India’s alcoholic-beverages industry stands at a fascinating crossroads — where centuries-old drinking traditions meet rapid modernization, global capital, and evolving consumer preferences. The sector, valued at more than USD 60 billion (~INR 5 lakh crore), is projected to grow at a 6–8% CAGR through 2030, making it one of the most lucrative consumption themes in India’s consumer-staples landscape.
The Indian alcohol market is largely driven by whisky, which contributes nearly 60% of total volumes, followed by beer (25%) and wine & RTD (15%) segments. India also happens to be the world’s largest whisky market by volume, consuming almost half of the global output. However, unlike typical FMCG categories, the Alcobev (alcoholic beverages) business operates within a highly regulated, state-controlled excise framework. Let’s explore top alcohol companies in India.
Table of Contents
Market Snapshot & Ranking Logic
To understand who leads the toast in India’s Alcobev landscape, this report ranks the top listed companies based on market capitalization (as of 2025). The ranking gives a clear picture of financial might, investor confidence, and the scale of operations in the beverage space.
Each company’s profile incorporates five key metrics that define its market standing:
- Market Cap (INR Crore) – Indicator of company size and investor valuation
- P/E Ratio – Valuation multiple versus earnings
- ROCE % – Operational efficiency and capital returns
- 1-Year Return % – Stock performance over the past year
- Sales Growth (3Y & 5Y) – Revenue momentum and demand trend
Top Liquor Stocks in India 2025
Comparative Financial Snapshot
| Company | Market Cap (INR Cr) | P/E | ROCE % | 1-yr Return % | 3-yr Sales CAGR (%) | Segment |
| United Spirits | 98,766 | 63.00 | 26.50 | -14.18 | 7.51 | Spirits – Whisky, Rum, Vodka |
| United Breweries | 47,011 | 101.01 | 13.88 | -13.44 | 15.15 | Beer (Brewing & Distribution) |
| Radico Khaitan | 40,135 | 98.51 | 16.24 | +32.97 | 19.20 | Spirits (Premium Segment) |
| Allied Blenders & Distillers | 15,037 | 62.60 | 21.08 | +60.07 | 9.44 | Spirits (Mass & Mid-Premium) |
| Tilaknagar Industries | 9,188 | 32.99 | 22.19 | +53.49 | 22.33 | Spirits (Whisky & Brandy) |
| Piccadily Agro Industries | 6,602 | 61.26 | 22.68 | -12.91 | 11.70 | Spirits & Ethanol |
| Globus Spirits | 3,256 | 120.06 | 5.80 | -0.31 | 17.10 | Spirits & Country Liquor |
| Som Distilleries & Breweries | 2,497 | 24.33 | 17.98 | +13.58 | 58.09 | Beer & Ready-to-Drink |
| GM Breweries | 2,489 | 17.44 | 18.13 | +37.32 | 11.56 | Country Liquor |
| Sula Vineyards | 2,108 | 36.68 | 13.25 | -44.41 | 10.92 | Wine & Vineyard Tourism |
List of Top 10 Alcohol Companies in India
#1 United Spirits (Diageo India)
United Spirits, a Diageo India company, is a leading force in the Indian alcoholic beverages market with a strong portfolio of premium brands including McDowell’s No.1, Royal Challenge, and Captain Morgan Spiced Rum. As one of the top expensive alcohol brands in India, the company enjoys pan-India distribution and commands a significant share in the fast-growing premium spirits segment.
The company reported an 8.4% increase in net sales value in Q1 FY26, with premium segments growing by 9%. Despite challenging market conditions and excise hikes, especially in Maharashtra, United Spirits maintained robust margins with a gross margin of 45.5% and EBITDA margin at 17.9%. The company has been proactively investing in premiumisation and innovation, with products like McDowell’s Double Oak and luxury malt Godawan driving strong consumer engagement. Digital marketing efforts, including the RCB X Leaders Summit sponsorship, have enhanced brand visibility.
United Spirits also focused on responsible consumption initiatives, educating over 1.2 million consumers across 10 states. Strong growth was seen in states like Uttar Pradesh, Madhya Pradesh, and Jharkhand, balancing headwinds from policy changes.
#2 United Breweries (Heineken Group)
United Breweries (UBL), known for the flagship brand Kingfisher, is one of India’s premier alcoholic beverage companies and a leading name among top Indian liquor brands, with a widespread footprint across the country. In Q1 FY26, UBL demonstrated strong financial and operational performance, underpinned by robust volume growth and continued premiumisation of its portfolio.
UBL reported a 16% increase in net sales to INR 2,862 crore compared to INR 2,473 crore in the previous year’s quarter, driven primarily by an 11% volume growth. Premium segment volume surged impressively by 46%, boosted by strong demand for brands like Kingfisher Ultra, Amstel Grande, and Heineken Silver. Despite a minor margin contraction with gross profit margin at 42.5% (down 50 bps), the company posted a 14% growth in gross profit and a 10% increase in EBIT to INR 259 crore.
The sales growth was supported by favorable price and mix effects from key markets such as Telangana, Uttar Pradesh, Orissa, and Rajasthan, coupled with an expanding distribution network and intensified marketing efforts.
#3 Radico Khaitan
Radico Khaitan is a prominent player in the Indian alcoholic beverages sector, renowned for its diverse portfolio of premium and luxury brands. Counted among the top alcohol brands in India, Radico achieved its highest-ever quarterly performance across key metrics including volume, net sales, and EBITDA in Q1 FY2026. The company reported a 37.5% increase in IMFL volume to 9.72 million cases, with the prestige and above segment growing 40.8% to 3.84 million cases, reflecting its strong premiumisation strategy.
Radico’s net sales surged 32.5% year-over-year to INR 1,506 crore, while EBITDA rose 55.6% to INR 231 crore, supported by a favorable product mix and stable raw material costs. The company has successfully expanded its premium and luxury brand distribution, with notable launches such as Morpheus Super Premium Whisky and The Spirit of Kashmyr luxury vodka, aiming to capture emerging consumer preferences in super-premium segments. Jaisalmer Indian Craft Gin holds a dominant 50% share in the Indian luxury gin market and is expanding rapidly.
#4 Allied Blenders & Distillers (ABD)
Allied Blenders & Distillers (ABD) which has been recently listed on the stock exchanges in June 2024, is a leading player in the Indian alcoholic beverages industry, known for producing some of the popular alcohol brands in India. The company has a strong presence in the premium and super-premium segments across whisky, vodka, and gin categories. Its portfolio includes flagship brands like Officer’s Choice, the highest-selling whisky in India and among the world’s top 10 spirits brands, alongside emerging premium brands such as Sterling Reserve, ICONiQ White Whisky, and Zoya Gin.
In FY25, ABD demonstrated robust financial growth with revenue rising to INR 3,541 crore, a 6.2% increase YoY, supported by strong volume growth and premiumisation initiatives. EBITDA surged by 81.7% to INR 451 crore, reflecting effective margin management and operational efficiencies. The company’s net profit rose sharply to INR 195 crore from a marginal INR 2 crore in the previous year, driven by disciplined capital allocation and a reduction in the net debt-to-EBITDA ratio from 3.0x to 1.7x.
ABD’s growth is driven by a multi-pronged strategy focusing on portfolio expansion, premium on-premise channel penetration, and strong export footprint covering 27 countries with plans to expand to 35 countries by FY26-end. The company boasts a wide distribution network with over 80,000 retail touchpoints across India.
#5 Tilaknagar Industries
Tilaknagar Industries (TI) is India’s largest brandy manufacturer with a predominantly Prestige & Above portfolio, primarily focused on the southern Indian market. Established in 1933, TI has a rich legacy and over 50 years of experience in alcoholic beverage manufacturing. The company operates through a mix of four owned and 17 contract manufacturing units spread across 10 states, largely following an asset-light model. As one of the top 10 alcohol brands in India, Tilaknagar continues to strengthen its leadership position in the industry.
In Q1 FY26, Tilaknagar delivered a strong performance with volumes rising 26.5% year-on-year to 32.1 lakh cases, accompanied by a 30.6% growth in net revenues to INR 409 crore. The PAT rose 121% to INR 89 crore. A significant development is TI’s strategic acquisition of the Imperial Blue whisky business from Pernod Ricard India for an enterprise value of approximately EUR 413 million (~INR 4,150 crore), subject to regulatory approval expected by the end of 2025. This acquisition will diversify TI’s portfolio beyond brandy into whisky, increasing its presence pan-India and adding substantial volume and revenue streams.
#6 Piccadily Agro Industries
Established in 1967, Piccadily Agro Industries is a leading independent player in India’s premium malt spirits and alcoholic beverages market, recognized among the top alcohol brands in India. The company operates a state-of-the-art manufacturing facility in Indri, Haryana, spanning 168 acres, producing a diverse portfolio including single malt whiskies, cane juice rum, vodka, ethanol, extra neutral alcohol (ENA), and white crystal sugar.
In Q1 FY26, Piccadily reported a robust 37% year-on-year revenue growth from distillery products, with Indian Made Foreign Liquor (IMFL) volumes up 38.6%. This growth has been fueled by new product launches such as Indri Agneya, Indri Dubai City Series Edition, and Cashmir premium vodka, alongside a successful repositioning of the Whistler blended whisky brand. The company’s revenue from operations rose 9.9% year-on-year, and EBITDA increased 36.4%, supported by margin expansion and operational efficiencies.
With a distribution network covering 29 states in India and exports to 28 countries, Piccadily remains focused on premiumisation, brand building, and scaling operations domestically and internationally, making it a key player poised for sustainable growth in India’s evolving alco-bev sector.
#7 Globus Spirits
Globus Spirits (GSL) is a prominent player in India’s alcoholic beverages sector, with a strategic focus on value-for-money categories and a growing presence in the premium segment. The company operates multiple state-of-the-art manufacturing units across North and East India with a total capacity exceeding 300 million liters per annum, efficiently utilizing raw materials such as maize, rice, and molasses.
In Q1 FY26, GSL reported net revenues of INR 425.8 crore, representing a 9.3% year-on-year increase, with sales volumes growing 51% to 29 lakh cases. The company’s EBITDA rose 20% year-on-year to INR 60 crore, reflecting improved operational efficiencies and effective cost management despite minor challenges like policy changes in Delhi.
GSL’s product portfolio spans whisky, gin, vodka, rum, and includes the recently launched Carib strong beer, targeting the growing beer market in Uttar Pradesh. Notably, its premium and luxury brands such as Doaab Indian Craft Whisky and Terai India Dry Gin have earned several prestigious awards, underscoring the company’s commitment to quality and innovation. These products stand out among the list of top expensive alcohol brands in India, reflecting GSL’s expanding influence in the premium and luxury spirits market.
#8 Som Distilleries & Breweries
Som Distilleries and Breweries (SDBL) is a prominent Indian alcoholic beverages company with a diversified portfolio spanning spirits, beer, and alcopops. Headquartered in Bhopal, the company operates multiple manufacturing units, including a greenfield brewery and distillery project in Uttar Pradesh with an investment of INR 600 crore. It is one of the fastest-growing beer companies in India, boasting a CAGR of 59% over the past three years.
In Q1 FY26, SDBL recorded consolidated total income of INR 530.1 crore, a 3.2% year-on-year increase despite industry headwinds in markets like Karnataka due to excise hikes. SDBL’s IMFL portfolio grew significantly by approximately 60% in volume, fueled by strategic market execution and rising consumer demand. With a robust brand portfolio including Hunter Beer, Black Fort Whisky, Power Cool, and Milestone Vodka, Som Distilleries is increasingly being recognized among the top liquor stocks in India, poised for sustained growth driven by premiumisation, market expansion, and innovative product launches.
#9 GM Breweries
G M Breweries (GMBL) is a well-established player in the Indian alcoholic beverages sector, headquartered in Mumbai and operating primarily in the states of Maharashtra, Gujarat, Madhya Pradesh, Goa, and parts of North India. The company manufactures and markets a diverse portfolio of branded alcoholic products including beer, traditional Indian spirits (IMIL), and Indian Made Foreign Liquor (IMFL). Often featured among the list of top alcohol companies in India, GMBL has built a strong market presence through consistent quality and brand loyalty.
For the financial year ended 31 March 2025, GMBL achieved a net revenue of INR 636.57 crore, reflecting steady growth compared to the previous year’s INR 615.23 crore. The company reported a net profit of INR 129.04 crore, showcasing healthy profitability despite some market and regulatory challenges. Operationally, GMBL strengthened its manufacturing infrastructure at its Virar plant near Mumbai and ramped up brand visibility and consumer engagement through marketing initiatives.
#10 Sula Vineyards
Sula Vineyards Limited is India’s leading wine producer and a pioneer in the Indian wine industry, known for its extensive portfolio of award-winning wines and a strong presence in both domestic and international markets. With over 2,800 acres of contracted vineyards, Sula operates one of Asia’s top five wineries with an installed capacity of 18.2 million liters. The company serves over 25,000 retail touchpoints across 23 states and 7 union territories and exports to 29 countries globally. Sula Vineyards was recently listed on the Indian stock exchanges in December 2022 and continues to be featured prominently among the list of top alcohol brands in India.
In Q1 FY26, Sula Vineyards reported revenue from operations of INR 118.3 crore, up 7.9% year-on-year. Gross profit surged 14.6% to INR 89.8 crore, while operating EBITDA grew 46.1% to INR 18.3 crore, driven by continued premiumisation with 74.7% of sales from elite and premium wine categories. The company achieved 10.8% growth in its own brand sales and a 22% increase in its wine tourism revenue, supported by record visitor footfalls and the expansion of wine tasting rooms and resorts.
Conclusion
India’s alcoholic beverages industry is evolving rapidly, blending heritage with innovation and premiumisation. The top alcohol companies in India such as United Spirits, United Breweries, and Radico Khaitan continue to redefine the market through strategic expansion, premium offerings, and sustainable practices. Meanwhile, emerging players like Allied Blenders & Distillers and Tilaknagar Industries are intensifying competition with innovation and brand diversification. Collectively, these top alcohol brands in India are shaping a modern drinking culture, catering to evolving consumer tastes and global standards, making India a vibrant and promising market for investors and connoisseurs alike.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.