In the last three years, many sectors and companies which have been in the dumps for years have made a comeback. There are two kinds of comebacks, one is comeback on the dalal street. Second is a comeback in the real business. It is the second one which is more important as that is what finally matters to even the street. If one looks at the history of the liquor industry it has been dominated by two large names, but over the last few years, many smaller companies have made a comeback in a real business sense. Some due to their one brand getting super successful, others have been able to restructure their operation, reduce debt by selling some of the non core assets. Some by becoming bottlers and outsourcing their capacity to large players. In a nutshell, after two decades of ups and downs, these smaller players have reached the point where there is a possibility that they might see a re-rating, if they stay in course of clean and transparent corporate governance.