# 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 2026-08-05. Not investment advice.

## Bottom line

Alcoholic Beverages has underperformed NIFTY 500 by 6.6% over 52 weeks and 1.6% over 13 weeks. 6 of 14 covered companies beat NIFTY on Mansfield relative strength, while 7 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.

## Sector relative strength

Alcoholic Beverages has underperformed NIFTY 500 by 6.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.6%. 6 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: 1.6%
52-week sector return versus NIFTY 500: -6.6%
Stocks leading NIFTY: 6/14
Stocks leading sector: 7/14

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: ₹2.6 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): 79/100 — Favorable setup; evidence 100%
   - Growth & earnings 31.2/35 | Capital efficiency 20.6/25 | Valuation 7.2/20 | Relative strength 19.6/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 31.2 + 20.6 + 7.2 + 19.6 = 78.6
   - 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): 69/100 — Favorable setup; evidence 74%
   - Growth & earnings 28.7/35 | Capital efficiency 15.6/25 | Valuation 11.5/20 | Relative strength 13.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 28.7 + 15.6 + 11.5 + 13.5 = 69.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Piccadily Agro Industries Ltd (PICCADIL): 64/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.7/35 | Capital efficiency 16.3/25 | Valuation 11.0/20 | Relative strength 14.3/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 22.7 + 16.3 + 11 + 14.3 = 64.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. India Glycols Ltd (INDIAGLYCO): 64/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 20.1/35 | Capital efficiency 15.9/25 | Valuation 12.3/20 | Relative strength 15.6/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 20.1 + 15.9 + 12.3 + 15.6 = 63.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. United Spirits Ltd (UNITDSPR): 60/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 15.5/35 | Capital efficiency 18.7/25 | Valuation 9.0/20 | Relative strength 16.8/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 15.5 + 18.7 + 9 + 16.8 = 60
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. IFB Agro Industries Ltd (IFBAGRO): 59/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 28.1/35 | Capital efficiency 11.6/25 | Valuation 11.3/20 | Relative strength 7.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of 10 weeks with a reading, within the last 12
   - Exact sum: 28.1 + 11.6 + 11.3 + 7.5 = 58.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Globus Spirits Ltd (GLOBUSSPR): 50/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 27.8/35 | Capital efficiency 8.6/25 | Valuation 10.8/20 | Relative strength 2.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 27.8 + 8.6 + 10.8 + 2.8 = 50
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.5% and the one-year return is -29%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. Allied Blenders & Distillers Ltd (ABDL): 48/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 14.4/35 | Capital efficiency 14.4/25 | Valuation 4.2/20 | Relative strength 15.4/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 14.4 + 14.4 + 4.2 + 15.4 = 48.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Associated Alcohols & Breweries Ltd (ASALCBR): 41/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 9.2/35 | Capital efficiency 14.0/25 | Valuation 13.3/20 | Relative strength 4.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 9.2 + 14 + 13.3 + 4.4 = 40.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. Tilaknagar Industries Ltd (TI): 38/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 9.3/35 | Capital efficiency 11.0/25 | Valuation 8.3/20 | Relative strength 8.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 9.3 + 11 + 8.3 + 8.9 = 37.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Sula Vineyards Ltd (SULA): 35/100 — Adverse evidence; evidence 77%
   - Growth & earnings 9.2/35 | Capital efficiency 11.3/25 | Valuation 10.2/20 | Relative strength 4.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 9.2 + 11.3 + 10.2 + 4.2 = 34.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. United Breweries Ltd (UBL): 34/100 — Adverse evidence; evidence 79%
   - Growth & earnings 11.5/35 | Capital efficiency 6.3/25 | Valuation 8.5/20 | Relative strength 7.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 11.5 + 6.3 + 8.5 + 7.9 = 34.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Jagatjit Industries Ltd (JAGAJITIND): 34/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 14.5/35 | Capital efficiency 5.1/25 | Valuation 9.4/20 | Relative strength 4.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 11 weeks with a reading, within the last 12
   - Exact sum: 14.5 + 5.1 + 9.4 + 4.6 = 33.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Som Distilleries & Breweries Ltd (SDBL): 23/100 — Adverse evidence; evidence 70%
   - Growth & earnings 5.2/35 | Capital efficiency 5.6/25 | Valuation 8.7/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 5.2 + 5.6 + 8.7 + 3 = 22.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Radico Khaitan Ltd has the strongest one-year price move in Alcoholic Beverages at +60.6%. It also leads on Mansfield relative strength against NIFTY at +34.6%. 6 of 14 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Radico Khaitan Ltd (RADICO): 61%
2. Allied Blenders & Distillers Ltd (ABDL): 35%
3. India Glycols Ltd (INDIAGLYCO): 33%
4. G M Breweries Ltd (GMBREW): 25%
5. Piccadily Agro Industries Ltd (PICCADIL): 21%

### Strongest relative strength versus NIFTY 500
1. Radico Khaitan Ltd (RADICO): 35%
2. Piccadily Agro Industries Ltd (PICCADIL): 18%
3. India Glycols Ltd (INDIAGLYCO): 17%
4. United Spirits Ltd (UNITDSPR): 10%
5. Allied Blenders & Distillers Ltd (ABDL): 10%

## 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 stored at the ≥100% scoring cap from a ₹3,016 crore 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: 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 · 234 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): ₹6.2K 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): 100%
2. IFB Agro Industries Ltd (IFBAGRO): 39%
3. Piccadily Agro Industries Ltd (PICCADIL): 27%
4. G M Breweries Ltd (GMBREW): 21%
5. Radico Khaitan Ltd (RADICO): 19%

### 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 ₹1.7K Cr
- 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 ₹1.0K Cr
- 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 ₹398 Cr
- 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 12%
- 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 156%
- 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 7.4% | Jun 2025 11% | Sep 2025 51% | Dec 2025 16% | Mar 2026 59% | Jun 2026 36%
- 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 +6 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 · 269 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. Radico Khaitan Ltd (RADICO): 21%
4. Sula Vineyards Ltd (SULA): 21%
5. India Glycols Ltd (INDIAGLYCO): 17%

### Margin change — fastest expanders
1. Radico Khaitan Ltd (RADICO): +6.0 pp
2. G M Breweries Ltd (GMBREW): +4.0 pp
3. Globus Spirits Ltd (GLOBUSSPR): +2.0 pp
4. IFB Agro Industries Ltd (IFBAGRO): +1.0 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 21%
- 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 16%
- 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 3.3% | Jun 2024 7.0% | Sep 2024 4.7% | 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 -2.0% | Mar 2024 -2.9% | Jun 2024 3.5% | Sep 2024 1.9% | Dec 2024 4.5% | Mar 2025 3.8% | Jun 2025 7.0% | Sep 2025 9.0% | Dec 2025 5.0% | Mar 2026 6.0% | Jun 2026 8.0%
- 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 0.1% | Jun 2023 3.5% | Sep 2023 2.4% | Dec 2023 3.1% | Mar 2024 3.6% | Jun 2024 0.1% | Sep 2024 -2.1% | Dec 2024 -4.2% | 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 +6.0 pp
- 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 −7.0 pp
- 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 −7.3 pp | Jun 2024 −6.0 pp | Sep 2024 −2.3 pp | Dec 2024 0.0 pp | Mar 2025 +2.7 pp | Jun 2025 +1.0 pp | Sep 2025 +4.3 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 +3.5 pp | Sep 2025 +7.1 pp | Dec 2025 +0.5 pp | Mar 2026 +2.2 pp | Jun 2026 +1.0 pp
- 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 +1.1 pp | Jun 2023 +6.6 pp | Sep 2023 +0.4 pp | Dec 2023 −2.9 pp | Mar 2024 +3.5 pp | Jun 2024 −3.4 pp | Sep 2024 −4.5 pp | Dec 2024 −7.3 pp | Mar 2025 −8.6 pp | Jun 2025 −7.1 pp | Sep 2025 −19.9 pp | Dec 2025 −69.8 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, 167.6% 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 | 167.6% versus #2 · Radico Khaitan Ltd | 6/8 recent comparable periods | 14/14 companies · 234 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): ₹704 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): 90%
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 ₹230 Cr
- 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 ₹32 Cr
- 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 ₹20 Cr
- 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 76%
- 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 -64%
- 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 -161% | Mar 2024 -130% | Jun 2024 300% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 113% | Sep 2025 1,050% | Dec 2025 -36% | Mar 2026 800% | Jun 2026 18%
- 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 —

## 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 · 189 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 28%
- 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 1.2% | Mar 2024 -4.7% | Jun 2024 -1.2% | Sep 2024 -2.2% | Dec 2024 3.6% | Mar 2025 3.7% | Jun 2025 8.4% | 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 +0.8 pp
- 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 +2.4 pp | Mar 2025 +8.4 pp | Jun 2025 +9.6 pp | Sep 2025 +10.8 pp | Dec 2025 +8.2 pp | Mar 2026 +4.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: India Glycols Ltd has the lowest comparable PEG at 0.77×, 56% below Piccadily Agro Industries Ltd. Only 5 of 14 companies have earnings and growth steady enough for the ratio to mean anything, 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: India Glycols Ltd · 0.77× | 56% versus #2 · Piccadily Agro Industries Ltd | 0/8 recent comparable periods | 5/14 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 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.

### PEG — lowest PEG
1. India Glycols Ltd (INDIAGLYCO): 0.8
2. Piccadily Agro Industries Ltd (PICCADIL): 1.8
3. Radico Khaitan Ltd (RADICO): 1.9
4. United Spirits Ltd (UNITDSPR): 3.1
5. Allied Blenders & Distillers Ltd (ABDL): 4.1

### P/E — lowest P/E
1. G M Breweries Ltd (GMBREW): 14.9
2. IFB Agro Industries Ltd (IFBAGRO): 15.4
3. Associated Alcohols & Breweries Ltd (ASALCBR): 18.5
4. Globus Spirits Ltd (GLOBUSSPR): 25.6
5. India Glycols Ltd (INDIAGLYCO): 26.3

### 20-quarter 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 83.1
- 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 42.4
- 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 14.9
- 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 —


## 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.

## Every company
- United Spirits Ltd (UNITDSPR) — market value ₹1.1 L Cr; latest fundamentals Jun 2026
- Radico Khaitan Ltd (RADICO) — market value ₹58.2K Cr; latest fundamentals Jun 2026
- United Breweries Ltd (UBL) — market value ₹37.5K Cr; latest fundamentals Mar 2026
- Allied Blenders & Distillers Ltd (ABDL) — market value ₹17.3K Cr; latest fundamentals Jun 2026
- Tilaknagar Industries Ltd (TI) — market value ₹11.5K Cr; latest fundamentals Jun 2026
- India Glycols Ltd (INDIAGLYCO) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Piccadily Agro Industries Ltd (PICCADIL) — market value ₹7.2K 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 ₹1.5K 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 ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- IFB Agro Industries Ltd (IFBAGRO) — market value ₹917 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Jagatjit Industries Ltd (JAGAJITIND) — market value ₹601 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 2026-07-31.
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

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

Alcoholic Beverages has underperformed NIFTY 500 by 6.6% over 52 weeks and 1.6% over 13 weeks. 6 of 14 covered companies beat NIFTY on Mansfield relative strength, while 7 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 100%, across 14 of 14 comparable companies.

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

Radico Khaitan Ltd ranks first at 78.6/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

India Glycols Ltd has the lowest comparable PEG at 0.77, among 5 of 14 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 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 +6 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 PEG — where a LOWER number is cheaper — India Glycols Ltd screens cheapest at 0.77×. Only 5 of 14 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Alcoholic Beverages has underperformed NIFTY 500 by 6.6% over the last 52 weeks and 1.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 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 78.6 out of 100 with 100% evidence confidence, from 31.2 points on growth and earnings, 20.6 on capital efficiency, 7.2 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, 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 ₹2,60,305 crore of combined market value. United Spirits Ltd is the largest at ₹1,10,259 crore, about 42% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### 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 53.2×, 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 2026-08-05.

### How is the Alcoholic Beverages sector performing?

6 of the 14 covered Alcoholic Beverages companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 6.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.