4 Top Beverage Stocks to Watch for Future Multibagger Potential: Varun Beverages, Tata Consumer, Radico Khaitan and CCL Products
- October 21, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Varun Beverages Rs 420.55. Tata Consumer Rs 966.50. Radico Khaitan Rs 4,435.50. CCL Products Rs 986.80. Market caps from Rs 14,463 crore to Rs 1.49 lakh crore. Data as of 20 Oct 2026.
Quick Answer
Varun Beverages, Tata Consumer, Radico Khaitan and CCL Products are the 4 picks in this beverage stocks watchlist, with market caps between Rs 14,463 crore and Rs 1.49 lakh crore. Varun Beverages stands out for the fastest profit growth, 42.33% a year since CY21, while Tata Consumer offers 14.84% revenue growth in FY26. PE ratios run from 33.44 to 87.03, so compare each one with its industry PE before investing. All figures are as of 20 October 2026.
Beverage stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Varun Beverages, Tata Consumer, Radico Khaitan and CCL Products meet that test, with market caps from Rs 14,463 crore to Rs 1.49 lakh crore and Varun Beverages offering the fastest profit growth, 42.33% a year since CY21. Soft drinks, premium spirits, tea and coffee together make beverages one of the steadiest consumer themes in India.
This list covers listed beverage companies with rising profit and complete, verifiable financials, ranked by market capitalisation. Not every name here is a largecap, so the list takes the leading companies of the sector by market capitalisation. Investors screening beverage stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 20 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Beverage Stocks and Why Do They Attract Multibagger Interest?
Beverage stocks are shares of listed companies that make and sell drinks, from soft drinks and spirits to tea and instant coffee. Their products are bought often, which gives them regular demand through the year.
Rising incomes, a young population and a shift to branded and premium drinks support the category. Among beverage stocks, companies with wide distribution and growing profit are the ones investors compare in beverage stocks.
Beverage Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 20 October 2026. CCL Products has the lowest PE of the group at 33.44, while Radico Khaitan posts the highest return on equity at 18.23%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Varun Beverages | 420.55 | 1,49,439 | 43.83 | 34.68 | 15.51% | 0.13 | 381.00 to 555.80 |
| Tata Consumer Products | 966.50 | 98,391 | 59.92 | 35.10 | 7.08% | 0.13 | 945.00 to 1,282.70 |
| Radico Khaitan | 4,435.50 | 61,233 | 87.03 | 54.95 | 18.23% | 0.15 | 2,500.00 to 4,747.00 |
| CCL Products India | 986.80 | 14,463 | 33.44 | 24.20 | 16.55% | 0.56 | 818.75 to 1,242.20 |
Varun Beverages: 42.33% Profit CAGR Since CY21
Varun Beverages is among the largest PepsiCo franchisees outside the United States, bottling and distributing beverages in India and abroad. It reported CY25 revenue of Rs 22,037.73 crore, up 9.48% year on year, and net profit of Rs 3,062.04 crore, up 16.24%. Net profit has compounded at 42.33% a year since CY21, while revenue has grown 25.47% a year. Operating margin was 24.40% in CY25. The debt-to-equity ratio is 0.13, which keeps interest costs low.
In the June 2026 quarter, revenue rose 20.92% to Rs 8,754.95 crore and net profit grew 15.08% to Rs 1,525.36 crore. The share price has gained 257.59% over five years. Domestic institutions raised their holding from 11.79% in September 2025 to 16.34% in September 2026. The stock trades at a PE of 43.83 against an industry PE of 34.68, with a return on equity of 15.51%.
Tata Consumer: Quarterly Profit Up 28.41%
Tata Consumer Products sells tea, coffee, salt and packaged foods under brands such as Tata Tea, Tetley, Tata Salt and Tata Sampann. It reported FY26 revenue of Rs 20,455.18 crore, up 14.84% year on year, and net profit of Rs 1,637.50 crore, up 18.63%. Net profit has compounded at 10.99% a year since FY22, while revenue has grown 12.96% a year. Operating margin was 14.47% in FY26. The debt-to-equity ratio is 0.13, which keeps interest costs low.
The stock trades at a PE of 59.92 against an industry PE of 35.10. In the June 2026 quarter, revenue rose 12.46% to Rs 5,420.82 crore and net profit grew 28.41% to Rs 444.86 crore. Domestic institutions raised their holding from 22.03% in June 2025 to 25.01% in June 2026.
Radico Khaitan: 24.88% Profit CAGR Since FY22
Radico Khaitan makes Indian-made foreign liquor and premium spirits, with brands including Magic Moments, 8PM and Rampur Single Malt. It reported FY26 revenue of Rs 6,062.27 crore, up 24.84% year on year, and net profit of Rs 604.48 crore, up 74.90%. Net profit has compounded at 24.88% a year since FY22, while revenue has grown 20.50% a year. Operating margin was 4.88% in FY26. The debt-to-equity ratio is 0.15, which keeps interest costs low.
In the June 2026 quarter, revenue rose 10.44% to Rs 5,869.46 crore and net profit grew 75.91% to Rs 229.60 crore. The share price has gained 299.58% over five years and 51.47% over the past year. Domestic institutions raised their holding from 25.47% in September 2025 to 27.17% in September 2026. The stock trades at a PE of 87.03 against an industry PE of 54.95, with a return on equity of 18.23%.
CCL Products: Revenue Up 43.40% in FY26
CCL Products India is one of the largest private-label and instant coffee makers in the world and exports to many countries. It reported FY26 revenue of Rs 4,465.80 crore, up 43.40% year on year, and net profit of Rs 388.11 crore, up 25.06%. Net profit has compounded at 17.39% a year since FY22, while revenue has grown 32.11% a year. Operating margin was 16.63% in FY26.
The stock trades at a PE of 33.44 against an industry PE of 24.20, with a return on equity of 16.55%. In the September 2026 quarter, revenue rose 7.78% to Rs 1,215.99 crore and net profit grew 28.98% to Rs 130.09 crore. The share price has gained 145.27% over five years and 18.32% over the past year. Foreign investors raised their holding from 10.53% in September 2025 to 12.12% in September 2026.
Beverage Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these beverage stocks. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.
| Stock | Revenue (Rs Cr) | Net Profit (Rs Cr) | Revenue Growth (YoY) | 4-Year Revenue CAGR | 4-Year Net Profit CAGR | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| Varun Beverages | 22,037.73 (CY25) | 3,062.04 (CY25) | 9.48% | 25.47% | 42.33% | 28.24% |
| Tata Consumer | 20,455.18 | 1,637.50 | 14.84% | 12.96% | 10.99% | 14.88% |
| Radico Khaitan | 6,062.27 | 604.48 | 24.84% | 20.50% | 24.88% | 6.10% |
| CCL Products | 4,465.80 | 388.11 | 43.40% | 32.11% | 17.39% | 17.95% |
Check the Univest Screener for live data on these beverage stocks
Institutional Holding in Varun Beverages, Tata Consumer, Radico Khaitan and CCL Products
Institutional holding shows who is backing these beverage stocks alongside the promoter. The table uses the latest reported quarter for each. Radico Khaitan has the deepest institutional backing, with FII and DII together holding 46.60% as of September 2026. Domestic institutions increased their holding over the past year in Varun Beverages (from 11.79% to 16.34%), Tata Consumer (from 22.03% to 25.01%) and Radico Khaitan (from 25.47% to 27.17%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Varun Beverages | 59.43% | 17.53% | 16.34% | 6.70% | September 2026 |
| Tata Consumer | 33.83% | 20.08% | 25.01% | 21.08% | June 2026 |
| Radico Khaitan | 40.17% | 19.43% | 27.17% | 13.23% | September 2026 |
| CCL Products | 46.16% | 12.12% | 21.41% | 20.31% | September 2026 |
Risks to Weigh in Beverage Stocks
Being careful with beverage stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:
- Weather and input costs affect volumes and margins.
- Some categories face state-level pricing rules.
- Valuation: Tata Consumer trades at a PE of 59.92 against an industry PE of 35.10, so earnings need to keep growing to support the price.
- Concentration: Holding all 4 names puts the allocation in one sector, so size each position to match your risk appetite.
How to Choose Between Beverage Stocks
Picking from beverage stocks comes down to four checks, applied in order.
- Check balance sheet strength first, and prefer a debt-to-equity ratio below 1 for non-financial companies.
- Compare each PE with the industry PE (24.20 to 54.95) and ask whether the growth rate justifies any gap.
- Track volume growth, the operating margin and net profit growth in every quarterly result.
- Stagger entries across quarters and review institutional holding every reporting season.
Download the Univest iOS App or Univest Android App to track Varun Beverages, Tata Consumer, Radico Khaitan and CCL Products live prices.
Conclusion
Among beverage stocks, Varun Beverages stands out for the fastest profit growth, 42.33% a year since CY21, Tata Consumer for 14.84% revenue growth in FY26, Radico Khaitan for the highest return on equity at 18.23% and CCL Products for the lowest PE of the group at 33.44. Which one suits a portfolio depends on how much valuation risk it can carry, so staggering entries and reviewing each quarterly result is a sound habit. Investors comparing beverage stocks should rank them on growth, financial strength and the price paid, and anyone who wants personalised guidance can consult a SEBI-registered advisor before acting.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on Beverage Stocks to Watch
Which are the best beverage stocks to watch for multibagger potential?
Ans. Varun Beverages, Tata Consumer, Radico Khaitan and CCL Products are the 4 names this list highlights, with market caps of Rs 1,49,439 crore, Rs 98,391 crore, Rs 61,233 crore and Rs 14,463 crore respectively. Varun Beverages is notable for the fastest profit growth, 42.33% a year since CY21. Tata Consumer stands out for 14.84% revenue growth in FY26. Radico Khaitan offers the highest return on equity at 18.23%. CCL Products brings the lowest PE of the group at 33.44. These are watchlist names for beverage stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Radico Khaitan a good stock for long-term investors?
Ans. Radico Khaitan has a return on equity of 18.23%, a PE of 87.03 against an industry PE of 54.95 and a market cap of Rs 61,233 crore. Net profit has compounded at 24.88% a year since FY22, and FY26 revenue rose 24.84% while June 2026 quarter net profit grew 75.91%. Long-term returns in beverage stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Varun Beverages become a multibagger from here?
Ans. Varun Beverages has already gained 257.59% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in beverage stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 42.33% a year since CY21, and CY25 revenue rose 9.48%. At a PE of 43.83 against an industry PE of 34.68, valuation should be checked against that growth before investing.
What is the market cap of Varun Beverages, Tata Consumer, Radico Khaitan and CCL Products?
Ans. As of 20 October 2026, Varun Beverages has a market cap of Rs 1,49,439 crore, Tata Consumer has a market cap of Rs 98,391 crore, Radico Khaitan has a market cap of Rs 61,233 crore and CCL Products has a market cap of Rs 14,463 crore. Varun Beverages is the largest of the group. Market cap changes daily with the share price, so check the latest figure on the Univest Screener or on NSE before taking a decision on beverage stocks.
What are the risks of investing in beverage stocks?
Ans. The main risks are raw material costs, weather, taxes and valuations. Companies with strong brands and wide distribution handle these better. Tata Consumer trades at a PE of 59.92 against an industry PE of 35.10, so earnings growth needs to hold up.
Why is Tata Consumer trading at a PE of 59.92?
Ans. Tata Consumer’s PE of 59.92 compares with an industry PE of 35.10. The market is paying a premium for profit growth of 10.99% a year since FY22 and latest-quarter profit growth of 28.41%, which also means the stock is more sensitive if growth slows. Investors in beverage stocks who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in Varun Beverages, Tata Consumer, Radico Khaitan and CCL Products?
Ans. As of the latest reported quarter, FII and DII together hold 33.87% of Varun Beverages (17.53% and 16.34%), 45.09% of Tata Consumer (20.08% and 25.01%), 46.60% of Radico Khaitan (19.43% and 27.17%) and 33.53% of CCL Products (12.12% and 21.41%). Rising institutional holding is a useful signal in beverage stocks, though it should be read with earnings trends rather than on its own.
