Buy, Sell Or Hold: United Spirits, United Breweries, Radico Khaitan, Globus Spirits, GM Breweries
- September 23, 2026
- Posted by: Harsh Piplani
- Category: Market
Sector Snapshot (23 September 2026)
| Stock | LTP (Rs) | 52W High | 52W Low | P/E vs Industry | ROE | Our View |
|---|---|---|---|---|---|---|
| United Spirits | 1,439.00 | 1,563.40 | 1,210.80 | 53.86 / 55.57 | 20.53% | Hold |
| United Breweries | 1,240.90 | 1,844.00 | 1,210.40 | 81.29 / 55.57 | 9.14% | Hold |
| Radico Khaitan | 4,607.50 | 4,747.00 | 2,500.00 | 85.33 / 55.57 | 18.23% | Hold |
| Globus Spirits | 830.55 | 1,252.80 | 800.05 | 25.89 / 55.57 | 8.41% | Hold |
| GM Breweries | 966.00 | 1,328.80 | 698.55 | 12.83 / 55.57 | 14.54% | Buy on Dips |
Quick Answer
GM Breweries is the standout among these alcoholic beverages stocks, trading at a price-to-earnings ratio of just 12.83 against an industry average of 55.57, with a healthy 14.54% return on equity and no debt on its books. United Spirits and Radico Khaitan both post strong return on equity but at rich valuations, while United Breweries and Globus Spirits carry more modest profitability that does not yet justify their multiples, keeping all four in hold territory.
India’s listed alcoholic beverages makers span spirits, beer and country liquor, businesses shaped by state-level excise policy, premiumisation trends and raw material costs. This piece checks five of them on valuation and profitability.
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United Spirits: Hold
United Spirits trades at Rs 1,439.00, close to its 52-week high of Rs 1,563.40. It posts a strong return on equity of 20.53%, the second-best in this group, with a price-to-earnings ratio of 53.86 that sits just below the industry average of 55.57. The valuation is roughly in line with the sector, so while the underlying profitability is solid, this looks like a hold rather than a name to chase near its highs.
United Breweries: Hold
United Breweries is at Rs 1,240.90, down close to 33% from its 52-week high of Rs 1,844.00 and right near its low of Rs 1,210.40. Its return on equity of 9.14% is among the weaker figures in this group, while its price-to-earnings ratio of 81.29 still runs well above the industry average of 55.57. That gap between a rich valuation and modest profitability keeps this in hold territory despite the sharp pullback.
Radico Khaitan: Hold
Radico Khaitan trades at Rs 4,607.50, close to its 52-week high of Rs 4,747.00 and up sharply from its low of Rs 2,500.00. It combines a healthy return on equity of 18.23% with a price-to-earnings ratio of 85.33, the richest in this group and well above the industry average of 55.57. The strong premiumisation-led growth story is real, but with the stock already near its highs on a full valuation, this looks like a hold rather than a fresh buy.
Globus Spirits: Hold
Globus Spirits is at Rs 830.55, down close to 34% from its 52-week high of Rs 1,252.80 and near its low of Rs 800.05. Its price-to-earnings ratio of 25.89 is comfortably below the industry average of 55.57, but a return on equity of just 8.41%, among the weakest here, means the cheaper valuation has not yet been matched by stronger profitability. This is a hold to watch for a turnaround rather than a buy on cheapness alone.
GM Breweries: Buy on Dips
GM Breweries trades at Rs 966.00, down close to 27% from its 52-week high of Rs 1,328.80. It stands out with a price-to-earnings ratio of just 12.83 against an industry average of 55.57, alongside a healthy return on equity of 14.54% and a completely debt-free balance sheet. That combination of a cheap valuation, solid profitability and no leverage makes it the most attractive of these alcoholic beverages stocks to accumulate on dips.
Explore Univest’s stock screener to compare alcoholic beverages stocks on your own filters
What Ties These Alcoholic Beverages Stocks Together
Across these alcoholic beverages stocks, valuation and profitability tell two different stories. United Spirits and Radico Khaitan post the strongest return on equity but at valuations near or above the industry average, United Breweries and Globus Spirits carry more modest returns without a compensating discount, and GM Breweries is the one name combining a cheap multiple with solid profitability and zero debt. State excise policy changes, raw material costs like extra neutral alcohol and glass, and premiumisation trends can all move these numbers from one quarter to the next.
Track live prices for these alcoholic beverages stocks anytime with the Univest iOS App and Univest Android App
Conclusion
Alcoholic beverages stocks in India show a fairly wide spread between the market leaders’ rich valuations and the mid-caps’ cheaper but more modest profitability. GM Breweries currently looks best placed for gradual accumulation on dips, while United Spirits, United Breweries, Radico Khaitan and Globus Spirits are more reasonable holds until their valuations or their earnings move closer together. As always, treat this as a starting point rather than a final word.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.
Frequently Asked Questions
A few common questions on these alcoholic beverages stocks, answered briefly below for quick reference on this alcoholic beverages stocks basket.
Which alcoholic beverages stocks look attractive right now?
GM Breweries currently shows the most favourable combination of a cheap valuation, solid return on equity and a debt-free balance sheet among the names covered here.
Is United Spirits overvalued?
United Spirits trades close to the industry average price-to-earnings ratio while posting a strong 20.53% return on equity, so it is fairly valued rather than clearly overvalued, though its proximity to its 52-week high argues for holding over chasing.
Why does Radico Khaitan trade at such a high multiple?
Radico Khaitan’s strong premiumisation-led growth and healthy 18.23% return on equity have led the market to price it at 85.33 times earnings, the richest valuation among these alcoholic beverages stocks.
Is Globus Spirits cheap for a reason?
Globus Spirits trades well below the industry average valuation, but its return on equity of 8.41% is among the weakest in this group, suggesting the market is pricing in its more modest current profitability rather than offering a clear bargain.
Does GM Breweries carry any debt?
No, GM Breweries has a debt-to-equity ratio of zero, giving it a completely debt-free balance sheet among these alcoholic beverages stocks, alongside its low valuation and healthy return on equity.
Where can I track these alcoholic beverages stocks in real time?
You can track live prices, set price alerts, and follow quarterly results for United Spirits, United Breweries, Radico Khaitan, Globus Spirits and GM Breweries, all alcoholic beverages stocks, using the Univest iOS App and Univest Android App.
