Allied Blenders and Distillers (ABD), India’s 3rd largest spirits company by volume, has launched Golden Mist French Brandy in Karnataka. With this introduction, ABD marks its entry into the fast-growing prestige brandy segment.
Golden Mist combines French craftsmanship with Indian expertise to deliver a smooth and rich blend. As part of the ABD portfolio, Golden Mist strengthens the company’s non-whisky premium offerings, reinforcing its commitment to diversifying and elevating its overall product range.
The prestige brandy segment in Karnataka is growing at 13.1%, significantly outpacing the overall brandy category’s high single-digit growth. Golden Mist enters the market at a time when consumers are actively seeking authentic, high-quality offerings in the mid-premium range.
Golden Mist is crafted for today’s discerning consumers who seek tradition with sophistication and elevated taste experiences. Aged in French oak casks for a crafted feel, the brandy offers a deep amber colour, a smooth and luxurious texture, and a flavour profile that balances grape notes with hints of liquorice, honey, and subtle spice.
The brand also introduces a distinctive packaging innovation with its 180 ml Hippy pack, making it the only brand in its segment to offer this option alongside traditional glass bottles. The Hippy pack, designed in an elegant gold colour, recognises the deep connect with southern culture and enhances Golden Mist’s position as a standout offering in the prestige brandy segment.
Alok Gupta, Managing Director of Allied Blenders and Distillers, said, “Golden Mist represents everything the evolving Indian consumer is asking for; heritage, authenticity, and a superior taste experience, all delivered at an attractive price. We’ve drawn from traditional French brandy-making methods while crafting a product that resonates with Indian palates. This launch is in line with the organisational aim of bolstering our presence in the Prestige and Above segment.”
Golden Mist is available across Karnataka in four different pack sizes. The 750 ml bottle is priced at ₹970, the 375 ml at ₹485, the 180 ml at ₹235 (available in both a glass bottle and the unique Hippy pack), and the 90 ml at ₹120.
• Panel discussion on FTA seeks reduction in tariffs
• Company of The Year is Allied Blenders & Distillers
• Corporate Leader of the Year is Nilesh Patel of Global Beverages Group
• Business leader of the Year is Davide Aiudi of Guala Closures India
• Lifetime Achievement Award goes to Satpal Chaudhry who has held key positions in Mohan Meakins, United Breweries, Shaw Wallace, Empee Distilleries, Him Neel Breweries, and Khoday India.
With India’s alcobev sector showing exceptional growth, SAP Media Worldwide, the publishers of Ambrosia magazine among other publications, reached yet another milestone. On March 21 and 22, it hosted the 20th edition of INDSPIRIT 2025 at Le Meridien, Gurugram. The two-decade journey of INDSPIRIT is a highpoint, reflecting the challenges and opportunities the sector has been navigating all through. And when industry peers met to network, exchange ideas and to chill, it was truly a celebration.
INDSPIRIT is an amalgamation of conference, exhibition, networking and AMBROSIA Awards, organised by Ambrosia. This year the panel discussion was on ‘Free Trade Agreements: Gateway or Roadblock for Indian Alcobev Industry’. The 20th edition also featured a consumer-day, to connect the industry with the end-consumer to taste the many different brands. INDSPIRIT 2025 was powered by Platinum Partner SNJ Group and supporting partners Diageo India and Pernod Ricard.
This year INDSPIRIT had an open consumer day on March 22 wherein consumers got to taste a variety of spirits. Lifting the spirits were DJ Veronika and DJ Zorin, followed by sumptuous buffet. It was day 1 of IPL 2025 cricket and SAP Media ensured that there was live coverage, adding to the zing.
Eminent Jury
The AMBROSIA awards were adjudged by an eminent panel of jury members and they included Stephen Beal (London) – Founding Sr. Consultant, Master of Whisky International Drinks Specialists; Bernhard Schafer (Germany) – A Whisky Expert, Spirit Consulting and A Master of Quaich; Ajoy Shaw – DipWSET Wine Maker & Consultant; Binod Maitin – Independent Technical Consultant; Julie Lee (Taiwan) – Industry Expert and Entrepreneur; and Katsuhiko Tanaka (Japan) – Director, Japan Import System Co.
The jury members for the Packaging category of awards were Prof. K Munshi – Industrial Design Centre, IIT Powai; Shekhar Amberkar – Asst. Director, Indian Institute of Packaging & Head of International Packaging Centre and Jigna Shah Oza – Communication Designer | Design Educator.
Panellists seek rationalisation of tariffs
The panel discussion was moderated by Bhavya Desai, Group Head and CEO of SAP Media Worldwide and the panellists were Suresh Menon, Secretary General of International Spirits and Wines Association of India (ISWAI); Ajay Srivastava, Founder, Global Trade Research Initiative; and Rajnish Singh of Dhvaen Law Practice and consultant on FTA to the Government.
The panellists were in consensus that tariffs on alcobev products are extremely high. Ajay Srivastava said that Donald Trump, the US President was right when he mentioned that India charged 150% tariff on alcohol-based products, followed by passenger cars, while agriculture products it ranged between 30 and 40% and industrial products between 7 and 12%. Trump, he added, was disrupting the world economy with a tariff war.
Suresh Menon said the FTA negotiations were ongoing with the UK and the position of ISWAI members has been that there should be a reduction in tariff on spirits in whatever form they were imported – either bulk or bottled. There was unwanted fear that there would be dumping by cheap Scotch whisky and that would disrupt the domestic market, he said and added that with the trend of premiumisation, this was unlikely to happen. Rajnish Singh advocated a threshold level of tariffs as to bar cheaper products from entering into the country, thus in a way protecting the domestic industry which has been investing substantially in the sector. He referred to the Economic Cooperation and Trade Agreement with Australia which has a threshold level to ensure that cheap wines are not dumped in the Indian market.
The panellists also referred to the Scotch Whisky Association which since 1915, stated that to be called Scotch Whisky, the spirit has to be aged no less than 3 years, malt or grain – replacing the old early 1900s limit of 2 years. The panellists opined that as the rule on 3 year maturation is not going to change and that Indian whisky manufacturers who wanted to export had to keep this in mind, even though the whiskies in India matured faster due to the hot climate.
India third largest alcobev market
Bhavya Desai talked about how India is the third largest alcobev market and was valued at over 52 billion dollars in 2024 and expected to touch 64 billion dollars by 2028, growing at a CAGR of 6.8%.
The panel discussion was followed by the much-awaited AMBROSIA Awards. In his opening address before the awards, the Managing Director and Publisher of SAP Media Worldwide, Trilok Desai said, “Despite operating in a highly regulated environment, the industry is witnessing remarkable growth. But with this growth comes a sense of uncertainty. Domestic players are increasingly concerned about the impact of reduced tariffs on Bourbon and the potential phased reduction on Scotch. The worry isn’t limited to premium Scotch—it extends to more affordable Bourbons and Tennessee whiskies, which could directly challenge mid-range IMFL brands.”
Global alcobev giants dominate
Desai added, “Currently, the Indian alcobev market stands at around 410 million cases, growing at a modest rate of 5%. The beer market is slightly larger at approximately 425 million cases, with a healthy growth rate of 8% to 10%, while the country liquor market is around 250 million cases. The world’s top nine alcobev companies operating in India hold a market share of over 52% by value and 43% by volume of the total Indian alcobev market.
Global alcobev giants operating in India bring deep experience from multiple international markets, significantly contributing to the industry’s growth. However, we shouldn’t overlook our own strengths. Indian companies are producing exceptional IMFL products, world-class single malts, and premium gins, along with competitive, high-quality beers that stand toe-to-toe with international brands. That’s something Indians should be incredibly proud of.”
Success of Indian single malts
Referring to the success of Indian single malts on the global map, Desai mentioned how they are inspiring even multinational companies to invest in producing premium spirits within India. “Many are now not only crafting outstanding single malts here, but also looking to export them globally — a true testament to the growing stature of Indian spirits.”
Talking about the AMBROSIA Awards, Desai said, “They are not just about recognition—they’re a celebration of the hard work, creativity, and dedication that have driven the industry forward over the past year.
Tonight, we honour excellence—from outstanding products and innovative packaging to groundbreaking marketing strategies. Over the past 30 years, Ambrosia has witnessed the transformation of the alcobev industry. What was once a market dominated by a few players has become a vibrant and competitive landscape, with Indian and multinational companies alike driving innovation and quality.”
He said that the AMBROSIA Awards have stood for excellence for three decades, thanks to a rigorous and unbiased judging process. “Each year, we assemble an international jury whose expertise ensures that only the very best are recognised. Their insights have highlighted significant improvements in product quality across various categories. Beyond the products, the jury has also acknowledged the remarkable advancements in packaging and design. From labels and bottle shapes to overall presentation, Indian brands are not just meeting global standards—they are often exceeding them.”
Ambrosia launches ASEAN Edition
Desai talked about Ambrosia magazine which has completed 33 years of successful publishing and in 2024 the ASEAN Edition of Ambrosia was launched. The ASEAN edition, launched from Singapore is being circulated across nine ASEAN countries—making Ambrosia the world’s largest combined circulated alcobev magazine. But we’re not stopping there. We’re also exploring the possibility of hosting an international exhibition and awards in Singapore—a significant milestone for the brand.
After Desai’s speech, the AMBROSIA Awards were presented by Air Marshal (Retd) Anil Chopra, a highly decorated officer of the Indian Air Force.
The no/low-alcohol market has enjoyed robust growth in the past few years, cementing its place as an area of significant opportunity for beverage alcohol, and one of increasing sophistication as well.
Moderation trends and demographic shifts have driven the long-term growth of no/low-alcohol around the world, but as the category matures and product quality improves, consumer trends in the space are becoming more nuanced and complex.
Another year of double-digit volume growth for no/low in the top 10 global markets (Australia, Brazil, Canada, France, Germany, Japan, South Africa, Spain, UK and US) during 2024 (+13%) capped a period of strong gains for the category: across those markets, 61m people were recruited into no-alcohol between 2022 and 2024, and 38m into low-alcohol, according to IWSR’s No- and Low-Alcohol Strategic Study.
This strong upward trajectory is expected to continue. While total beverage alcohol (TBA) volumes are expected to grow at a compound annual growth rate (CAGR) of 1% to 2028, no-alcohol is expected to gain share of TBA, driven largely by the well-established no-alcohol beer segment, but boosted by additional gains for RTDs, wine and spirits. The forecasted volume CAGR for no-alcohol beverages between 2024 and 2028 is +7%.
Susie Goldspink, Senior Insights Manager – RTDs and No/Low Alcohol
“The no/low-alcohol market has been experiencing significant growth for several years now, driven by moderation trends and younger demographics,” explains Susie Goldspink, Senior Insights Manager – RTDs and No/Low Alcohol. “It is not all about moderation, however, as no/low becomes more established and categories outside beer gain participation.
“Other drivers besides health and moderation are now increasingly important, particularly in those emerging no-alcohol categories. Factors such as taste, availability and brand are becoming key drivers of choice, especially among younger LDA consumers.”
Participation rates
The increased participation in no/low over the past few years has been spearheaded by the US and Brazil: the US added 37m new no-alcohol consumers between 2022 and 2024, and 36m new low-alcohol drinkers, according to IWSR data. Meanwhile, 13m people were recruited into no-alcohol in Brazil over the same timescale.
This increased participation comes against a backdrop of long-term declines in overall alcohol consumption. Since 2000, consumption in litres of pure alcohol has fallen faster than TBA volumes, reflecting a consumer switch to lower-ABV products such as RTDs and no/low.
This trend is also reflected by the performances of many of the top 10 markets. There is a clear contrast between the recent strong gains of no- and low-alcohol versus the softer performance of full-strength products in a number of key destinations, including the UK, US, Japan, Brazil, Canada, Australia and Canada. For instance, the US recorded a -1% CAGR decline in full-strength volumes between 2019 and 2024, according to IWSR data, while no-alcohol (CAGR +28%) and low-alcohol (+7%) grew strongly over the same timescale.
No/low buyers are also increasingly substituting full-strength beverages with no-alcohol drinks, according to IWSR consumer research. In 2024, when no/low consumers in the top 10 markets were asked what they would previously have drunk on the same occasion, 30% said full-strength products – materially higher than in 2022.
Meanwhile, when it comes to no/low categories, the picture has become more nuanced over the past few years: participation in no/low beer in 2024 was unchanged versus 2022, reflecting the more established nature of this segment, whereas other categories have seen increased participation from younger LDA consumers in particular.
“Boomers and Gen X have been in the category for a longer time and have established habits,” says Goldspink. “They are the main buyers of no-alcohol beer, as it was one of the first no/low options to be widely available.
“On the other hand, younger age groups, who are newer to the category and just entering legal drinking age (LDA), are discovering their preferences without established habits and are attracted across various categories. Millennials in particular, with more time in the category and higher disposable incomes, have the widest repertoires.”
Frequency drivers
As consumers become increasingly familiar with the no/low landscape, factors beyond health and moderation are becoming more and more significant in driving consumption frequency.
While trying to be healthier and reducing alcohol intake remain the most significant motivations, according to IWSR consumer research, taste, availability, brand and category awareness have all gained in importance since 2022.
“Frequent drinkers are driven by better-tasting options, highlighting how critical taste is for no/low growth,” says Susie Goldspink. “Better availability has been key for buyers in the US, where newer categories such as alcohol adjacents have a higher incidence than other categories.”
Purchase drivers
Brand familiarity is becoming an increasingly decisive factor in driving no/low purchases, when availability is not an issue. According to IWSR consumer research conducted in 2024, 52% of no/low buyers chose to drink a product because it was a brand they already knew, up from 48% in 2022, while 32% cited taste preference, up from 28%.
Consumer perceptions are shifting too: some 54% of no/low buyers described no/low products as brands they cared about in 2024, up from 50% in 2022, and 53% described no/low brands as exciting, up from 48%.
“Frequent drinkers and younger buyers, who are more engaged with the no/low category, are more likely to be driven by brand and sensory characteristics,” says Susie Goldspink. “Up to 57% of Millennials are driven by brands they are familiar with, compared to only 45% of Boomers, who are less engaged and claim more occasional consumption of the category.
“Meanwhile, the improvement in consumer brand perceptions is driven by Gen Z and Millennials, who are more engaged with the category: 62% of Millennials and 57% of Gen Z have brands they care about, explaining the higher rate of brand loyalty compared to other age groups.”
What’s next? The future of no/low
No-alcohol is set to continue to drive future growth for no/low, with forecast gains across all categories, including beer/cider (predicted CAGR growth of +7% between 2024 and 2028), RTDs (+10%), wine (+5%), spirits (+7%) and alcohol adjacents (+3%). Forecast trends for low-alcohol are softer, with the exception of RTDs, where low-alcohol products are predicted to grow at a CAGR of +17% over the same timescale.
While volume growth for no-alcohol is envisaged across all top 10 markets, there are strong regional contrasts, with Brazil, Canada, the US and the UK all likely to see higher growth in the near future (CAGRs of between +7% and +18% to 2028). However, growth is predicted to be more gradual in Spain, South Africa and Germany.
Smaller markets such as Canada and Australia offer attractive growth prospects, but the largest-scale opportunities sit in Brazil and the US – although the two markets have strongly contrasting characters.
“While Brazil and the US have a similar demographic distribution of no-alcohol drinkers, with similar frequency and intensity of consumption, the sources of expected future growth are diverse,” explains Susie Goldspink. “The US has high participation rates across a broader array of no-alcohol categories; their development will continue, particularly among younger consumers, who have a wider repertoire of no-alcohol drinks.”
By contrast, growth in Brazil will come almost exclusively from no-alcohol beer, thanks to the category’s dominant market position, the presence of large international players and high recruitment levels.
Ishwaraj Singh Bhatia, Co-Founder and COO, Simba Beer and ZigZag Vodka, with a family background in the alcobev industry has opted for premium craft beers, various variants of ZigZag vodka to breakthrough in the Indian market.
What made you opt for the alcobev industry?
My family’s legacy in the alcohol distribution business spans three generations, providing me with a deep-rooted understanding of the industry from an early age. Growing up, I was immersed in the nuances of beverage production and the cultural significance of alcoholic beverages. While studying in England, I witnessed a thriving craft beer movement and recognised a gap in the Indian market for authentic, homegrown craft beers. This realisation, combined with a strong entrepreneurial drive, led us to establish Simba Beer in 2016, with the vision of bringing a premium craft beer experience to Indian consumers.
Why craft beer and not normal beer, considering scaling up craft beer in terms of volume is a long journey?
Craft beer represents more than just a beverage; it embodies artistry, innovation, and a commitment to quality. Unlike mass-produced beers, craft beers allow for experimentation with flavours, ingredients, and brewing techniques, catering to consumers seeking unique and diverse taste experiences. We recognised that the Indian consumer was evolving, with a growing appetite for premium and varied beer options. While scaling craft beer presents challenges due to its artisanal nature, we believe that focussing on quality over quantity would resonate with discerning consumers. This approach has fostered a loyal customer base and positioned Simba as a distinguished brand in the market.
What kind of volumes are you looking at to achieve economies of scale?
Achieving economies of scale is essential for operational efficiency and sustainability. While specific volume targets are proprietary, we have strategically invested in expanding our brewing capacities. For instance, we established our flagship brewery in Durg, Chhattisgarh, which has enabled us to meet increasing demand while maintaining stringent quality standards. Our focus remains on scaling thoughtfully to ensure that growth does not compromise the artisanal essence of our products.
Is Simba Beer connected with Simba Chips?
No, Simba Beer is not connected with Simba Chips. The similarity in names is purely coincidental, and there is no affiliation between the two brands.
What kind of promotions do you plan to do for Simba?
Our promotional strategy for Simba is rooted in fostering a strong community and creating immersive brand experiences. While trade promotions vary by state, our primary marketing focus is on engaging consumers through experiential events and digital storytelling. For example, Simba Uproar 2025 in Delhi celebrated underground culture, providing a platform for grassroots talent in India’s hip-hop and street culture scenes. These initiatives not only enhance brand visibility, but also deepen our connection with our audience. Additionally, we leverage digital platforms to share compelling content, collaborate with influencers, and drive meaningful engagement.
Tell us more about ZigZag Vodka?
ZigZag Vodka is our foray into the vodka market, reflecting our commitment to quality and innovation.
Launched recently, ZigZag offers a meticulously crafted vodka experience, available in four variants: Original, Lime, Orange, and Green Apple, catering to diverse consumer preferences. Our vodka undergoes a rigorous filtration process using carbon, silver, platinum, and gold, ensuring a clean and crisp taste. The brand name ‘ZigZag’ symbolises the dynamic lifestyle of modern consumers who seamlessly navigate between their professional responsibilities and personal passions. This product embodies our dedication to crafting beverages that align with contemporary tastes and lifestyles.
Which states is the brand available in, and what are your plans to expand pan-India?
Currently, ZigZag Vodka is available in Delhi, Bangalore, Goa and Chhattisgarh. We have strategically chosen these markets to establish a strong initial presence. Our expansion plan involves entering additional states in a phased manner, considering factors such as market demand, regulatory environments, and distribution logistics. Our goal is to achieve a pan-India presence, making ZigZag accessible to consumers nationwide while ensuring that each market is adequately supported to maintain our standards of quality and consumer engagement.
What is the price range you plan to operate in?
ZigZag Vodka is crafted with a focus on quality and the use of superior ingredients, delivering a smooth and enjoyable experience. While pricing varies across different states due to taxation and local regulations, we aim to offer ZigZag at a price point that balances excellence with accessibility, ensuring consumers receive exceptional value. Our pricing strategy is designed to be competitive within the vodka market, appealing to those who seek both quality and affordability. Available in three sizes—750 ml, 375 ml, and 180 ml—ZigZag Vodka is priced between ₹390–₹1195 for the Original variant (750 ml).
Are you looking at launching flavoured vodkas in the near future?
Yes, recognising the evolving consumer preferences, we have introduced flavoured variants such as Lime, Orange, and Green Apple alongside our Original vodka. We continue to explore new flavours to cater to diverse tastes. Our approach involves extensive research and development to identify flavour profiles that resonate with our target audience, ensuring that each new variant upholds our commitment to quality and innovation.
What about Vodka RTDs?
The Ready-to-Drink (RTD) segment is an exciting space that aligns with evolving consumer preferences for convenience and on-the-go experiences. While ZigZag Vodka is currently focussed on establishing itself in the market with its core offerings, we recognise the growing demand for high-quality RTD options. As we continue to expand, we are exploring innovative ways to bring the ZigZag experience to consumers in more accessible and dynamic formats.
Move will provide enhanced consumer experience and generate revenue opportunities
Premium-only and Smart Liquor Stores in Karnataka, Telangana, Haryana
Industry seeks De-regulation
The International Spirits and Wines Association of India (ISWAI), voice of the Indian Premium alcoholic beverage industry, has commended State governments for implementing progressive excise policies aimed at modernising retail formats, increasing revenue, and enhancing the overall consumer experience.
From Uttar Pradesh’s composite retail formats to Andhra Pradesh’s privatised model, Rajasthan’s premium mall-based stores, Madhya Pradesh’s single-bottle billing system, Haryana, Telangana, Karnataka, and Odisha’s premium-only retail formats, these progressive policies are redefining how the alcohol retail ecosystem operates across the country.
Welcoming the positive change, Sanjit Padhi, CEO of the International Spirits and Wines Association of India (ISWAI), said, “The reforms we are witnessing across different states in India, signal a paradigm shift in how the alcobev sector is perceived and managed, and reflects the state governments positive intent and commitment. Progressive excise policies are not only improving compliance and transparency, but also creating the foundation for sustainable, consumer-centric growth.”
UP’s reform-centric excise policy
ISWAI said at the forefront of this transformation is Uttar Pradesh, which has launched a reform-centric excise policy for FY 2025–26 with an ambitious revenue target of ₹55,000 crore, a 10% increase over the previous year. Structural changes like consolidating over 12,000 outlets into approximately 9,000 composite vends are doubling retail accessibility and ensuring broader market coverage. The adoption of a digital e-lottery system for retail licenses has already generated more than ₹2,250 crore, while retail license fees are expected to contribute over ₹4,200 crore, a testament to how digitization and transparency can directly drive state revenues.
Excise reforms are reshaping the alcobev landscape.
Speaking on these forward-looking changes, Sanjit Padhi said, “Uttar Pradesh has been a leader in driving structural reforms that have seen its revenue jump from ₹24,000 crore in FY 18/19 to a target of ₹55,000 crore in FY 25/26, growing at a rate of 13% CAGR. ISWAI members are the largest contributors to the state’s IMFL revenue (55%+), and we believe that the current changes are part of building a sustainable, growth-oriented revenue model that is also consumer-centric. The new outlets and investments in the retail infrastructure will result in a superior consumer experience.”
The reforms also offer greater operational stability for vendors. The state now grants two-year licenses via the e-lottery system, promotes fair competition by capping ownership at two outlets per individual, and fosters a level playing field for stakeholders.
Uttar Pradesh’s focus on premiumisation is reshaping consumer expectations and retail standards. New composite vends are being upgraded into well-lit, aesthetic, and secure outlets, particularly appealing to women consumers and supporting responsible consumption.
“We’re witnessing the rise of a more inclusive, modern alcobev ecosystem. From premium retail formats to safer consumer environments, these changes are aligning with global best practices and unlocking new growth opportunities. This will also provide consumers with high-quality premium brands and genuine products, deterring counterfeit products and encouraging responsible drinking. We hope that other states adopt the best practices of these progressive states to build consumer-centric, growth-oriented, sustainable revenue models,” added Sanjit Padhi.
Innovative Approaches by Andhra Pradesh, Rajasthan, Madhya Pradesh
Some states are following suit with their innovative approaches. Andhra Pradesh, through its privatised retail model, now supports 3,736 liquor vends and has witnessed a ₹1,800 crore surge in revenues and a 37% rise in Scotch sales, indicating strong premiumisation trends. Rajasthan has declared a four-year excise policy – a landmark reform that ensures stability in the sector. Speaking on this, Sanjit Padhi said, “The industry needs business stability as it allows room for building long-term investment plans. Rajasthan has taken this step, which we hope will inspire many other progressive states to evaluate and build this into their future planning process.”
The state of Rajasthan has already seen a 55% increase in IMFL sales since FY 2021, thanks to a retail overhaul that includes premium outlets at airports and shopping malls. States like Madhya Pradesh and Rajasthan are also experiencing significant volume growth—27% and 55% respectively—by embracing composite retail formats that ensure equitable access across urban and rural areas while reducing the prevalence of illicit trade and counterfeit products. Madhya Pradesh’s 2025–26 policy has also introduced features like stock carry-forward and single-bottle billing for premium brands, enhancing traceability and efficiency.
Premium-only and Smart Liquor Stores in other States
Similarly, Uttarakhand is launching Smart Liquor Stores in malls and department outlets, while Haryana, Telangana, Karnataka, and Odisha are promoting premium-only retail formats to meet rising urban demand.
Industry seeks Deregulation
Meanwhile, one of the biggest challenges the industry faces is pricing control. In this context, Sanjit Padhi emphasised the need for deregulation in the IMFL sector. “Market forces should determine pricing, and no company will risk its business by arbitrarily pricing itself out of the market,” he said. ISWAI strongly recommends the removal of pricing controls to liberate and unshackle the industry, encouraging greater investment and more robust contributions to state revenues.
In addition, leading states like Madhya Pradesh, West Bengal and UP have digitized their processes and significantly improved the ease of doing business. This is another area where other states can consider increasing efficiencies, which could lead to better resource utilisation.
As more states look to emulate these successful models, India’s alcobev landscape will continue to evolve into a refined, progressive ecosystem that balances public welfare, economic growth, and consumer preferences, marking a significant milestone for the industry.
ISWAI members largest revenue contributors
Members of ISWAI include global leaders Bacardi, Brown Forman, Campari Group, Diageo-United Spirits, John Distilleries, Moet Hennessy, Pernod Ricard, Suntory Global and William Grant & Sons and have almost 98% of the business produced in India through Indian Made Foreign Liquor (IMFL), Bottled-in-India (BII) products and Indian Single Malts, thereby making the sector strong proponents of the ‘Make in India’ ideology, generating employment and business opportunities, both directly and in ancillary services & industries, across states. ISWAI members are the largest revenue contributors, with over 45% share in volume and more than 55% share in value. With over 95 manufacturing plants in the country, ISWAI members have large investments in India.
MCKT Beverages Pvt. Ltd. Recently announced the arrival of its internationally acclaimed Khukri Rum in India—an icon of heritage and craftsmanship, set to redefine the premium spirits landscape. Produced by Nepal’s first distillery, and revered as the rum from the top of the world, Khukri carries over 65 years of Himalayan legacy. This celebrated spirit embodies the pinnacle of Nepalese rum-making tradition, offering authentic and timeless flavour profiles that seamlessly blend tradition with innovation. With its entry into India, Khukri Rum not only expands its global footprint, but also reinforces MCKT’s vision to elevate the Indian spirits market by offering superior quality products.
The current variants launching in the Indian market include three premium expressions, each thoughtfully crafted to cater to diverse palates and preferences. Khukri XXX Rum offers a bold, dark blend with earthy undertones and a smooth, long caramel finish. It carries the notes of toffee, vanilla, and prune, with a rich taste of honey complemented by hints of Himalayan herbs and fruits. Khukri Spiced Rum is a tasteful concoction of assorted spices enriched with dry fruits, delivering a warm, subtly sweet taste that ends with a smooth, long finish. Infused with cardamom, ginger, and hints of toffee, its flavour unfolds into woody cinnamon notes enriched with dry fruits. Khukri White Rum presents delicate tropical notes and a creamy character, meticulously charcoal-filtered for exceptional smoothness. It delivers a crisp, clean finish, making it perfect for refined cocktails and refreshing serves.
Each expression in the Khukri collection tells a unique story of Himalayan heritage while upholding the exceptional quality that has earned the brand global acclaim. Khukri Rum has been recognised with prestigious awards, including the Bronze Award at the 2024 International Wine and Spirit Competition, Silver at the 2004 World Selection of Spirits & Liqueurs, and Gold at the International Rum Festival, among many others.
Crafted with passion and precision, Khukri Rum is made from the finest Nepalese sugarcane and distilled with pristine Himalayan waters. It is the only rum aged in Shorea Robusta casks, a unique feature that enhances its depth and character. Traditional open-flame caramelisation adds richness, while high-altitude aging in cool mountain temperatures allows for a slower, more refined maturation. Select batches, some aged for over 45 years, are expertly blended with younger rums to create a spirit of exceptional complexity and smoothness.
For centuries, alcohol has been central to Nepalese culture, deeply rooted in traditions and celebrations. Passed down through generations, the craft of brewing preserves heritage while embracing innovation, elevating Nepal’s spirits industry with world-class craftsmanship. A testament to this legacy, Khukri Rum draws inspiration from the legendary Gurkhas and the precision of the Khukuri knife. Distilled in the pristine Himalayan foothills using pure Himalayan waters, Khukri Rum exemplifies the purity, tradition, and indomitable spirit of Nepal.
Harsh Sinha, Country Director – India, MCKT Beverages Pvt. Ltd. said, “We are thrilled to introduce Khukri Rum to Indian consumers, marking a pivotal moment in our journey. With a rich legacy dating back to 1959, Khukri Rum embodies the finest craftsmanship, heritage, and quality. India’s growing appreciation for premium spirits makes this an opportune time to bring our iconic blend to this dynamic market. This expansion is a strategic step in our commitment to sharing Nepal’s proud distilling tradition with a discerning audience, and we look forward to establishing Khukri as a preferred choice among connoisseurs.”
Now available in Uttar Pradesh, Goa and Maharashtra, Khukri is set to expand further across India. Already established in key global markets like the USA, UK, Japan, Italy, Australia, and the UAE, it continues to build on its rich legacy by offering a premium convivial experience while setting a new benchmark for rum enthusiasts nationwide.
Q3 fy25 organic net sales decline -3% (-3% reported)
YTD organic net sales decline -4% (-5% reported)
Pernod Ricard has reported a resilient net sales performance in a global macroeconomic and geopolitical environment which remains challenging and very fluid with regards to tariffs. The quarterly sales are impacted by some phasing technicalities that will reverse in Q4: namely in India, the impact of new customs clearance procedures and temporary production interruption in one major state, which is now resolved; in Global Travel Retail, a very high comparison base; and in some markets, the impact of the later Easter.
Pernod Ricard said the balanced and broad-based geographic breadth and its diversified portfolio remain key in mitigating some of the impacts caused by the challenging environment. The company said it is continuously adapting its resources with agility, deploying its operational efficiencies and steering the organisation to fuel future growth and optimising cash generation.
The FY25 Q3 Net Sales was €2,278m an organic decline of -3%, and -3% reported. The FY25 9 months Net Sales was €8,454m, an organic decline of -4% and -5% reported, with unfavourable Foreign Exchange impact of -€145m, and a favourable Group Structure of +€3m. The three quarter volumes grew by +1%, while price/mix effect declined by -5% driven by a strongly negative market mix, it said.
By regions, (Q3/YTD) – Americas +3% / -2%; USA +2% / -5%
Pernod Ricard said that the US Spirits market remains broadly stable. The Q3 Organic Net Sales are ahead of sell-out supported by wholesalers’ orders ahead of tariff announcements. The company’s ongoing focus on execution is illustrated by a steadily improving Sell-Out gap to market, on both volume and value. It reported improving performances on Jameson, Absolut, notably boosted by the success of Absolut Ocean Spray RTD and Kahlua.
It mentioned that Canada had strong growth YTD, driven by Bumbu, Absolut and Jameson and Brazil also showed continued solid momentum in Q3, with growth for Ballantine’s, Absolut and Chivas Regal.
Europe -7% / -3%
In France, the company registered solid growth YTD, driven by Ballantine’s, while in Spain it was soft performance, impacted by the later Easter timing. In Germany there was decline in an ongoing challenged macroeconomic context and lapping a high comparable basis. In Poland the performance was broadly stable YTD.
India +1% / +5%
Pernod Ricard reported dynamic growth YTD with strong underlying market demand and continuing premiumisation trends in Asia. It said there was a softer Q3 sales, impacted by phasing technicalities, due in part to the implementation of new customs clearance procedures affecting sales of imported Spirits, and a temporary production interruption in a major state which is now resolved. It said there has been ongoing strong growth of Jameson, and good performance of Ballantine’s and Royal Salute. Similarly, the company said there has been good growth on Seagram’s whiskies, notably Royal Stag. The strong momentum was expected in Q4, including catch-up from Q3.
China -5% / -22%
The release said that in China the macro context remains challenging. The company registered a sharp decline on Martell, while experiencing very strong ongoing growth on Absolut, Olmeca and Jameson. It said that as expected, Chinese Yuan was very soft and Q3 sales benefitted from cycling a favourable comparison basis. The price increase of mid-single-digit for Martell was taken in February.
In Japan there was strong momentum YTD, with Perrier-Jouet in double-digit growth while Korea continuing weakness in an environment of political disruption.
Global Travel Retail -31% / -17%
The company said that on expected lines, there was sharp decline driven by suspension of the duty-free regime on Cognac in China Travel Retail, compounded with a high comparison basis in Q3. However, there was continued growth in Europe and the Americas, driven by good travellers’ numbers and growth from cruises.
By brands:
The Strategic International Brands showed -4% / -6%, while there was YTD good growth for Jameson, Chivas Regal, Ballantine’s and Absolut, declines on Martell and Royal Salute. The Strategic Local Brands -5% / experienced flat, solid growth for Seagram’s whiskies, Olmeca and Kahlua and Specialty Brands reported -8% / -6%, with double-digit growth of Bumbu, good growth on Skrewball, soft performance for Aberlour.
FY25 Outlook Pernod Ricard said, “In a context that remains very volatile, we are confirming our FY25 outlook of low-single-digit decline in Organic Net Sales while sustaining our Organic Operating Margin, supported by our programme of continuous operational efficiencies. This outlook incorporates the impact of expected tariffs in China and in the US based on the information we have today. A&P will be maintained at c.16% of Net Sales and strict discipline applied to structure costs. Maximising cash generation remains a core focus for the group. Negative FX impact on PRO for the full year is expected to be broadly similar to H1.”
National Cocktail Day is the perfect excuse to shake, stir, and sip your way through some iconic cocktails that you can totally create on your own. Whether you go for a tried-and-true classic or an exciting variation, it’s pretty much guaranteed to be a great time. Salud!
Vaishali Mehta, Co-Founder, Swa Artisanal Syrups At Swa, “We’ve always believed that the best cocktails start with real ingredients. This National Cocktail Day, we’re celebrating the bold, vibrant flavours that make Indian drinks unique – whether it’s the heat of Bird’s Eye chilli, the richness of jaggery, or the tang of tamarind. Our syrups are all about keeping it natural, using ingredients the way they’re meant to be enjoyed – without shortcuts or artificial flavours. Here’s to cocktails that taste like the real thing, because they are!”
Bourbon Berry Breeze by Swa Artisanal Syrups
This smooth, fruit-forward cocktail packs depth, a touch of froth, and just the right amount of indulgence. Keep calm and berry on!
Ingredients:
60ml whisky
20ml Cabernet Sauvignon
6 black grapes
20ml Swa Summer Berries
3 drops of foaming agent
Method:
Pour all the ingredients into a shaker tin.
Fill the shaker tin with ice and give it a hard shake.
Fine strain into an old-fashioned glass over a block of ice.
Garnish with black grapes and a sprinkle of pistachio shavings.
Jade Goddess by Six Brothers Mahura
Rupi Chinoy, Director of South Seas Distilleries: Six Brothers Mahura’s sweet, fruity, earthy, spicy complexity, a smooth and crisp finish makes it a dream base for cocktails. Its unique flavour profile, which tastes like no other spirit in the world, blends beautifully with both bold and subtle ingredients, giving mixologists the freedom to craft everything from refreshing highballs to spicy picantes and rich espresso martinis. Six Brothers Mahura is a spirit with infinite possibilities and can be enjoyed neat, on the rocks, or in cocktails. With Six Brothers Mahura, the world now has a new category of spirit originating from India, ready to shine on the global cocktail scene.
A cocktail as enchanting as its name, the Jade Goddess is built around the versatile character of Six Brothers Mahura—India’s global spirit. Crisp cucumber juice brings a cool freshness, balanced by a fiery hint of Tabasco and the bright, herbal notes of cilantro. A squeeze of lime and a touch of sugar syrup round it out, creating a perfectly balanced and elegant sip.
Ingredients:
60ml Fresh cucumber juice
60ml Six Brothers Mahura
15ml sugar syrup
10ml lime juice
1 wedge of lime
4/5 drops of tabasco
3-4 fresh sprigs of cilantro
Garnish: Fresh cucumber slice roll and saffron
Glass: Old Fashioned or Poco Grande
Method:
In a mixing can add fresh cilantro and muddle.
Fill the mixing can with ice and add all other ingredients, then shake well.
Double strain the mix over a large cube of ice.
Garnish with a cucumber slice roll and saffron.
The Queen’s Martini by Monarch Legacy Edition
Regal and refined, the Queen’s Martini is a luxurious twist on the classic. It blends the smooth richness of Monarch Legacy Edition, the world’s first 100% pure grape brandy made with the finest French and Indian grape spirits, with the golden sweetness of French apricot marmalade. A splash of French orange liqueur and a touch of lime juice add a bright, citrusy balance. Shaken to perfection and served in a chilled martini glass, it’s finished with a crisp biscotti garnish. The layered notes of vanilla, spice, and dried fruits of Monarch makes for the perfect versatile base.
Ingredients:
45 ml of Monarch Legacy Edition
1 bar spoon of French apricot marmalade
15 ml of French orange liqueur
15 ml of lime juice
Garnish: Biscotti
Glass: Martini glass
Method:
Add Monarch, French apricot marmalade, orange liqueur, and lime juice into a shaker with ice.
Shake vigorously to ensure the marmalade mixes well.
Strain into a chilled martini glass.
Garnish with some biscotti.
Sanaya Dahanukar, Marketing Manager, Tilaknagar Industries Ltd.: Brandy has long been associated with slow sipping and old-world charm, but it’s the spirit everyone keeps overlooking in conversations around cocktails. There is so much untapped potential for brandy, and with luxury spirits making their way into India’s mixology world, we released Monarch Legacy Edition. Our aim with Monarch is to change the perception of brandy and showcase its immense untapped potential – as a spirit of boundless versatility. With its rich complexity and depth, brandy has a fantastic range of flavours that work beautifully when sipped neat and in cocktails. Whether adding a deeper note to a sidecar, bringing depth to a brandy sour, or elevating an aperitif spritz, Monarch is redefining how brandy is perceived, taking its rightful place at the forefront of modern mixology.
Blooming Breeze by Davana Vermouth Indica
A light and elegant cocktail, Blooming Breeze captures the essence of spring. Made with India’s first homegrown vermouth brand, this includes Davana Bianco for an herbal depth, blending harmoniously with the floral sweetness of elderflower and the crisp tartness of fresh green apple juice. A touch of lime brightens the flavours, and a silky foam finish creates a beautifully smooth texture.
Ingredients:
Davana Bianco – 60ml
Elderflower Syrup – 15ml
Lime Juice – 10ml
Fresh Green Apple Juice – 60ml
Magic Foam – 2 drops
Green Apple Fan – for garnish
Method:
In a shaker, combine Davana Bianco, elderflower syrup, lime juice, fresh green apple juice, and two drops of Magic Foam. Add ice and shake vigorously to create a smooth, foamy texture. Double strain into a glass to achieve a clean and refined pour. Garnish with a green apple fan and enjoy!
Chethan M V, Brand Ambassador, Davana Vermouth Indica: Vermouth has long been a staple in cocktails, yet in India, it’s remained an underrated ingredient—until now. With the launch of Davana Vermouth Indica, the country finally has its own homegrown vermouth, marking a new chapter for the category. As India’s cocktail culture evolves, vermouth continues to be the perfect base for classics like Negronis and Martinis, with Davana Vermouth being a great addition to Highballs and Spritzers. It offers a playground for experimentation, as bartenders embrace its Indian botanical profile, creating innovative cocktails that highlight its depth and versatility. The possibilities are endless, and we’re just getting started on this new era of vermouth in India.
Marigold Smash by Godawan Artisanal Indian Single Malt
A bold and vibrant cocktail that celebrates the love for mangoes and Indian Single Malts! Crafted with Godawan 02 Fruit & Spice, this drink showcases the whisky’s exquisite balance of dried fruit sweetness and warm spice, blending with the tropical notes of mango juice blend. The touch of spice and citrus bring in a fiery contrast.
Ingredients:
Godawan 02 Fruit & Spice – 50ml
Mango Juice – 40ml
Fresh Lime Juice – 15ml
Jalapeño/Chili – to taste
Soda – to top up (optional)
Spice Salt Mix – for the glass rim
Method:
Add a spiced salt rim to your glass and keep aside. In a shaker, combine Godawan 02 Fruit & Spice, mango juice, lime juice, and chili or jalapeño. Add ice and shake well to blend the flavours before straining into your glass. Add a splash of soda if you prefer!
Elderflawed by D’YAVOL
Elderflawed by D’YAVOL is a bold and refreshing vodka-based cocktail, perfect for summer indulgence. Crafted with the smooth elegance of D’YAVOL Single Estate Vodka, zesty clear lime juice, and the delicate floral sweetness of elderflower syrup, this drink is topped with crisp tonic water for a perfectly balanced sip. Ready to elevate your cocktail game? Let’s mix things up!
Ingredients:
D’YAVOL Single Estate Vodka – 45 ml
Clear lime juice – 15 ml
Elderflower syrup – 15 ml
Tonic water – 120 ml
Method:
In a Japanese High Ball glass, pour in D’YAVOL Single Estate Vodka, clear lime juice, Elderflower syrup and finish with tonic water. Top with a garnish of baby’s breath, and this refreshing cocktail is ready.
Leti Blagoeva, Co-Founder, SLAB Ventures: Cocktails today are more than just drinks—they’re an expression of artistry and taste. Mixologists are redefining the craft, but at the heart of every great cocktail is the spirit itself. The right spirit doesn’t just complement a cocktail; it elevates it, adding depth, character, and a level of refinement that transforms every sip into an experience.
Irish Coffee by Tulleeho
This Cocktail Day, here’s some trivia on a much-loved classic: the Irish Coffee. Cocktail legend has it that one Joseph Sheridan, a chef at Foynes Port in Limerick County, Ireland, added a generous dash of Irish whiskey to regular coffee to warm up passengers on their way over to America, and in that moment of brilliance, the classic Irish Coffee was born. And here’s how you can make your own:
Ingredients:
Irish whiskey – 60 ml
Black coffee – 1 cup
Hot Brown sugar – 1 tbsp
Sweetened whipped cream – to top
Instant coffee/cocoa powder – to garnish
Method:
Pour the coffee into the cup, add the whiskey and brown sugar and stir to dissolve.
Float the whipped cream on top, sprinkle with a little instant coffee/cocoa powder and serve immediately.
Vikram Achanta, Founder & CEO of Tulleeho and Co-Founder of 30BestBarsIndia and India Bartender Week: While innovative cocktails have dominated the scene, the resurgence of the classic cocktail is unmistakably on the horizon. This year, bars that master the fundamentals—perfecting balance, technique, and quality ingredients—will stand out. It’s no longer about excessive elements or theatrics; the real craft lies in nailing the essentials. A milestone like National Cocktail Day serves as the perfect reminder that timeless, well-executed drinks will always have their coveted spot at the bar.
Pistoloma – A Paloma by Maya Pistola Agavepura
A refreshing and zesty cocktail that’s effortlessly easy to make! The Pistola Paloma highlights the smooth vibrance of Pistola Joven, perfectly balanced with the tangy sweetness of grapefruit and a hint of saline for depth. Light, citrusy, and sparkling—this is your go-to cocktail for a laid-back yet flavourful sip!
Ingredients:
60 ml – Pistola Joven
45 ml – Grapefruit Juice
15 ml – Lime Juice
15 ml – Agave Nectar
5 ml – Saline
Method:
Fill a glass with ice.
Add the ingredients listed above.
Top up with Grapefruit Soda and garnish with a Grapefruit wedge.
Kimberly Pereira, Chief Operating Officer, Maya Pistola Agavepura (Pistola): If there’s one sure sign that a spirit is on the rise, it’s how quickly it integrates into cocktail culture and catches the attention of top mixologists. Agave’s ascent has been driven almost entirely by its incredible versatility in cocktails—whether in bold, structured classics or contemporary creations. Our Reposado is a standout favourite behind the bar, delivering depth and character that shine in cocktails. With summer approaching, the Picante, Paloma, and Margarita are go-to warm-weather staples – these drinks are easygoing, refreshing, and perfect for the season. But there’s even more to explore, this National Cocktail Day—swap in agave for whisky in a classic cocktail, and you’ll unlock an entirely new dimension of flavour.
SUMMER SHANDY by Geist Brewing Co.
Light, citrusy, and oh-so-refreshing, Geist Brewing Co.’s Summer Shandy is the ultimate easygoing drink. A vibrant mix of Belgian-style Geist Witty Wit and zesty lime soda, this cocktail delivers the perfect balance of tangy-sweet refreshment. Whether you’re lounging outdoors or just unwinding, this effortless beer-cocktail is the perfect sip for the warm sunny days.
Ingredients:
100 ml – Geist Witty Wit
30 ml – Lime Juice
60 ml – Sprite
Method:
Fill a highball glass with ice, add Geist Witty Wit and lime juice, then top with Sprite.
Tushar Bhandari, Whole Time Director, Associated Alcohols & Breweries Ltd. (AABL), talks about one of India’s oldest and most trusted brands in the alcobev industry listed on both NSE and BSE. AABL has nine proprietary brands under its wing and has a strong focus on selling premium alcohol. These include Central Province Superior Grain Whisky, Titanium Triple Distilled Vodka, James McGill Whisky, Jamaican Magic Rum, Superman Fine Whisky, and Bombay Special Whisky among others. The company also ventured into the premium category with the launch of Nicobar Gin and Hillfort Whisky. The company is licensed to manufacture for international brands such as Bagpiper Whisky, McDowell No. 1 Celebration Rum, White Mischief Vodka, Blue Riband Gin, and Director Special Black.
What have been the recent milestones for Associated Alcohols & Breweries Ltd.?
We commenced the calendar year 2024 with the launch of Nicobar Gin, marking our strategic debut in the premium spirits segment. Building on this momentum, we operationalised 40 MLPA grain-based ethanol plants, bolstered by a cogeneration facility, to strengthen our production capabilities. We also expanded our spirits portfolio with the introduction of Hillfort Blended Whisky, our second flagship product in the high-end spirits category.
Additionally, for the first nine months (9M) of FY 2024-25, our IMFL (Indian-Made Foreign Liquor) Proprietary segment delivered robust growth, with volumes rising 23% YoY, driven by strong brand performance and consumer demand. The IMFL Licensed segment also achieved steady growth, posting an 8% YoY increase in volumes during the same period, reflecting balanced momentum across our portfolio. These results underscore our expanding market presence and operational efficiency in a competitive landscape.
What has been the impact on the company’s financials?
AABL showcased strong financial performance, driven by strategic initiatives that enhanced operational efficiency and profitability. The company experienced substantial growth, reflecting its resilience and ability to adapt to market dynamics. Improved cost management and operational enhancements contributed to healthier margins, reinforcing its financial stability. Additionally, a notable increase in shareholder returns underscores AABL’s commitment to delivering long-term value. This sustained momentum not only strengthens the company’s market position, but also lays a robust foundation for future expansion and innovation.
How is the company gearing up to consolidate its position in the Indian alcobev industry?
We are focussed on capitalising on the accelerating trend of premiumisation, which aligns with the evolving preferences of new-age consumers. New-age consumers are willing to invest in products that resonate with their aspirational lifestyles and increasingly prioritise experimentation and exclusive experiences. Guided by this insight, we have outlined a robust product pipeline for the next two years, beginning with the launch of an RTD (Ready-to-Drink) beverage in five distinct flavours, followed by the introduction of a premium tequila to deepen our presence in the high-end spirits market.
Beyond product innovation, we are equally committed to crafting memorable brand experiences that foster lasting connections with consumers. We host initiatives such as city-wide game nights and sponsor exclusive restaurants to engage audiences in distinctive settings, ensuring our brand occupies a unique space in their minds.
With so many FTAs likely to happen will the competition be more intense?
Impact of FTAs on Competition
Increased Access to Imported Brands: The potential reduction in tariffs on imported spirits, especially Scotch whisky, could make these products more accessible to Indian consumers.
This is expected to spur competition as domestic brands will face pressure to innovate and enhance their offerings to retain market share.
Market Dynamics: With the Indian alcohol market projected to grow significantly—valued at around USD 200 billion by 2025 and expected to reach USD 300 billion by 2035—competition is already fierce. The influx of foreign brands through FTAs could further disrupt existing market dynamics, compelling local players to adapt rapidly.
Quality vs. Price Competition: Industry leaders have expressed confidence in competing based on quality rather than relying on protective tariffs. This sentiment reflects a broader trend where Indian manufacturers are encouraged to improve product quality to compete effectively against imports.
With the lowering of tariffs by the US will there be an impact on the company’s sales?
Lower tariffs for the US will specifically impact bourbon imports which are priced in the premium segments. We do not see an impact on our current product portfolio or the planned launches. Industry dynamics could definitely see consumers moving up brands due to lower prices but we remain optimistic about our quality and product offering.
What are the company’s financials for 2024-25?
For the first nine months (9M) of FY 2024-25, we reported exceptional financial performance across key metrics. Our Net Revenue from Operations surged 61% YoY to ₹8,334 million, underscoring strong demand and market penetration. EBITDA followed this upward trajectory, rising 59% YoY to ₹926 million, with a steady EBITDA margin of 11%, reflecting operational efficiency and cost discipline. Profit After Tax (PAT) grew 54% YoY to ₹591 million, maintaining a healthy PAT margin of 7% and highlighting the company’s ability to convert revenue growth into sustained profitability. Additionally, Diluted EPS stood at ₹31.82, marking a 50% YoY increase, which reinforces the company’s commitment to enhancing shareholder value. These results collectively demonstrate robust execution, scalable operations, and disciplined financial management in a dynamic market environment.
What kind of growth are you likely to see in 2025-26?
With a focus on premiumisation and catering to diverse consumer needs, we are looking at growing our proprietary IMFL portfolio by 15-20% through new product launches across different categories. Entering new markets and deeper penetration into existing markets is another key focus area for us, as it will allow us to strengthen our consumer base and establish greater consumer loyalty. Overall, the company is targetting 12-15% growth in the topline.
What is the company’s progress on the export front?
The company is present in international markets like the UAE and regions across Africa, where select products from our portfolio are currently available. Building on this foundation, we aim to introduce our entire product range in these markets, aligning with our vision to become a globally recognised player in the spirits industry.
Additionally, we recently participated in the San Francisco World Spirits Competition and aim to amplify our global reach and highlight the quality of our offerings by engaging in additional international trade shows and competitions. These opportunities will allow us to showcase our craftsmanship, build brand equity, and benchmark our products against global standards.
What are the volumes achieved by the company and what is the value?
During the first nine months, we achieved volume growth of 1.3 million cases in its IMFL Proprietary segment, up from 1.1 million cases in the previous period. In parallel, the corresponding value surged to ₹973 million, reflecting a significant rise from ₹833 million, driven by improved market demand and strategic pricing initiatives. These metrics underscore the segment’s robust performance and alignment with broader business objectives.
Piccadily Agro Industries Ltd, the parent company of India’s fastest-growing single malt whisky brand, Indri, has unveiled its latest creation: Indri Founder’s Reserve 11-Year-Old Single Malt. This new offering is dedicated to the group’s founder, Pt. Kidar Nath Sharma, as a tribute to his legacy.
Aged for 11 years in Ex-Bordeaux Red Wine Casks, this offering is a limited-edition release with only 1,100 bottles available worldwide, of which 550 will be for the Indian market. The company said the release is both a collector’s treasure and a connoisseur’s delight. The limited-edition single malt is priced at ₹35,000 in Gurugram.
The oak barrels so used are the ones that were previously used to age red wine from the Bordeaux region of France and are now repurposed for aging whisky. The whisky will have a 50% alcohol by volume (ABV) for India and 58.5% ABV for international markets.
The whisky is kept at its distillery located in Haryana under extreme climate conditions throughout the year, accelerating the whisky’s maturation, creating an opulent, full-bodied expression that exudes complexity and depth unique to the region’s terroir.
“Indri Founder’s Reserve 11-Year-Old single malt is a symbol of India’s ascension in the world of fine single malt whisky. Aged to perfection and crafted with care, this expression embodies the essence of our founder’s dream: to create world-class Indian single malt whisky with soul, structure, and enduring quality,” said Shalini Sharma, Head of Marketing, Piccadily Agro Industries Limited, in a statement.
“The deep amber liquid offers an aromatic bouquet of dark fruits and warm spices that open into a palate of caramelised nuts, and velvety vanilla, concluding with an indulgent finish of oak and wine-influenced sweetness,” the group said in a statement.
The Founder’s Reserve 11-Year-Old single malt whisky has garnered several prestigious global accolades, including the Gold Award at the 2025 World Whisky Awards in the Single Malts 12 Years & Under category, a spot among the top 15 whiskies in the world at the International Whisky Competition, and a Gold Medal at the New York World Wine & Spirits Competition, among other notable honours.
