Indian distillers and brewers posted diverging September quarter earnings as affluent drinkers bought top-shelf liquor while inflation-squeezed consumers slashed purchases of entry-level brands.

The divide cut across both spirits and beer, driving profit jumps at premium-focused producers while dragging on volume for mass-market operators.

United Spirits reported a consolidated revenue drop of 2.5 per cent to ₹7,014 crore for the September quarter, down from ₹7,199 crore a year earlier. Net profit fell 7.7 per cent to ₹428 crore. The slump was concentrated at the bottom of its portfolio: popular brands like Director’s Special and DSP Black saw sales value drop 22.7 per cent year-on-year to ₹181 crore, with volumes shrinking 29.7 per cent to 1.58 million cases.

Its prestige and above category, which includes Johnnie Walker and Smirnoff, expanded 6.3 per cent. To maintain clean comparisons, the company shifted McDowell’s No.1 brandy from popular into prestige and above.

Radico Khaitan experienced an even sharper contrast. Its prestige and above volumes jumped 36 per cent year-on-year to 5.28 million cases, while regular and lower-tier lines, including 8PM whisky and Contessa rum, fell 9.7 per cent. Total Indian Made Foreign Liquor volumes rose 7 per cent. Consolidated revenue climbed 10 per cent to ₹5,582 crore, and net profit surged 66.5 per cent to ₹232 crore.

“We are seeing a lot of shift, especially with the Gen Z and the younger generation and the women coming in, their liking is towards the white spirits because it is more easily mixable,”

United Breweries turned in a 16 per cent increase in overall beer volumes, propelled by high-margin lines.

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