India’s wine industry remains small compared to global markets, but the segment has evolved rapidly over the past decade with rising urban consumption, premiumization, wine tourism, and growing acceptance among younger consumers. While listed players such as Sula Vineyards dominate public market visibility, a significant portion of the industry is still controlled by privately held and unlisted companies operating across wine production, carbonated wines, fortified beverages, and premium alcobev distribution.
This report highlights 10 prominent unlisted wine-focused companies in India ranked by revenue, showcasing the businesses shaping the country’s evolving wine ecosystem.
Market Overview
India’s wine market is concentrated primarily in Maharashtra and Karnataka, with Nashik emerging as the country’s wine capital. Consumer demand has shifted beyond traditional red wines toward sparkling wines, wine coolers, fruit-based alcoholic beverages, and ready-to-drink formats.
The unlisted market includes:
- Traditional vineyard-led wine producers
- Boutique premium wineries
- Wine tourism-focused brands
- New-age alcobev companies expanding into wine-based RTDs
- Distribution-led beverage companies with wine portfolios
Among these players, scale varies significantly — from premium boutique vineyards generating under ₹50 crore revenue to diversified beverage companies crossing ₹1,000 crore turnover.
Top Unlisted Wine Companies in India
1. Lake Forest Wines
Company: Lakeforest Wines Private Limited
Location: Gurugram
Revenue: ₹474.73 Cr
Lake Forest Wines has emerged as one of the largest unlisted wine-linked beverage businesses in India by revenue. The company operates across imported alcoholic beverages, wine distribution, and premium alcobev categories. Its scale indicates a broader portfolio approach rather than pure-play vineyard operations.
The company benefits from strong distribution capabilities and presence across urban premium retail channels.
2. IndoBevs (BroCode)
Company: Indospirit Beverages Private Limited
Location: New Delhi
Revenue: ₹370.67 Cr
IndoBevs has become one of the fastest-growing alcohol beverage companies in India through the success of its flagship brand “Bro Code,” a high-alcohol carbonated wine beverage that has gained significant popularity among younger consumers.
The company operates across:
- Carbonated wines
- RTDs
- Whisky
- Premium spirits
- Imported beverage distribution
Bro Code has played a major role in reshaping mass-market wine consumption in India by positioning wine in an affordable and youth-oriented format.
3. Fratelli Vineyards
Company: Fratelli Wines Private Limited
Location: New Delhi
Revenue: ₹181.92 Cr
Fratelli is among India’s most recognized premium wine brands and has established itself as a leader in high-quality Indian winemaking. The company is known for:
- Sette
- Cabernet Franc
- Chardonnay
- Premium reserve collections
With strong vineyard operations in Maharashtra, Fratelli focuses heavily on premiumization and wine education initiatives.
4. Good Drop Wine Cellars
Company: Good Drop Wine Cellars Private Limited
Location: Mumbai
Revenue: ₹86.83 Cr
Good Drop Wine Cellars has built a strong presence in imported and domestic wine distribution. The company serves premium hotels, restaurants, retail chains, and urban consumption hubs.
Its portfolio strategy focuses on:
- International wine imports
- Lifestyle-led wine branding
- Premium urban consumers
The company continues to benefit from rising wine adoption in metropolitan India.
5. Grover Zampa Vineyards
Company: Grover Zampa Vineyards Limited
Location: Bengaluru
Revenue: ₹64.64 Cr
Grover Zampa is one of India’s oldest and most respected wine producers. The company pioneered premium Indian wine production and remains strongly associated with fine dining and luxury hospitality.
Popular labels include:
- La Réserve
- Art Collection
- Chêne Grande Reserve
The company also strengthened its portfolio through acquisitions and premium vineyard integration.
6. Four Seasons Wines
Company: Four Seasons Wines Limited
Location: Mumbai
Revenue: ₹8.9 Cr
Four Seasons Wines became popular through approachable premium wines targeted at urban Indian consumers. The brand has historically benefited from strong retail presence and visibility in modern trade channels.
Its product mix includes:
- Red wines
- White wines
- Sparkling variants
The company occupies the affordable premium segment of the market.
7. SDU Winery
Company: SDU Winery Private Limited
Location: Bengaluru
Revenue: ₹4.32 Cr
SDU Winery is a boutique winery known for premium handcrafted wines and small-batch production. Founded by technology entrepreneur Mahendra Kumar, the company focuses on quality-led production and vineyard experiences.
The winery has gained recognition for:
- Shiraz
- Cabernet Sauvignon
- Rosé wines
SDU represents the growing premium boutique wine movement in India.
8. Vallonne Vineyards
Company: Vallonne Vineyards Private Limited
Location: Nashik
Revenue: ₹3.71 Cr
Vallonne Vineyards is recognized for producing French-style wines in Nashik and has built a strong niche reputation among wine enthusiasts.
The winery focuses on:
- Premium terroir-driven wines
- Wine tourism
- Limited production labels
Its boutique positioning differentiates it from mass-market competitors.
9. Reveilo
Company: Vintage Wines Private Limited
Location: Nashik
Revenue: ₹3.49 Cr
Reveilo is a premium boutique wine label known for estate-grown wines and Italian grape varietals. The company has positioned itself in the luxury wine category with emphasis on quality and aging potential.
Its portfolio includes:
- Cabernet Sauvignon Reserve
- Chardonnay
- Grillo
The brand remains highly regarded among premium wine consumers.
10. KRSMA Estates
Company: KRSMA Estates Private Limited
Location: Koppal
Revenue: ₹2.62 Cr
KRSMA Estates is widely regarded as one of India’s finest luxury boutique wineries. Despite its relatively smaller revenue base, the company enjoys a strong premium reputation among collectors and fine-dining consumers.
Known for:
- Cabernet Sauvignon
- Sangiovese
- Sauvignon Blanc
KRSMA has helped position Indian wines within international premium wine conversations.
Key Trends Shaping India’s Unlisted Wine Market
1. Rise of Wine-Based RTDs
Products like Bro Code have significantly expanded wine consumption beyond traditional wine drinkers, especially among younger consumers in Tier II and Tier III cities.
2. Premiumization
Consumers are increasingly shifting toward reserve wines, imported varietals, and vineyard-led experiences.
3. Wine Tourism Growth
Nashik and Bengaluru continue to emerge as wine tourism hubs, helping wineries build direct consumer engagement.
4. Distribution-Led Scale
The largest companies by revenue increasingly combine:
- distribution,
- imported beverages,
- RTDs,
- and broader alcobev portfolios
rather than operating as pure vineyard businesses.
5. Boutique Winery Expansion
Smaller wineries such as SDU, Vallonne, and KRSMA are gaining strong brand equity despite lower production scale.
Conclusion
India’s unlisted wine market is no longer limited to traditional vineyard operators. The industry is now shaped by a mix of:
- premium wineries,
- mass-market alcobev innovators,
- imported beverage distributors,
- and lifestyle-driven alcohol brands.
While boutique wineries continue to drive premium wine culture, large-scale players such as Lake Forest Wines and IndoBevs are redefining the market through distribution scale and accessible wine-based beverages.
As wine consumption expands across younger demographics and urban India, the unlisted wine sector is expected to see continued consolidation, premiumization, and product innovation over the coming years.
PrivateCircle delivers deep insights into India’s unlisted companies, revenues, ownership structures, and emerging market trends across sectors.