13% | Jun 2024 16% | Sep 2024 18% | Dec 2024 18% | Mar 2025 20% | Jun 2025 23% | Sep 2025 15% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —
- INDIAGLYCO: Sep 2021 8.5% | Dec 2021 6.9% | Mar 2022 12% | Jun 2022 7.7% | Sep 2022 10% | Dec 2022 12% | Mar 2023 16% | Jun 2023 15% | Sep 2023 12% | Dec 2023 11% | Mar 2024 11% | Jun 2024 13% | Sep 2024 12% | Dec 2024 13% | Mar 2025 17% | Jun 2025 14% | Sep 2025 14% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- PICCADIL: Sep 2021 21% | Dec 2021 7.4% | Mar 2022 11% | Jun 2022 9.5% | Sep 2022 11% | Dec 2022 15% | Mar 2023 7.0% | Jun 2023 11% | Sep 2023 21% | Dec 2023 19% | Mar 2024 25% | Jun 2024 14% | Sep 2024 23% | Dec 2024 26% | Mar 2025 26% | Jun 2025 18% | Sep 2025 22% | Dec 2025 28% | Mar 2026 21% | Jun 2026 —
- GLOBUSSPR: Sep 2021 20% | Dec 2021 14% | Mar 2022 15% | Jun 2022 11% | Sep 2022 6.7% | Dec 2022 7.4% | Mar 2023 11% | Jun 2023 13% | Sep 2023 7.0% | Dec 2023 6.0% | Mar 2024 3.0% | Jun 2024 7.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 6.0% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 11% | Jun 2026 10%
- GMBREW: Sep 2021 25% | Dec 2021 21% | Mar 2022 16% | Jun 2022 15% | Sep 2022 22% | Dec 2022 22% | Mar 2023 20% | Jun 2023 18% | Sep 2023 20% | Dec 2023 16% | Mar 2024 16% | Jun 2024 21% | Sep 2024 18% | Dec 2024 18% | Mar 2025 17% | Jun 2025 19% | Sep 2025 25% | Dec 2025 26% | Mar 2026 26% | Jun 2026 23%
- ASALCBR: Sep 2021 17% | Dec 2021 16% | Mar 2022 13% | Jun 2022 11% | Sep 2022 7.4% | Dec 2022 9.0% | Mar 2023 8.0% | Jun 2023 12% | Sep 2023 11% | Dec 2023 11% | Mar 2024 7.6% | Jun 2024 11% | Sep 2024 10% | Dec 2024 12% | Mar 2025 15% | Jun 2025 14% | Sep 2025 9.0% | Dec 2025 16% | Mar 2026 17% | Jun 2026 11%
- SDBL: Sep 2021 6.0% | Dec 2021 6.3% | Mar 2022 8.1% | Jun 2022 13% | Sep 2022 12% | Dec 2022 11% | Mar 2023 11% | Jun 2023 13% | Sep 2023 11% | Dec 2023 12% | Mar 2024 11% | Jun 2024 13% | Sep 2024 12% | Dec 2024 12% | Mar 2025 12% | Jun 2025 13% | Sep 2025 15% | Dec 2025 8.0% | Mar 2026 -24% | Jun 2026 —
- SULA: Sep 2021 20% | Dec 2021 33% | Mar 2022 27% | Jun 2022 27% | Sep 2022 31% | Dec 2022 34% | Mar 2023 27% | Jun 2023 28% | Sep 2023 33% | Dec 2023 35% | Mar 2024 24% | Jun 2024 28% | Sep 2024 25% | Dec 2024 27% | Mar 2025 23% | Jun 2025 17% | Sep 2025 19% | Dec 2025 18% | Mar 2026 21% | Jun 2026 —
- IFBAGRO: Sep 2021 8.2% | Dec 2021 4.2% | Mar 2022 7.8% | Jun 2022 6.1% | Sep 2022 5.3% | Dec 2022 5.3% | Mar 2023 7.3% | Jun 2023 0.6% | Sep 2023 -0.2% | Dec 2023 -2.1% | Mar 2024 -2.9% | Jun 2024 3.5% | Sep 2024 1.9% | Dec 2024 4.5% | Mar 2025 3.8% | Jun 2025 7.5% | Sep 2025 9.3% | Dec 2025 5.3% | Mar 2026 6.2% | Jun 2026 —
- JAGAJITIND: Sep 2021 -10% | Dec 2021 -0.0% | Mar 2022 -1.0% | Jun 2022 -3.1% | Sep 2022 2.0% | Dec 2022 6.0% | Mar 2023 0.0% | Jun 2023 3.0% | Sep 2023 2.0% | Dec 2023 3.0% | Mar 2024 4.0% | Jun 2024 0.0% | Sep 2024 -2.0% | Dec 2024 -4.0% | Mar 2025 -5.0% | Jun 2025 -7.0% | Sep 2025 -22% | Dec 2025 -74% | Mar 2026 -13% | Jun 2026 —

### 20-quarter Margin change history
- UNITDSPR: Sep 2021 +5.5 pp | Dec 2021 +0.5 pp | Mar 2022 −0.7 pp | Jun 2022 +4.4 pp | Sep 2022 −3.7 pp | Dec 2022 −4.6 pp | Mar 2023 −8.0 pp | Jun 2023 +11.6 pp | Sep 2023 +1.0 pp | Dec 2023 +3.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 +5.0 pp | Jun 2025 −5.0 pp | Sep 2025 +3.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 −5.0 pp
- RADICO: Sep 2021 −1.3 pp | Dec 2021 −2.5 pp | Mar 2022 −4.9 pp | Jun 2022 −3.2 pp | Sep 2022 −3.9 pp | Dec 2022 −3.7 pp | Mar 2023 −0.8 pp | Jun 2023 +0.8 pp | Sep 2023 +1.2 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- UBL: Sep 2021 +7.1 pp | Dec 2021 −2.5 pp | Mar 2022 −1.7 pp | Jun 2022 +2.4 pp | Sep 2022 +1.5 pp | Dec 2022 −6.0 pp | Mar 2023 −12.3 pp | Jun 2023 −0.9 pp | Sep 2023 −3.0 pp | Dec 2023 +3.0 pp | Mar 2024 +4.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −5.0 pp | Dec 2025 +4.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.8 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 +4.0 pp | Sep 2024 +4.0 pp | Dec 2024 +5.0 pp | Mar 2025 +7.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 0.0 pp
- TI: Sep 2021 +0.7 pp | Dec 2021 +2.5 pp | Mar 2022 +5.4 pp | Jun 2022 −7.8 pp | Sep 2022 −3.7 pp | Dec 2022 −2.8 pp | Mar 2023 +1.3 pp | Jun 2023 +3.5 pp | Sep 2023 +1.6 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +5.0 pp | Dec 2024 +4.0 pp | Mar 2025 +7.0 pp | Jun 2025 +7.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- INDIAGLYCO: Sep 2021 −3.3 pp | Dec 2021 −2.7 pp | Mar 2022 +0.9 pp | Jun 2022 −0.7 pp | Sep 2022 +1.7 pp | Dec 2022 +5.1 pp | Mar 2023 +3.6 pp | Jun 2023 +7.3 pp | Sep 2023 +1.9 pp | Dec 2023 −1.0 pp | Mar 2024 −5.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 +6.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- PICCADIL: Sep 2021 +7.0 pp | Dec 2021 −4.8 pp | Mar 2022 +7.1 pp | Jun 2022 −1.9 pp | Sep 2022 −10.6 pp | Dec 2022 +7.6 pp | Mar 2023 −4.0 pp | Jun 2023 +1.5 pp | Sep 2023 +10.5 pp | Dec 2023 +4.0 pp | Mar 2024 +18.0 pp | Jun 2024 +3.0 pp | Sep 2024 +2.0 pp | Dec 2024 +7.0 pp | Mar 2025 +1.0 pp | Jun 2025 +4.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- GLOBUSSPR: Sep 2021 +1.9 pp | Dec 2021 −7.5 pp | Mar 2022 −9.8 pp | Jun 2022 −14.7 pp | Sep 2022 −13.5 pp | Dec 2022 −6.4 pp | Mar 2023 −4.6 pp | Jun 2023 +1.7 pp | Sep 2023 +0.3 pp | Dec 2023 −1.4 pp | Mar 2024 −7.6 pp | Jun 2024 −6.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +4.0 pp | Dec 2025 +4.0 pp | Mar 2026 +5.0 pp | Jun 2026 +2.0 pp
- GMBREW: Sep 2021 +4.2 pp | Dec 2021 −4.1 pp | Mar 2022 −5.3 pp | Jun 2022 −8.3 pp | Sep 2022 −3.4 pp | Dec 2022 +1.4 pp | Mar 2023 +3.8 pp | Jun 2023 +2.7 pp | Sep 2023 −1.7 pp | Dec 2023 −6.0 pp | Mar 2024 −4.0 pp | Jun 2024 +3.0 pp | Sep 2024 −2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 +7.0 pp | Dec 2025 +8.0 pp | Mar 2026 +9.0 pp | Jun 2026 +4.0 pp
- ASALCBR: Sep 2021 −3.8 pp | Dec 2021 −7.2 pp | Mar 2022 −6.0 pp | Jun 2022 −8.6 pp | Sep 2022 −9.6 pp | Dec 2022 −7.3 pp | Mar 2023 −5.1 pp | Jun 2023 +0.9 pp | Sep 2023 +4.0 pp | Dec 2023 +1.7 pp | Mar 2024 −0.3 pp | Jun 2024 −0.8 pp | Sep 2024 −1.4 pp | Dec 2024 +1.3 pp | Mar 2025 +7.4 pp | Jun 2025 +3.0 pp | Sep 2025 −1.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.0 pp | Jun 2026 −3.0 pp
- SDBL: Sep 2021 +4.9 pp | Dec 2021 +11.2 pp | Mar 2022 +0.7 pp | Jun 2022 +23.3 pp | Sep 2022 +5.8 pp | Dec 2022 +5.2 pp | Mar 2023 +3.0 pp | Jun 2023 −0.4 pp | Sep 2023 −0.8 pp | Dec 2023 +0.6 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.0 pp | Dec 2025 −4.0 pp | Mar 2026 −36.0 pp | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.6 pp | Dec 2022 +0.8 pp | Mar 2023 +0.3 pp | Jun 2023 +0.6 pp | Sep 2023 +2.0 pp | Dec 2023 +1.8 pp | Mar 2024 −3.1 pp | Jun 2024 +0.1 pp | Sep 2024 −7.7 pp | Dec 2024 −8.9 pp | Mar 2025 −1.4 pp | Jun 2025 −11.4 pp | Sep 2025 −5.9 pp | Dec 2025 −8.8 pp | Mar 2026 −2.1 pp | Jun 2026 —
- IFBAGRO: Sep 2021 −1.4 pp | Dec 2021 −6.0 pp | Mar 2022 −1.0 pp | Jun 2022 −3.6 pp | Sep 2022 −2.9 pp | Dec 2022 +1.1 pp | Mar 2023 −0.6 pp | Jun 2023 −5.5 pp | Sep 2023 −5.5 pp | Dec 2023 −7.3 pp | Mar 2024 −10.2 pp | Jun 2024 +2.9 pp | Sep 2024 +2.1 pp | Dec 2024 +6.5 pp | Mar 2025 +6.7 pp | Jun 2025 +3.9 pp | Sep 2025 +7.4 pp | Dec 2025 +0.9 pp | Mar 2026 +2.4 pp | Jun 2026 —
- JAGAJITIND: Sep 2021 −10.7 pp | Dec 2021 −3.2 pp | Mar 2022 −8.0 pp | Jun 2022 −1.7 pp | Sep 2022 +12.2 pp | Dec 2022 +6.0 pp | Mar 2023 +1.0 pp | Jun 2023 +6.1 pp | Sep 2023 0.0 pp | Dec 2023 −3.0 pp | Mar 2024 +4.0 pp | Jun 2024 −3.0 pp | Sep 2024 −4.0 pp | Dec 2024 −7.0 pp | Mar 2025 −9.0 pp | Jun 2025 −7.0 pp | Sep 2025 −20.0 pp | Dec 2025 −70.0 pp | Mar 2026 −8.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: United Spirits Ltd leads with ₹1,884 crore of TTM profit, 211.4% above Radico Khaitan Ltd. Globus Spirits Ltd shows ≥100% on the scoring scale (312.5% uncapped) growth from a ₹99 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: United Spirits Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: United Spirits Ltd · ₹1,884 crore | 211.4% versus #2 · Radico Khaitan Ltd | 6/8 recent comparable periods | 14/14 companies · 231 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. United Spirits Ltd (UNITDSPR): ₹1.9K Cr
2. Radico Khaitan Ltd (RADICO): ₹605 Cr
3. United Breweries Ltd (UBL): ₹413 Cr
4. India Glycols Ltd (INDIAGLYCO): ₹293 Cr
5. Allied Blenders & Distillers Ltd (ABDL): ₹210 Cr

### Profit growth — fastest growers
1. Globus Spirits Ltd (GLOBUSSPR): 100%
2. IFB Agro Industries Ltd (IFBAGRO): 100%
3. Radico Khaitan Ltd (RADICO): 76%
4. Piccadily Agro Industries Ltd (PICCADIL): 34%
5. G M Breweries Ltd (GMBREW): 30%

### 20-quarter Net profit history
- UNITDSPR: Sep 2021 ₹286 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹261 Cr | Sep 2022 ₹548 Cr | Dec 2022 ₹214 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹477 Cr | Sep 2023 ₹339 Cr | Dec 2023 ₹350 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹485 Cr | Sep 2024 ₹341 Cr | Dec 2024 ₹335 Cr | Mar 2025 ₹421 Cr | Jun 2025 ₹417 Cr | Sep 2025 ₹464 Cr | Dec 2025 ₹418 Cr | Mar 2026 ₹539 Cr | Jun 2026 ₹463 Cr
- RADICO: Sep 2021 ₹73 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹179 Cr | Jun 2026 —
- UBL: Sep 2021 ₹80 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹162 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-2 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-1 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹38 Cr | Jun 2026 ₹45 Cr
- TI: Sep 2021 ₹11 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹-105 Cr | Mar 2026 ₹-15 Cr | Jun 2026 —
- INDIAGLYCO: Sep 2021 ₹37 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- PICCADIL: Sep 2021 ₹9 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- GLOBUSSPR: Sep 2021 ₹53 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹21 Cr | Jun 2026 ₹26 Cr
- GMBREW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹26 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹54 Cr | Jun 2026 ₹38 Cr
- ASALCBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹18 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹24 Cr | Jun 2026 ₹18 Cr
- SDBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹-57 Cr | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹39 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- IFBAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- JAGAJITIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹-17 Cr | Jun 2026 —

### 20-quarter Profit growth history
- UNITDSPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 422% | Sep 2022 92% | Dec 2022 -27% | Mar 2023 -42% | Jun 2023 83% | Sep 2023 -38% | Dec 2023 64% | Mar 2024 134% | Jun 2024 1.7% | Sep 2024 0.6% | Dec 2024 -4.3% | Mar 2025 75% | Jun 2025 -14% | Sep 2025 36% | Dec 2025 25% | Mar 2026 28% | Jun 2026 11%
- RADICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 -26% | Dec 2022 -23% | Mar 2023 -14% | Jun 2023 9.7% | Sep 2023 20% | Dec 2023 23% | Mar 2024 26% | Jun 2024 10% | Sep 2024 25% | Dec 2024 27% | Mar 2025 70% | Jun 2025 75% | Sep 2025 73% | Dec 2025 63% | Mar 2026 95% | Jun 2026 —
- UBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 423% | Sep 2022 68% | Dec 2022 -102% | Mar 2023 -94% | Jun 2023 -16% | Sep 2023 -20% | Dec 2023 — | Mar 2024 720% | Jun 2024 28% | Sep 2024 23% | Dec 2024 -55% | Mar 2025 20% | Jun 2025 5.8% | Sep 2025 -65% | Dec 2025 108% | Mar 2026 4.1% | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 336% | Dec 2024 — | Mar 2025 — | Jun 2025 409% | Sep 2025 31% | Dec 2025 12% | Mar 2026 -52% | Jun 2026 -20%
- TI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 27% | Dec 2022 660% | Mar 2023 157% | Jun 2023 2,500% | Sep 2023 164% | Dec 2023 -42% | Mar 2024 -47% | Jun 2024 54% | Sep 2024 57% | Dec 2024 23% | Mar 2025 148% | Jun 2025 123% | Sep 2025 -8.6% | Dec 2025 -294% | Mar 2026 -119% | Jun 2026 —
- INDIAGLYCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -87% | Sep 2022 -35% | Dec 2022 108% | Mar 2023 -40% | Jun 2023 82% | Sep 2023 58% | Dec 2023 -16% | Mar 2024 5.0% | Jun 2024 18% | Sep 2024 32% | Dec 2024 36% | Mar 2025 52% | Jun 2025 22% | Sep 2025 30% | Dec 2025 19% | Mar 2026 36% | Jun 2026 —
- PICCADIL: Sep 2021 — | Dec 2021 — | Mar 2022 200% | Jun 2022 -33% | Sep 2022 -67% | Dec 2022 250% | Mar 2023 -17% | Jun 2023 38% | Sep 2023 267% | Dec 2023 529% | Mar 2024 760% | Jun 2024 18% | Sep 2024 127% | Dec 2024 -43% | Mar 2025 -7.0% | Jun 2025 38% | Sep 2025 8.0% | Dec 2025 92% | Mar 2026 13% | Jun 2026 —
- GLOBUSSPR: Sep 2021 — | Dec 2021 — | Mar 2022 -3.9% | Jun 2022 -34% | Sep 2022 -58% | Dec 2022 -13% | Mar 2023 -27% | Jun 2023 5.4% | Sep 2023 -41% | Dec 2023 63% | Mar 2024 -100% | Jun 2024 -62% | Sep 2024 -92% | Dec 2024 -100% | Mar 2025 — | Jun 2025 20% | Sep 2025 2,100% | Dec 2025 — | Mar 2026 320% | Jun 2026 44%
- GMBREW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -12% | Mar 2024 149% | Jun 2024 25% | Sep 2024 0.0% | Dec 2024 -4.4% | Mar 2025 -31% | Jun 2025 4.0% | Sep 2025 59% | Dec 2025 91% | Mar 2026 -10% | Jun 2026 46%
- ASALCBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 33% | Sep 2025 -6.7% | Dec 2025 3.9% | Mar 2026 9.1% | Jun 2026 -25%
- SDBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 71% | Mar 2024 25% | Jun 2024 21% | Sep 2024 27% | Dec 2024 22% | Mar 2025 20% | Jun 2025 2.4% | Sep 2025 5.3% | Dec 2025 -77% | Mar 2026 -338% | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.4% | Mar 2024 -4.9% | Jun 2024 6.9% | Sep 2024 -37% | Dec 2024 -35% | Mar 2025 -3.8% | Jun 2025 -87% | Sep 2025 -58% | Dec 2025 -68% | Mar 2026 -34% | Jun 2026 —
- IFBAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -162% | Mar 2024 -128% | Jun 2024 339% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 106% | Sep 2025 986% | Dec 2025 -35% | Mar 2026 1,376% | Jun 2026 —
- JAGAJITIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 100% | Dec 2023 -75% | Mar 2024 -67% | Jun 2024 -233% | Sep 2024 -500% | Dec 2024 -500% | Mar 2025 -450% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Allied Blenders & Distillers Ltd reports ₹7 crore of CAPEX; Allied Blenders & Distillers Ltd has the highest covered intensity at 0.9%. Coverage is only 1 of 14 companies and 1 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Allied Blenders & Distillers Ltd · ₹7 crore | Not enough peers | 1/1 recent comparable periods | 1/14 companies · 1 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Allied Blenders & Distillers Ltd (ABDL): ₹7 Cr

### CAPEX intensity — highest reinvestment intensity
1. Allied Blenders & Distillers Ltd (ABDL): 0.9%

### 20-quarter CAPEX history
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹7 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 0.9% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: United Spirits Ltd has the clearest covered balance-sheet capacity with ₹2,716 crore net cash and gross debt of ₹413 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: G M Breweries Ltd · ₹35 crore | 49.3% versus #2 · Associated Alcohols & Breweries Ltd | 4/6 recent comparable periods | 14/14 companies · 231 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. G M Breweries Ltd (GMBREW): ₹35 Cr
2. Associated Alcohols & Breweries Ltd (ASALCBR): ₹69 Cr
3. IFB Agro Industries Ltd (IFBAGRO): ₹75 Cr
4. Som Distilleries & Breweries Ltd (SDBL): ₹212 Cr
5. Sula Vineyards Ltd (SULA): ₹333 Cr

### Net debt — lowest net debt
1. United Spirits Ltd (UNITDSPR): ₹-2.7K Cr
2. IFB Agro Industries Ltd (IFBAGRO): ₹-110 Cr
3. G M Breweries Ltd (GMBREW): ₹24 Cr
4. Associated Alcohols & Breweries Ltd (ASALCBR): ₹41 Cr
5. Som Distilleries & Breweries Ltd (SDBL): ₹195 Cr

### 20-quarter Gross debt history
- UNITDSPR: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹605 Cr | Jun 2022 ₹605 Cr | Sep 2022 ₹557 Cr | Dec 2022 ₹557 Cr | Mar 2023 ₹183 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹265 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹518 Cr | Dec 2024 ₹518 Cr | Mar 2025 ₹480 Cr | Jun 2025 ₹480 Cr | Sep 2025 ₹412 Cr | Dec 2025 ₹412 Cr | Mar 2026 ₹413 Cr | Jun 2026 —
- RADICO: Sep 2021 ₹204 Cr | Dec 2021 ₹204 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹410 Cr | Dec 2022 ₹410 Cr | Mar 2023 ₹754 Cr | Jun 2023 ₹754 Cr | Sep 2023 ₹883 Cr | Dec 2023 ₹883 Cr | Mar 2024 ₹818 Cr | Jun 2024 ₹818 Cr | Sep 2024 ₹903 Cr | Dec 2024 ₹903 Cr | Mar 2025 ₹750 Cr | Jun 2025 ₹750 Cr | Sep 2025 ₹624 Cr | Dec 2025 ₹624 Cr | Mar 2026 ₹498 Cr | Jun 2026 —
- UBL: Sep 2021 ₹230 Cr | Dec 2021 ₹230 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹620 Cr | Jun 2025 ₹620 Cr | Sep 2025 ₹777 Cr | Dec 2025 ₹777 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹863 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹793 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹835 Cr | Jun 2024 ₹835 Cr | Sep 2024 ₹720 Cr | Dec 2024 ₹720 Cr | Mar 2025 ₹905 Cr | Jun 2025 ₹905 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- TI: Sep 2021 ₹514 Cr | Dec 2021 ₹514 Cr | Mar 2022 ₹585 Cr | Jun 2022 ₹585 Cr | Sep 2022 ₹487 Cr | Dec 2022 ₹487 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹256 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹190 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- INDIAGLYCO: Sep 2021 ₹832 Cr | Dec 2021 ₹832 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- PICCADIL: Sep 2021 ₹93 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹135 Cr | Jun 2022 ₹135 Cr | Sep 2022 ₹128 Cr | Dec 2022 — | Mar 2023 ₹154 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹163 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹308 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹324 Cr | Dec 2025 — | Mar 2026 ₹531 Cr | Jun 2026 —
- GLOBUSSPR: Sep 2021 ₹173 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹180 Cr | Jun 2022 ₹180 Cr | Sep 2022 ₹255 Cr | Dec 2022 ₹255 Cr | Mar 2023 ₹291 Cr | Jun 2023 ₹291 Cr | Sep 2023 ₹352 Cr | Dec 2023 ₹352 Cr | Mar 2024 ₹329 Cr | Jun 2024 ₹329 Cr | Sep 2024 ₹416 Cr | Dec 2024 ₹416 Cr | Mar 2025 ₹527 Cr | Jun 2025 ₹527 Cr | Sep 2025 ₹467 Cr | Dec 2025 ₹467 Cr | Mar 2026 ₹527 Cr | Jun 2026 ₹527 Cr
- GMBREW: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹35 Cr
- ASALCBR: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹69 Cr | Jun 2026 ₹69 Cr
- SDBL: Sep 2021 ₹169 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹197 Cr | Jun 2022 ₹197 Cr | Sep 2022 ₹176 Cr | Dec 2022 ₹176 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹242 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹171 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹212 Cr | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹240 Cr | Jun 2022 ₹240 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹203 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹277 Cr | Dec 2023 ₹277 Cr | Mar 2024 ₹324 Cr | Jun 2024 ₹324 Cr | Sep 2024 ₹351 Cr | Dec 2024 ₹351 Cr | Mar 2025 ₹315 Cr | Jun 2025 ₹315 Cr | Sep 2025 ₹400 Cr | Dec 2025 ₹400 Cr | Mar 2026 ₹333 Cr | Jun 2026 —
- IFBAGRO: Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- JAGAJITIND: Sep 2021 — | Dec 2021 — | Mar 2022 ₹217 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹223 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹271 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹404 Cr | Jun 2025 — | Sep 2025 ₹409 Cr | Dec 2025 — | Mar 2026 ₹363 Cr | Jun 2026 —

### 20-quarter Net debt history
- UNITDSPR: Sep 2021 ₹944 Cr | Dec 2021 ₹944 Cr | Mar 2022 ₹328 Cr | Jun 2022 ₹328 Cr | Sep 2022 ₹-757 Cr | Dec 2022 ₹-757 Cr | Mar 2023 ₹-956 Cr | Jun 2023 ₹-188 Cr | Sep 2023 ₹-1.7K Cr | Dec 2023 ₹-1.7K Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-1.6K Cr | Sep 2024 ₹-1.6K Cr | Dec 2024 ₹-1.6K Cr | Mar 2025 ₹-2.4K Cr | Jun 2025 ₹-2.4K Cr | Sep 2025 ₹-2.3K Cr | Dec 2025 ₹-2.3K Cr | Mar 2026 ₹-2.7K Cr | Jun 2026 —
- RADICO: Sep 2021 ₹130 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹298 Cr | Mar 2023 ₹624 Cr | Jun 2023 ₹623 Cr | Sep 2023 ₹828 Cr | Dec 2023 ₹828 Cr | Mar 2024 ₹719 Cr | Jun 2024 ₹719 Cr | Sep 2024 ₹832 Cr | Dec 2024 ₹832 Cr | Mar 2025 ₹693 Cr | Jun 2025 ₹693 Cr | Sep 2025 ₹570 Cr | Dec 2025 ₹570 Cr | Mar 2026 ₹410 Cr | Jun 2026 —
- UBL: Sep 2021 ₹-420 Cr | Dec 2021 ₹-420 Cr | Mar 2022 ₹-861 Cr | Jun 2022 ₹-861 Cr | Sep 2022 ₹-767 Cr | Dec 2022 ₹-767 Cr | Mar 2023 ₹-321 Cr | Jun 2023 ₹-321 Cr | Sep 2023 ₹-637 Cr | Dec 2023 ₹-637 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹-40 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹-27 Cr | Mar 2025 ₹269 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹483 Cr | Dec 2025 ₹483 Cr | Mar 2026 ₹745 Cr | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹843 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹765 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹790 Cr | Jun 2024 ₹760 Cr | Sep 2024 ₹614 Cr | Dec 2024 ₹614 Cr | Mar 2025 ₹801 Cr | Jun 2025 ₹801 Cr | Sep 2025 ₹899 Cr | Dec 2025 ₹899 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- TI: Sep 2021 ₹473 Cr | Dec 2021 ₹473 Cr | Mar 2022 ₹514 Cr | Jun 2022 ₹514 Cr | Sep 2022 ₹410 Cr | Dec 2022 ₹410 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-67 Cr | Jun 2025 ₹-67 Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- INDIAGLYCO: Sep 2021 ₹707 Cr | Dec 2021 ₹707 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹945 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹999 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- PICCADIL: Sep 2021 ₹89 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹127 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹123 Cr | Dec 2022 — | Mar 2023 ₹148 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹260 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹382 Cr | Jun 2026 —
- GLOBUSSPR: Sep 2021 ₹89 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹196 Cr | Dec 2022 ₹196 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹256 Cr | Sep 2023 ₹296 Cr | Dec 2023 ₹296 Cr | Mar 2024 ₹250 Cr | Jun 2024 ₹251 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹332 Cr | Mar 2025 ₹448 Cr | Jun 2025 ₹448 Cr | Sep 2025 ₹361 Cr | Dec 2025 ₹361 Cr | Mar 2026 ₹456 Cr | Jun 2026 ₹456 Cr
- GMBREW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-38 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-107 Cr | Dec 2025 ₹-107 Cr | Mar 2026 ₹24 Cr | Jun 2026 ₹24 Cr
- ASALCBR: Sep 2021 ₹-85 Cr | Dec 2021 ₹-85 Cr | Mar 2022 ₹-76 Cr | Jun 2022 ₹-76 Cr | Sep 2022 ₹-74 Cr | Dec 2022 ₹-74 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹41 Cr | Jun 2026 ₹41 Cr
- SDBL: Sep 2021 ₹157 Cr | Dec 2021 ₹157 Cr | Mar 2022 ₹192 Cr | Jun 2022 ₹188 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹237 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹143 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹195 Cr | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹230 Cr | Jun 2022 ₹230 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹187 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹254 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹227 Cr | Sep 2024 ₹336 Cr | Dec 2024 ₹336 Cr | Mar 2025 ₹308 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹379 Cr | Dec 2025 ₹379 Cr | Mar 2026 ₹326 Cr | Jun 2026 —
- IFBAGRO: Sep 2021 ₹-130 Cr | Dec 2021 ₹-130 Cr | Mar 2022 ₹-171 Cr | Jun 2022 ₹-171 Cr | Sep 2022 ₹-102 Cr | Dec 2022 ₹-102 Cr | Mar 2023 ₹-186 Cr | Jun 2023 ₹-186 Cr | Sep 2023 ₹-79 Cr | Dec 2023 ₹-79 Cr | Mar 2024 ₹-122 Cr | Jun 2024 ₹-122 Cr | Sep 2024 ₹-101 Cr | Dec 2024 ₹-101 Cr | Mar 2025 ₹-173 Cr | Jun 2025 ₹-173 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-110 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: United Spirits Ltd leads ROCE at 26.4%, 2.2 percentage points above Radico Khaitan Ltd. Jagatjit Industries Ltd has the strongest latest improvement at +9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: United Spirits Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: United Spirits Ltd · 26.4% | 9.1% versus #2 · Radico Khaitan Ltd | 4/8 recent comparable periods | 14/14 companies · 188 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. United Spirits Ltd (UNITDSPR): 26%
2. Radico Khaitan Ltd (RADICO): 24%
3. Allied Blenders & Distillers Ltd (ABDL): 18%
4. Associated Alcohols & Breweries Ltd (ASALCBR): 18%
5. G M Breweries Ltd (GMBREW): 18%

### ROCE change — fastest improvers
1. Jagatjit Industries Ltd (JAGAJITIND): +9.0 pp
2. Globus Spirits Ltd (GLOBUSSPR): +7.4 pp
3. Radico Khaitan Ltd (RADICO): +6.9 pp
4. IFB Agro Industries Ltd (IFBAGRO): +4.8 pp
5. G M Breweries Ltd (GMBREW): +3.7 pp

### 20-quarter ROCE history
- UNITDSPR: Sep 2021 27% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 22% | Dec 2023 27% | Mar 2024 24% | Jun 2024 29% | Sep 2024 22% | Dec 2024 27% | Mar 2025 28% | Jun 2025 28% | Sep 2025 19% | Dec 2025 28% | Mar 2026 24% | Jun 2026 —
- RADICO: Sep 2021 19% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 12% | Dec 2023 15% | Mar 2024 14% | Jun 2024 15% | Sep 2024 15% | Dec 2024 17% | Mar 2025 17% | Jun 2025 21% | Sep 2025 21% | Dec 2025 25% | Mar 2026 24% | Jun 2026 —
- UBL: Sep 2021 12% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 8.3% | Dec 2023 11% | Mar 2024 12% | Jun 2024 15% | Sep 2024 14% | Dec 2024 14% | Mar 2025 14% | Jun 2025 15% | Sep 2025 12% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 5.0% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 — | Dec 2023 31% | Mar 2024 30% | Jun 2024 34% | Sep 2024 16% | Dec 2024 30% | Mar 2025 22% | Jun 2025 38% | Sep 2025 24% | Dec 2025 29% | Mar 2026 24% | Jun 2026 —
- TI: Sep 2021 9.7% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 19% | Dec 2023 28% | Mar 2024 21% | Jun 2024 26% | Sep 2024 23% | Dec 2024 24% | Mar 2025 25% | Jun 2025 33% | Sep 2025 14% | Dec 2025 11% | Mar 2026 6.9% | Jun 2026 —
- INDIAGLYCO: Sep 2021 5.7% | Dec 2021 — | Mar 2022 6.5% | Jun 2022 — | Sep 2022 6.7% | Dec 2022 — | Mar 2023 7.8% | Jun 2023 — | Sep 2023 9.5% | Dec 2023 11% | Mar 2024 9.8% | Jun 2024 12% | Sep 2024 9.8% | Dec 2024 12% | Mar 2025 11% | Jun 2025 14% | Sep 2025 12% | Dec 2025 14% | Mar 2026 11% | Jun 2026 —
- PICCADIL: Sep 2021 19% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 19% | Dec 2023 37% | Mar 2024 31% | Jun 2024 45% | Sep 2024 21% | Dec 2024 32% | Mar 2025 20% | Jun 2025 28% | Sep 2025 — | Dec 2025 27% | Mar 2026 21% | Jun 2026 —
- GLOBUSSPR: Sep 2021 34% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 8.9% | Jun 2024 7.7% | Sep 2024 5.2% | Dec 2024 5.4% | Mar 2025 5.5% | Jun 2025 7.1% | Sep 2025 7.9% | Dec 2025 12% | Mar 2026 12% | Jun 2026 15%
- GMBREW: Sep 2021 18% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 16% | Dec 2023 20% | Mar 2024 12% | Jun 2024 25% | Sep 2024 12% | Dec 2024 24% | Mar 2025 12% | Jun 2025 18% | Sep 2025 13% | Dec 2025 22% | Mar 2026 16% | Jun 2026 22%
- ASALCBR: Sep 2021 29% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 12% | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 20% | Jun 2025 23% | Sep 2025 18% | Dec 2025 21% | Mar 2026 16% | Jun 2026 18%
- SDBL: Sep 2021 -2.2% | Dec 2021 — | Mar 2022 0.8% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 16% | Dec 2023 22% | Mar 2024 18% | Jun 2024 22% | Sep 2024 20% | Dec 2024 22% | Mar 2025 17% | Jun 2025 19% | Sep 2025 17% | Dec 2025 17% | Mar 2026 6.2% | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 24% | Dec 2023 29% | Mar 2024 23% | Jun 2024 25% | Sep 2024 21% | Dec 2024 20% | Mar 2025 16% | Jun 2025 15% | Sep 2025 13% | Dec 2025 10% | Mar 2026 9.1% | Jun 2026 —
- IFBAGRO: Sep 2021 14% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 3.4% | Dec 2023 1.4% | Mar 2024 -4.7% | Jun 2024 -1.0% | Sep 2024 -2.2% | Dec 2024 3.9% | Mar 2025 3.7% | Jun 2025 8.8% | Sep 2025 8.6% | Dec 2025 12% | Mar 2026 8.5% | Jun 2026 —

### 20-quarter ROCE change history
- UNITDSPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 — | Mar 2023 −7.2 pp | Jun 2023 — | Sep 2023 −3.2 pp | Dec 2023 — | Mar 2024 +5.1 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 −0.7 pp | Mar 2025 +4.6 pp | Jun 2025 −1.6 pp | Sep 2025 −2.9 pp | Dec 2025 +1.9 pp | Mar 2026 −4.6 pp | Jun 2026 —
- RADICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 −4.8 pp | Jun 2023 — | Sep 2023 −2.0 pp | Dec 2023 — | Mar 2024 +2.7 pp | Jun 2024 — | Sep 2024 +3.6 pp | Dec 2024 +1.8 pp | Mar 2025 +3.6 pp | Jun 2025 +5.2 pp | Sep 2025 +5.9 pp | Dec 2025 +7.8 pp | Mar 2026 +6.9 pp | Jun 2026 —
- UBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.9 pp | Dec 2022 — | Mar 2023 −2.6 pp | Jun 2023 — | Sep 2023 −9.9 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 +5.2 pp | Dec 2024 +2.8 pp | Mar 2025 +2.2 pp | Jun 2025 −0.1 pp | Sep 2025 −1.8 pp | Dec 2025 +0.1 pp | Mar 2026 −2.2 pp | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +6.8 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +17.7 pp | Jun 2024 — | Sep 2024 — | Dec 2024 −1.5 pp | Mar 2025 −7.1 pp | Jun 2025 +3.2 pp | Sep 2025 +8.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.2 pp | Jun 2026 —
- TI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 — | Mar 2023 +4.1 pp | Jun 2023 — | Sep 2023 +4.9 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 — | Sep 2024 +4.1 pp | Dec 2024 −4.0 pp | Mar 2025 +3.7 pp | Jun 2025 +7.3 pp | Sep 2025 −9.8 pp | Dec 2025 −13.4 pp | Mar 2026 −18.0 pp | Jun 2026 —
- INDIAGLYCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 — | Mar 2023 +1.3 pp | Jun 2023 — | Sep 2023 +2.8 pp | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 +1.4 pp | Mar 2025 +1.6 pp | Jun 2025 +1.9 pp | Sep 2025 +2.0 pp | Dec 2025 +1.3 pp | Mar 2026 −0.4 pp | Jun 2026 —
- PICCADIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 — | Mar 2023 −6.3 pp | Jun 2023 — | Sep 2023 +4.2 pp | Dec 2023 — | Mar 2024 +15.8 pp | Jun 2024 — | Sep 2024 +2.4 pp | Dec 2024 −4.5 pp | Mar 2025 −11.3 pp | Jun 2025 −17.0 pp | Sep 2025 — | Dec 2025 −5.0 pp | Mar 2026 +1.9 pp | Jun 2026 —
- GLOBUSSPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.7 pp | Dec 2022 — | Mar 2023 −12.4 pp | Jun 2023 — | Sep 2023 −4.1 pp | Dec 2023 — | Mar 2024 −7.9 pp | Jun 2024 — | Sep 2024 −10.4 pp | Dec 2024 — | Mar 2025 −3.4 pp | Jun 2025 −0.6 pp | Sep 2025 +2.7 pp | Dec 2025 +6.8 pp | Mar 2026 +6.2 pp | Jun 2026 +7.4 pp
- GMBREW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 — | Mar 2023 +1.1 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 −3.9 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 +3.9 pp | Mar 2025 −0.3 pp | Jun 2025 −6.7 pp | Sep 2025 +1.1 pp | Dec 2025 −1.2 pp | Mar 2026 +4.3 pp | Jun 2026 +3.7 pp
- ASALCBR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.4 pp | Dec 2022 — | Mar 2023 −10.2 pp | Jun 2023 — | Sep 2023 −4.2 pp | Dec 2023 — | Mar 2024 +1.9 pp | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 — | Mar 2025 +6.6 pp | Jun 2025 — | Sep 2025 +3.4 pp | Dec 2025 — | Mar 2026 −3.3 pp | Jun 2026 −5.4 pp
- SDBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.2 pp | Dec 2022 — | Mar 2023 +13.7 pp | Jun 2023 — | Sep 2023 +3.0 pp | Dec 2023 — | Mar 2024 +3.1 pp | Jun 2024 — | Sep 2024 +3.9 pp | Dec 2024 +0.6 pp | Mar 2025 −0.4 pp | Jun 2025 −2.6 pp | Sep 2025 −3.4 pp | Dec 2025 −5.4 pp | Mar 2026 −11.0 pp | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +5.6 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 — | Sep 2024 −2.2 pp | Dec 2024 −8.6 pp | Mar 2025 −6.1 pp | Jun 2025 −9.4 pp | Sep 2025 −8.4 pp | Dec 2025 −9.6 pp | Mar 2026 −7.3 pp | Jun 2026 —
- IFBAGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.4 pp | Dec 2022 — | Mar 2023 −1.4 pp | Jun 2023 — | Sep 2023 −6.7 pp | Dec 2023 — | Mar 2024 −15.2 pp | Jun 2024 — | Sep 2024 −5.6 pp | Dec 2024 +2.5 pp | Mar 2025 +8.4 pp | Jun 2025 +9.8 pp | Sep 2025 +10.8 pp | Dec 2025 +7.9 pp | Mar 2026 +4.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Tilaknagar Industries Ltd has the lowest comparable Guarded PEG at 0.58×, 24.7% below India Glycols Ltd. Only 6 of 14 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Tilaknagar Industries Ltd · 0.58× | 24.7% versus #2 · India Glycols Ltd | 0/8 recent comparable periods | 6/14 companies · 46 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Tilaknagar Industries Ltd (TI): 0.6
2. India Glycols Ltd (INDIAGLYCO): 0.8
3. Piccadily Agro Industries Ltd (PICCADIL): 1.8
4. Radico Khaitan Ltd (RADICO): 1.9
5. United Spirits Ltd (UNITDSPR): 3.1

### P/E — lowest P/E
1. G M Breweries Ltd (GMBREW): 15.0
2. IFB Agro Industries Ltd (IFBAGRO): 16.3
3. Associated Alcohols & Breweries Ltd (ASALCBR): 20.0
4. Globus Spirits Ltd (GLOBUSSPR): 25.5
5. India Glycols Ltd (INDIAGLYCO): 26.4

### 20-quarter Guarded PEG history
- UNITDSPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.4 | Jun 2023 — | Sep 2023 8.6 | Dec 2023 — | Mar 2024 11.3 | Jun 2024 — | Sep 2024 5.9 | Dec 2024 6.7 | Mar 2025 4.5 | Jun 2025 — | Sep 2025 4.3 | Dec 2025 2.7 | Mar 2026 2.2 | Jun 2026 3.1
- RADICO: Sep 2021 1.6 | Dec 2021 1.9 | Mar 2022 2.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.1 | Jun 2024 4.8 | Sep 2024 5.5 | Dec 2024 5.9 | Mar 2025 4.9 | Jun 2025 3.3 | Sep 2025 1.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.9 | Sep 2024 3.5 | Dec 2024 — | Mar 2025 4.1 | Jun 2025 10.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 4.1
- TI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INDIAGLYCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.3 | Sep 2024 0.5 | Dec 2024 0.6 | Mar 2025 0.3 | Jun 2025 1.3 | Sep 2025 0.6 | Dec 2025 1.4 | Mar 2026 0.8 | Jun 2026 —
- PICCADIL: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 — | Sep 2022 1.4 | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 7.3 | Dec 2023 — | Mar 2024 — | Jun 2024 4.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.9 | Sep 2025 2.8 | Dec 2025 — | Mar 2026 1.8 | Jun 2026 —

### 20-quarter P/E history
- UNITDSPR: Sep 2021 84.3 | Dec 2021 74.5 | Mar 2022 71.4 | Jun 2022 57.7 | Sep 2022 52.8 | Dec 2022 56.1 | Mar 2023 45.8 | Jun 2023 63.4 | Sep 2023 59.1 | Dec 2023 63.3 | Mar 2024 64.9 | Jun 2024 65.5 | Sep 2024 82.3 | Dec 2024 79.9 | Mar 2025 69.4 | Jun 2025 63.0 | Sep 2025 58.8 | Dec 2025 59.3 | Mar 2026 50.6 | Jun 2026 51.9
- RADICO: Sep 2021 40.7 | Dec 2021 56.6 | Mar 2022 41.8 | Jun 2022 41.9 | Sep 2022 52.8 | Dec 2022 55.0 | Mar 2023 70.1 | Jun 2023 73.3 | Sep 2023 71.0 | Dec 2023 93.5 | Mar 2024 92.0 | Jun 2024 91.1 | Sep 2024 102.5 | Dec 2024 119.7 | Mar 2025 106.3 | Jun 2025 100.8 | Sep 2025 95.5 | Dec 2025 95.6 | Mar 2026 66.7 | Jun 2026 —
- UBL: Sep 2021 164.5 | Dec 2021 125.3 | Mar 2022 112.9 | Jun 2022 108.1 | Sep 2022 90.9 | Dec 2022 81.7 | Mar 2023 76.8 | Jun 2023 118.6 | Sep 2023 132.3 | Dec 2023 165.9 | Mar 2024 135.5 | Jun 2024 128.1 | Sep 2024 128.9 | Dec 2024 113.7 | Mar 2025 120.4 | Jun 2025 113.8 | Sep 2025 100.9 | Dec 2025 112.9 | Mar 2026 98.1 | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 182.6 | Dec 2024 213.3 | Mar 2025 75.4 | Jun 2025 61.1 | Sep 2025 60.0 | Dec 2025 66.8 | Mar 2026 41.4 | Jun 2026 76.0
- TI: Sep 2021 -442.8 | Dec 2021 110.6 | Mar 2022 87.6 | Jun 2022 32.0 | Sep 2022 42.1 | Dec 2022 50.1 | Mar 2023 39.1 | Jun 2023 35.5 | Sep 2023 38.2 | Dec 2023 39.4 | Mar 2024 29.9 | Jun 2024 34.2 | Sep 2024 36.1 | Dec 2024 43.4 | Mar 2025 23.8 | Jun 2025 29.4 | Sep 2025 30.8 | Dec 2025 33.6 | Mar 2026 31.4 | Jun 2026 —
- INDIAGLYCO: Sep 2021 11.2 | Dec 2021 14.1 | Mar 2022 15.3 | Jun 2022 10.6 | Sep 2022 15.7 | Dec 2022 15.5 | Mar 2023 13.3 | Jun 2023 17.4 | Sep 2023 16.5 | Dec 2023 16.5 | Mar 2024 13.7 | Jun 2024 15.8 | Sep 2024 20.9 | Dec 2024 20.8 | Mar 2025 16.4 | Jun 2025 27.4 | Sep 2025 21.2 | Dec 2025 24.5 | Mar 2026 20.6 | Jun 2026 —
- PICCADIL: Sep 2021 8.7 | Dec 2021 10.9 | Mar 2022 12.0 | Jun 2022 12.0 | Sep 2022 14.3 | Dec 2022 21.0 | Mar 2023 17.8 | Jun 2023 29.2 | Sep 2023 42.1 | Dec 2023 77.8 | Mar 2024 59.4 | Jun 2024 79.7 | Sep 2024 78.7 | Dec 2024 90.9 | Mar 2025 50.3 | Jun 2025 52.8 | Sep 2025 58.9 | Dec 2025 48.8 | Mar 2026 39.0 | Jun 2026 —
- GLOBUSSPR: Sep 2021 22.5 | Dec 2021 20.8 | Mar 2022 24.1 | Jun 2022 14.9 | Sep 2022 13.8 | Dec 2022 13.6 | Mar 2023 12.6 | Jun 2023 20.4 | Sep 2023 14.2 | Dec 2023 14.2 | Mar 2024 13.6 | Jun 2024 15.7 | Sep 2024 49.2 | Dec 2024 41.0 | Mar 2025 168.3 | Jun 2025 118.1 | Sep 2025 119.5 | Dec 2025 61.9 | Mar 2026 31.4 | Jun 2026 27.4
- GMBREW: Sep 2021 11.2 | Dec 2021 15.1 | Mar 2022 14.0 | Jun 2022 10.9 | Sep 2022 11.4 | Dec 2022 10.9 | Mar 2023 9.8 | Jun 2023 10.3 | Sep 2023 12.9 | Dec 2023 12.9 | Mar 2024 7.7 | Jun 2024 9.3 | Sep 2024 13.6 | Dec 2024 12.0 | Mar 2025 11.0 | Jun 2025 12.9 | Sep 2025 12.5 | Dec 2025 21.2 | Mar 2026 18.1 | Jun 2026 16.8
- ASALCBR: Sep 2021 70.3 | Dec 2021 84.4 | Mar 2022 79.0 | Jun 2022 72.9 | Sep 2022 86.3 | Dec 2022 70.7 | Mar 2023 53.5 | Jun 2023 65.9 | Sep 2023 77.7 | Dec 2023 80.3 | Mar 2024 78.1 | Jun 2024 110.3 | Sep 2024 156.0 | Dec 2024 174.5 | Mar 2025 231.2 | Jun 2025 25.0 | Sep 2025 19.6 | Dec 2025 20.3 | Mar 2026 14.5 | Jun 2026 19.5
- SDBL: Sep 2021 — | Dec 2021 — | Mar 2022 -44.4 | Jun 2022 17.8 | Sep 2022 30.0 | Dec 2022 22.3 | Mar 2023 22.4 | Jun 2023 32.5 | Sep 2023 39.6 | Dec 2023 29.3 | Mar 2024 24.7 | Jun 2024 25.9 | Sep 2024 24.1 | Dec 2024 21.4 | Mar 2025 24.8 | Jun 2025 32.8 | Sep 2025 26.7 | Dec 2025 21.7 | Mar 2026 15.7 | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 50.0 | Mar 2023 55.2 | Jun 2023 45.6 | Sep 2023 44.8 | Dec 2023 46.5 | Mar 2024 49.5 | Jun 2024 45.3 | Sep 2024 43.1 | Dec 2024 40.3 | Mar 2025 32.1 | Jun 2025 36.6 | Sep 2025 38.9 | Dec 2025 39.1 | Mar 2026 40.5 | Jun 2026 —
- IFBAGRO: Sep 2021 8.5 | Dec 2021 8.6 | Mar 2022 8.9 | Jun 2022 8.6 | Sep 2022 9.1 | Dec 2022 9.7 | Mar 2023 7.8 | Jun 2023 10.0 | Sep 2023 13.4 | Dec 2023 25.4 | Mar 2024 79.0 | Jun 2024 85.1 | Sep 2024 209.4 | Dec 2024 28.9 | Mar 2025 23.0 | Jun 2025 31.2 | Sep 2025 24.6 | Dec 2025 25.2 | Mar 2026 14.2 | Jun 2026 —
- JAGAJITIND: Sep 2021 58.7 | Dec 2021 46.6 | Mar 2022 78.6 | Jun 2022 416.5 | Sep 2022 481.5 | Dec 2022 — | Mar 2023 51.9 | Jun 2023 86.8 | Sep 2023 42.3 | Dec 2023 60.2 | Mar 2024 61.1 | Jun 2024 132.9 | Sep 2024 113.7 | Dec 2024 — | Mar 2025 133.4 | Jun 2025 125.6 | Sep 2025 134.0 | Dec 2025 — | Mar 2026 29.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: IFB Agro Industries Ltd leads both ev/ebitda at 7× and p/bv at 1.38×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: IFB Agro Industries Ltd · 7× | 20.5% versus #2 · Som Distilleries & Breweries Ltd | 0/8 recent comparable periods | 14/14 companies · 254 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. IFB Agro Industries Ltd (IFBAGRO): 7.0
2. Som Distilleries & Breweries Ltd (SDBL): 8.8
3. Globus Spirits Ltd (GLOBUSSPR): 11.0
4. G M Breweries Ltd (GMBREW): 11.3
5. India Glycols Ltd (INDIAGLYCO): 11.6

### P/BV — lowest P/BV
1. IFB Agro Industries Ltd (IFBAGRO): 1.4
2. G M Breweries Ltd (GMBREW): 1.9
3. Som Distilleries & Breweries Ltd (SDBL): 2.0
4. Sula Vineyards Ltd (SULA): 2.2
5. Globus Spirits Ltd (GLOBUSSPR): 2.4

### 20-quarter EV/EBITDA history
- UNITDSPR: Sep 2021 44.5 | Dec 2021 42.8 | Mar 2022 41.2 | Jun 2022 34.2 | Sep 2022 33.0 | Dec 2022 35.0 | Mar 2023 32.9 | Jun 2023 44.9 | Sep 2023 39.8 | Dec 2023 42.8 | Mar 2024 40.4 | Jun 2024 41.4 | Sep 2024 51.4 | Dec 2024 49.9 | Mar 2025 42.4 | Jun 2025 39.7 | Sep 2025 35.9 | Dec 2025 37.2 | Mar 2026 32.3 | Jun 2026 33.1
- RADICO: Sep 2021 27.6 | Dec 2021 37.7 | Mar 2022 27.9 | Jun 2022 27.3 | Sep 2022 34.7 | Dec 2022 35.5 | Mar 2023 43.5 | Jun 2023 43.5 | Sep 2023 41.6 | Dec 2023 52.8 | Mar 2024 49.3 | Jun 2024 47.0 | Sep 2024 52.0 | Dec 2024 60.0 | Mar 2025 53.9 | Jun 2025 52.2 | Sep 2025 51.6 | Dec 2025 53.4 | Mar 2026 38.9 | Jun 2026 —
- UBL: Sep 2021 67.3 | Dec 2021 57.3 | Mar 2022 52.2 | Jun 2022 54.1 | Sep 2022 49.2 | Dec 2022 45.8 | Mar 2023 42.0 | Jun 2023 58.7 | Sep 2023 65.5 | Dec 2023 79.5 | Mar 2024 68.0 | Jun 2024 67.7 | Sep 2024 69.4 | Dec 2024 61.6 | Mar 2025 62.1 | Jun 2025 59.0 | Sep 2025 52.1 | Dec 2025 53.4 | Mar 2026 46.4 | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 41.5 | Dec 2024 40.7 | Mar 2025 25.3 | Jun 2025 28.0 | Sep 2025 30.7 | Dec 2025 34.8 | Mar 2026 22.4 | Jun 2026 32.5
- TI: Sep 2021 12.8 | Dec 2021 20.0 | Mar 2022 14.6 | Jun 2022 14.2 | Sep 2022 15.9 | Dec 2022 19.9 | Mar 2023 20.1 | Jun 2023 22.4 | Sep 2023 25.3 | Dec 2023 26.9 | Mar 2024 21.5 | Jun 2024 25.3 | Sep 2024 26.9 | Dec 2024 34.1 | Mar 2025 19.4 | Jun 2025 25.2 | Sep 2025 26.7 | Dec 2025 33.5 | Mar 2026 25.7 | Jun 2026 —
- INDIAGLYCO: Sep 2021 9.6 | Dec 2021 10.5 | Mar 2022 11.3 | Jun 2022 10.2 | Sep 2022 11.3 | Dec 2022 10.9 | Mar 2023 8.9 | Jun 2023 8.8 | Sep 2023 8.7 | Dec 2023 8.6 | Mar 2024 7.7 | Jun 2024 8.4 | Sep 2024 10.6 | Dec 2024 11.3 | Mar 2025 9.5 | Jun 2025 13.2 | Sep 2025 11.6 | Dec 2025 13.8 | Mar 2026 11.6 | Jun 2026 —
- PICCADIL: Sep 2021 5.2 | Dec 2021 6.0 | Mar 2022 6.6 | Jun 2022 6.5 | Sep 2022 7.4 | Dec 2022 9.2 | Mar 2023 8.4 | Jun 2023 12.9 | Sep 2023 17.8 | Dec 2023 33.7 | Mar 2024 30.5 | Jun 2024 46.6 | Sep 2024 46.1 | Dec 2024 53.5 | Mar 2025 28.0 | Jun 2025 29.5 | Sep 2025 34.4 | Dec 2025 28.1 | Mar 2026 23.5 | Jun 2026 —
- GLOBUSSPR: Sep 2021 12.9 | Dec 2021 11.9 | Mar 2022 13.8 | Jun 2022 8.7 | Sep 2022 8.1 | Dec 2022 8.0 | Mar 2023 7.4 | Jun 2023 11.7 | Sep 2023 8.3 | Dec 2023 8.3 | Mar 2024 7.8 | Jun 2024 9.0 | Sep 2024 24.6 | Dec 2024 19.3 | Mar 2025 23.7 | Jun 2025 18.8 | Sep 2025 20.5 | Dec 2025 15.9 | Mar 2026 11.4 | Jun 2026 11.0
- GMBREW: Sep 2021 10.9 | Dec 2021 14.7 | Mar 2022 13.7 | Jun 2022 10.4 | Sep 2022 10.7 | Dec 2022 10.3 | Mar 2023 8.1 | Jun 2023 8.5 | Sep 2023 10.8 | Dec 2023 11.3 | Mar 2024 10.7 | Jun 2024 12.9 | Sep 2024 19.3 | Dec 2024 15.7 | Mar 2025 11.5 | Jun 2025 9.5 | Sep 2025 9.1 | Dec 2025 15.9 | Mar 2026 13.5 | Jun 2026 11.3
- ASALCBR: Sep 2021 24.3 | Dec 2021 29.0 | Mar 2022 27.2 | Jun 2022 25.1 | Sep 2022 29.6 | Dec 2022 24.4 | Mar 2023 18.7 | Jun 2023 22.8 | Sep 2023 26.8 | Dec 2023 27.6 | Mar 2024 26.9 | Jun 2024 37.5 | Sep 2024 52.7 | Dec 2024 59.6 | Mar 2025 78.3 | Jun 2025 15.6 | Sep 2025 13.2 | Dec 2025 13.3 | Mar 2026 10.0 | Jun 2026 11.9
- SDBL: Sep 2021 85.5 | Dec 2021 61.9 | Mar 2022 35.3 | Jun 2022 33.9 | Sep 2022 16.9 | Dec 2022 14.8 | Mar 2023 16.0 | Jun 2023 21.6 | Sep 2023 25.4 | Dec 2023 18.7 | Mar 2024 15.9 | Jun 2024 15.8 | Sep 2024 14.2 | Dec 2024 12.3 | Mar 2025 14.4 | Jun 2025 20.3 | Sep 2025 15.7 | Dec 2025 12.6 | Mar 2026 8.8 | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 25.8 | Mar 2023 28.4 | Jun 2023 24.9 | Sep 2023 24.5 | Dec 2023 25.7 | Mar 2024 27.0 | Jun 2024 24.2 | Sep 2024 22.9 | Dec 2024 21.5 | Mar 2025 16.6 | Jun 2025 18.8 | Sep 2025 18.5 | Dec 2025 17.8 | Mar 2026 15.2 | Jun 2026 —
- IFBAGRO: Sep 2021 4.7 | Dec 2021 5.8 | Mar 2022 6.0 | Jun 2022 4.5 | Sep 2022 6.0 | Dec 2022 6.2 | Mar 2023 2.9 | Jun 2023 4.0 | Sep 2023 4.8 | Dec 2023 9.5 | Mar 2024 13.5 | Jun 2024 34.1 | Sep 2024 28.5 | Dec 2024 23.5 | Mar 2025 10.2 | Jun 2025 10.7 | Sep 2025 8.2 | Dec 2025 13.3 | Mar 2026 7.0 | Jun 2026 —
- JAGAJITIND: Sep 2021 11.3 | Dec 2021 11.4 | Mar 2022 11.7 | Jun 2022 11.5 | Sep 2022 13.5 | Dec 2022 15.4 | Mar 2023 13.3 | Jun 2023 16.6 | Sep 2023 14.8 | Dec 2023 21.3 | Mar 2024 19.7 | Jun 2024 28.8 | Sep 2024 42.9 | Dec 2024 40.8 | Mar 2025 28.9 | Jun 2025 24.0 | Sep 2025 90.3 | Dec 2025 79.5 | Mar 2026 13.6 | Jun 2026 —

### 20-quarter P/BV history
- UNITDSPR: Sep 2021 14.6 | Dec 2021 14.6 | Mar 2022 14.4 | Jun 2022 13.4 | Sep 2022 10.6 | Dec 2022 11.1 | Mar 2023 11.1 | Jun 2023 13.4 | Sep 2023 12.2 | Dec 2023 11.9 | Mar 2024 12.1 | Jun 2024 15.5 | Sep 2024 16.3 | Dec 2024 15.1 | Mar 2025 13.3 | Jun 2025 14.7 | Sep 2025 11.6 | Dec 2025 12.4 | Mar 2026 10.8 | Jun 2026 12.4
- RADICO: Sep 2021 6.7 | Dec 2021 8.7 | Mar 2022 6.3 | Jun 2022 6.2 | Sep 2022 6.6 | Dec 2022 6.4 | Mar 2023 7.9 | Jun 2023 8.0 | Sep 2023 7.3 | Dec 2023 9.6 | Mar 2024 10.0 | Jun 2024 10.8 | Sep 2024 11.3 | Dec 2024 13.3 | Mar 2025 12.7 | Jun 2025 14.2 | Sep 2025 14.0 | Dec 2025 14.9 | Mar 2026 11.9 | Jun 2026 —
- UBL: Sep 2021 11.8 | Dec 2021 11.4 | Mar 2022 10.4 | Jun 2022 11.0 | Sep 2022 11.4 | Dec 2022 11.4 | Mar 2023 9.6 | Jun 2023 10.2 | Sep 2023 10.4 | Dec 2023 11.8 | Mar 2024 11.4 | Jun 2024 13.2 | Sep 2024 13.8 | Dec 2024 12.7 | Mar 2025 12.5 | Jun 2025 12.4 | Sep 2025 10.8 | Dec 2025 9.9 | Mar 2026 9.5 | Jun 2026 —
- ABDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 6.7 | Dec 2024 8.4 | Mar 2025 6.1 | Jun 2025 7.7 | Sep 2025 9.3 | Dec 2025 11.0 | Mar 2026 7.1 | Jun 2026 10.5
- TI: Sep 2021 -29.5 | Dec 2021 -68.2 | Mar 2022 7.9 | Jun 2022 -37.9 | Sep 2022 6.4 | Dec 2022 8.1 | Mar 2023 11.2 | Jun 2023 14.1 | Sep 2023 7.8 | Dec 2023 8.1 | Mar 2024 7.1 | Jun 2024 9.5 | Sep 2024 8.6 | Dec 2024 10.6 | Mar 2025 6.2 | Jun 2025 10.3 | Sep 2025 9.7 | Dec 2025 4.9 | Mar 2026 5.3 | Jun 2026 —
- INDIAGLYCO: Sep 2021 1.8 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 1.4 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 1.9 | Dec 2024 1.9 | Mar 2025 1.6 | Jun 2025 3.1 | Sep 2025 2.3 | Dec 2025 2.7 | Mar 2026 2.5 | Jun 2026 —
- PICCADIL: Sep 2021 1.1 | Dec 2021 1.4 | Mar 2022 1.5 | Jun 2022 1.9 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 2.1 | Jun 2023 2.8 | Sep 2023 4.7 | Dec 2023 10.2 | Mar 2024 11.2 | Jun 2024 29.8 | Sep 2024 20.6 | Dec 2024 15.4 | Mar 2025 8.8 | Jun 2025 15.9 | Sep 2025 9.3 | Dec 2025 6.9 | Mar 2026 6.5 | Jun 2026 —
- GLOBUSSPR: Sep 2021 6.8 | Dec 2021 6.3 | Mar 2022 7.3 | Jun 2022 4.5 | Sep 2022 4.2 | Dec 2022 4.1 | Mar 2023 3.8 | Jun 2023 6.2 | Sep 2023 4.3 | Dec 2023 4.3 | Mar 2024 3.3 | Jun 2024 3.8 | Sep 2024 3.7 | Dec 2024 2.6 | Mar 2025 3.1 | Jun 2025 2.8 | Sep 2025 3.0 | Dec 2025 2.8 | Mar 2026 2.3 | Jun 2026 2.3
- GMBREW: Sep 2021 2.1 | Dec 2021 2.8 | Mar 2022 2.2 | Jun 2022 1.8 | Sep 2022 1.8 | Dec 2022 1.8 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 1.9 | Dec 2023 1.8 | Mar 2024 1.4 | Jun 2024 1.8 | Sep 2024 2.5 | Dec 2024 2.2 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 1.7 | Dec 2025 2.9 | Mar 2026 2.5 | Jun 2026 2.0
- ASALCBR: Sep 2021 11.3 | Dec 2021 13.6 | Mar 2022 12.8 | Jun 2022 11.8 | Sep 2022 13.9 | Dec 2022 11.4 | Mar 2023 8.6 | Jun 2023 10.6 | Sep 2023 12.5 | Dec 2023 12.9 | Mar 2024 12.6 | Jun 2024 17.8 | Sep 2024 25.2 | Dec 2024 4.2 | Mar 2025 5.6 | Jun 2025 26.6 | Sep 2025 3.3 | Dec 2025 3.1 | Mar 2026 2.2 | Jun 2026 2.5
- SDBL: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 2.6 | Dec 2022 2.6 | Mar 2023 3.9 | Jun 2023 6.6 | Sep 2023 7.3 | Dec 2023 4.3 | Mar 2024 4.0 | Jun 2024 5.8 | Sep 2024 4.0 | Dec 2024 3.3 | Mar 2025 4.0 | Jun 2025 5.8 | Sep 2025 3.7 | Dec 2025 2.7 | Mar 2026 1.7 | Jun 2026 —
- SULA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 6.7 | Jun 2023 7.2 | Sep 2023 7.4 | Dec 2023 8.0 | Mar 2024 8.8 | Jun 2024 7.6 | Sep 2024 7.4 | Dec 2024 6.3 | Mar 2025 4.2 | Jun 2025 4.4 | Sep 2025 3.8 | Dec 2025 3.4 | Mar 2026 2.2 | Jun 2026 —
- IFBAGRO: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 2.0 | Mar 2026 1.0 | Jun 2026 —
- JAGAJITIND: Sep 2021 5.8 | Dec 2021 6.5 | Mar 2022 6.0 | Jun 2022 4.9 | Sep 2022 5.6 | Dec 2022 7.7 | Mar 2023 8.3 | Jun 2023 10.9 | Sep 2023 8.9 | Dec 2023 13.1 | Mar 2024 10.4 | Jun 2024 15.8 | Sep 2024 17.4 | Dec 2024 17.3 | Mar 2025 13.3 | Jun 2025 10.7 | Sep 2025 17.2 | Dec 2025 42.8 | Mar 2026 36.1 | Jun 2026 —

## Market action

Radico Khaitan Ltd has the strongest one-year price move in Alcoholic Beverages at +50.5%. It also leads on Mansfield relative strength against NIFTY at +30.9%. 5 of 14 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Radico Khaitan Ltd (RADICO): 51%
2. IFB Agro Industries Ltd (IFBAGRO): 36%
3. Allied Blenders & Distillers Ltd (ABDL): 30%
4. G M Breweries Ltd (GMBREW): 24%
5. Piccadily Agro Industries Ltd (PICCADIL): 22%

### Strongest relative strength versus NIFTY 500
1. Radico Khaitan Ltd (RADICO): 31%
2. India Glycols Ltd (INDIAGLYCO): 22%
3. Piccadily Agro Industries Ltd (PICCADIL): 22%
4. Allied Blenders & Distillers Ltd (ABDL): 13%
5. United Spirits Ltd (UNITDSPR): 9.5%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 5 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- United Spirits Ltd (UNITDSPR) — market value ₹1.1 L Cr; latest fundamentals Jun 2026
- Radico Khaitan Ltd (RADICO) — market value ₹54.8K Cr; latest fundamentals Mar 2026
- United Breweries Ltd (UBL) — market value ₹37.0K Cr; latest fundamentals Mar 2026
- Allied Blenders & Distillers Ltd (ABDL) — market value ₹17.4K Cr; latest fundamentals Jun 2026
- Tilaknagar Industries Ltd (TI) — market value ₹10.9K Cr; latest fundamentals Mar 2026
- India Glycols Ltd (INDIAGLYCO) — market value ₹7.8K Cr; latest fundamentals Mar 2026
- Piccadily Agro Industries Ltd (PICCADIL) — market value ₹7.3K Cr; latest fundamentals Mar 2026
- Globus Spirits Ltd (GLOBUSSPR) — market value ₹2.6K Cr; latest fundamentals Jun 2026
- G M Breweries Ltd (GMBREW) — market value ₹2.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Associated Alcohols & Breweries Ltd (ASALCBR) — market value ₹1.6K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Som Distilleries & Breweries Ltd (SDBL) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sula Vineyards Ltd (SULA) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- IFB Agro Industries Ltd (IFBAGRO) — market value ₹932 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jagatjit Industries Ltd (JAGAJITIND) — market value ₹599 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 8. Unverified: 6. Withheld: 0. Graded companies: 14.

5 of 14 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | GMBREW | G M Breweries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ASALCBR | Associated Alcohols & Breweries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SDBL | Som Distilleries & Breweries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SULA | Sula Vineyards Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IFBAGRO | IFB Agro Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Alcoholic Beverages index?

The Nifty Alcoholic Beverages index tracks India's listed Alcoholic Beverages companies as a single basket. This page follows the same 14 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Alcoholic Beverages sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Alcoholic Beverages stocks in India?

Ranked by this page's four-factor score, Radico Khaitan Ltd places first among 14 listed Alcoholic Beverages companies, followed by G M Breweries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Alcoholic Beverages stocks are listed in India?

This comparison covers 14 listed Alcoholic Beverages companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Alcoholic Beverages company is the biggest?

United Spirits Ltd is the largest, with trailing-twelve-month revenue of ₹12,626 crore, ahead of United Breweries Ltd at ₹9,240 crore. That covers 14 of 14 companies with comparable reporting through Jun 2026.

### Which Alcoholic Beverages company is growing fastest?

Tilaknagar Industries Ltd has the fastest revenue growth at 68.5% year on year, across 14 of 14 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Alcoholic Beverages company has the best profit margins?

G M Breweries Ltd has the highest operating margin at 23%, from 14 of 14 comparable companies. Radico Khaitan Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Alcoholic Beverages company makes the most profit?

United Spirits Ltd earns the most, at ₹1,884 crore of trailing-twelve-month net profit, from 14 of 14 comparable companies. Globus Spirits Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Alcoholic Beverages company earns the highest return on capital?

United Spirits Ltd leads on return on capital employed at 26.4%, across 14 of 14 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Alcoholic Beverages stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Tilaknagar Industries Ltd screens cheapest at 0.58×. Only 6 of 14 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Alcoholic Beverages company has the strongest balance sheet?

G M Breweries Ltd carries the lowest comparable gross debt at ₹35 crore, from 14 of 14 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Alcoholic Beverages sector beating the market?

Alcoholic Beverages has underperformed NIFTY 500 by 4.3% over the last 52 weeks and 0.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Alcoholic Beverages stock has the strongest price momentum?

Radico Khaitan Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Alcoholic Beverages company scores highest for research priority?

Radico Khaitan Ltd scores 76 out of 100 with 95.6% evidence confidence, from 29.9 points on growth and earnings, 19.7 on capital efficiency, 6.8 on valuation and 19.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Alcoholic Beverages companies does this comparison cover, and over what period?

It compares 14 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Alcoholic Beverages sector?

The 14 Alcoholic Beverages companies on this page carry ₹2,52,422 crore of combined market value. United Spirits Ltd is the largest at ₹1,06,717 crore, about 42% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Alcoholic Beverages sector's P/E ratio?

The median price-to-earnings ratio across the 14 Alcoholic Beverages companies on this page is 52.8×, measured on the 14 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Alcoholic Beverages sector performing?

5 of the 14 covered Alcoholic Beverages companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 4.3% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/alcoholic-beverages