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Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades, as well as share price target downgrades are available for companies in Industry - Breweries & Distilleries.

Broker Research reports: latest Downgrades for Industry - Breweries & Distilleries

Reco - This broker has downgraded this stock from it's previous report.
(eg. - Buy->Hold)

Target - Broker has maintained previous recommendation but reduced share price target.

Reco - This broker has upgraded this stock from it's previous report.
(eg. - Sell->Hold)

Target - Broker has maintained previous recommendation but increased share price target.

Click on any table column to sort reports by date, stock name, broker, price, target, upside or recommendation.

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report		Discuss
	01 Nov 2025	United Spirits	Motilal Oswal Target	1429.10	1575.00	1431.40 (-0.16%)	10.21	Neutral	pdf post cache		Broker Report Beat on margin; watchful of evolving Maharashtra and AP trends Motilal Oswal United Spirits (UNSP) delivered a strong performance in 2QFY26, with revenue rising 12% YoY (beat) and total volumes up 8% (vs. est. 6%). pdf Copy Link Share on Share on Share on Share on Alert
	23 Jul 2025	United Breweries	Anand Rathi Target	1784.60	2420.00	2016.90 (-11.52%)	35.60	Buy	pdf post cache		Broker Report Strong Q1 volumes led by share gains, but margins disappoint; Buy Anand Rathi Market share gains, the lower base (owing to elections) and sustained premiumisation drove an 11% rise in United Breweries’ volumes in Q1 (above the Street’s 5-7% estimate). pdf Copy Link Share on Share on Share on Share on Alert
	12 Mar 2025	Associated Alcohols	Ventura Reco Target	1167.70	1469.00	1309.95 (-10.86%)	Target met	Hold	pdf post cache		Broker Report ASSOCIATED ALCOHOLS & BREWERIES LTD. Ventura High growth beverage player driven by innovation and premiumization pdf Copy Link Share on Share on Share on Share on Alert
	30 Jan 2025	Radico Khaitan	Sharekhan Target	3310.90	2760.00	2198.80 (50.58%)	Target met	Buy	pdf post cache		Broker Report Good Q3; momentum to continue Sharekhan RKL’s Q3FY25 performance was good with revenue growth of 11.5% y-o-y to Rs. 1,294 crore and OPM rising by 191 bps y-o-y to 14.2%, which led to PAT growth of 27% y-o-y to Rs. 96 crore. pdf Copy Link Share on Share on Share on Share on Alert
	12 Aug 2024	Sula Vineyards	Keynote Capitals Ltd Target	249.55	445.00	483.30 (-48.37%)	Target met	Sell	pdf post cache		Broker Report Sula Vineyards Ltd Keynote Capitals Ltd Quarterly Update Q1FY25 pdf Copy Link Share on Share on Share on Share on Alert
	26 Jul 2024	United Spirits	Keynote Capitals Ltd Reco Target	1429.10	1285.00	1415.40 (0.97%)	Target met	Sell	pdf post cache		Broker Report United Spirits Ltd. Keynote Capitals Ltd Quarterly Update Q1FY25 pdf Copy Link Share on Share on Share on Share on Alert
	15 Feb 2024	Sula Vineyards	Keynote Capitals Ltd Reco Target	249.55	570.00	596.45 (-58.16%)	Target met	Sell	pdf post cache		Broker Report Sula Vineyards Ltd Keynote Capitals Ltd Quarterly Update Q3FY24 pdf Copy Link Share on Share on Share on Share on Alert
	22 May 2023	United Spirits	Keynote Capitals Ltd Reco Target	1429.10	891.00	823.65 (73.51%)	Target met	Neutral	pdf post cache		Broker Report United Spirits Limited Keynote Capitals Ltd Quarterly Update Q4FY23 pdf Copy Link Share on Share on Share on Share on Alert
	07 May 2023	United Breweries	ICICI Direct Reco Target	1784.60	1500.00	1398.65 (27.59%)	Target met	Hold	pdf post cache		Broker Report United Breweries ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	06 May 2023	United Breweries	Motilal Oswal Target	1784.60	1190.00	1398.65 (27.59%)		Sell	pdf post cache		Broker Report Margin pressure to continue till 2HFY24 Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	16 Feb 2023	Globus Spirits	Edelweiss Target	1139.80	1000.00	751.40 (51.69%)	Target met	Buy	pdf post cache		Broker Report Globus Spirits Ltd \| Q3FY23 Result Update Edelweiss Margin pressures to persist in the near term pdf Copy Link Share on Share on Share on Share on Alert
	27 Jan 2023	United Spirits	ICICI Direct Target	1429.10	900.00	767.15 (86.29%)	Target met	Buy	pdf post cache		Broker Report United Spirits ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	25 Jan 2023	United Spirits	ICICI Securities Limited Target	1429.10	900.00	768.55 (85.95%)	Target met	Accumulate	pdf post cache		Broker Report Divestment – a right strategy; now the core must fire on all cylinders ICICI Securities Limited Continued outperformance in Prestige & Above (P&A) portfolio, driven by premiumization (higher scotch sales), is encouraging. Value growth in P&A stayed significantly ahead of volume growth. Post adjusting for the slump-sale of the popular portfolio in base quarter; we note that the segment’s performance continues to remain subdued (2% revenue growth YoY, 3% volume growth YoY). pdf Copy Link Share on Share on Share on Share on Alert
	16 Nov 2022	Globus Spirits	Edelweiss Target	1139.80	1120.00	745.55 (52.88%)	Target met	Buy	pdf post cache		Broker Report Globus Spirits Ltd \| Q2FY23 Result Update Edelweiss Spike in fuel costs impact profitability; better days ahead pdf Copy Link Share on Share on Share on Share on Alert
	28 Jul 2022	United Spirits	ICICI Direct Target	1429.10	920.00	780.65 (83.07%)	Target met	Buy	pdf post cache		Broker Report United Spirits ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	27 Jul 2022	United Spirits	Motilal Oswal Target	1429.10	790.00	780.65 (83.07%)	Target met	Neutral	pdf post cache		Broker Report Weak numbers given complete on-trade normalcy Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	31 May 2022	United Spirits	ICICI Securities Limited Reco Target	1429.10	940.00	822.65 (73.72%)	Target met	Accumulate	pdf post cache		Broker Report Re-shape: Adding blinkers to drive growth; expecting immediate (optical) benefit is myopic ICICI Securities Limited UNSP’s two transactions of brand sales (slump sale + franchising (for now)) is an attempt to free organisation’s resources on what can add more value in the longterm. Classic case of: “What not to do is more important than what to do?” given resources are constrained in real life. In our opinion, (select) part of the street getting concerned on no immediate (optical) benefit, is too myopic. pdf Copy Link Share on Share on Share on Share on Alert
	30 May 2022	United Spirits	Motilal Oswal Target	1429.10	805.00	809.40 (76.56%)	Target met	Neutral	pdf post cache		Broker Report Near term outlook challenging; valuations fair Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	27 May 2022	Globus Spirits	Edelweiss Target	1139.80	1400.00	954.00 (19.48%)		Buy	pdf post cache		Broker Report Globus Spirits Ltd \| Q4FY22 Result Update Edelweiss Amid cost pressures, capacity addition bolsters outlook pdf Copy Link Share on Share on Share on Share on Alert
	28 Apr 2022	United Breweries	Motilal Oswal Target	1784.60	1150.00	1570.10 (13.66%)		Sell	pdf post cache		Broker Report Raw material inflation weighs on FY23E earnings Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
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