Smaller peers have beaten India's largest liquor maker United Spirits Ltd. so far this year.
United Spirits has fallen about 10 percent so far in 2018. In comparison, Radico Khaitan Ltd., G M Breweries Ltd. and Som Distilleries Ltd. gained 20-31 percent. They also trade at a discount to the bigger rivals.
As alcohol demand rises, smaller companies expand into newer markets. And they cater to consumers across the spectrum while the bigger peers focus on premiumisation, analysts said. And the cost of molasses, used in low-cost alcohol, also plunged this year.
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