Liquor Stocks and Companies in India

The largest Liquor stocks in India by market value are United Spirits (₹1.03 lakh crore), Radico Khaitan (₹60,498 crore) and United Breweries (₹31,483 crore), at prices of 6 Nov 2026.

• United Spirits: ₹1,418 | market value ₹1.03 lakh crore | P/E 56.9
• Radico Khaitan: ₹4,515.20 | market value ₹60,498 crore | P/E 75.4
• United Breweries: ₹1,189.70 | market value ₹31,483 crore | P/E 72.5
• Allied Blenders & Distillers: ₹708 | market value ₹19,803 crore | P/E 86.0
• Tilaknagar Industries: ₹485.50 | market value ₹12,035 crore | P/E 58.3
• Piccadily Agro Industries: ₹582.30 | market value ₹5,740 crore | P/E 40.9
• Globus Spirits: ₹693.25 | market value ₹2,181 crore | P/E 23.5
• India Glycols: ₹294.55 | market value ₹1,975 crore | P/E 6.2
• G M Breweries: ₹837.50 | market value ₹1,913 crore | P/E 11.1
• Som Distilleries & Breweries: ₹73.43 | market value ₹1,527 crore

The other 6 Liquor companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

The largest 15 of 16 listed Indian Alcoholic Beverages companies are named here; all 16 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Alcoholic Beverages index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. United Spirits Ltd₹97,000 cr
2. Radico Khaitan Ltd₹54,800 cr
3. United Breweries Ltd₹31,700 cr
4. Allied Blenders & Distillers Ltd₹19,600 cr
5. Tilaknagar Industries Ltd₹11,900 cr
6. Piccadily Agro Industries Ltd₹5,500 cr
7. Globus Spirits Ltd₹2,140 cr
8. India Glycols Ltd₹2,090 cr
9. G M Breweries Ltd₹1,800 cr
10. Som Distilleries & Breweries Ltd₹1,510 cr
11. Associated Alcohols & Breweries Ltd₹1,080 cr
12. Sula Vineyards Ltd₹1,060 cr
13. Asgard Alcobev Ltd₹884 cr
14. IFB Agro Industries Ltd₹767 cr
15. Jagatjit Industries Ltd₹582 cr

The remaining 1 Alcoholic Beverages company are named and ranked in the scorecard.

16 Liquor companies in the Alcoholic Beverages industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 16 are listed below, largest first. The largest is United Spirits (₹97,007 crore) and the smallest with a market value is Fratelli Vineyards.

Download all 16 Liquor companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 6% behind NIFTY 500. Earnings across its companies grew 17% on average over the last four reported quarters.

2 of 16 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 4 are 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 5 of the 16 companies in the industry index above their 200-day average (no change from four weeks earlier); 2 of those 16 pass the momentum test (2 fewer than four weeks earlier); earnings rising at 9 of the 16 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings mixed, 9 of 16 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 16 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Alcoholic Beverages has done worse than the NIFTY 500 by 11.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.5%. India Glycols Ltd is the strongest against the sector itself at +53.7%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 18.2 as of 30 October 2026 (narrowing, rising).

Alcoholic Beverages has done worse than the NIFTY 500 by 11.1% over 52 weeks, but is 0.5% ahead over the last 13 weeks. 2 of 16 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 5 of the 9 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Radico Khaitan Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.

Associated Alcohols & Breweries Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

India Glycols Ltd has the strongest one-year price move in Alcoholic Beverages at +61.8%. It also leads on relative strength against the NIFTY, at +51.8%. 6 of 16 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Alcoholic Beverages itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

A potential fresh price turn near the top of a long range, supported by earnings but awaiting a breakout and broader participation. In the week of 5 October 2026, 42.9% of 14 Alcoholic Beverages companies were beating the Nifty 500, against 42.9% on 25 May 2026.

Alcoholic Beverages is one of the Top 25 sectors in our latest review.

From our industry review of 10 October 2026.

Better premium brands are the clearest lasting change across the leading companies. Debt reduction, wider distribution and new products also help, but higher packaging costs are preventing a broad improvement in profits from each rupee of sales. Companies disagree on how quickly costs and margins will recover.

From our industry review of 10 October 2026.

6 of 16 Alcoholic Beverages companies held a results call for July to September 2026. Tilaknagar Industries guided: FY27 combined volume growth high-single to low-double digits.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.3 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹7,035 crore in the last 12 months, 97% more than a year before.
• Projects still being built grew 20% in a year.
• 1 Alcoholic Beverages call in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 16 Alcoholic Beverages companies, in percentage points.

Ownership and spending as of 10 October 2026.

2 chains of cause and effect link Alcoholic Beverages to other industries right now. West Asia disruption helps freight prices but hurts cargo and factories. For Alcoholic Beverages: The verdict links West Asia disruption to higher packaging and logistics costs.

From our cross-industry review of 10 October 2026.

The next things that show whether the Alcoholic Beverages story is on course. First: July to September 2026 results showing whether premium demand translates into recurring operating profit and margin recovery.

• Evidence that UK trade-agreement consumer-price benefits have reached customers after channel inventory clears.
• Radico's net debt-free goal by July to September 2026.
• Actual Telangana price decisions and receivable recovery, rather than repeated expected dates.
• Verified Som Bhopal production restart.
• A sustained move above the industry price range with more members participating.

What would change the story

A comparable quarter showing industry profit falling year on year while operating margins remain below the prior year's level would break the call that growing earnings can support a fresh price turn.

From our industry review of 10 October 2026.

United Spirits Ltd has the highest Revenue among the 16 Alcoholic Beverages companies compared here, at ₹12,717 crore. United Breweries Ltd is next at ₹9,927 crore. Tilaknagar Industries Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: United Spirits Ltd is the largest at ₹12,717 crore, 28.1% ahead of United Breweries Ltd. Tilaknagar Industries Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 138.6% from a ₹3,653 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: United Spirits Ltd is the size to compare against; Tilaknagar Industries Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

G M Breweries Ltd has the highest OPM among the 16 Alcoholic Beverages companies compared here, at 23%. Radico Khaitan Ltd is next at 20%. Fratelli Vineyards Ltd has the highest Margin change at +8.8 percentage points, so level and change sit with different companies. 16 of 16 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: G M Breweries Ltd leads opm at 23%; Fratelli Vineyards Ltd leads margin change at +8.8 percentage points.

What this means: G M Breweries Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

United Spirits Ltd has the highest Net profit among the 16 Alcoholic Beverages companies compared here, at ₹1,848 crore. Radico Khaitan Ltd is next at ₹796 crore. Globus Spirits Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: United Spirits Ltd earns the most, ₹1,848 crore of profit over the last 12 months, 132.2% above Radico Khaitan Ltd. Globus Spirits Ltd shows at least 100% on the scoring scale (102.2% in full) growth from a profit base of ₹91 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: United Spirits Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

United Spirits Ltd has the highest ROCE among the 16 Alcoholic Beverages companies compared here, at 26.4%. Radico Khaitan Ltd is next at 24.2%. Jagatjit Industries Ltd has the highest ROCE change at +9 percentage points, so level and change sit with different companies. 16 of 16 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: United Spirits Ltd leads ROCE at 26.4%, 2.2 percentage points above Radico Khaitan Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: United Spirits Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: G M Breweries Ltd (GMBREW): its two data sources disagree by up to 334% on reported income across 16 comparable periods, so its derived ratios are withheld; Som Distilleries & Breweries Ltd (SDBL): its two data sources disagree by up to 39% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

India Glycols Ltd has the lowest PEG among the 16 Alcoholic Beverages companies compared here, at 0.17×. IFB Agro Industries Ltd is next at 0.33×. The same company also has the lowest P/E, at 6.58×. 8 of 16 companies report a comparable reading, the latest through Jun 2026. Its PEG series carries 4 reported observations across the 20-quarter window.

What the numbers say: India Glycols Ltd has the lowest comparable PEG at 0.17×, 48.5% below IFB Agro Industries Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Alcoholic Beverages companies show up on 4 of our India lists. The most are on the 52 week high & low list (6 companies).

This Alcoholic Beverages comparison names 5 specific ways its own evidence can mislead, all listed below. All 16 companies here report on comparable dates, so no rank carries a stale marker. 2 have second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 2 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 16 Alcoholic Beverages companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

2 of 16 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: G M Breweries Ltd (GMBREW): its two data sources disagree by up to 334% on reported income across 16 comparable periods, so its derived ratios are withheld; Som Distilleries & Breweries Ltd (SDBL): its two data sources disagree by up to 39% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Alcoholic Beverages comparison above in question form. Every one is computed from the same 16 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.