Indian liquor makers fall after Maharashtra hikes excise duty on some products

United Spirits

11/06/2025 07:22

Updates

** United Spirits UNSP.NS leads losses in Indian liquor makers with 7.7% drop; set for steepest single-day decline since January 2021

** Radico Khaitan RADC.NS falls ~2%; Allied Blenders and Distillers ALLE.NS slips 4%

** Maharashtra state to hike excise duty on Indian Made Foreign Liquor (IMFL) from 3x to 4.5x the declared production cost, the chief minister's office said in a post on X

** Karan Taurani, an analyst at Elara Capital, estimates IMFL retail prices to shoot up by 30%-50% in Maharashtra

** Says state accounts for a fifth of UNSP's sales, ~8% of RADC's

** Notes 20% revenue drop will hit UNSP's earnings by 6%-8%; RADC will see a 2%-3% hit

** Analysts, on average, rate stocks "buy" or higher, per LSEG-compiled data

** UNSP falls 8.3% YTD, while ALLE, RADC flat

 (Reporting by Hritam Mukherjee, Vijay Malkar and Nandan Mandayam in Bengaluru)

 ((Hritam.Mukherjee@thomsonreuters.com;))