Anheuser-Busch InBev India Ltd (AB InBev)
India's No. 2 brewer (Budweiser, Corona, Hoegaarden, Haywards, Knock Out) — the former SABMiller India, delisted in 2006 and now held almost entirely by AB InBev.
Market cap
₹15,870 Cr
30.00 Cr shares
P/E ratio
88.17
Sector average 90
Book value
₹53.33
P/B 9.92
1-year return
-5.34%
52w ₹423 – ₹661
Currently 45% of the way through its 52-week range.
Indicative price history
1Y change
-6.52% ₹566 → ₹529
52-week band in this window: ₹484.42 – ₹567.44. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Second-largest brewer in India with Budweiser, Corona, Hoegaarden, Haywards and Knock Out.
- Formerly SABMiller India / SKOL Breweries; delisted in 2006, ~99% held by AB InBev.
- Premiumisation has moved the India unit from chronic losses toward profitability.
About AB InBev India
Anheuser-Busch InBev India Ltd is the Indian operating company of the world's largest brewer. It was formerly SABMiller India Ltd (earlier SKOL Breweries), which AB InBev acquired with the global takeover of SABMiller in 2016 and merged with its own Crown Beers India business. Headquartered in Bengaluru, it brews and sells Budweiser, Budweiser Magnum, Corona, Hoegaarden, Stella Artois, Beck's, Haywards 5000, Knock Out, Royal Challenge and Foster's, and is the second-largest beer company in India after United Breweries with a share of roughly a fifth of volumes and a stronger position in the premium segment.
The company operates around a dozen breweries across states including Karnataka, Maharashtra, Telangana, Haryana, Rajasthan and Odisha, plus contract brewing, and runs a global capability centre in Bengaluru. SKOL Breweries was delisted from the Indian exchanges in 2006 after a delisting offer by SABMiller, leaving a small minority of public shareholders whose shares now change hands in the unlisted market at a large premium to the 2006 exit price.
Historically loss-making in India because of state-level excise, pricing controls and heavy brand investment, the business has moved toward profitability with premiumisation and a shift to Budweiser-led higher-margin volumes. The unlisted quote of ₹529 on an estimated 30 Cr shares values the company at roughly ₹16,000 Cr.
All figures here are indicative: share count, revenue, profit, net worth and debt are reconstructed from remembered reported totals and could not be re-verified at the time of writing; treat every line item as approximate.
Where the revenue comes from
- Premium & super-premium beer55%
Budweiser, Corona, Hoegaarden, Stella Artois
- Mainstream & strong beer40%
Haywards 5000, Knock Out, Royal Challenge, Foster's
- Other (contract brewing, exports, services)5%
Third-party brewing and shared-services income
Products & services
Budweiser and Budweiser Magnum
Flagship premium lager and strong variant; category leader in premium beer.
Corona, Hoegaarden, Stella Artois
Imported and locally brewed super-premium brands.
Haywards 5000, Knock Out, Royal Challenge
Mainstream strong and mild beers inherited from SABMiller India.
What works
- • Global brand portfolio (Budweiser, Corona, Hoegaarden) that leads the fast-growing premium and super-premium beer segments in India.
- • Wholly backed by AB InBev's capital, technology and global procurement; India is one of its priority growth markets.
- • Beer penetration in India is low and rising incomes, urbanisation and state excise reforms support long-term volume growth.
What to watch
- • State-controlled pricing and excise regimes (and periodic prohibition or policy shifts, as in Delhi and Andhra Pradesh) can hit volumes and margins with little notice.
- • The company has a long record of losses in India; margins remain thin compared with the parent's other markets.
- • Public float is tiny (a legacy of the 2006 delisting), so unlisted trading is illiquid and the parent could squeeze out minorities at its discretion.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| AB InBev IndiaThis page | ₹529.00 | ₹15,870 Cr | 88.17 | 9.92 | +12.33% |
| Bira 91 | ₹73.00 | ₹211.7 Cr | — | 0.76 | +2.46% |
Latest reported year: FY25 ending 31 Mar 2025.