# 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 2026-08-04. Not investment advice.

## Bottom line

Beverages - Wineries & Distilleries has underperformed S&P 500 by 5.8% over 52 weeks and 11.7% over 13 weeks. 0 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 4 beat the sector itself. Brown-Forman Corporation leads with revenue of $3,928 million, based on 1 of 5 comparable companies through Jun 2026.

## Sector relative strength

Beverages - Wineries & Distilleries has underperformed S&P 500 by 5.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 11.7%. 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 +1.2%.

13-week sector return versus NIFTY 500: -12%
52-week sector return versus NIFTY 500: -5.8%
Stocks leading NIFTY: 0/4
Stocks leading sector: 1/4

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

Companies: 5
Combined market value: ₹63.0K 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 79%
   - Growth & earnings 6.1/35 | Capital efficiency 20.1/25 | Valuation 15.7/20 | Relative strength 8.6/20
   - 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 1 of the last 12 weeks
   - Exact sum: 6.1 + 20.1 + 15.7 + 8.6 = 50.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
2. MGP Ingredients, Inc. (MGPI): 35/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 15.7/35 | Capital efficiency 6.8/25 | Valuation 9.3/20 | Relative strength 3.0/20
   - 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: 15.7 + 6.8 + 9.3 + 3 = 34.8
   - 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 38%
   - Growth & earnings 17.8/35 | Capital efficiency 13.6/25 | Valuation 10.0/20 | Relative strength 7.0/20
   - 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 1 of the last 12 weeks
   - Exact sum: 17.8 + 13.6 + 10 + 7 = 48.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Agencia Comercial Spirits Ltd (AGCC): 44/100 — Thin evidence · provisional; evidence 18%
   - Growth & earnings 15.9/35 | Capital efficiency 9.6/25 | Valuation 8.5/20 | Relative strength 10.0/20
   - 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 the last 12 weeks
   - Exact sum: 15.9 + 9.6 + 8.5 + 10 = 44
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. SNDL Inc. (SNDL): 38/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 19.5/35 | Capital efficiency 3.6/25 | Valuation 11.5/20 | 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 0 of the last 12 weeks
   - Exact sum: 19.5 + 3.6 + 11.5 + 3 = 37.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Brown-Forman Corporation has the strongest one-year price move in Beverages - Wineries & Distilleries at -7.5%. It also leads on Mansfield relative strength against the S&P 500 at -7.5%. 0 of 4 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Brown-Forman Corporation (BF-B): -7.5%
2. Diageo plc (DEO): -20%
3. SNDL Inc. (SNDL): -28%
4. MGP Ingredients, Inc. (MGPI): -38%

### Strongest relative strength versus NIFTY 500
1. Brown-Forman Corporation (BF-B): -7.5%
2. Diageo plc (DEO): -12%
3. MGP Ingredients, Inc. (MGPI): -31%
4. SNDL Inc. (SNDL): -37%

## Revenue Scale & Growth Durability

What the numbers say: Brown-Forman Corporation is the scale leader at $3,928 million, 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 | Not enough peers | 2/8 recent comparable periods | 1/5 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

### Revenue growth — fastest growers
1. Brown-Forman Corporation (BF-B): -1.2%

### 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, 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 | Not enough peers | 1/8 recent comparable periods | 1/5 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

### 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 —

## 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 · 85 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. MGP Ingredients, Inc. (MGPI): 1.6%
5. SNDL Inc. (SNDL): -0.6%

### ROCE change — fastest improvers
1. SNDL Inc. (SNDL): +1.5 pp
2. MGP Ingredients, Inc. (MGPI): 0.0 pp
3. Diageo plc (DEO): −0.1 pp — older report
4. Brown-Forman Corporation (BF-B): −0.2 pp
5. Agencia Comercial Spirits Ltd (AGCC): −10.8 pp — older report

### 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 1.6%
- 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 0.0 pp
- 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 PEG at 0.67×. Only 1 of 5 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: 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 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. 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 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 —


## 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 ₹48.9K Cr; latest fundamentals Dec 2025
- Brown-Forman Corporation (BF-B) — market value ₹13.1K Cr; latest fundamentals Jun 2026
- MGP Ingredients, Inc. (MGPI) — market value ₹366 Cr; latest fundamentals Jun 2026
- Agencia Comercial Spirits Ltd (AGCC) — market value ₹345 Cr; latest fundamentals Dec 2025
- SNDL Inc. (SNDL) — market value ₹301 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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 Beverages - Wineries & Distilleries sector outperforming S&P 500?

Beverages - Wineries & Distilleries has underperformed S&P 500 by 5.8% over 52 weeks and 11.7% over 13 weeks. 0 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 1 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 1 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 1 of 5 comparable companies.

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

Brown-Forman Corporation ranks first at 50.5/100 with 79.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Brown-Forman Corporation has the lowest comparable PEG at 0.67, among 1 of 5 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

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

Brown-Forman Corporation is the largest, with trailing-twelve-month revenue of $3,928 million. That covers 1 of 5 companies with comparable reporting through Jun 2026.

### 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 1 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 PEG — where a LOWER number is cheaper — Brown-Forman Corporation screens cheapest at 0.67×. Only 1 of 5 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 Beverages - Wineries & Distilleries sector beating the market?

Beverages - Wineries & Distilleries has underperformed S&P 500 by 5.8% over the last 52 weeks and 11.7% 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 50.5 out of 100 with 79.3% evidence confidence, from 6.1 points on growth and earnings, 20.1 on capital efficiency, 15.7 on valuation and 8.6 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 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, 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 $62,977 million of combined market value. Diageo plc is the largest at $48,901 million, about 78% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 5.8% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.