How India buys beer and spirits
3 listed companies sold ₹48,067 crore of beer and spirits in FY25. United Breweries Ltd sold the most, 40.4% of it. United Spirits Ltd earned the most on each rupee of sales: 17.8%.
The brands, and who owns them
Kingfisher Premium, Kingfisher Strong, Heineken® 0.0, Heineken® Original and others are United Breweries Ltd's; 8PM PREMIUM BLACK WHISKY, 8 PM Whisky, After Dark, After Dark Whisky and others are Radico Khaitan Ltd's; Antiquity, Black and White, Black Dog, Black & White and others are United Spirits Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
United Breweries Ltd had 40.4% of the listed companies' sales of beer and spirits here, 1.1 times as much as Radico Khaitan Ltd, the next largest. The two together sold 76%; the other 1 the rest.
How the sales have grown, and who sold them
The listed companies here sold ₹33,439 Cr of beer and spirits in FY26. Counting only the companies with figures in both years, sales went from ₹2,110 Cr in FY19 to ₹20,976 Cr, 9.9 times as much. The biggest rise was in FY25 (+314%) and the weakest year FY21 (-1%). Over three years Radico Khaitan Ltd grew fastest, +87.7% a year. Some companies are counted only from a later year (United Breweries Ltd from FY25; United Spirits Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of sales of beer and spirits. Radico Khaitan Ltd earned 4.1% on its sales in FY26, against 6.4% in FY17; its best year was FY21 at 14.4%. United Spirits Ltd earned 18.3% on its sales in FY26, against 17.8% in FY25.
The companies, and their brands
| Company and brands | Sales FY25 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| United Breweries Ltd Kingfisher Premium, Kingfisher Strong, Heineken® 0.0, Heineken® Original, Heineken® Silver, Kingfisher Ultra, Kingfisher Ultra Max, Amstel Grande, Kingfisher Ultra Witbier Sells in 36 states and 50 countries; exports 1.28% of turnover |
₹19,403 Cr | — | — | — | 5.5% | 29.2% | — | 80.2 | 9.3% | -31.8% |
| Radico Khaitan Ltd 8PM PREMIUM BLACK WHISKY, 8 PM Whisky, After Dark, After Dark Whisky, Contessa Rum, Magic Moments, Magic Moments Vodka, 1965 Spirit of Victory Rum, Jaisalmer Indian Craft Gin, Magic Moments Dazzle, Magic Moments Dazzle Vodka, Magic Moments Flavours of India Sells in 30 states and 100 countries; exports 1.56% of turnover |
₹17,099 Cr | +22.7% | +87.7% | +54.1% | 3.1% | 14.7% | — | 86.4 | 20.3% | +55.9% |
| United Spirits Ltd Antiquity, Black and White, Black Dog, Black & White, Johnnie Walker, McDowell's No1, Royal Challenge, Signature, Smirnoff, VAT 69, American Pride, Antiquity Blue Sells in 28 states and 24 countries; exports 0.67% of turnover |
₹11,565 Cr | +7.8% | — | — | 17.8% | 56.1% | 16.3% | 51.7 | 22.1% | +5.3% |
See every one of these companies in Valarth
Questions people ask
Which listed companies sell beer and spirits in India?
3 listed companies report their sales of beer and spirits: United Breweries Ltd (UBL), Radico Khaitan Ltd (RADICO), United Spirits Ltd (UNITDSPR).
Which listed company sells the most beer and spirits in India?
United Breweries Ltd, with sales of beer and spirits of ₹19,403 crore in FY25: 40.4% of the listed companies' total here.
How big is the listed market for beer and spirits?
The listed companies here sold ₹48,067 crore of beer and spirits in FY25. Private makers are not included.
Which listed company makes the most profit on beer and spirits?
United Spirits Ltd: its operating profit was 17.8% of its sales of beer and spirits in FY25.
Who owns Kingfisher Premium?
Kingfisher Premium is a brand of United Breweries Ltd, listed on the NSE as UBL.
Who owns Kingfisher Strong?
Kingfisher Strong is a brand of United Breweries Ltd, listed on the NSE as UBL.
Who owns 8PM PREMIUM BLACK WHISKY?
8PM PREMIUM BLACK WHISKY is a brand of Radico Khaitan Ltd, listed on the NSE as RADICO.
Who owns 8 PM Whisky?
8 PM Whisky is a brand of Radico Khaitan Ltd, listed on the NSE as RADICO.
Who owns Antiquity?
Antiquity is a brand of United Spirits Ltd, listed on the NSE as UNITDSPR.
Who owns Black and White?
Black and White is a brand of United Spirits Ltd, listed on the NSE as UNITDSPR.