Top Beverage Stocks in India

India’s beverage industry isn’t just about fizzy drinks and evening mixers anymore. It’s a fast-changing market backed by shifting consumer habits, rising disposable incomes, and a massive young population that’s willing to try new things. From soft drinks and bottled water to whisky and beer, the demand is growing across categories.

FY25 proved to be a solid year for the sector, with many listed players reporting double-digit growth in revenue and profit. Whether it’s the dominance of Varun Beverages in the soft drink space or Radico Khaitan’s aggressive expansion in the premium liquor segment, investors are taking note for investment.

If you’re starting in stock investing, this sector deserves a close look. In this article, we will cover the list of top beverage sector stocks.

An Overview of the Beverage Sector in India 

India’s beverage industry is growing fast owing to rising incomes, shifting tastes, and strong demand across both metro and non-metro cities. The sector has evolved into one of the most diverse and competitive segments in FMCG and consumer discretionary markets.

The overall market was valued at ₹6.2 lakh crore in 2024 and is expected to grow at a CAGR of 6.8%, crossing ₹12 lakh crore by 2034. A large share of this growth is driven by the non-alcoholic beverage segment, which saw a 10.2% jump in 2024. Smaller brands are finding space too, offering regional flavours like jeera and shikanji at affordable prices, which is a major hit in Tier II and Tier III cities.

Consumer spending in the top beverage sector companies in India for investors is growing and helping premium beverage brands scale faster, especially in categories like craft spirits, energy drinks, and zero-sugar alternatives. Still, the sector faces some headwinds. Regulatory constraints in the alcoholic beverages space and rising input costs, from packaging to ethanol, are pressing margins. However, the upside remains strong, especially for players who innovate, stay price-competitive, and cater to regional tastes. 

List of Top Beverage Stocks in India

The table below shows the list of the top beverage stocks in India

Overview of Top Beverage Companies in India 

To understand more about the top beverage companies in India, we have curated their overview, including their profit, sectoral growth, and investment strategies.  

1. Varun Beverages

Varun Beverages (VBL), founded in 1995, is India’s largest PepsiCo bottler (owned by Ravi Jaipuria). It is one of the best-performing beverage stocks in India. It produces carbonated and non-carbonated drinks such as Pepsi, Mountain Dew, Mirinda, Tropicana juices, Nimbooz, Aquafina water and more, across 27 Indian states and several overseas markets. VBL commands roughly 90% of Pepsico’s bottling volume in India and is one of Asia’s biggest franchises. 

The company’s growth has been strong in FY25.  In Q4 CY2024, the company’s revenues jumped 39.8% YoY (net profit +40%), with domestic volumes +11.4%. In Q1CY2025, consolidated volumes surged about 30%. In 2024, VBL fully acquired two African Pepsi bottlers (in Tanzania and Ghana), and it now plans to buy its plastic cap supplier. These moves, in addition to the new territories, aim to fuel Varun Beverage’s next phase of global growth.

2. United Spirits (Diageo India)

United Spirits (USL), now Diageo India, traces its roots to the 19th century, but under its current name is part of Diageo PLC (NYSE: DEO). It is India’s largest listed liquor company by volume, selling Scotch and domestic spirits. 

The company’s core brands include Johnnie Walker Scotch, McDowell’s No.1 whisky and rum, Black Dog, Antiquity blue/white whisky, Signature and Romanov vodka, and white spirits like White Mischief gin. USL is the world’s second-largest spirits firm by volume, and in India, it dominates the prestige (P&A) segment of IMFL. 

In Q4 FY2025, USL’s net sales value (NSV) grew by 9% to ₹3,031 Cr, and its net profit rose by 17% YoY. For full FY25, Diageo India’s NSV was ₹12,069 Cr, up by 7%. 

For the coming years, the company is focusing more on premiumisation and expanding its niche categories within the spirits portfolio.

3. United Breweries (Heineken India)

United Breweries (UBL), established in 1915, is the country’s largest listed brewery. Its flagship brand is Kingfisher beer; it also brews Heineken, Foster’s, and other popular beers and craft labels under license. UBL, which is 61.5% owned by Heineken NV, has long held roughly a 50% market share in India’s beer market. 

In FY2025, its volume grew by 6%, fuelled by strong demand in key states, and 32% of volumes were premium beers like Heineken/Kingfisher Strong. In Q4 FY2025, the company’s profit jumped by 20% to ₹97 Cr, with a YoY sales growth of ~10%, and volumes rose 5%. 

UBL is expanding capacity and distribution. It is setting up new breweries, e.g. leasing capacity in Andhra Pradesh, and rationalising others. It plans to shut down the Mangalore brewery and boost Mysuru, Karnataka’s capacity. Its strategy emphasises pushing Kingfisher and Heineken brands in premium segments while widening its reach in emerging markets.

4. Radico Khaitan

Radico Khaitan, founded in 1943 (Rampur Distillery), is one of India’s oldest liquor producers. It offers a diverse portfolio of spirits: its flagship has long been Morpheus XO premium brandy, and it also sells 8 PM whisky and vodka, Magic Moments vodka, Magic Moments flavoured vodka, Rampur Indian single malt whisky, rum, Whytehall brandy, and Jaisalmer. 

Radico has positioned itself in the high-end segment. In FY2025, about 69% of its IMFL sales value came from “Prestige & Above” brands. In Q4 FY2025, Radico delivered strong results. Its net profit jumped to 71% to ₹92.1 Cr, as premium brands grew by 22% and accounted for 63% of sales. For full FY2025, consolidated IMFL volumes were 31.4 million cases at a 9.2% YoY growth. 

The company’s recent initiatives focus on upscale innovation and backwards integration: it launched a premium gin and a luxury aged brandy in FY2024 and, in late FY25, introduced its first liqueur, Ankahi Zaffran, and rebranded 8 PM whisky with a premium look. 

5. Allied Blenders & Distillers Ltd (ABD)

ABD, founded in 1988 by Kishore Chhabria, is best known for Officer’s Choice (OC) whisky. It is the world’s largest-selling whisky by volume, as well as other spirits like Officer’s Choice Blue (premium whisky), Kyron brandy and Jolly Roger rum. It is a vertically integrated IMFL maker and distributor. 

ABD’s IPO was listed in July 2024, and now the company holds 11.8% of the Indian whisky market by volume. The company’s growth in the previous year has been robust. In Q4 FY2025, revenue jumped by 10% YoY to ₹1934.72 Cr and the company swung to a profit of ₹78.62 Cr vs. a ₹240.62 loss prior year, driven by premiumisation. 

ABD’s strategy is aggressive brand expansion. In 2024, it partnered with Bollywood star Ranveer Singh to launch a luxury spirits venture and is exploring tie-ups to distribute international brands in India. It is also scaling up premium and super-premium offerings such as EDLI quads, and Kyron brandy while strengthening its mass-premium core of OC. ABD plans to grow into the vodka, gin and Scotch segments, leveraging its strong bottling network and marketing muscle.

Things to Consider While Investing in Beverage Companies 

When evaluating investment opportunities in the beverage sector, consider the following factors:

Financial Performance

Analysing financial metrics is vital when investing in beverage companies. Investors should assess revenue growth, profit margins, debt levels, and return on equity to gauge a company’s financial health. Consistent performance and sound financial management are indicators of a company’s potential for long-term success.

Regulatory Environment 

The Indian government has opened the food and beverage sector to 100% foreign direct investment (FDI), aiming to attract global players and boost innovation. This policy shift is expected to enhance technological advancements and improve supply chain efficiencies.

However, investors should be mindful of the complex regulatory landscape, especially in the alcoholic beverage segment, which involves state-specific taxes and licensing requirements. 

Infrastructure and Supply Chain Considerations

Infrastructure development is pivotal for the beverage industry’s growth. Investments in cold storage, logistics, and distribution networks are essential to maintain product quality and meet consumer demand.

Conclusion 

The Indian beverage industry offers promising investment opportunities, driven by favourable demographics and changing consumer habits. This list of beverage stocks in India, such as Varun Beverages, United Spirits, and Radico Khaitan, has demonstrated strong financial performance and strategic initiatives to capture market growth. 

Investors should conduct thorough research and consider the factors mentioned above to make informed investment decisions in this sector. To invest in these stocks, open a demat account with Share.Market.

FAQs 

1. What are the Top Beverage Stocks in India?

Some of the leading beverage stocks in India include Varun Beverages, United Spirits, United Breweries, Radico Khaitan, and Allied Blenders & Distillers.

2. How is the Indian Beverage Industry Performing?

The top beverage companies in India are experiencing robust growth, driven by urbanisation, changing consumer preferences, and increasing disposable incomes.

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

Consider market share, brand portfolio, financial performance, regulatory environment, and innovation capabilities of the company before investing in beverage stocks.

4. Are There Any Risks Associated with Investing in Beverage Companies?

Yes, there are certain risks, including regulatory changes, fluctuating raw material costs, and shifts in consumer preferences.

5. How Can I Stay Updated on the Performance of Beverage Companies?

Regularly review company financial reports, industry news, and market analyses to stay informed about the performance and prospects of beverage companies.

6. How to Invest in Beverage Stocks?

You can invest in beverage stocks through stockbroking platforms like Share.Market. Simply open a demat account online, deposit funds, and purchase shares of your chosen battery companies. Make sure you do your research before investing and review your portfolio periodically.

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.