The Maharashtra state government has decided to revise the excise duty structure to 4.5 times the production cost from three times earlier. This will result in the excise duty on country liquor to increase to ₹205 per proof litre from ₹180 earlier.
This will add on to the MRP of all liquor categories. A 180 ml bottle of country liquor currently costs ₹80, while for Maharashtra-made liquor, that figure stands at ₹148. For IMFL and Premium brand foreign liquor, prices range from ₹205 to ₹360 respectively.
Shares of GM Breweries are surging as the street is expecting the company to benefit due to the Maharashtra-made liquor category. GM Breweries, also known for producing country liquor, will have to re-register its brands with the state.
“Even though not much official statistics are available about the production of country liquor by various manufacturers, the data gathered from The State Excise Department shows that the company contributes about 25 to 30 % of the total Excise duty for country liquor in the whole of Maharashtra,” GM Breweries had highlighted in its annual report for 2025.
Sula Vineyards shares, which have been underperformers for a long period of time, have also gained as wine, as a category, is not mentioned in the excise duty increase. Maharashtra is also the largest producer of wine and the stock is down close to 40% from its record high levels.
No increase in duty on beer and expectations of a shift from spirits to beer at the premium level has also sent shares of United Breweries higher.
Shares of GM Breweries are trading 17% higher at ₹835.15, while those of Sula Vineyards are trading 8.3% higher at ₹321, but continue to remain below their IPO price.
