Top Beer Stocks in India

Beer, which was once just a chilled refreshment, is now a serious growth story on Dalal Street. From local lagers to premium brews and fruit-flavoured craft options, the beer industry is growing with changing lifestyles and demand from urban youth. 

Beer demand in India has surged over the years, with premium and craft segments leading the charge, especially across Tier II and III cities. For investors looking at consumer-facing stocks with long-term legs, beer stocks can be an option. In this article, we will cover the top beer stocks in India and factors to consider before investing in them. 

An Overview of the Beer Sector in India

India’s beer market is no longer just about mass-market lagers. It is gradually shifting from mass-market value options to premium and craft segments. India’s beer market was valued at ₹444.6 billion in 2024 and is projected to grow to ₹802.5 billion by 2033, registering a CAGR of 6.72% between 2025 and 2033. 

This growth is being fuelled by a rising preference for alcoholic beverages, particularly among millennials, during festivals, celebrations, and social gatherings. Additionally, evolving consumer lifestyles and the growing availability of beer through online platforms are playing a significant role in driving demand across urban and semi-urban regions. The sector’s growth isn’t limited to metros anymore. Brands are making real inroads into tier-II and tier-III cities. 

Tier-1 cities continue to dominate beer consumption in India, contributing approximately 35% to 40% of the total market. However, Tier-2 cities are quickly narrowing the gap, with consumers in these regions increasingly adopting similar preferences and lifestyles seen in metros. The demand for premium and craft beer is rising sharply in these smaller towns, driven by improving income levels, growing aspirations, and better product accessibility. These changes favour companies operating in this sector.

List of Top Beer Stocks in India

The list below highlights the top beer sector companies in India for investors, along with their market capitalisation. 

Overview of Top Beer Companies in India 

Understand the overview of the list of beer stocks in India and their growth prospects of the top beer companies in India before you plan on investing in them:

1. United Breweries Ltd. (Heineken Group)

India’s largest brewer by volume, UBL owns Kingfisher, Heineken Silver, and other major brands. It is one of the best beer sector stocks in India and has a pan-India distribution network, and is aggressively expanding capacity and coolers. 

In Q4FY25, United Breweries reported a 5% volume growth, driven by strong traction in the premium segment. However, the company also faced challenges. States like Karnataka and Maharashtra raised excise duties, impacting margins and pricing flexibility in key markets. Despite these hurdles, UBL managed to grow its FY25 net sales by 5.6% to ₹19,400 Cr, while net profit rose 7.8%.

Management is driving future growth via heavy capex (₹254 Cr in FY25) to boost production and target 50% cooler penetration in Maharashtra. The company increased its product portfolio by launching new products, including Kingfisher Ultra, Ultra Max, and the Amstel Grande launch in UP. Overall, strong demand for its premium beers and smart expansion moves helped the company keep volumes stable and improve its overall product mix and margins.

2. Tilaknagar Industries Ltd.

Tilaknagar Industries Ltd (TI) is a prominent Indian IMFL (Indian Made Foreign Liquor) player, best known for brands like Mansion House Brandy, Courrier Napoléon, Flandy flavoured brandy, and the recently launched luxury Monarch Legacy Edition. TI operates 4 owned manufacturing units and 17 contract manufacturing units across 10 states, with a stronghold in South India, which accounts for 86% of its total volumes.

In FY 2025, the company posted revenue of ₹1,434 crore (up 2.9% YoY), EBITDA of ₹226 crore (up 21.8%), and a 42.3% rise in net profit to ₹201 crore. Andhra Pradesh led volume growth after a successful route-to-market shift, along with strong market share gains in Karnataka, Telangana, and Puducherry. TI now ranks third in the P&A IMFL segment in Karnataka and Telangana and holds the top spot in Puducherry.

A major achievement for the company was achieving net debt freedom as of September 2024. From a peak debt of over ₹1,100 crore in March 2019 to clearing all net debt in just a few years, Tilaknagar has made significant progress in strengthening its financial position.

On the international front, TI counts two “Millionaire” brands, Mansion House and Courrier Napoléon, each selling over one million cases, and Maharashtra-based Mansion House remains among the fastest-growing brandies globally. TI is also bidding to acquire Pernod Ricard’s Imperial Blue whisky brand, valued at approximately $600 million, a move that would cement its shift into the mainstream whisky category.

3. Som Distilleries & Breweries Ltd. 

Som is making consistent gains in India’s value and semi-premium beer segments. With brands like Hunter, Black Fort, and Power Cool, it caters to consumers looking for strong beers at accessible price points, especially in Central and South India.

In FY25, SDBL posted a revenue of ₹1,447 crore, up 12.5% year-on-year. The company reported a net profit of ₹104.5 crore, growing by 20.8% YoY, with an improved EBITDA margin of 12.6%. Beer volumes stood at 234 lakh cases, registering a 9.5% increase over the previous year. IMFL volumes also saw solid growth, rising 14% YoY. The company has significantly reduced its net debt to ₹151 crore, bringing down its net debt-to-EBITDA ratio to 0.63x, demonstrating improved financial health and internal funding capacity for future expansion.

The major growth catalyst is its upcoming greenfield plant in Khimsepur, Farrukhabad (Uttar Pradesh), involving a capex of ₹600 crore. This plant is being developed over 40 acres and will be one of the largest single-location alco-beverage complexes in India. It will include a brewery, distillery, multiple bottling lines, storage units, and maturation facilities, all within a single integrated campus. 

It will also increase the bottling capacity to 12 million beer cases annually, significantly boosting the overall production capabilities. With more than five beer brands in its portfolio, this facility will serve as a flagship manufacturing hub for Som’s expanding operations across North and Central India.

4. Globus Spirits Ltd. 

Globus Spirits Ltd. has evolved into a vertically integrated alco-beverage company operating across bulk alcohol, IMFL (including beer and craft spirits), ethanol, and by-products. Traditionally recognised for its mass-market whisky and rum offerings, the company made its entry into the beer segment in FY25 with the launch of Carib Premium Strong Beer. Introduced initially in Uttar Pradesh in a 500ml canned format priced at ₹130, the brand is positioned in the premium strong beer category and is now gradually expanding across seven states.

In FY25, Globus Spirits Ltd. reported a standalone net revenue of ₹403.9 crore, reflecting stable performance in its core operations. The company’s EBITDA for the quarter stood at ₹12.9 crore. The Prestige & Above segment delivered strong growth, with net revenue jumping 106% YoY to ₹29.8 crore, while sales volumes grew by 62%. However, this segment reported a small EBITDA loss of ₹3.6 crore. Meanwhile, the Regular & Others segment continued its momentum, generating ₹220.7 crore in revenue (up 26% YoY) and posting a 52% increase in EBITDA to ₹38.2 crore. This growth was fueled by higher volumes, cost optimisation, and strong traction in both its traditional spirits segment and its newly launched beer and RTD categories.

To support this growth, Globus commissioned a new bottling facility in Uttar Pradesh in April 2024, now fully operational and central to its beer and RTD distribution plans. In April 2025, a 2 KLPD malt plant became operational in Rajasthan, enhancing the company’s backwards integration strategy and raw material control. 

Looking ahead, a 100 KLPD multi-feed distillery is under construction in Uttar Pradesh, slated for commissioning in Q3 FY26, which will support further capacity expansion across both the beer and spirits verticals.

5. Associated Alcohols & Breweries Ltd.

Associated Alcohols & Breweries Ltd (AABL), a leading player in India’s liquor industry, has traditionally focused on spirits and continues to strengthen its position in that segment. Although AABL itself does not directly manufacture beer, it is indirectly involved in the beer segment through its promoter group’s subsidiary, Mount Everest Beverages Ltd (MEBL), which has been engaged in beer production since 2009. Based in Memdi, Madhya Pradesh, MEBL owns a brewery with an installed capacity of 10 lakh hectolitres per year.

In Q4 FY25, AABL reported net sales of ₹242.48 crore, a marginal increase from ₹242.22 crore in the same quarter of the previous year. Despite flat revenue, the company’s net profit jumped 82.29% year-on-year to ₹22.33 crore, up from ₹12.25 crore in Q4 FY24, reflecting improved operational efficiency and a better product mix.

AABL has outlined a ₹100 crore capex plan for FY26, which includes setting up a malt maturation facility, enhancing operational efficiency, expanding market reach, and constructing a new bottling plant and single malt maturation unit. These investments are aimed at supporting its long-term premiumization strategy and expanding both production capacity and geographical footprint across India.

Things to Consider While Investing in Beer Companies 

While looking for the top beer companies to invest in, these factors determine whether beer stocks will deliver sustainable returns in the next cycle.

1. Evolving Consumer Preferences

Indian consumers are no longer satisfied with just strong beer. There’s growing demand for flavoured, low-calorie, craft, and non-alcoholic options. Brands that innovate and update their portfolio stay ahead in both popularity and pricing.

For investors, a lack of innovation signals risk. Beer companies that don’t evolve with changing tastes may quickly lose relevance and market share.

2. Capacity & Distribution Footprint

Beer is a volume-driven, perishable product that requires efficient logistics and regional proximity. Companies investing in capacity expansion, especially in high-growth Tier II and III cities, are better positioned to meet rising demand.

Inadequate infrastructure or over-reliance on limited geographies can constrain a company’s scalability. Investors should prefer businesses that demonstrate a clear strategy for footprint expansion and logistical efficiency.

3. Cost Structure & Margin Controls

Beer manufacturing involves volatile input costs- barley, ethanol, aluminium cans, and energy. Smart companies hedge this through local sourcing, returnable packaging, and backwards integration, like malt plants.

Margins can quickly erode without tight cost control. For investors, consistent gross margins and cost efficiency are strong signs of operational resilience.

4. Regulatory & Tax Exposure

Alcohol remains one of the most heavily regulated sectors in India, with excise duties, licensing norms, and market access rules varying widely across states. These regulatory complexities directly affect pricing, availability, and profit margins.

Companies that have strong regulatory navigation, diversified state exposure, and adaptive pricing strategies are better equipped to manage policy risks. Investors should be cautious of firms overly dependent on states with high taxes or unstable policies.

5. Brand Strength & Market Positioning

Beer is a lifestyle product, and consumers often choose brands based on image and social identity. A well-marketed brand can command shelf space, influence preference, and charge a premium. Strong branding also builds long-term loyalty, making consumers less sensitive to price changes or new entrants.

Without strong branding, companies must rely on discounts to push volumes. Investors should watch for brand-led growth, not just price-led competition.

6. Long-Term Growth Potential

India’s per capita beer consumption remains among the lowest globally, approximately 4.8 litres per person per year, compared to 30–100 litres in developed economies. However, rising disposable incomes, changing social norms, and urbanisation are setting the stage for long-term volume growth.

Companies that are strategically expanding into new formats like ready-to-drink (RTD) beverages, premium offerings, and wider regional coverage are better poised to tap this latent demand. For investors, these are signs of forward-looking growth strategies rather than short-term opportunism.

Conclusion

India’s beer sector is expanding fast, backed by rising demand, changing consumer habits, and premium product interest. While the long-term outlook is positive, short-term risks like excise duties, regulation shifts, and input cost fluctuations remain. Investors should focus on companies with strong distribution networks, brand mix, and steady volume growth. Explore and invest in beer stocks by opening a demat account with Share.Market. 

FAQs 

1. What is the Future of Beer Stocks in India?

The future of beer stocks in India looks promising, backed by rising urban demand, premiumisation, and changing consumer tastes. Craft and premium segments are gaining popularity, while Tier II and III cities are emerging as key growth drivers. Policy reforms and increased private investment further support the sector’s growth. However, investors should remain mindful of state-level regulations and cost pressures.

2. What are the Best-performing Beer Stocks in India?

Some of the top-performing beer-related stocks in recent years include. United Breweries Ltd, Som Distilleries & Breweries Ltd, Globus Spirits Ltd. and more. 

3. What Factors Should I Consider Before Investing in Beer Stocks in India?

Before investing in beer stocks in India, assess factors like regulatory risks, as alcohol laws vary by state. Look at the company’s brand strength, product innovation, and distribution network. Input cost management is crucial due to the volatility in raw materials like barley and glass. Strong financials and consistent margin performance are also key. Lastly, consider evolving consumer trends such as premiumisation and rising demand from smaller cities.

4. Which is the Largest Beer Company in India?

United Breweries Ltd. (UBL) is the undisputed leader in the Indian beer market with a market share of over 50%, largely driven by its flagship Kingfisher brand and national distribution. The company operates 21 breweries across the country, giving it a strong production base and logistical edge.

5. Is the Beer Sector A Good Investment in 2025?

Yes, the beer industry in 2025 is a compelling space for investment. Rising disposable incomes, growing demand in smaller cities, and a shift toward premium and craft offerings are driving momentum. Leading companies are expanding capacity and diversifying their portfolios to meet changing consumer preferences. However, regulatory challenges and fluctuating input costs can impact stability. Investors with a long-term outlook and a focus on strong companies can find attractive opportunities in this sector.

6. How to Invest in Beer Stocks in India?

To invest in beer stocks in India, you first need to open a Demat and trading account with a registered broker or digital platform like Share.Market. The next step is to search for listed beer-related companies and review their financials, quarterly performance, and product portfolio and make an investment decision. Keep in mind that beer stocks can be cyclical and influenced by regulations, so diversification and timing are key.

Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.

This is for informational purposes and should not be considered as recommendations. Kindly refer to  https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.