Cupid Breweries and Distilleries

What Cupid Breweries and Distilleries does

Cupid Breweries and Distilleries Limited is an Indian publicly listed company (BSE: 512361) headquartered in Mumbai that is repositioning itself as an alcoholic beverage manufacturer. The company is currently in pre-revenue operational build-out mode, having reported nil total income from operations in Q1FY27 and a standalone net loss of Rs 0.21 crore in Q4FY26. Its stated core products are Indian Made Foreign Liquor (IMFL) and beer/malt beverages manufactured through acquired production facilities.

The company's business model centers on acquiring established manufacturing infrastructure rather than building it organically. In March 2026, Cupid acquired 100% of Rinpoche Spirits Private Limited for approximately Rs 354 crore via a share swap, gaining full control over IMFL and brewing operations. In June 2026, it signed an agreement to acquire a manufacturing unit in Gopalpur, Odisha from United Spirits Limited (a Diageo India subsidiary) for Rs 22.50 crore, adding installed capacity of approximately 250,000 cases per month along with premium excise licenses. The company has also signed an MOU for a new production unit in Odisha and announced branch office expansion across five Indian states (West Bengal, Odisha, Sikkim, Goa, and Karnataka).

Technically, Cupid has entered a partnership with Steinecker GmbH of Germany to evaluate advanced brewing technologies for its operations. The company employs 1-10 people and operates with equity share capital of Rs 9,134.33 lakh. Its go-to-market is B2B wholesale distribution through India's established alcohol distribution network, with no direct-to-consumer channels disclosed. The board was strengthened in July 2026 with two Additional Independent Directors bringing banking and corporate finance expertise, and the company has signaled intent to raise additional capital for further acquisitions, indicating an ongoing roll-up strategy in India's regulated alcoholic beverage sector.

Name

Cupid Breweries and Distilleries

Legal name

Cupid Breweries and Distilleries Limited

Website

https://cupidalcobev.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

1–10 employees

Short description

Cupid Breweries and Distilleries Limited is a publicly listed Indian company repositioning into alcoholic beverage manufacturing, acquiring IMFL and brewing production capacity (Rinpoche Spirits, USL's Gopalpur unit) to serve India's B2B alcohol distribution network.

Ownership category

akta.pro rank

Product category

Alcoholic Beverages (IMFL and Brewing)

NAICS

Distilleries (312140), Breweries (312120), Beverage Manufacturing (3121)

SIC

Beverages (2080), Malt Beverages (2082)

akta.pro primary industry

Spirits Distilling & Brands (CRADAIAC)

akta.pro secondary industries

Distilled Spirits Production & Distilling (AFAFAAAC), Alcoholic Beverage Blending, Bottling & Private Label (Non-Distilling) (AFAFAAAH), Alcoholic Beverage Brand Owners & Holding Companies (Multi-category Portfolios) (CRADAIAL)

Keywords

• IMFL manufacturing
• Alcoholic beverage production
• Beer brewing operations
• Spirits distillery
• Alcobev manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Alcoholic Beverage Manufacturing: Manufacturing and production of IMFL (Indian Made Foreign Liquor) and brewing operations through acquired facilities. Revenue generated from production capacity utilization and operational control over manufacturing units.

Go-to-market motion2 records

Distribution channels1 record

Core offering

Cupid Breweries and Distilleries Limited manufactures Indian Made Foreign Liquor (IMFL) spirits and operates brewing operations for beer and malt-based alcoholic beverages. The company is building production capacity through acquisitions of established manufacturing units from United Spirits Limited (Gopalpur, Odisha) and Rinpoche Spirits Private Limited, while its own manufacturing units are still becoming operational.

Product overview

Cupid Breweries and Distilleries Limited is an alcoholic beverage company operating in the Indian market. The company's product portfolio consists of IMFL (Indian Made Foreign Liquor) manufacturing and brewing operations. Following its strategic acquisitions of Rinpoche Spirits Private Limited and a manufacturing unit from United Spirits Limited in Odisha, the company has expanded its production capabilities to include IMFL spirits production and beer/malt beverage brewing operations.

Differentiator

Problem solved

Functional benefit

Products and services

• IMFL (Indian Made Foreign Liquor)

Quantifiable outcome

• Production capacity increased by 250,000 cases per month through USL acquisition
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Steinecker GmbHcoreTechnology or Integration · 9 July 2026Partnership with Steinecker GmbH of Germany to evaluate advanced brewing technologies. The engagement aims to bring state-of-the-art brewing technology capabilities to Cupid Breweries' operations as part of its technology advancement strategy.
• United Spirits LimitedcoreStrategic or Co-development Partner · 30 June 2026Acquisition of manufacturing unit from United Spirits Limited (Diageo India subsidiary) valued at ₹22.50 crore. Deal includes land, building, plant & machinery, and premium excise licenses for facility in Gopalpur, Odisha. Approved by shareholders with 99.99% votes in favor.
• Rinpoche Spirits Private LimitedcoreStrategic or Co-development Partner · 2 March 2026Acquisition of 100% stake in Rinpoche Spirits Private Limited for approximately ₹354 crore via share swap. The acquisition grants Cupid Breweries full control over Rinpoche Spirits' IMFL and brewing operations as part of strategic diversification into the alcoholic beverage sector.
• Crochet Industries Private LimitedminorStrategic or Co-development Partner · 2 March 2026Share swap arrangement involving Crochet Industries Private Limited shareholders as part of the Rinpoche Spirits acquisition deal, with over 3.87 crore equity shares issued at ₹90 each.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Associated Alcohols & Breweries: Indian manufacturer of IMFL spirits with brewing operations; comparable combined distillery-and-brewery platform serving the domestic Indian market.
• Tilaknagar Industries: Manufacturer of IMFL brands including Mansion House brandy; comparable scale and product mix in Indian-made spirits with similar multi-state manufacturing exposure.
• Radico Khaitan Limited: One of India's largest IMFL manufacturers with branded spirits such as Rampur and Magic Moments; directly comparable in product category (IMFL distilling and bottling) and distribution model.
• Allied Blenders and Distillers: Indian IMFL company behind Officer's Choice; competes in the same mass-premium spirits segment and operates a multi-state manufacturing and distribution footprint directly comparable to Cupid's planned model.
• Som Distilleries & Breweries: Indian manufacturer of both IMFL spirits and beer; the dual spirits-plus-brewing profile and Indian market focus make it one of the closest direct comparables to Cupid's combined product portfolio.
• Globus Spirits Limited: Indian IMFL distiller operating manufacturing facilities across multiple states; comparable in production-led, multi-state spirits business model targeting the domestic Indian market.

Emerging players

• Jagatjit Industries: Indian IMFL and brewery player with a smaller brand portfolio than the top incumbents; offers a closer size and growth-stage comparison to Cupid as it scales its platform.
• Khoday India Limited: Heritage Indian spirits and brewery company; relevant peer for understanding multi-category IMFL + beer operations within the Indian alco-bev landscape.

Broad incumbents

• United Spirits Limited: India's largest spirits company and a Diageo India subsidiary; Cupid is directly purchasing a manufacturing unit from United Spirits, making it both a counterparty and the most relevant scaled IMFL peer.
• Pernod Ricard India: Indian arm of global spirits major Pernod Ricard; broad incumbent competing across IMFL categories with strong brand portfolio and nationwide distribution.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cupid Breweries and Distilleries