June 18, 2025 : India’s alcohol industry is booming. With growing incomes, changing tastes, and more people living in cities, the market is expected to hit $200 billion by 2025 and grow to $300 billion by 2035.
Among the top players in this space are Radico Khaitan and United Breweries—two well-known names with strong brands. Let’s look at how they compare in terms of business performance, product range, market strategies, and future plans.
Company Snapshot
Radico Khaitan
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One of India’s oldest and largest makers of Indian Made Foreign Liquor (IMFL)
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Popular brands include 8PM Premium Black Whisky, Rampur Indian Single Malt, After Dark Blue Whisky, and Morpheus Brandy
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Has a presence in India and exports to over 85 countries
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Supplies to the Canteen Stores Department (CSD), which has strict entry requirements
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Operates 3 distilleries in Uttar Pradesh and 2 in Aurangabad (JV), with 33 bottling units nationwide
United Breweries
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The biggest beer producer in India, best known for Kingfisher
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Also sells Heineken, Amstel, and London Pilsner
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Operates 21 breweries across the country, with a total capacity of 36 million hectolitres per year
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Plans to increase Heineken production and expand into states like Rajasthan, Telangana, and Odisha
Financial Performance (Q4 FY25)
| Metric | Radico Khaitan | United Breweries |
|---|---|---|
| Revenue Growth | +20.77% (₹1,305.46 Cr) | +7.92% (₹2,330.99 Cr) |
| Net Profit Growth | +70.78% (₹92.07 Cr) | +20.16% (₹97.57 Cr) |
| Gross Profit Margin | 43.5% | 42.1% |
| Earnings Per Share (EPS) | ₹6.88 | ₹3.69 |
| Price to Earnings (PE) | 102 | 116 |
| Return on Equity (ROE) | 13.6% | 10.8% |
Radico is showing stronger growth, higher profit margins, and better returns on equity, though both companies have high PE ratios compared to the industry average (31), indicating expensive valuations.
Future Plans
United Breweries
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Investing ₹750 crore in the next two years
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Building a new brewery in Uttar Pradesh
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Adding more cold storage units, bottle stock, and improving logistics
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Aiming to lead the premium beer market through its “Design-to-Win” strategy
Radico Khaitan
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Targeting ₹500 crore revenue from premium spirits in FY26 (up from ₹340 crore in FY25)
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Launching two new luxury products in whisky and white spirits
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Plans to expand premium exports like Rampur Single Malt and Jaisalmer Craft Gin
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Focused on brand building, innovation, and premium packaging
Conclusion
Both Radico Khaitan and United Breweries are key players in India’s fast-growing alcohol industry. However, Radico stands out with higher revenue and profit growth, better margins, and stronger returns, especially in the premium spirits category.
On the other hand, United Breweries remains the undisputed leader in beer, with ambitious expansion plans and a strong portfolio led by Kingfisher and Heineken.
Depending on your investment goals—whether you’re betting on India’s premium spirits boom or beer dominance—both companies offer unique growth opportunities.
