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Alcobev industry growth may have cooled in Q3
Business Standard
|January 16, 2026
India’s liquor industry is expected to enter a phase of moderation in the third quarter of the financial year 2026 (Q3FY26), after four consecutive quarters of double-digit growth.
Brokerages tracking spirits, beer and wine companies expect revenue growth to moderate to mid-single digits in Q3.
JM Financial estimates revenue growth of the industry at about 6.2 per cent year-on-year (Yo-Y) in the quarter, a sharp decline from the strong momentum seen over the past year. Raw material costs remained stable to benign in the quarter and its expects gross margins to improve across players.
“As per our market checks, grain prices have eased to €22-23 which helps widen the gap between ‘make and buy’ to %10-11 per litre of ENA (extra neutral alcohol). Rice and maize prices have eased, leading to a better margin setting for captive users,” Emkay wrote in its report.
It also noted that Maharashtra Made Liquor (MML) policy continues to influence the performance of IMFL (Indian-made for-
Cette histoire est tirée de l'édition January 16, 2026 de Business Standard.
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