# Beverages - Wineries & Distilleries — company-by-company sector analysis

> Beverages - Wineries & Distilleries: Brown-Forman Corporation owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Beverages - Wineries & Distilleries has outperformed S&P 500 by 2.9% over 52 weeks and 4.7% over 13 weeks. 0 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 0 of 4 beat the sector itself. Brown-Forman Corporation leads with revenue of $3,928 million, based on 2 of 5 comparable companies through Jun 2026.

### Is the Beverages - Wineries & Distilleries sector outperforming S&P 500?

Beverages - Wineries & Distilleries has outperformed S&P 500 by 2.9% over 52 weeks and 4.7% over 13 weeks. 0 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 0 of 4 beat the sector itself.

### Which Beverages - Wineries & Distilleries company is largest by revenue?

Brown-Forman Corporation leads with revenue of $3,928 million, based on 2 of 5 comparable companies through Jun 2026.

### Which Beverages - Wineries & Distilleries company is growing fastest?

Brown-Forman Corporation has the fastest current revenue growth at -1.2%, across 2 of 5 comparable companies.

### Which Beverages - Wineries & Distilleries company has the strongest 4-Factor Sector Score?

Brown-Forman Corporation ranks first at 50.9/100 with 80.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Beverages - Wineries & Distilleries company reports the most CAPEX?

Diageo plc reports the largest latest CAPEX at $605 million, with 4 of 5 companies comparable.

### Which Beverages - Wineries & Distilleries company has the least gross debt?

SNDL Inc. has the lowest comparable gross debt at $168 million. Brown-Forman Corporation has the highest at $2,611 million.

### Which Beverages - Wineries & Distilleries company has the lowest comparable PEG?

Brown-Forman Corporation has the lowest comparable Guarded PEG at 0.67, among 1 of 5 companies that pass the metric’s comparability rules.

### How much history does this Beverages - Wineries & Distilleries 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

Beverages - Wineries & Distilleries has outperformed S&P 500 by 2.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 4.7%. 0 of 4 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Brown-Forman Corporation is the strongest against the sector itself at -0.2%.

13-week sector return versus NIFTY 500: -4.7%
52-week sector return versus NIFTY 500: 2.9%
Stocks leading NIFTY: 0/4
Stocks leading sector: 0/4

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 5
Combined market value: ₹63.8K 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. Brown-Forman Corporation (BF-B): 51/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 7.5/35 | Capital efficiency 19.3/25 | Valuation 15.7/20 | Relative strength 8.4/20
   - Exact sum: 7.5 + 19.3 + 15.7 + 8.4 = 50.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
2. MGP Ingredients, Inc. (MGPI): 29/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 8.0/35 | Capital efficiency 8.7/25 | Valuation 9.3/20 | Relative strength 3.0/20
   - Exact sum: 8 + 8.7 + 9.3 + 3 = 29
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Diageo plc (DEO): 48/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 18.2/35 | Capital efficiency 13.3/25 | Valuation 10.0/20 | Relative strength 6.0/20
   - Exact sum: 18.2 + 13.3 + 10 + 6 = 47.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Agencia Comercial Spirits Ltd (AGCC): 45/100 — Thin evidence · provisional; evidence 15%
   - Growth & earnings 16.3/35 | Capital efficiency 10.3/25 | Valuation 8.5/20 | Relative strength 10.0/20
   - Exact sum: 16.3 + 10.3 + 8.5 + 10 = 45.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. SNDL Inc. (SNDL): 44/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 19.5/35 | Capital efficiency 9.7/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 19.5 + 9.7 + 11.5 + 3 = 43.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Brown-Forman Corporation is the scale leader at $3,928 million, 655.4% ahead of MGP Ingredients, Inc.. Brown-Forman Corporation's growth is -1.2% from a $3,928 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Brown-Forman Corporation is the scale benchmark; Brown-Forman Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Brown-Forman Corporation's growth falls below Brown-Forman Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Brown-Forman Corporation · $3,928 million | 655.4% versus #2 · MGP Ingredients, Inc. | 2/8 recent comparable periods | 2/5 companies · 69 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. Brown-Forman Corporation (BF-B): ₹3.9K Cr
2. MGP Ingredients, Inc. (MGPI): ₹520 Cr

### Revenue growth — fastest growers
1. Brown-Forman Corporation (BF-B): -1.2%
2. MGP Ingredients, Inc. (MGPI): -21%

### 20-quarter Revenue history
- DEO: Sep 2021 — | Dec 2021 ₹10.8K Cr | Mar 2022 — | Jun 2022 ₹8.0K Cr | Sep 2022 — | Dec 2022 ₹11.1K Cr | Mar 2023 — | Jun 2023 ₹10.3K Cr | Sep 2023 — | Dec 2023 ₹11.0K Cr | Mar 2024 — | Jun 2024 ₹9.3K Cr | Sep 2024 — | Dec 2024 ₹10.9K Cr | Mar 2025 — | Jun 2025 ₹9.3K Cr | Sep 2025 — | Dec 2025 ₹10.5K Cr | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 ₹906 Cr | Dec 2021 ₹994 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹996 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹964 Cr | Sep 2024 ₹951 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹894 Cr | Sep 2025 ₹924 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹912 Cr
- MGPI: Sep 2021 ₹177 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹195 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹201 Cr | Dec 2022 ₹191 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹212 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹171 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- AGCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 ₹1 Cr | Mar 2025 — | Jun 2025 ₹2 Cr | Sep 2025 — | Dec 2025 ₹4 Cr | Mar 2026 — | Jun 2026 —
- SNDL: Sep 2021 ₹14 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹231 Cr | Dec 2022 ₹240 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹238 Cr | Dec 2023 ₹248 Cr | Mar 2024 ₹198 Cr | Jun 2024 ₹228 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹245 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹196 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- DEO: Sep 2021 — | Dec 2021 14% | Mar 2022 — | Jun 2022 -2.2% | Sep 2022 — | Dec 2022 3.4% | Mar 2023 — | Jun 2023 28% | Sep 2023 — | Dec 2023 -1.4% | Mar 2024 — | Jun 2024 -9.7% | Sep 2024 — | Dec 2024 -0.6% | Mar 2025 — | Jun 2025 0.4% | Sep 2025 — | Dec 2025 -4.1% | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 10% | Mar 2023 4.2% | Jun 2023 5.0% | Sep 2023 3.1% | Dec 2023 1.2% | Mar 2024 -1.1% | Jun 2024 -7.8% | Sep 2024 -8.4% | Dec 2024 -1.1% | Mar 2025 -3.2% | Jun 2025 -7.3% | Sep 2025 -2.8% | Dec 2025 -5.4% | Mar 2026 2.0% | Jun 2026 2.0%
- MGPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 14% | Dec 2022 14% | Mar 2023 3.1% | Jun 2023 7.2% | Sep 2023 5.5% | Dec 2023 13% | Mar 2024 -15% | Jun 2024 -8.6% | Sep 2024 -24% | Dec 2024 -16% | Mar 2025 -29% | Jun 2025 -24% | Sep 2025 -19% | Dec 2025 -24% | Mar 2026 -13% | Jun 2026 —
- AGCC: 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 100% | Sep 2025 — | Dec 2025 300% | Mar 2026 — | Jun 2026 —
- SNDL: Sep 2021 — | Dec 2021 64% | Mar 2022 80% | Jun 2022 2,389% | Sep 2022 1,550% | Dec 2022 943% | Mar 2023 961% | Jun 2023 3.6% | Sep 2023 3.0% | Dec 2023 3.3% | Mar 2024 3.7% | Jun 2024 -1.7% | Sep 2024 -0.4% | Dec 2024 4.0% | Mar 2025 3.5% | Jun 2025 7.5% | Sep 2025 — | Dec 2025 — | Mar 2026 -4.4% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Brown-Forman Corporation leads opm at 23.2%; SNDL Inc. leads margin change at +1.2 percentage points.

Investor read: Brown-Forman Corporation 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: Brown-Forman Corporation · 23.2% | 593.6% versus #2 · SNDL Inc. | 4/8 recent comparable periods | 3/5 companies · 56 observations

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

### OPM — highest
1. Brown-Forman Corporation (BF-B): 23%
2. SNDL Inc. (SNDL): -4.7%
3. MGP Ingredients, Inc. (MGPI): -163%

### Margin change — fastest expanders
1. SNDL Inc. (SNDL): +1.2 pp
2. Brown-Forman Corporation (BF-B): −3.3 pp
3. MGP Ingredients, Inc. (MGPI): −162.1 pp

### 20-quarter OPM history
- BF-B: Sep 2021 32% | Dec 2021 32% | Mar 2022 34% | Jun 2022 28% | Sep 2022 34% | Dec 2022 28% | Mar 2023 26% | Jun 2023 28% | Sep 2023 31% | Dec 2023 31% | Mar 2024 24% | Jun 2024 25% | Sep 2024 30% | Dec 2024 31% | Mar 2025 30% | Jun 2025 27% | Sep 2025 27% | Dec 2025 29% | Mar 2026 32% | Jun 2026 23%
- MGPI: Sep 2021 19% | Dec 2021 27% | Mar 2022 26% | Jun 2022 18% | Sep 2022 17% | Dec 2022 16% | Mar 2023 21% | Jun 2023 21% | Sep 2023 9.4% | Dec 2023 20% | Mar 2024 17% | Jun 2024 23% | Sep 2024 20% | Dec 2024 -17% | Mar 2025 -0.6% | Jun 2025 14% | Sep 2025 16% | Dec 2025 -98% | Mar 2026 -163% | Jun 2026 —
- SNDL: Sep 2021 -133% | Dec 2021 -203% | Mar 2022 -132% | Jun 2022 -36% | Sep 2022 -38% | Dec 2022 -64% | Mar 2023 -17% | Jun 2023 -13% | Sep 2023 -6.9% | Dec 2023 -34% | Mar 2024 -2.2% | Jun 2024 -2.1% | Sep 2024 -7.8% | Dec 2024 -30% | Mar 2025 -5.9% | Jun 2025 2.0% | Sep 2025 — | Dec 2025 — | Mar 2026 -4.7% | Jun 2026 —

### 20-quarter Margin change history
- BF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 −4.4 pp | Mar 2023 −7.2 pp | Jun 2023 +0.3 pp | Sep 2023 −3.3 pp | Dec 2023 +2.8 pp | Mar 2024 −2.6 pp | Jun 2024 −3.5 pp | Sep 2024 −0.8 pp | Dec 2024 +0.7 pp | Mar 2025 +6.1 pp | Jun 2025 +1.7 pp | Sep 2025 −2.7 pp | Dec 2025 −2.0 pp | Mar 2026 +2.0 pp | Jun 2026 −3.3 pp
- MGPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.3 pp | Sep 2022 −1.8 pp | Dec 2022 −11.6 pp | Mar 2023 −5.0 pp | Jun 2023 +3.0 pp | Sep 2023 −7.4 pp | Dec 2023 +4.4 pp | Mar 2024 −3.7 pp | Jun 2024 +1.6 pp | Sep 2024 +10.8 pp | Dec 2024 −36.8 pp | Mar 2025 −17.6 pp | Jun 2025 −8.7 pp | Sep 2025 −4.1 pp | Dec 2025 −80.9 pp | Mar 2026 −162.1 pp | Jun 2026 —
- SNDL: Sep 2021 — | Dec 2021 +33.4 pp | Mar 2022 −148.7 pp | Jun 2022 +739.7 pp | Sep 2022 +94.1 pp | Dec 2022 +138.2 pp | Mar 2023 +114.8 pp | Jun 2023 +23.7 pp | Sep 2023 +31.5 pp | Dec 2023 +30.1 pp | Mar 2024 +14.7 pp | Jun 2024 +10.6 pp | Sep 2024 −0.9 pp | Dec 2024 +4.7 pp | Mar 2025 −3.7 pp | Jun 2025 +4.1 pp | Sep 2025 — | Dec 2025 — | Mar 2026 +1.2 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Brown-Forman Corporation leads with $715 million of TTM profit, 396.7% above MGP Ingredients, Inc.. Brown-Forman Corporation shows -17.7% growth from a $715 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Brown-Forman Corporation 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: Brown-Forman Corporation · $715 million | 396.7% versus #2 · MGP Ingredients, Inc. | 1/8 recent comparable periods | 2/5 companies · 69 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. Brown-Forman Corporation (BF-B): ₹715 Cr
2. MGP Ingredients, Inc. (MGPI): ₹-241 Cr

### Profit growth — fastest growers
1. Brown-Forman Corporation (BF-B): -18%

### 20-quarter Net profit history
- DEO: Sep 2021 — | Dec 2021 ₹2.8K Cr | Mar 2022 — | Jun 2022 ₹1.2K Cr | Sep 2022 — | Dec 2022 ₹2.8K Cr | Mar 2023 — | Jun 2023 ₹1.9K Cr | Sep 2023 — | Dec 2023 ₹2.3K Cr | Mar 2024 — | Jun 2024 ₹1.8K Cr | Sep 2024 — | Dec 2024 ₹2.1K Cr | Mar 2025 — | Jun 2025 ₹463 Cr | Sep 2025 — | Dec 2025 ₹2.1K Cr | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 ₹192 Cr | Dec 2021 ₹236 Cr | Mar 2022 ₹259 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹249 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹242 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹224 Cr | Mar 2026 ₹267 Cr | Jun 2026 ₹54 Cr
- MGPI: Sep 2021 ₹24 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹-135 Cr | Mar 2026 ₹-135 Cr | Jun 2026 —
- AGCC: 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 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- SNDL: Sep 2021 ₹-15 Cr | Dec 2021 ₹-41 Cr | Mar 2022 ₹-38 Cr | Jun 2022 ₹-74 Cr | Sep 2022 ₹-99 Cr | Dec 2022 ₹-162 Cr | Mar 2023 ₹-35 Cr | Jun 2023 ₹-30 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹-85 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹-67 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹3 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-13 Cr | Jun 2026 —

### 20-quarter Profit growth history
- DEO: Sep 2021 — | Dec 2021 24% | Mar 2022 — | Jun 2022 -23% | Sep 2022 — | Dec 2022 0.6% | Mar 2023 — | Jun 2023 51% | Sep 2023 — | Dec 2023 -18% | Mar 2024 — | Jun 2024 -2.1% | Sep 2024 — | Dec 2024 -11% | Mar 2025 — | Jun 2025 -75% | Sep 2025 — | Dec 2025 1.7% | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 30% | Dec 2022 -3.8% | Mar 2023 -61% | Jun 2023 37% | Sep 2023 -7.2% | Dec 2023 6.6% | Mar 2024 185% | Jun 2024 29% | Sep 2024 -16% | Dec 2024 6.6% | Mar 2025 -5.3% | Jun 2025 -45% | Sep 2025 -13% | Dec 2025 -13% | Mar 2026 -1.1% | Jun 2026 -63%
- MGPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 0.0% | Dec 2022 -28% | Mar 2023 -16% | Jun 2023 28% | Sep 2023 -46% | Dec 2023 35% | Mar 2024 -32% | Jun 2024 0.0% | Sep 2024 85% | Dec 2024 -235% | Mar 2025 -114% | Jun 2025 -56% | Sep 2025 -38% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Diageo plc reports $605 million of CAPEX; Diageo plc has the highest covered intensity at 5.8%. Coverage is only 4 of 5 companies and 67 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: Diageo plc · $605 million | 23.3× versus #2 · Brown-Forman Corporation | 8/8 recent comparable periods | 4/5 companies · 67 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. Diageo plc (DEO): ₹605 Cr — older report
2. Brown-Forman Corporation (BF-B): ₹26 Cr
3. MGP Ingredients, Inc. (MGPI): ₹6 Cr
4. SNDL Inc. (SNDL): ₹3 Cr

### CAPEX intensity — highest reinvestment intensity
1. Diageo plc (DEO): 5.8% — older report
2. MGP Ingredients, Inc. (MGPI): 5.7%
3. Brown-Forman Corporation (BF-B): 2.9%
4. SNDL Inc. (SNDL): 1.5%

### 20-quarter CAPEX history
- DEO: Sep 2021 — | Dec 2021 ₹516 Cr | Mar 2022 — | Jun 2022 ₹818 Cr | Sep 2022 — | Dec 2022 ₹514 Cr | Mar 2023 — | Jun 2023 ₹970 Cr | Sep 2023 — | Dec 2023 ₹582 Cr | Mar 2024 — | Jun 2024 ₹928 Cr | Sep 2024 — | Dec 2024 ₹632 Cr | Mar 2025 — | Jun 2025 ₹980 Cr | Sep 2025 — | Dec 2025 ₹605 Cr | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 ₹14 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹25 Cr | Jun 2026 ₹26 Cr
- MGPI: Sep 2021 ₹19 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- SNDL: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- DEO: Sep 2021 — | Dec 2021 4.8% | Mar 2022 — | Jun 2022 10% | Sep 2022 — | Dec 2022 4.6% | Mar 2023 — | Jun 2023 9.4% | Sep 2023 — | Dec 2023 5.3% | Mar 2024 — | Jun 2024 10% | Sep 2024 — | Dec 2024 5.8% | Mar 2025 — | Jun 2025 11% | Sep 2025 — | Dec 2025 5.8% | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 1.5% | Dec 2021 1.9% | Mar 2022 2.8% | Jun 2022 7.6% | Sep 2022 3.3% | Dec 2022 2.6% | Mar 2023 5.1% | Jun 2023 6.4% | Sep 2023 4.7% | Dec 2023 2.7% | Mar 2024 6.5% | Jun 2024 8.3% | Sep 2024 4.3% | Dec 2024 2.8% | Mar 2025 4.3% | Jun 2025 5.6% | Sep 2025 3.4% | Dec 2025 2.4% | Mar 2026 2.4% | Jun 2026 2.9%
- MGPI: Sep 2021 11% | Dec 2021 6.0% | Mar 2022 5.6% | Jun 2022 3.6% | Sep 2022 5.5% | Dec 2022 8.4% | Mar 2023 8.0% | Jun 2023 6.7% | Sep 2023 5.7% | Dec 2023 6.0% | Mar 2024 16% | Jun 2024 3.1% | Sep 2024 12% | Dec 2024 9.9% | Mar 2025 16% | Jun 2025 8.3% | Sep 2025 6.9% | Dec 2025 3.6% | Mar 2026 5.7% | Jun 2026 —
- SNDL: Sep 2021 7.1% | Dec 2021 4.3% | Mar 2022 5.6% | Jun 2022 1.8% | Sep 2022 0.9% | Dec 2022 1.7% | Mar 2023 0.5% | Jun 2023 0.4% | Sep 2023 1.3% | Dec 2023 0.8% | Mar 2024 1.0% | Jun 2024 0.4% | Sep 2024 0.8% | Dec 2024 1.2% | Mar 2025 1.0% | Jun 2025 0.8% | Sep 2025 — | Dec 2025 — | Mar 2026 1.5% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: SNDL Inc. has the clearest covered balance-sheet capacity with $46 million net cash and gross debt of $168 million. 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: SNDL Inc. · $168 million | 20.8% versus #2 · MGP Ingredients, Inc. | 8/8 recent comparable periods | 3/5 companies · 58 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. SNDL Inc. (SNDL): ₹168 Cr
2. MGP Ingredients, Inc. (MGPI): ₹212 Cr
3. Brown-Forman Corporation (BF-B): ₹2.6K Cr

### Net debt — lowest net debt
1. SNDL Inc. (SNDL): ₹-46 Cr
2. MGP Ingredients, Inc. (MGPI): ₹202 Cr
3. Brown-Forman Corporation (BF-B): ₹2.3K Cr

### 20-quarter Gross debt history
- BF-B: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.6K Cr
- MGPI: Sep 2021 ₹218 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹211 Cr | Jun 2022 ₹211 Cr | Sep 2022 ₹211 Cr | Dec 2022 ₹212 Cr | Mar 2023 ₹213 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹214 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹211 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹214 Cr | Mar 2025 ₹215 Cr | Jun 2025 ₹214 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹212 Cr | Jun 2026 —
- SNDL: Sep 2021 ₹25 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹266 Cr | Jun 2022 ₹262 Cr | Sep 2022 ₹259 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹168 Cr | Jun 2026 —

### 20-quarter Net debt history
- BF-B: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 ₹2.3K Cr
- MGPI: Sep 2021 ₹202 Cr | Dec 2021 ₹183 Cr | Mar 2022 ₹184 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹181 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹189 Cr | Mar 2025 ₹195 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹201 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹202 Cr | Jun 2026 —
- SNDL: Sep 2021 ₹-727 Cr | Dec 2021 ₹-612 Cr | Mar 2022 ₹-227 Cr | Jun 2022 ₹-138 Cr | Sep 2022 ₹-67 Cr | Dec 2022 ₹-138 Cr | Mar 2023 ₹-72 Cr | Jun 2023 ₹-40 Cr | Sep 2023 ₹-35 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹-54 Cr | Sep 2024 ₹-128 Cr | Dec 2024 ₹-94 Cr | Mar 2025 ₹-74 Cr | Jun 2025 ₹-58 Cr | Sep 2025 ₹-86 Cr | Dec 2025 ₹-83 Cr | Mar 2026 ₹-46 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Brown-Forman Corporation leads ROCE at 16.6%, 12.4 percentage points above Diageo plc. SNDL Inc. has the strongest latest improvement at +1.5 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: Brown-Forman Corporation 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: Brown-Forman Corporation · 16.6% | 295.2% versus #2 · Diageo plc | 1/8 recent comparable periods | 5/5 companies · 84 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. Brown-Forman Corporation (BF-B): 17%
2. Diageo plc (DEO): 4.2% — older report
3. Agencia Comercial Spirits Ltd (AGCC): 2.3% — older report
4. SNDL Inc. (SNDL): -0.6%
5. MGP Ingredients, Inc. (MGPI): -17%

### ROCE change — fastest improvers
1. SNDL Inc. (SNDL): +1.5 pp
2. Diageo plc (DEO): −0.1 pp — older report
3. Brown-Forman Corporation (BF-B): −0.2 pp
4. Agencia Comercial Spirits Ltd (AGCC): −10.8 pp — older report
5. MGP Ingredients, Inc. (MGPI): −16.9 pp

### 20-quarter ROCE history
- DEO: Sep 2021 5.3% | Dec 2021 5.3% | Mar 2022 2.4% | Jun 2022 2.4% | Sep 2022 5.4% | Dec 2022 5.4% | Mar 2023 3.0% | Jun 2023 3.0% | Sep 2023 4.7% | Dec 2023 4.7% | Mar 2024 3.8% | Jun 2024 3.8% | Sep 2024 4.3% | Dec 2024 4.3% | Mar 2025 1.6% | Jun 2025 1.6% | Sep 2025 4.2% | Dec 2025 4.2% | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 19% | Dec 2021 18% | Mar 2022 22% | Jun 2022 23% | Sep 2022 24% | Dec 2022 23% | Mar 2023 21% | Jun 2023 18% | Sep 2023 18% | Dec 2023 18% | Mar 2024 18% | Jun 2024 17% | Sep 2024 17% | Dec 2024 17% | Mar 2025 17% | Jun 2025 17% | Sep 2025 17% | Dec 2025 16% | Mar 2026 17% | Jun 2026 17%
- MGPI: Sep 2021 5.3% | Dec 2021 7.2% | Mar 2022 7.6% | Jun 2022 3.6% | Sep 2022 3.5% | Dec 2022 3.0% | Mar 2023 4.0% | Jun 2023 3.9% | Sep 2023 1.7% | Dec 2023 3.7% | Mar 2024 2.4% | Jun 2024 3.3% | Sep 2024 2.5% | Dec 2024 -2.3% | Mar 2025 -0.1% | Jun 2025 1.6% | Sep 2025 1.6% | Dec 2025 -12% | Mar 2026 -17% | Jun 2026 —
- AGCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 13% | Dec 2024 13% | Mar 2025 15% | Jun 2025 15% | Sep 2025 2.3% | Dec 2025 2.3% | Mar 2026 — | Jun 2026 —
- SNDL: Sep 2021 -4.8% | Dec 2021 -5.3% | Mar 2022 -3.7% | Jun 2022 -3.2% | Sep 2022 -3.1% | Dec 2022 -4.2% | Mar 2023 -5.7% | Jun 2023 -6.7% | Sep 2023 -7.7% | Dec 2023 -7.3% | Mar 2024 -5.7% | Jun 2024 -4.9% | Sep 2024 -3.9% | Dec 2024 -2.7% | Mar 2025 -2.1% | Jun 2025 -0.9% | Sep 2025 -0.9% | Dec 2025 -0.4% | Mar 2026 -0.6% | Jun 2026 —

### 20-quarter ROCE change history
- DEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +0.6 pp | Sep 2023 −0.7 pp | Dec 2023 −0.7 pp | Mar 2024 +0.8 pp | Jun 2024 +0.8 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −2.2 pp | Jun 2025 −2.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.1 pp | Dec 2022 +4.7 pp | Mar 2023 −0.9 pp | Jun 2023 −4.9 pp | Sep 2023 −6.0 pp | Dec 2023 −4.5 pp | Mar 2024 −2.6 pp | Jun 2024 −0.9 pp | Sep 2024 −0.8 pp | Dec 2024 −1.7 pp | Mar 2025 −1.0 pp | Jun 2025 −0.6 pp | Sep 2025 +0.1 pp | Dec 2025 −0.3 pp | Mar 2026 −0.5 pp | Jun 2026 −0.2 pp
- MGPI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −4.2 pp | Mar 2023 −3.6 pp | Jun 2023 +0.3 pp | Sep 2023 −1.8 pp | Dec 2023 +0.7 pp | Mar 2024 −1.6 pp | Jun 2024 −0.6 pp | Sep 2024 +0.8 pp | Dec 2024 −6.0 pp | Mar 2025 −2.5 pp | Jun 2025 −1.7 pp | Sep 2025 −0.9 pp | Dec 2025 −9.2 pp | Mar 2026 −16.9 pp | Jun 2026 —
- AGCC: 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 +13.1 pp | Dec 2024 +13.1 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −10.8 pp | Dec 2025 −10.8 pp | Mar 2026 — | Jun 2026 —
- SNDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +1.1 pp | Mar 2023 −2.0 pp | Jun 2023 −3.5 pp | Sep 2023 −4.6 pp | Dec 2023 −3.1 pp | Mar 2024 0.0 pp | Jun 2024 +1.8 pp | Sep 2024 +3.8 pp | Dec 2024 +4.6 pp | Mar 2025 +3.6 pp | Jun 2025 +4.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.3 pp | Mar 2026 +1.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Brown-Forman Corporation has the lowest comparable Guarded PEG at 0.67×. Only 1 of 5 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: Brown-Forman Corporation · 0.67× | Not enough peers | 0/8 recent comparable periods | 1/5 companies · 5 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. Brown-Forman Corporation (BF-B): 0.7

### P/E — lowest P/E
1. SNDL Inc. (SNDL): -37.2
2. Brown-Forman Corporation (BF-B): 16.5
3. Diageo plc (DEO): 19.9 — older report
4. MGP Ingredients, Inc. (MGPI): 65.3
5. Agencia Comercial Spirits Ltd (AGCC): 254.8 — older report

### 20-quarter Guarded PEG history
- BF-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGPI: 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 2.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- DEO: Sep 2021 28.8 | Dec 2021 30.9 | Mar 2022 28.1 | Jun 2022 23.6 | Sep 2022 22.7 | Dec 2022 23.5 | Mar 2023 23.5 | Jun 2023 22.2 | Sep 2023 20.1 | Dec 2023 20.8 | Mar 2024 21.4 | Jun 2024 18.2 | Sep 2024 21.0 | Dec 2024 19.7 | Mar 2025 19.6 | Jun 2025 23.9 | Sep 2025 22.3 | Dec 2025 19.9 | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 44.1 | Dec 2021 42.4 | Mar 2022 40.0 | Jun 2022 38.6 | Sep 2022 39.7 | Dec 2022 36.8 | Mar 2023 43.9 | Jun 2023 39.8 | Sep 2023 44.2 | Dec 2023 34.5 | Mar 2024 27.1 | Jun 2024 22.1 | Sep 2024 21.6 | Dec 2024 20.7 | Mar 2025 15.8 | Jun 2025 19.0 | Sep 2025 16.2 | Dec 2025 15.9 | Mar 2026 15.7 | Jun 2026 16.5
- MGPI: Sep 2021 18.2 | Dec 2021 19.5 | Mar 2022 16.7 | Jun 2022 18.7 | Sep 2022 19.9 | Dec 2022 21.6 | Mar 2023 21.0 | Jun 2023 21.7 | Sep 2023 23.9 | Dec 2023 20.5 | Mar 2024 19.9 | Jun 2024 17.2 | Sep 2024 17.3 | Dec 2024 25.2 | Mar 2025 65.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AGCC: 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 254.8 | Mar 2026 — | Jun 2026 —
- SNDL: Sep 2021 -7.8 | 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 -4.3 | Sep 2025 — | Dec 2025 -37.2 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: SNDL Inc. leads both ev/ebitda at 10.8× and p/bv at 0.44×.

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: SNDL Inc. · 10.8× | 8.5% versus #2 · Diageo plc | 0/8 recent comparable periods | 5/5 companies · 62 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. SNDL Inc. (SNDL): 10.8
2. Diageo plc (DEO): 11.8 — older report
3. Brown-Forman Corporation (BF-B): 12.0
4. MGP Ingredients, Inc. (MGPI): 21.2
5. Agencia Comercial Spirits Ltd (AGCC): 220.5 — older report

### P/BV — lowest P/BV
1. SNDL Inc. (SNDL): 0.4
2. MGP Ingredients, Inc. (MGPI): 0.7
3. Brown-Forman Corporation (BF-B): 2.9
4. Diageo plc (DEO): 4.1 — older report
5. Agencia Comercial Spirits Ltd (AGCC): 19.7 — older report

### 20-quarter EV/EBITDA history
- DEO: Sep 2021 21.5 | Dec 2021 22.8 | Mar 2022 21.3 | Jun 2022 17.0 | Sep 2022 18.2 | Dec 2022 18.9 | Mar 2023 18.2 | Jun 2023 17.3 | Sep 2023 15.2 | Dec 2023 15.2 | Mar 2024 15.9 | Jun 2024 14.2 | Sep 2024 15.7 | Dec 2024 14.7 | Mar 2025 13.3 | Jun 2025 14.0 | Sep 2025 12.7 | Dec 2025 11.8 | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 31.4 | Dec 2021 30.0 | Mar 2022 28.0 | Jun 2022 25.7 | Sep 2022 27.0 | Dec 2022 25.1 | Mar 2023 25.8 | Jun 2023 25.8 | Sep 2023 28.4 | Dec 2023 22.4 | Mar 2024 22.3 | Jun 2024 20.5 | Sep 2024 20.0 | Dec 2024 19.5 | Mar 2025 14.6 | Jun 2025 14.9 | Sep 2025 13.1 | Dec 2025 12.7 | Mar 2026 12.4 | Jun 2026 12.0
- MGPI: Sep 2021 14.4 | Dec 2021 14.1 | Mar 2022 11.6 | Jun 2022 12.8 | Sep 2022 13.4 | Dec 2022 14.7 | Mar 2023 14.3 | Jun 2023 14.9 | Sep 2023 16.0 | Dec 2023 13.8 | Mar 2024 13.2 | Jun 2024 11.6 | Sep 2024 11.9 | Dec 2024 10.6 | Mar 2025 12.2 | Jun 2025 18.6 | Sep 2025 21.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AGCC: 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 220.5 | Mar 2026 — | Jun 2026 —
- SNDL: 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 481.3 | Dec 2024 33.8 | Mar 2025 17.8 | Jun 2025 9.2 | Sep 2025 23.6 | Dec 2025 10.8 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- DEO: Sep 2021 10.9 | Dec 2021 12.4 | Mar 2022 12.4 | Jun 2022 10.5 | Sep 2022 9.9 | Dec 2022 10.4 | Mar 2023 10.4 | Jun 2023 9.9 | Sep 2023 8.6 | Dec 2023 8.3 | Mar 2024 8.3 | Jun 2024 7.0 | Sep 2024 7.6 | Dec 2024 6.9 | Mar 2025 5.3 | Jun 2025 5.5 | Sep 2025 4.6 | Dec 2025 4.1 | Mar 2026 — | Jun 2026 —
- BF-B: Sep 2021 12.7 | Dec 2021 11.1 | Mar 2022 12.8 | Jun 2022 11.8 | Sep 2022 12.7 | Dec 2022 10.7 | Mar 2023 10.5 | Jun 2023 9.5 | Sep 2023 10.1 | Dec 2023 7.8 | Mar 2024 8.1 | Jun 2024 6.4 | Sep 2024 6.2 | Dec 2024 5.6 | Mar 2025 4.1 | Jun 2025 4.1 | Sep 2025 3.4 | Dec 2025 3.1 | Mar 2026 3.1 | Jun 2026 2.9
- MGPI: Sep 2021 2.3 | Dec 2021 2.9 | Mar 2022 2.8 | Jun 2022 3.1 | Sep 2022 3.2 | Dec 2022 3.1 | Mar 2023 2.7 | Jun 2023 2.9 | Sep 2023 2.8 | Dec 2023 2.6 | Mar 2024 2.2 | Jun 2024 1.8 | Sep 2024 2.0 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.6 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 —
- AGCC: 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 19.7 | Mar 2026 — | Jun 2026 —
- SNDL: Sep 2021 1.3 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 0.9 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 —

## Market action

Brown-Forman Corporation has the strongest one-year price move in Beverages - Wineries & Distilleries at +0.5%. It also leads on Mansfield relative strength against the S&P 500 at -2.8%. 0 of 4 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Brown-Forman Corporation (BF-B): 0.5%
2. Diageo plc (DEO): -8.8%
3. SNDL Inc. (SNDL): -26%
4. MGP Ingredients, Inc. (MGPI): -33%

### Strongest relative strength versus NIFTY 500
1. Brown-Forman Corporation (BF-B): -2.8%
2. Diageo plc (DEO): -8.1%
3. MGP Ingredients, Inc. (MGPI): -22%
4. SNDL Inc. (SNDL): -35%

## 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.
- 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- Thin comparisons: Revenue, Net profit, Valuation have fewer than three usable current readings.

## Every company
- Diageo plc (DEO) — market value ₹49.5K Cr; latest fundamentals Dec 2025
- Brown-Forman Corporation (BF-B) — market value ₹13.3K Cr; latest fundamentals Jun 2026
- MGP Ingredients, Inc. (MGPI) — market value ₹400 Cr; latest fundamentals Mar 2026
- Agencia Comercial Spirits Ltd (AGCC) — market value ₹344 Cr; latest fundamentals Dec 2025
- SNDL Inc. (SNDL) — market value ₹303 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
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

### Which Beverages - Wineries & Distilleries company is the biggest?

Brown-Forman Corporation is the largest, with trailing-twelve-month revenue of $3,928 million, ahead of MGP Ingredients, Inc. at $520 million. That covers 2 of 5 companies with comparable reporting through Jun 2026.

### Which Beverages - Wineries & Distilleries company is growing fastest?

Brown-Forman Corporation has the fastest revenue growth at -1.2% year on year, across 2 of 5 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 Beverages - Wineries & Distilleries company has the best profit margins?

Brown-Forman Corporation has the highest operating margin at 23.2%, from 3 of 5 comparable companies. SNDL Inc. shows the biggest recent improvement, at +1.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Beverages - Wineries & Distilleries company makes the most profit?

Brown-Forman Corporation earns the most, at $715 million of trailing-twelve-month net profit, from 2 of 5 comparable companies. Brown-Forman Corporation has the fastest profit growth at -17.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Beverages - Wineries & Distilleries company earns the highest return on capital?

Brown-Forman Corporation leads on return on capital employed at 16.6%, across 5 of 5 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 Beverages - Wineries & Distilleries stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Brown-Forman Corporation screens cheapest at 0.67×. Only 1 of 5 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 Beverages - Wineries & Distilleries company has the strongest balance sheet?

SNDL Inc. carries the lowest comparable gross debt at $168 million, from 3 of 5 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.

### Which Beverages - Wineries & Distilleries company is investing most in new capacity?

Diageo plc reports the largest capital spending at $605 million, across 4 of 5 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Beverages - Wineries & Distilleries sector beating the market?

Beverages - Wineries & Distilleries has outperformed S&P 500 by 2.9% over the last 52 weeks and 4.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Beverages - Wineries & Distilleries stock has the strongest price momentum?

Brown-Forman Corporation has the strongest relative strength against S&P 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 Beverages - Wineries & Distilleries company scores highest for research priority?

Brown-Forman Corporation scores 50.9 out of 100 with 80.2% evidence confidence, from 7.5 points on growth and earnings, 19.3 on capital efficiency, 15.7 on valuation and 8.4 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 Beverages - Wineries & Distilleries companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 6 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 Beverages - Wineries & Distilleries sector?

The 5 Beverages - Wineries & Distilleries companies on this page carry $63,772 million of combined market value. Diageo plc is the largest at $49,464 million, about 78% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Beverages - Wineries & Distilleries sector performing?

0 of the 4 covered Beverages - Wineries & Distilleries companies are beating S&P 500 on Mansfield relative strength. The sector itself is 2.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Beverages - Wineries & Distilleries stocks are listed in the US?

This comparison covers 5 listed Beverages - Wineries & Distilleries companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### 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/beverages-wineries-distilleries