Brewers prepare beer from malted barley or malted wheat. Vinification is the process of preparing wine from grapes by fermentation. So, the cost of raw materials for these companies are dependent on agricultural output, rains, commodity prices, etc. Spirits include Vodka, Scotch, whiskey, rum, etc.
Indian whiskeys sell huge quantities – three of them are in the top 10 spirit brands by units sold. Almost 60% of India’s liquor sales (liquor sales in India annually is approx 250 mi units) are whiskey. In other countries wine and beer are more popular. Wine and beer are growing more popular in India. United Spirits is way ahead in the whiskey and white spirits with 110 mi units(Bagpiper and McDowell). In 2010, Offcer’s choice overtook McDowell as the second largest whiskey in India. Both Seagram and Royal Stag owned by French group Pernod Ricard is probably fourth and fifth with around 20 mi units. Thus United spirits is way ahead of competition but others are still catching up – some are catching up fast.
United Spirits bought Shaw Wallace spirits division, which makes Royal Challenge whisky and director’s special whisky. SABMiller owns the Royal Challenge beer which sells less and is mainly in Andhra Pradesh. This gave a very big addition to the UB group marketshare.
Top 5 Indian beers are Kingfisher, Haywards, Royal Challenge (AP, UP and Orrissa), Kalyani Black label(Eastern India as well as Delhi) and Kings(Goa) in that order.
SABMiller is the second biggest competitor to UB group in the beer market. UB group has little less than 50% market share, while SABMiller has less than 30%. Fosters and haywards 5000 are the biggest brands for SABMiller in India.
Jagatjit Industries was established in 1944. This Delhi based IMFL company produces food products like malted beverages, milk products, etc as well in Punjab. It also manufactures glass products.
Allied Blenders and distributors (http://www.abdindia.com/home.asp) is a huge competition to United Spirits in Whiskey segment. Officer’s choice moved to second position ahead of McDowell. Still McDowell and Bagpiper have a huge advantage. Kishore Chhabria has Deepak Roy heading the operation of ABD – Deepak was with United Spirits. I don’t think this company is listed.
Som Distilleries and breweries is part of Som group(http://www.som-group.in/) which also owns the Som distilleries pvt limited (obviously not listed). SDBL was established in 1993 and manufactures beer for contract manufacturing and also brands its own beer. Its manufacturing unit is near Bhopal.
GM Breweries (http://www.gmbreweries.com) was setup in 1981 and has its bottling unit in Thane. This mainly focuses on country liquor and IMFL.
Based out of Haryana, Globus Spirits was established in 1992. This company manufactures country liquor, IMFL, franchisee for IMFL and bulk alcohol.
Empee Distillers (http://www.empeegroup.co.in ), setup by MP Purushothaman (a malayalee) in Chennai, has grown into south india.
Companies like SABMiller India and ABD nare not listed. Smaller players with no branding or small brands should be valued less than 10 times, esp as they have heavy debt. United, Ravi Kumar and Pioneer have high debt. Som, GM and Globus are better with the debt but are not having any strong brands.
Indian whiskeys sell huge quantities – three of them are in the top 10 spirit brands by units sold. Almost 60% of India’s liquor sales (liquor sales in India annually is approx 250 mi units) are whiskey. In other countries wine and beer are more popular. Wine and beer are growing more popular in India. United Spirits is way ahead in the whiskey and white spirits with 110 mi units(Bagpiper and McDowell). In 2010, Offcer’s choice overtook McDowell as the second largest whiskey in India. Both Seagram and Royal Stag owned by French group Pernod Ricard is probably fourth and fifth with around 20 mi units. Thus United spirits is way ahead of competition but others are still catching up – some are catching up fast.
United Spirits bought Shaw Wallace spirits division, which makes Royal Challenge whisky and director’s special whisky. SABMiller owns the Royal Challenge beer which sells less and is mainly in Andhra Pradesh. This gave a very big addition to the UB group marketshare.
Top 5 Indian beers are Kingfisher, Haywards, Royal Challenge (AP, UP and Orrissa), Kalyani Black label(Eastern India as well as Delhi) and Kings(Goa) in that order.
SABMiller is the second biggest competitor to UB group in the beer market. UB group has little less than 50% market share, while SABMiller has less than 30%. Fosters and haywards 5000 are the biggest brands for SABMiller in India.
| Company | price | bse code | nse code | Marketcap | high | Low |
| Pioneer Distilleries Ltd. | 52.9 | 531879 | PIONRDIS | 70.89 | 94 | 41.4 |
| Ravi Kumar Distilleries Ltd. | 22.65 | 533294 | RKDL | 54.36 | 93.95 | 21.15 |
| Associated Alcohols & Breweries Ltd. | 26 | 507526 | ASOCALCHOL | 23.4 | 40 | 23.1 |
| Som Distilleries & Breweries Ltd. | 195 | 507514 | Not traded | 536.25 | 215 | 40.7 |
| G M Breweries Ltd. | 107.15 | 507488 | GMBREW | 100.72 | 132.9 | 71.1 |
| Globus Spirits Ltd. | 143.2 | 533104 | GLOBUSSPR | 283.54 | 197.4 | 96.45 |
| Jagatjit Industries Ltd. | 68 | 507155 | Not traded | 313.48 | 130 | 62 |
| Empee Distilleries Ltd. | 99 | 532920 | EDL | 188.1 | 178 | 92.15 |
| Radico Khaitan Ltd. | 128.95 | 532497 | RADICO | 1709.88 | 185.95 | 116.65 |
| United Spirits Ltd. | 1077.3 | 532432 | UNITDSPR | 14091.08 | 1683.8 | 895.65 |
United Spirits is the largest spirits company in the world. by volume.
Associated Alocohols and breweries are owned by Kedia group.
Som Distilleries and breweries is part of Som group(http://www.som-group.in/) which also owns the Som distilleries pvt limited (obviously not listed). SDBL was established in 1993 and manufactures beer for contract manufacturing and also brands its own beer. Its manufacturing unit is near Bhopal.
GM Breweries (http://www.gmbreweries.com) was setup in 1981 and has its bottling unit in Thane. This mainly focuses on country liquor and IMFL.
Based out of Haryana, Globus Spirits was established in 1992. This company manufactures country liquor, IMFL, franchisee for IMFL and bulk alcohol.
Empee Distillers (http://www.empeegroup.co.in ), setup by MP Purushothaman (a malayalee) in Chennai, has grown into south india.
| Company | Brands | Region |
| Pioneer Distilleries Ltd. | ||
| Ravi Kumar Distilleries Ltd. | Capricorn, Konark, Chevaliar, Kada mark | |
| Associated Alcohols & Breweries Ltd. | Licensed to manufacture and bottle Smirn off. Owned brands are small | Central India |
| Som Distilleries & Breweries Ltd. | Central, North India, NE India | |
| G M Breweries Ltd. | GM Doctor, GM Santra, GM Limbu | Maharastra |
| Globus Spirits Ltd. | Country club (whisky), LeMans (brandy), Hannibal, White lace. Rana, Rajasthan No1 and commander (country liquor) | North india, kerala and AP |
| Jagatjit Industries Ltd. | Aristocrat(Vodka, whisky, rum, brandy) | |
| Empee Distilleries Ltd. | Napolean rbandy, Old Secret rum, Victoria Rum | South India |
| Radico Khaitan Ltd. | 8 PM, magic moments | |
| United Spirits Ltd. | Kingfisher (beer), Bagpiper (Whiskey), McDowell (Whiskey), Signature, Four seasons and many others | All over India |
| company | BAL Sheet | reserves | secured loans | unsecured loans |
| Pioneer Distilleries Ltd. | Mar ' 10 | 25.36 | 96.97 | 31.05 |
| Ravi Kumar Distilleries Ltd. | Mar ' 10 | 2.67 | 24.83 | 3.47 |
| Associated Alcohols & Breweries Ltd. | Mar ' 10 | 33.88 | 15.63 | 9.72 |
| Som Distilleries & Breweries Ltd. | Mar ' 10 | 29.87 | 9.22 | 17.98 |
| G M Breweries Ltd. | Mar ' 11 | 65.2 | 29.66 | 2 |
| Globus Spirits Ltd. | Mar ' 10 | 141.62 | 5.53 | 8.18 |
| Jagatjit Industries Ltd. | Mar ' 10 | 130.33 | 76.92 | 80.65 |
| Empee Distilleries Ltd. | Mar ' 10 | 220.02 | 68.15 | 19.6 |
| Radico Khaitan Ltd. | Mar ' 10 | 560.77 | 244.92 | 201.22 |
| United Spirits Ltd. | Mar ' 10 | 4660.19 | 2589.25 | 926.82 |
| company | annual res | sales | net profit | interest | NPM | PE |
| Pioneer Distilleries Ltd. | Mar ' 10 | 46.59 | 3.19 | 2.94 | 6.7 | 22.2 |
| Ravi Kumar Distilleries Ltd. | Mar ' 11 | 48.22 | 0.88 | 4.45 | 1.75 | 61.7 |
| Associated Alcohols & Breweries Ltd. | Mar ' 11 | 89.4 | 2.24 | 2.33 | 10.4 | |
| Som Distilleries & Breweries Ltd. | Mar ' 11 | 183.91 | 15.14 | 2.55 | 35.4 | |
| G M Breweries Ltd. | Mar ' 11 | 231.69 | 21.04 | 2.49 | 8.97 | 4.7 |
| Globus Spirits Ltd. | Mar ' 11 | 437.6 | 27.02 | 2.18 | 6.17 | 10.4 |
| Jagatjit Industries Ltd. | Mar ' 10 | 701.74 | 7.04 | 22.92 | 1 | 44.5 |
| Empee Distilleries Ltd. | Mar ' 11 | 871.8 | 20.19 | 14.35 | 2.31 | 9.3 |
| Radico Khaitan Ltd. | Mar ' 11 | 996.46 | 72.8 | 33.53 | 7.23 | 23.4 |
| United Spirits Ltd. | Mar ' 11 | 6422.72 | 403.04 | 403.05 | 6.3 | 34.9 |
Companies like SABMiller India and ABD nare not listed. Smaller players with no branding or small brands should be valued less than 10 times, esp as they have heavy debt. United, Ravi Kumar and Pioneer have high debt. Som, GM and Globus are better with the debt but are not having any strong brands.
I came across Tilaknagar Industries as well - this is another comapny which manufactures IMFL. Though they also manufacture sugar, industrial alcohol and package water as well, IMFL seems to be thier major business. Mansion house and Senate are major brands. They have a presence in southern and western India.
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