India’s liquor industry is evolving rapidly, driven by rising incomes, changing lifestyles, and a growing preference for premium and branded spirits. Consumers are trading up from economy brands to mid-range and high-end labels, reshaping the market’s growth story.
According to Radico Khaitan’s FY25 annual report, the Indian-Made Foreign Liquor (IMFL) segment is projected to grow 5% annually in volume but a much faster 14.8% annually in value between FY25 and FY29. This clearly shows that premiumisation and strong pricing power are driving the industry’s expansion.
Against this backdrop, here are five liquor companies that have recorded the fastest sales growth over the past five years, based on data from the Equitymaster Screener.
1. IFB Agro Industries
Overview:
IFB Agro is engaged in manufacturing alcohol, bottling branded beverages, processing seafood, and producing animal feed. It has a brewing capacity of 170 KLPD and bottles about 216 million bottles annually.
Performance Highlights:
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5-year Sales CAGR: 57.3%
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5-year Profit CAGR: 0.1%
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Average RoE: 6.9%
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Average RoCE: 8.7%
| Year | Net Sales (₹ bn) | Net Profit (₹ m) | RoCE (%) | RoE (%) |
|---|---|---|---|---|
| FY21 | -2.9 | 464 | 12.9 | 10.4 |
| FY22 | -2.6 | 585 | 14.3 | 11.7 |
| FY23 | 9.2 | 491 | 12.5 | 9.0 |
| FY24 | 4.8 | -81 | -2.4 | -1.5 |
| FY25 | 5.8 | 223 | 6.1 | 3.7 |
Future Outlook:
To reduce its dependence on the liquor business in West Bengal, IFB Agro has diversified into aqua feed, acquiring Cargill India’s shrimp and fish feed business (₹3.5 bn annual turnover). This move is expected to strengthen its revenues from FY26 onwards.
2. Associated Alcohols and Breweries
Overview:
Based in Madhya Pradesh, Associated Alcohols runs one of India’s largest integrated liquor facilities, with 41 bottling lines and an annual capacity of 16 million cases. It produces IMFL, country liquor, ethanol, and ENA, and works with major partners like Diageo and Inbrew.
Performance Highlights:
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5-year Sales CAGR: 15.6%
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5-year Profit CAGR: 10.5%
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Average RoE: 16.6%
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Average RoCE: 21.7%
| Year | Net Sales (₹ bn) | Net Profit (₹ m) | RoCE (%) | RoE (%) |
|---|---|---|---|---|
| FY21 | 4.2 | 580 | 31.5 | 23.0 |
| FY22 | 5.1 | 608 | 26.1 | 19.4 |
| FY23 | 7.0 | 416 | 13.2 | 11.4 |
| FY24 | 7.6 | 506 | 15.6 | 12.3 |
| FY25 | 10.6 | 814 | 22.2 | 16.6 |
Future Outlook:
The company is expanding its premium brand portfolio, launching Nicobar Gin and Hillfort Blended Malt Whisky, and planning entry into brandy and tequila (as agave spirit). It aims to become a pan-India player, entering new markets like Maharashtra, Uttar Pradesh, Goa, and Puducherry.
3. Piccadily Agro
Overview:
Starting as a sugar manufacturer, Piccadily Agro has transformed into a leading IMFL producer, with its premium single malt Indri gaining global recognition. The IMFL business now makes up 43% of total sales, up from just 1.7% in FY22.
Performance Highlights:
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5-year Sales CAGR: 13.4%
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5-year Profit CAGR: 49.9%
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Average RoE: 16.3%
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Average RoCE: 24.1%
| Year | Net Sales (₹ bn) | Net Profit (₹ m) | RoCE (%) | RoE (%) |
|---|---|---|---|---|
| FY21 | 4.9 | 176 | 18.9 | 9.5 |
| FY22 | 5.7 | 292 | 23.8 | 14.1 |
| FY23 | 5.8 | 233 | 16.4 | 10.1 |
| FY24 | 7.3 | 1,104 | 40.6 | 32.5 |
| FY25 | 7.5 | 1,027 | 20.7 | 15.1 |
Future Outlook:
Piccadily is investing ₹10 billion over 3 years to quadruple its business. A new 210 KLPD distillery in Chhattisgarh and a malt plant in Scotland (operational by FY27) will boost production and exports. Its flagship brand Indri already holds 55% of India’s single malt export market and is available in 28 countries.
4. GM Breweries
Overview:
GM Breweries is Maharashtra’s largest country liquor producer, contributing nearly 30% of the state’s total excise duty from this segment. It’s known for popularizing 180 ml bottles and PET packaging, which now accounts for 93% of its production.
Performance Highlights:
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5-year Sales CAGR: 9.9%
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5-year Profit CAGR: 13.7%
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Average RoE: 15.7%
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Average RoCE: 19.7%
| Year | Net Sales (₹ bn) | Net Profit (₹ m) | RoCE (%) | RoE (%) |
|---|---|---|---|---|
| FY21 | 1.9 | 801 | 19.8 | 15.9 |
| FY22 | 3.0 | 934 | 20.0 | 15.8 |
| FY23 | 3.9 | 999 | 19.3 | 14.6 |
| FY24 | 4.0 | 1,515 | 22.1 | 18.4 |
| FY25 | 4.2 | 1,290 | 17.1 | 13.7 |
Future Outlook:
GM Breweries continues to dominate the Maharashtra market and plans to expand deeper into rural areas. With steady demand growth and a plant utilization rate of just 56%, it has plenty of room to scale up production.
5. Globus Spirits
Overview:
Globus Spirits operates on a fully integrated model — producing ENA, ethanol, and IMFL — with five distilleries and a total capacity of 301 million liters annually. Its consumer portfolio includes 22 brands, from mass-market to premium labels such as Doaab (single malt), TERAI Gin, Mountain Oak, and Brothers & Co.
Performance Highlights:
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5-year Sales CAGR: 7.8%
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5-year Profit CAGR: -15.1%
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Average RoE: 14%
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Average RoCE: 20%
| Year | Net Sales (₹ bn) | Net Profit (₹ m) | RoCE (%) | RoE (%) |
|---|---|---|---|---|
| FY21 | 7.9 | 1,408 | 31.9 | 24.1 |
| FY22 | 8.1 | 1,873 | 33.2 | 24.2 |
| FY23 | 13.9 | 1,222 | 19.8 | 13.8 |
| FY24 | 16.8 | 960 | 11.1 | 9.9 |
| FY25 | 15.5 | 219 | 7.0 | 2.2 |
Future Outlook:
Globus expects its premium brands segment to reach EBITDA break-even by FY26, driven by wider distribution and innovation. A new 100 KLPD distillery in UP will reduce production costs by 13% and support regional growth. Through Globus ANSA, its beer joint venture, it has also launched Carib Beer in UP.
Should You Invest in Liquor Stocks?
India’s liquor sector is at a major turning point. Growth is no longer just about producing more — it’s about building strong brands, premiumisation, and improving efficiency.
Each of these companies represents a different growth story — from established players like Globus Spirits and GM Breweries to emerging names like Piccadily Agro and Associated Alcohols entering premium categories.
While challenges like high input costs and regulatory hurdles remain, the long-term outlook for India’s alcoholic beverage industry is highly promising. Investors, however, should always study the fundamentals, corporate governance, and expansion strategies before betting on these fast-growing liquor stocks.
