Breweries & Distilleries industry

28 companies · ₹2.3 L cr · 14 with AI deep dives · Q1FY27 report

Premiumisation drives broad P&A volume acceleration; geopolitical packaging inflation stalls margin recovery

Turning upmargin troughed at 5.6% and has risen for 6 quarters to 6.2%, on positive revenue growth

Revenue YoY: +11.1%
EBITDA margin: 6.2%; -80bps YoY
Price, 1 year: -28.1%; 25% of names up
P/E vs own 5y: +6.5%; 38.0x now

Exhibit 1The quarter in numbers

constant panel of 16 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	29,576 cr	26,909 cr	+9.9%	26,622 cr	+11.1%	29,576 cr	0.0%
EBITDA margin	6.2%	6.6%	-40bps	7.0%	-80bps	7.0%	-80bps

Revenue

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%

EBITDA margin

Jun 26: 6.2%
Mar 26: 6.6%
QoQ: -40bps
Jun 25: 7.0%

Sept 26: 1 of 16 reported so far, so it is not in the trend above.

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

12.75x - 48.48x across the panel today

The median name trades at 38.0x, +6.5% against this industry's own 5-year median of 35.7x, and -28.0% against its own peak of 52.8x.

Exhibit 3Structure

₹2.3 L cr

United Spirits Ltd is 40.1% of this industry by market cap. The top 5 are 91.5% and the top 10 are 97.1%.

large 2mid 3small 7micro 1616 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 38.03x, 5y ROCE above its median of 11.2%, 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.

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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.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
United Spirits Ltd	₹91,930 cr	48.8x	34.4x	27.9%	8.2%	-2.7%	Unlock
Radico Khaitan Ltd	₹56,275 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindP&A premiumisation broadening - volumes outpacing overall IMFL across six companies6 managements

P&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…”

headwind5 managements mixed4 managements

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.

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AppendixThe other 3 companies

1-3

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Winsome Breweries Ltd	₹47 cr	-	58.4x	-1.3%	-168.1%	+75.8%	Unlock