Author Archives: Janhavi Panani

ISWAI Commends State Governments for Implementing Progressive Excise Policies

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.

Khukri, Nepal’s Award-Winning Iconic Rum, Makes Its Grand Entry into India

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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.

Pernod Ricard’s Resilient Performance

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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.”

Shaken, Stirred & Celebrated: Must-Try Cocktails for National Cocktail Day

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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.

Gently stir to combine ingredients.

Garnish with a lime wedge and serve.

AABL driven by ambition, and backed by the foresight to achieve

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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 launches Indri Founder’s Reserve single malt whisky, tribute to Kidar Nath Sharma

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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.

Carlsberg India profits up by 60%

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Carlsberg India has reported a jump of 60.5% in its profits at ₹323.1 crore in FY’24, according to RoC filing by the company. Carlsberg India total revenue was up 15.2% at ₹8,044.9 crore for the financial year ended March 31, 2024.

The company said, “During the financial year 2023-24, profit amounting to ₹323 crore under the standalone financial statement has been carried forward to ‘Reserve and Surplus’ including other comprehensive income in the balance sheet.”

Carlsberg India Pvt Ltd had reported a total profit of ₹201.3 crore a year before in FY’23, and its revenue from operations was at ₹6,937 crore on a standalone basis. Its “Excise duty expense” in FY’24 was at ₹4,877.8 crore, up 13.4%. This was at ₹4,301.6 crore a year before in FY’23.

“Cash and bank balances increased from ₹9,304 million to ₹11,165 million with strong business performance, better trade working capital and lower capital investment,” it said. Advertising promotional expenses of Carlsberg India were at ₹96.5 crore in FY’24 and total expenses stood at ₹7,628.3 crore, up 13.4%.

The market share however declined to 13.3%, from 14.9% in the fiscal year 2023-24, but Carlsberg India continues to hold the number three position in the Indian beer market. Carlsberg India is the subsidiary of Singapore-based South Asian Breweries Pte Ltd, owned by Danish brewing major Carlsberg.

Delhi Earned ₹5,000 Crore from Tax On Liquor

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The newly elected Delhi government run by the Bharatiya Janata Party (BJP) has said that due to the implementation of the new liquor policy under the AAP from November 2021 to August 2022, only private shops were allowed to sell alcohol. It said that over ₹5,000 crore was collected from taxes on liquor in the current financial year.

Responding to a question asked by BJP MLA Abhay Verma in the Delhi Assembly, the government said it earned revenue of ₹5,068.92 crore from excise duty and VAT (value added tax) on the sale of liquor in the financial year 2024-25, till February.

The question comes at a time when the BJP has continued to attack the AAP over the alleged liquor policy scam. Former chief minister Arvind Kejriwal and his deputy Manish Sisodia were among the AAP leaders who were jailed in connection with the alleged scam.

The new Rekha Gupta-led BJP government reported that ₹5,164 crore was collected in taxes on alcohol in 2023-24, ₹5,547 crore in 2022-23 and ₹5,487 crore in 2021-22. The government stated that due to the implementation of the new liquor policy in Delhi under the AAP from November 2021 to August 2022, only private shops were allowed to sell alcohol. However, when the old liquor policy was reimplemented in September 2022, government liquor stores were permitted to operate.

In 2023-24, 21.27 crore litres of alcohol were sold in Delhi, which translates to 5.82 lakh litres per day, while the figure for 2022-23 was 25.84 crore litres.

Shah Rukh Khan’s D’YAVOL Inception Wins Gold at Berlin

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D’YAVOL Inception, the flagship blended malt Scotch whisky from D’YAVOL Luxury Spirits, has been awarded Gold at the prestigious Berlin International Spirits Competition (BISC) 2025. The Berlin International Spirits Competition stands out as the only European spirits competition judged exclusively by trade buyers, including sommeliers, beverage directors, and retail experts from across the continent. Spirits, RTDs, and non-alcoholic spirits are evaluated based on category and actual price, ensuring a real-world assessment of quality and value.

Shah Rukh Khan, Co-Founder, D’YAVOL, says, “Consistent recognitions like these fuels our drive to keep pushing boundaries and setting new standards. It’s always rewarding to see our efforts acknowledged on a global stage.”

Inception is a blend of eight rare single malts, selected from Scotland’s whisky regions — Speyside, Highland, Lowland, and the Islands. Aged up to 12 years, Inception undergoes an extended maturation in first-fill Tawny Port and rare Madeira casks, adding layers of depth and richness.

Launched in 2023, this non-chill filtered whisky preserves its full depth of flavour, mouthfeel, and character. Its complex profile unfolds with rich notes of dark chocolate, dried fruit, and oak spice, complemented by subtle hints of smoked wood, ripe plums, spiced vanilla, and a gentle smokiness.

Bunty Singh, Co-Founder, D’YAVOL, says, “Winning multiple international awards including ‘Best Overall Scotch’ at the New York World Spirits Competition and now a gold medal at the Berlin International Spirits Competition 2025 is an incredible honour. These back-to-back wins reaffirm our commitment to crafting spirits that stand out on the world stage.”

Alongside Inception’s Gold medal at BISC 2025, the brand’s Single Estate Vodka was also awarded a Silver Medal.

Celebrity Liquor Brands, Trend That’s Raging

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In 1987 itself, actor Danny Denzongpa had quietly started Yuksom Breweries
Long list of International actors, singers, sports personalities own liquor brands
India is yet to see a woman celebrity owning a liquor brand

On April 10, actor and businessman, Ajay Devgn joined the bandwagon of celebrities, part owning liquor brands with the launch of ‘The GlenJourneys Pioneer Edition’, a premium 21-year-old Highland single malt scotch whisky. Devgn has partnered with luxury spirits house Cartel Bros in this venture. He is not the first, nor is he going to be the last to venture into owning liquor brands, even as premiumisation is becoming the norm and connoisseurs are increasingly becoming aspirational and are looking at experiences, brand identity and quality. This trend began in the West with several celebrities associated with high-end brands and is catching up here.

Long before any of them really got into owning liquor brands or even before premiumisation had set in, our own Danny Denzongpa, the villain and character actor in Bollywood, had founded the Yuksom breweries in his hometown – Sikkim. Actor Tsering Phintso alias Danny Denzongpa’s, Yuksom Breweries Limited was established in 1987. Subsequently, in 2005 and 2009, Yuksom set up its second greenfield project in Odisha and acquired third brewery, Rhino Agencies in Assam. The three breweries together have a production capacity of over 680,000 HL per annum.

Yuksom Breweries has its market in Sikkim, West Bengal, Assam and Arunachal Pradesh. The brands include Hit (Super Strong Beer); He-Man 9000 (Super Strong Beer, bottle and can); Dansberg 16000, brewed at Denzong Breweries and sold in Odisha and also internationally (Super Premium Beer); Dansberg Blue (Premium Lager); Denzong 9000 (Strong Beer); Dansberg Red (Special Strong Beer); Dansberg Strong (Premium Strong Beer); He-Man 9000 Gold (Ultra Super Strong Beer); Himalayan Blue (Premium Lager Beer) exported to US and Australia and Himalayan Snowman (Super Premium Beer) sold in US.

Shah Rukh Khan and son Aryan Khan’s D’Yavol Inception making waves

Shah Rukh Khan (SRK), the highly popular Bollywood actor and his son Aryan Khan jumped into the fray in 2023 with the launch of D’Yavol Inception, a 100% pure malt Scotch whisky. Originating from Scotland, this whisky is carefully crafted as a medley of eight selected single malts hailing from the Speyside, Highland, Lowland, and Islay regions.

His son recently launched fashion and lifestyle brand D’yavol X in partnership with the Belgian drink and brewing company Anheuser-Busch InBev (AB InBev) in the Indian market.

D’Yavol which means ‘Devil’ in Russian has already captured the imagination of whisky drinkers in Karnataka, Maharashtra, West Bengal, Haryana, Delhi, Uttar Pradesh, Telangana, and Goa. The price ranges from ₹6,000 in Haryana to ₹9,950 in Karnataka. It has bagged several awards including the ‘Best Overall Scotch’ as well as the ‘Best of Class’ Blended Malt Scotch Whisky at the 2024 New York World Spirits Competition (NYWSC) for its flagship whisky – Inception.

D’Yavol co-founder Shah Rukh Khan said “INCEPTION’s award at the New York World Spirits Competition is a testament to the belief that the finest things in life are crafted with care and passion.”

This whisky is currently sold in Goa, Maharashtra, and Karnataka. (Images: Instagram)

Sanjay Dutt ‘s The Glenwalk has amazing sales

Another actor who has invested in alcobev startup Cartel & Bros is Sanjay Dutt and The Glenwalk Scotch whisky is quite popular having notched up impressive sales of 1.4 million bottles in FY 2024-25. Riding on his popularity, the company hopes to touch 4.2 million bottles in FY2025-26. Launched in December 2024, the brand is said to have generated over ₹15 crores in just 45 days, selling over 300,000 bottles in Maharashtra alone.

Cartel & Bros is a partnership of Manesh Sani and Mokksh Sani of Living Liquidz, one of the largest liquor retail chains in India; Jittin S. Merani of Drinq Bar Academy; and Rohan Nihalani of Morgan Beverages. “Unlike other Scotch whiskies in India, where the alcohol comes at a higher ABV from Scotland and is then bottled in India with Indian water, The Glenwalk is made and bottled in Scotland with Scottish water. This guarantees an authentic taste of Scotch,” said Jittin S. Merani.

Cartel & Bros are totally in sync with market trends and know how celebrities with their fan-following can influence them into becoming potential consumers. They are playing with the psyche of the fans and are roping in celebrities as the latter can build brands at accelerated pace. We have seen that happen with The Glenwalk. Now, Cartel and Bros has brought on board Ajay Devgn for ‘The GlenJourneys’, but we are yet to see any female celebrity in the alcobev sector, but the guess is, it won’t be too long a wait as India has seen a number of young women entrepreneurs launching gin, tequila and other categories with success.

Sanjay Dutt, a renowned actor launches The Glenwalk beverage!

Ranveer Singh equity partner in ABD Maestro

Last year, another superstar Ranveer Singh became an equity partner in Allied Blenders and Distillers Maestro, in a new business venture to offer a portfolio of premium brands. “I am delighted to partner with Allied Blenders and Distillers’ unique initiative. This venture is not just about creating and offering premium and luxury spirits, but equally about realising the aspirations of the Indian consumer. We’re blending world-class products, sourcing and craftsmanship with the rich, vibrant flavours of India, creating experiences that speak to people,” said Ranveer Singh, business and creative partner.

“At ABD Maestro, we believe in the power of innovation. This new venture, with a major impact personality like Ranveer Singh, represents our commitment to bring together simply the best. With him as our business partner and a creative mentor, we are confident that our luxury products will resonate with consumers,” said Alok Gupta, Managing Director, Allied Blenders and Distillers Limited.

Rana Daggubati’s Loca Loka

Actor Rana Daggubati owns an international tequila brand Loca Loka (Loca in Spanish means crazy and Loka in Sanskrit means world), using 100% pure highland agave sourced from the highlands of Jalisco, Mexico. In collaboration with music composer Anirudh Ravichander, Loca Loka is imagined in India, authentically produced in Mexico. The duo has blended & bottled the cultures, colours, art, tastes, and emotions of the two nations with vibrant energy.

At the launch last year, Daggubati said, “Both Indian and Mexican cultures boast rich histories, vibrant music and art, and much more. With Loca Loka, we look forward to bringing the essence of these cultures together and sharing them with longtime lovers of tequila, as well as those who are beginning their tequila journey. The entrepreneurial opportunity to innovate within the spirits industry while honouring and merging Indian and Mexican traditions is an adventure, I actively wanted to be a part of instead of just being a brand ambassador. There are so many possibilities with this venture and the introduction of Loca Loka is just the start.”

Celebrity Pull Factor

There is more than one reason why companies are bringing celebrities on board. Besides, their pull factor, making the brands more noticeable and reaching a wider audience, celebrities, unlike earlier days, are weary of advertising, even surrogate advertising. In India, the Central Consumer Protection Authority (CCPA) has escalated its efforts to clamp down on the indirect promotion of alcohol and tobacco. Celebrities and social media influencers who engage in such promotional activities could now face penalties of up to ₹50 lakh, according to new CCPA guidelines.

From advertising to investing, celebrities across the globe have made a decisive impact on businesses as they help in reaching a broader audience; improve brand credibility; go beyond boundaries; and make brands stand out from competitors.

Dwayne Johnson, Beyonce, Michael Jordan…. List of celebrities owning spirit brands is unending

Celebrities in India have just taken the first step, while internationally the list of celebrities from the field of cinema, music, sports etc, is quite exhaustive. They include Fast and Furious actor Dwayne Johnson (owns Teremana Tequila brand ); American rapper and actor Snoop Dogg (Still G.I.N); American singer and husband of Priyanka Chopra, Nick Jonas (Villa One Tequila); actor Ryan Reynolds (Aviation American Gin); Hollywood star George Clooney and Rande Gerber (Casamigos Tequila); Singer Beyonce (SirDavis Whisky); American TV personality and influencer, Kylie Jenner (Sprinter vodka); Hollywood star Brad Pitt (The Gardener Gin); actors Matthew McConaughey and Camila McConaughey (Pantalones Organic Tequila); Basketball icon Michael Jordan (Cincoro Tequila); Music band The Rolling Stones (Crossfire Hurricane Rum); actor and singer Jennifer Lopez (Delola, RTD spritz); actor Emma Watson and her brother Alex (Renais Gin); WWE star John Cena (Thomas Ashbourne); ‘Sex and the City’ TV personality Sarah Jessica Parker (The Perfect Cosmo by SJP); Heavy metal band Metallica (Blackened Whiskey); actor Mark Wahlberg (Flecha Azul Tequila); actor Eva Longoria (Casa Del Sol Tequila); singer Mariah Carey (Black Irish cream liqueur); Jamie Foxx (BSB-Brown Sugar Bourbon); actor Kate Hudson (King St. Vodka); singer Bob Dylan (Heaven’s Door Spirits, handcrafted whiskeys); actor Channing Tatum (Born and Bred Vodka); singer Justin Timberlake (Sauza 901 Tequila); David Beckham (Haig Club) among many others.