Breweries & Distilleries industry
28 companies · ₹2.5 L cr · 12 with AI deep dives · Q1FY27 report
Premiumisation drives broad P&A volume acceleration; geopolitical packaging inflation stalls margin recovery
- Revenue YoY
- +11.1%
- EBITDA margin
- 6.2%
- -80bps YoY
- Price, 1 year
- -3.6%
- 50% of names up
- P/E vs own 5y
- +32.2%
- 43.6x now
Exhibit 1The quarter in numbers
constant panel of 16 companies above ₹500 cr- Jun 26
- 29,576 cr
- Mar 26
- 26,909 cr
- QoQ
- +9.9%
- Jun 25
- 26,622 cr
- YoY
- +11.1%
- Peak
- 29,576 cr
- vs peak
- 0.0%
- Jun 26
- 6.2%
- Mar 26
- 6.6%
- QoQ
- -40bps
- Jun 25
- 7.0%
- YoY
- -80bps
- Peak
- 7.0%
- vs peak
- -80bps
Breadth: 81% of 16 companies grew revenue year on year (was 56% a quarter earlier) and 50% expanded margin (was 63%).
Exhibit 2What it costs
16.55x - 62.99x across the panel todayThe median name trades at 43.6x, +32.2% against this industry's own 5-year median of 33.0x, and -17.3% against its own peak of 52.8x.
Exhibit 3Structure
₹2.5 L crUnited Spirits Ltd is 42.1% of this industry by market cap. The top 5 are 91.3% and the top 10 are 96.9%.
Exhibit 4Screen
P/E below the sub-industry median of 43.64x, 5y ROCE above its median of 11.94%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 28)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹17,673 cr
- P/E
- 77.5x
- EV/EBITDA
- 33.3x
- ROCE
- 24.6%
- Margin
- 7.4%
- Rev YoY
- +1.8%
- Mcap
- ₹5,964 cr
- P/E
- 42.5x
- EV/EBITDA
- 26.9x
- ROCE
- 20.1%
- Margin
- 21.0%
- Rev YoY
- +18.1%
- Mcap
- ₹1,480 cr
- P/E
- -
- EV/EBITDA
- 21.7x
- ROCE
- -0.9%
- Margin
- 3.4%
- Rev YoY
- -31.1%
- Mcap
- ₹1,362 cr
- P/E
- 16.3x
- EV/EBITDA
- 9.6x
- ROCE
- 16.0%
- Margin
- 13.5%
- Rev YoY
- +6.0%
- Mcap
- ₹246 cr
- P/E
- -
- EV/EBITDA
- -105.7x
- ROCE
- -0.4%
- Margin
- -1302.3%
- Rev YoY
- -
- Mcap
- ₹117 cr
- P/E
- 5.6x
- EV/EBITDA
- 4.5x
- ROCE
- 29.8%
- Margin
- 8.8%
- Rev YoY
- +31.2%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30P&A outperformance is the defining sector theme. RADICO's P&A grew 35.8% in volume to 5.22 Mn cases, lifting EBITDA margin to a record 20.7% (+536 bps YoY), with P&A now 76.8% of…
- RADICO (Q1FY27): “Our P&A portfolio delivering 36% volume growth during the quarter... EBITDA margin for…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →