Content

• Breweries & Distilleries (India) — Fy26 Sector Deep Dive (Spirits, Beer, Wine, Ena/Ethanol Adjacencies)
• A. Industry Overview & Market Landscape
• 1) What The Sector Includes (As Reflected In Company Disclosures)
• 2) Market Size, Penetration And Structural Demand Tailwinds (Spirits-Heavy)
• 3) Segmentation & Where Growth Is Occurring
• a) Spirits: Premiumization And “P&A” Is The Growth Engine
• b) Beer: Premiumization Is Real, But Cost Shocks Are Larger And Margins Thinner
• c) Wine: Premiumization + Tourism Is A Differentiator, But Margins Under Pressure
• d) Imported/Luxury Distribution: High Working Capital Intensity
• 4) Geographic And Policy Landscape (State-Driven Market)
• B. Financial & Economic Profile
• 1) Revenue Scale And Growth: Wide Dispersion By Sub-Segment
• 2) Profitability And Margin Ranges (Gross And Ebitda)
• 3) Return And Cash Flow Profile
• 4) Working Capital Characteristics
• C. Competitive Structure & Dynamics
• 1) Industry Structure: Fragmented By State, Concentrated By Brand Tier
• 2) Competitive Intensity And Differentiation (Porter-Style)
• 3) Pricing Power And Realization Trends
• D. Operational Characteristics
• 1) Capacity, Utilization, And Physical Expansion Themes
• 2) Cost Structures And Productivity
• 3) Innovation And Route-To-Market Modernization
• E. Growth Dynamics & Drivers
• 1) Volume Vs Price And Premiumization Mix
• 2) White Space Categories: Vodka, Gin, Tequila, Rtd, Single Malt
• 3) International/Exports: Selective And Uneven
• F. Risk Landscape
• 1) The Big Three Sector-Wide Risks (Repeated Across Companies)
• a) Regulatory Volatility (State Excise, Route-To-Market Models, Receivables)
• b) Packaging + Logistics Inflation Driven By Geopolitical Conflict
• c) Execution Risk In Premiumization (Brand Investments, Innovation Bets, On-Trade Scaling)
• 2) Company-Specific Key Risks (Highlights)
• G. Capital Allocation & Investor Returns
• 1) Capex Intensity: Beer And Backward Integration Are Capital-Heavy; Brand Owners Vary
• 2) Marketing/A&P Reinvestment
• 3) Dividend And Payout Policies
• H. Future Outlook & Projections (What Management Teams Are Guiding)
• 1) Fy27 Growth And Margin Guidance Summary (Cross-Company)
• 2) Trade Policy Inflection: Uk–India Fta And Eu Duty Cuts (Wine)
• I. Company-By-Company Profiles (Major Entities)
• 1) United Spirits Ltd (Diageo India)
• Scale & Positioning
• Fy26 Profitability, Cash, And Reinvestment
• Growth Mix And Policy Impacts
• Strategic Initiatives
• Outlook And Risks
• 2) Radico Khaitan Ltd
• Scale & Fy26 Performance
• Volumes And Mix
• Portfolio Leadership Positions
• Strategy
• Risks And Guidance
• 3) United Breweries Ltd (Ubl)
• Fy26 Performance
• Volume And Premiumization
• Strategy And Capex Direction
• Key Risk: Quantified Cost Shock
• Outlook
• 4) Allied Blenders & Distillers Ltd (Abdl)
• Fy26 Performance And Mix
• Brands
• Strategic Capex And Backward Integration
• Outlook And Risks
• 5) Tilaknagar Industries (Ti)
• Transformation Via Imperial Blue Acquisition
• Debt And Integration Costs
• Operational Initiatives
• Market Position
• Guidance
• 6) India Glycols (Igl) — Relevant Because It Straddles Potable Spirits + Bio-Fuel + Chemicals
• Fy26 Consolidated
• Segment Fy26 (Net Revenue / Ebit / Margin)
• Strategic Restructuring
• 7) Piccadily Agro Industries (Premium Imfl + Distillation Platform)
• Fy26 Performance
• Scale And Distribution
• Growth Guidance
• 8) Globus Spirits (Hybrid Consumer + Manufacturing/Bulk Alcohol)
• Fy26 Results
• Segment Highlights
• Manufacturing Platform
• Policy Risk
• 9) Associated Alcohols & Breweries (Aabl) — Spirits + Ena + Ethanol, Plus Kerala Acquisition
• Fy26 Consolidated
• Segment Fy26
• Strategic Move: Kerala Bottling Capacity
• 10) Som Distilleries & Breweries (Sdbl) — Cautionary Example Of Operational/Regulatory Disruption In Beer
• Fy26 Collapse
• Root Causes And Recovery Plan
• 11) Wine Leaders: Sula & Fratelli
• Sula Vineyards
• Fratelli Vineyards
• 12) Platform Distillers / Contract Manufacturers: Bcl, Shri Gang, Monika (Imports)
• Bcl Industries
• Shri Gang Industries
• Monika Alcobev (Luxury Import/Distribution)
• Sector Synthesis: The “Why” Behind Performance Dispersion
• 1) Premiumization Is The Common Denominator, But Monetization Differs By Sub-Sector
• 2) Backward Integration Is Becoming A Strategic Necessity
• 3) Policy Risk Is Not A Footnote—It Is A Core Operating Variable
• Additional High-Signal Quantitative Nuggets (Cross-Company)
• Conclusion: Sector Outlook (Fy27–Fy29)