This study evaluates the financial performance of leading soft drink brands in India’s fast-moving consumer goods (FMCG) sector. Ten companies—Bisleri, Hector Beverages, Hindustan Coca-Cola Beverage, Parle Agro, Varun Beverages, TATA Consumer, Dabur, Fruitnik, ITC, and Xotik Frujus—were examined to provide a balanced representation of multinational corporations, established Indian firms, and emerging players. Financial performance was assessed over a five-year period using ten key ratios spanning profitability, liquidity, solvency, and efficiency, including Return on Assets, Gross Profit Margin, Current Ratio, and Debt-Equity Ratio. The analysis revealed significant variations in financial health, highlighting the competitive strengths of dominant players and the challenges faced by smaller brands. The findings contribute to a deeper understanding of financial strategies within the soft drink industry and provide actionable insights for stakeholders, including managers, investors, and policymakers, in evaluating competitiveness and long-term sustainability.
Upadhyay et al. (2025) studied this question.