Abstract: Background: Brand equity has been emerging as one of the key concepts to academicians and practitioners since the past couple of decades. This issue is calling for more comprehensive studies with a view to ameliorating apprehension about determinants of brand equity. Materials and Methods: University students were selected as target population for this study considering the connection of beverage consumption with 20-40 age segments in the market. Convenience sampling method was adopted to recruit the respondents. Exploratory factor analysis was applied to extract the key factors. Results: Findings corroborate that brand loyalty, brand image, perceived quality and brand awareness are the latent dimensions of brand equity. Amid the dimensions, brand loyalty explains the variation of brand equity most which is followed by brand image. Conclusion: Since, all the dimensions of brand equity are inter-correlated, brand managers should be aware of the importance of brand equity dimensions while evaluating overall brand equity and design their strategy keeping all the dimensions into account to make it effectual.