Crisil Ratings has projected that alcohol beverage (alcobev) manufacturers in India will face a decline in earnings before interest, taxes, depreciation, and amortisation (Ebitda) margins by 150–200 basis points during the current financial year. This decline is attributed to rising packaging costs and supply chain disruptions, particularly a shortage of glass bottles linked to geopolitical tensions affecting liquefied natural gas (LNG) availability. The report forecasts revenue growth for the alcobev sector to moderate to 5–7%, significantly lower than the 11% compounded annual growth rate (CAGR) observed over the past three years. Packaging costs represent a substantial portion of expenses, accounting for 35% of net revenue for beer producers and 25% for spirits makers, with approximately two-thirds of these costs related to glass bottles. The ongoing supply constraints have forced glass manufacturers to reduce production by 35–40%, exacerbating the shortage and increasing prices. Despite these challenges, Crisil notes that firms may find temporary relief through inventory reduction, which could alleviate some working capital pressures. The findings are based on an analysis of 31 alcobev companies, including 10 listed entities, which together represent around 30% of the organized liquor industry's revenue of ₹3.8 trillion.