Step into the royal heart of Rajasthan for the second edition of Durbar by Godawan Estuary Water, which is a two-day luxury retreat at Abheygarh, Khetri, where culture, craft, music, and conservation converge in an immersive celebration of Rajasthan’s living traditions. The event takes place on January 9 and 10.
Curated in collaboration with Abhimanyu Alsisar, the experience unfolds through soulful musical collaborations, conservation-led expeditions, and culinary journeys curated by Nikhil Merchant, food writer and consultant, along with Vernika Awal, Punjab’s culinary storyteller, and Jasleen Marwah, Kashmiri chef, weaving together flavours from across India. Expect exquisite dinners, craft showcases and workshops with Jaipur’s Nila House, and performances by Trilok Gurtu x Nimad Live, Shye Ben Tzur & The Rajasthan Express, The Tapi Project, and The Nuqta Project, all set against Khetri’s desert grandeur.
The wildlife conservation experiences curated by Dr Dharmendra Khandal lets one discover Khetri’s wilderness through expert-led excursions, talks, and screenings that bring India’s most urgent conservation stories to life.
Launch marks entry into whisky for India’s largest brandy producer
Seven Islands is an Indo-Scottish 100% Pure Malt Whisky, made with four distinct single malts
Tilaknagar Industries Ltd. (TI) has recently enterd into the premium whisky category with the launch of Seven Islands Pure Malt Whisky. Crafted from select Indian and Scottish malts, it is a distinct 100% pure malt expression.
The launch marks a significant strategic expansion for TI, best known for building India’s brandy market with icons like Mansion House and more recently, Monarch Legacy Edition, and comes on the heels of its announcement of the acquisition of Imperial Blue, the world’s third largest-selling whisky brand. With this, the 90-year-old company establishes whisky as its second major growth pillar alongside its long-standing leadership in brandy.
“India’s whisky story is evolving faster than ever, with growing consumer demand for premium and luxury expressions. Seven Islands marks TI’s entry into this dynamic category, bringing together Indian craftsmanship and global expertise to create a whisky that is both distinctly Indian and globally competitive. With whisky commanding over 60% of India’s spirits market, expanding into this category was the next natural step for us,” said Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries.
A New Style of Whisky
Seven Islands introduces a style that moves beyond the single-malt focus that has shaped recent conversations around Indian whisky. As a pure malt, it blends four single malts—two from India and two from Scotland, allowing it to draw unique characteristics from multiple distilleries, regions and maturation styles.
The Indian malts are sourced from the Himalayan foothills and the Vindhyan ranges, bringing the influence of high-altitude and tropical ageing. These are paired with malts from Speyside and the Lowlands, two of Scotland’s most recognised whisky regions. This Indo-Scottish duality creates a profile not possible through a single-region malt. With single malts driving recent premium growth, Seven Islands offers a new direction: a pure malt style shaped by two climates, two traditions, and a more complex blending philosophy.
A Tribute to Mumbai’s Seven Islands
Seven Islands takes its name from the archipelago of seven islands that once formed the city of Mumbai—the long-time home of Tilaknagar Industries and the backdrop to much of its growth. This connection is built into the bottle design. Two converging lines create the V-cut neck, hinting at the Indian and Scottish malts coming together, while fine cartographic lines reference the contours of the original islands. At the centre sits an anchor motif, a nod to Mumbai’s maritime heritage. The palette of sage, cream and gold keeps the design crisp, contemporary and quietly premium.
“Seven Islands reflects our vision for House of TI, our new vertical which includes our premium portfolio and investments arm. House of TI was created to shape our premium and craft-led portfolio, beginning with Monarch Legacy Edition. With Seven Islands, we wanted to bring a new perspective and style to Indian whisky. It felt like the right way to introduce something distinctive, and a meaningful step forward for us as we expand into the whisky category,” said Sanaya Dahanukar, Marketing Manager, Tilaknagar Industries.
The Whisky Opportunity in India
Whisky remains India’s most loved and aspirational spirits category, accounting for about 66% of total consumption in 2024 according to IWSR. By volume, Indian whisky grew 7% year-on-year in H1 2025, crossing 130 million cases and showing continued premiumisation. Exports are expanding as well, signalling rising global interest in Indian-made whiskies and premium expressions. For TI, a company that has built scale and expertise through long-standing leadership in brandy, the opportunity in whisky presents a clear and timely growth avenue.
Tasting notes:
Colour: Natural, brilliant, golden yellow.
Aroma: Smooth and inviting, with tropical fruits, dried nuts, and hints of French and American oak layered with Indian spice.
Taste: Full-bodied and balanced, with sweet, dried fruits, soft spice, creamy texture, and a touch of smoke.
Finish: Long, smooth, and warm, with lingering notes of oak, spice, and dried fruits.
Total outstandings now stands at ₹3800 Crores (including ₹1959.72 Crores pending from May to Aug 2024)
No response from Telangana government to October 25, 2025 letter by ISWAI, CIABC and Brewer’s Association of India
Industry may not be able to supply as per the demand in December 2025, peak festival season
With the Congress-led Telangana government unable to clear huge dues of alcobev companies, the industry is faced with a major crisis. Leading industry associations of the alcoholic beverages industry, namely, the International Spirits and Wines Association of India (ISWAI), the Brewers Association of India (BAI) and the Confederation of Indian Alcoholic Beverage Companies (CIABC) have cautioned the government that the industry may not be able to supply as per the demand in December 2025, peak festival season, if dues are not cleared.
The stand-off between the alcoholic beverage industry and the Telangana government has turned serious. Companies including United Breweries, Heineken, Diageo, Pernod Ricard and Carlsberg say dues have piled up. Payments are coming in a staggered manner which is not helping the companies. The government’s silence is deepening the crisis. It is hurting production, procurement and supply planning. It is also testing the patience of an industry that contributes almost a third of Telangana’s own revenues.
Shortfall in Payments
In a joint press release, the three industry bodies said that “While the sales of alcoholic beverages and revenue collections shot up in October 2025 riding on festive demand, the payment to suppliers actually fell by almost 50% in the month of Oct’25 compared to what has been released in the past four months!.”
Payment received
July 2025
August 2025
September 2025
October 2025
₹697.82
₹614.62
₹1010.94
₹484.58
The release stated that the heads of the three associations, had repeatedly met senior government officials including the Deputy Chief Minister and the Excise Minister and were given assurances that “the state would commence releasing payments and clear old outstandings, especially for the period May 2024 to August 2024 which has been outstanding for over one year, on priority!
“However, despite the assurances, there has been hardly any progress in settlement of the outstandings. The three associations jointly wish to point out that the payments situation in October 2025 instead turned for the worse!. Whilst ₹484.58 Crore was released till 15 October 2025 which included ₹350 Crores for the period May 1st–May 15th 2024, there has been no payment released since then and as a result the total overdue outstandings now stands at ₹3800 Crores (including ₹1959.72 Crores for the period May to Aug 2024 )!!! It must be noted that the state has a contractual agreement to pay in 45 days which has been breached!!”
Sanjit Padhi, CEO, ISWAI
The press release signed by Sanjit Padhi, CEO, ISWAI; Anant Iyer, Director-General, CIABC; and Vinod Giri, Director-General, BAI said, “In their discussions and representations, had sought that the state use the application fees for new licenses to be issued in October 2025, amounting to ₹3000 Crores upwards, to pay the industry for supplies made earlier. Unfortunately, this has not happened and the Associations are concerned that the state government has not displayed any intent of paying for supplies and alleviating the financial plight of the alcobev sector in the state in spite of the fact that it is the largest contributor to the State’s tax revenue with contribution of over ₹38000+ Crores per annum to the state exchequer.”
The associations said that the new liquor retail licenses come into play in December 2025 which is during the peak festival season. The combination of stocking up by new licenses and the festive season is expected to increase the demand by retailers to 1.75 times the monthly average.
November 10 Deadline Passes
“However, most companies have pointed out that without immediate payment from the Government, they would not have money to meet this demand. This crisis can only be avoided if the State clears old outstandings by 10th November from the ₹3000+ Crores it has received from the application money. If the above does not happen then it is inevitable that the industry may not be able to supply as per the demand in December 2025.”
The November 10 deadline has passed and there has been no response from the Telangana government.
“The alocbev industry is hopeful that the state recognises the gravity of the situation and responds appropriately, failing which it would have created a crisis of its own making which would impact the entire ecosystem related to the alcobev sector such as loss of employment, closure of ancillary units and transportation and logistics services. Such a development would also have an adverse impact on ‘Brand Telangana’ and may affect future investments in the state not only by the alcobev sector, but also others who deal with supplies to the Government.”
Revanth Reddy, Chief Minister
On October 25, 2025, the associations in a joint letter to the Telangana Excise Minister, with copies to the Chief Minister Revanth Reddy; the Deputy Chief Minister; the Chief Secretary; the Excise Secretary and the Excise Commissioner, had urged them to resolve the issue at the earliest.
There has been no response to the October 25 letter. No public statement. No informal guidance. Industry executives say they have not received even an acknowledgment. This is unusual for Telangana, which has typically maintained steady communication with the sector. Companies say the silence makes planning impossible.
Prior to the October letter, the industry representatives had met the Deputy Chief Minister and the Excise Minister. In those meetings, the industry was assured that old dues would be cleared. The associations say those assurances have not translated into action.
Government ₹2,800 crore from the retail licence lottery
In the October 25 representation, the industry asked for three immediate steps. First, release all old payments pending since August 2024. Second, bring current outstanding down to the agreed 45-day cycle. Third, reduce advance excise duty to 1% to ease the working capital load. The associations said October offered a perfect opportunity to clear dues. The government had collected more than ₹2,800 crore from the retail licence lottery. This inflow, they argued, should have gone to settle longstanding arrears.
The letter also pointed to the sector’s importance. The alcoholic beverages industry generates more than ₹2,300 crore a month for Telangana. That is about 32% of the state’s own revenue. The associations warned that disruptions will hurt not only companies, but also the government’s finances. They urged the state to act quickly.
Cash Stress
The industry is now operating with severe cash stress. Payments to suppliers are delayed. Many packaging and raw material vendors have tightened credit. Breweries have slowed production. Distilleries are scaling back bottling runs. Sales teams are drawing up revised dispatch plans with lower allocations to Telangana. Companies say they do not want to reduce supply. But they also cannot carry the burden of unpaid dues for much longer.
Companies including United Breweries, Heineken, Diageo, Pernod Ricard and Carlsberg continue to face substantial pending dues, with industry estimates placing Diageo India’s outstanding payments at around ₹950–1,000 crore and Pernod Ricard’s at ₹1,400–1,500 crore. It may be mentioned that UBL had halted beer supplies to the state earlier this year over accumulated unpaid bills before resuming after discussions, while Pernod Ricard had also paused supplies earlier citing similar issues.
Beer Segment under Severe Strain
The beer segment is showing strain first. Breweries run on shorter cash cycles. They had planned higher output for the October to January season. Those plans are now on hold. Many breweries are shifting inventory to states where payments are on time. IMFL companies face similar challenges. Premium SKUs need expensive packaging and higher marketing spends and those plans are being deferred. Distilleries that operate across multiple states are prioritising markets with predictable cash flows. Telangana is slipping on that list.
Distributors say the pressure will soon hit retailers; allocation cuts will lead to shortages. Retailers depend on a full assortment. Gaps in top-selling brands push consumers to substitutes. Shortages also create price distortions. Retailers say the coming weeks could be volatile if payments do not resume soon.
Banks and rating agencies are also watching the situation. They have begun asking for details on receivables. Some companies are preparing to inform lenders formally about payment delays. This is usually a sign of deepening stress. It also sends a signal to the government that the issue is becoming visible outside the industry.
Industry Weighing its Next Steps
With communication stalled, the industry is weighing its next steps. Some legal advisers have suggested that a writ petition may be an option. Companies prefer to avoid legal escalation. They value the Telangana market and do not want confrontation. But the fact that legal options are being discussed openly shows how serious the crisis has become.
Inside companies, contingency planning is accelerating as CFOs are rationing cash. Procurement teams are warning vendors of possible payment delays. Vendors in turn are cutting credit. This is creating a chain reaction across the supply base. Transporters are asking for shorter credit cycles. Packaging suppliers are demanding partial advances. These pressures are likely to further slow production if dues are not released.
It will be determined soon whether the situation stabilises. If the government releases dues, the supply chain will recover quickly. If silence continues, the industry warns that a controlled slowdown will begin. Allocation cuts will follow. Retail shortages will spread. And Telangana will face a revenue dip driven not by demand conditions, but by administrative inaction.
Note
Telangana Excise Revenue @ ₹34,600 crores for FY24-25
The Telangana Prohibition and Excise Department reported a revenue of ₹34,600 crores for the 2024-25 financial year, marking a slight decline from ₹34,800 crores in 2023-24. Despite this, liquor sales saw a 7% increase compared to the previous year when excluding revenue from new liquor shop license applications.
In 2023-24, the department generated ₹264.50 crores from new liquor shop license applications. When this is excluded, the 2024-25 liquor sales demonstrated a 7% growth. The Excise Department’s tax revenue for the year was ₹7,000 crores. While beer sales decreased by 3%, from 54.8 million cases in 2023-24 to 53.1 million cases in 2024-25, this drop was attributed to a 15-day supply halt by beer companies and an increase in beer prices.
On the other hand, liquor sales showed a 2% increase, with 36.9 million cases sold in 2024-25, up from 36.2 million cases in 2023-24.
CM Admits State Struggling Financially
Telangana Chief Minister Revanth Reddy has admitted in the State Legislature that Telangana is struggling financially, as paying salaries on time has become a challenge. The Congress guarantees model, which helped win elections in Karnataka and Telangana, is now draining the treasury.
Here are some current freebies and schemes offered by the Telangana government:
Cheyutha Scheme: Provides free medical and healthcare up to ₹10 lakh for economically backward
sections, including financial assistance of ₹2500 for women heads of households and free gas cylinders.
Gruha Lakshmi Scheme: Offers financial assistance of ₹ 2000 to women heads of households.
Indiramma Saree Scheme: Distributes free sarees to eligible women from rural and urban areas.
Free Scooty Scheme: Provides electric scooters to women aged above 18 years.
Mahalaxmi Scheme: Offers various financial benefits to improve the standard of living.
Diageo India recently released its fourth annual ESG Reporting Index, spotlighting advancements on its ‘Spirit of Progress’ ESG action plan. The Reporting Index outlines the company’s impact across three pillars of its Spirit of Progress framework: pioneering grain to glass sustainability, championing inclusion and diversity, and promoting positive drinking, all anchored in doing business the right way.
Developed in line with the globally recognised GRI Standards, the Index also maps Diageo India’s performance against the UN Sustainable Development Goals (UN SDGs) and provides additional sector-specific disclosures under the Sustainability Accounting Standards Board (SASB) framework.
Jitendra Mahajan, Chief Supply and Sustainability Officer, Diageo India, said, “Our Spirit of Progress ESG agenda reflects the business we are deliberately building—one that grows responsibly, leads with integrity, and creates long-term value. From strengthening water security and accelerating our transition to renewable energy, to advancing inclusion and promoting responsible consumption, our actions demonstrate that a focus on ESG powers performance. As we deepen this momentum, we remain committed to working with partners to build resilient communities, protect natural resources, and shape a more sustainable future for India.”
Under its grain-to-glass sustainability pillar, Diageo India reported major gains in water efficiency, replenishment and collective action, improving water-use efficiency by 54% in distillation and 35% in packaging since 2020 while replenishing 182,000 cubic metres of water in FY25 (cumulative 1.1 million cubic metres) across Maharashtra, Uttar Pradesh, Rajasthan and Meghalaya, continuing to expand WASH interventions and maintaining AWS certification for its Alwar unit, while also co-founding The Godavari Initiative to restore aquifers and build watershed resilience in the Godavari basin.
On carbon and energy, the company has cut GHG emissions by 93% since 2020 by moving all distilleries to biomass-powered boilers and now sources 99% of its energy from renewables including 2.7 MW of in-house solar, achieving zero waste to landfill, reaching 99% recyclable packaging, and integrating 33% r-PET into its PET bottle portfolio, alongside community-led carbon projects including 31,500 mangrove seedlings in Odisha, 1 lakh trees for residual offsetting, and 2 lakh trees planted under Rajasthan’s TOFR programme, while regenerative agriculture efforts have trained 430 farmers—80% smallholders—across 2,000+ acres.
Advancing inclusion and diversity, Diageo India reported women’s representation at 28% of the executive workforce, 30% of the leadership team and 50% of the Executive Committee, supported by active ERGs such as the Spirited Women’s Network and Rainbow Network, while Project Saksham enabled the hiring and upskilling of 43 Persons with Disabilities and Learning for Life trained 1,922 individuals—including 1,282 women and 303 PwDs—bringing women’s participation across Diageo skilling programmes to 67%, and the Diageo Bar Academy trained over 9,400 bartenders and bar owners, as the company continued to strengthen inclusive workplaces recognised by a Gold Employer ranking at IWEI 2024 and a 16th position in Equileap’s Emerging Markets Gender Equality Report 2024.
Diageo India’s responsible drinking initiatives continued to scale nationwide, with Act Smart India reaching 200,000 youth in FY25 (cumulative 500,000), the Wrong Side of the Road anti-drink driving platform implemented across 79 RTOs in 10 states engaging 500,000 consumers in FY25 (total reach 1.2 million since 2021), and the DRINKiQ platform reinforcing moderation and awareness around alcohol-related harm.
Strengthening governance remained foundational to Diageo India’s ESG agenda with a diverse Board led by an Independent Chairperson, all key committees chaired by Independent Directors, and ESG oversight embedded through cross-functional teams reporting quarterly to the Executive Committee, reinforcing the company’s commitment to doing business the right way and driving sustained ESG leadership in India’s alcobev sector.
Net Profit for H1 FY26 rose to ₹61.56 crore, up 3.9%
Total Income was ₹800.09 crore against ₹804.69 crore in FY25, representing a marginal dip of 0.6%
SOM Distilleries has delivered a resilient performance during the second quarter and first half of FY 2026, maintaining profitability and strengthening operating margins despite a marginal decline in total income.
For the half year (H1 FY26), Total Income was ₹800.09 crore against ₹804.69 crore in the previous year, representing a marginal dip of 0.6%. The moderation in revenue reflects temporary market softness; however, underlying demand remains stable.
The gross profit margin expanded to 41.06% in Q2 FY26 from 40.01% in the corresponding quarter. For the first half of FY26, Gross Profit increased by 4.2% to ₹300.9 crore (H1 FY25: ₹288.88 crore), with the gross margin rising to 37.61% from 35.90% last year.
EBITDA for Q2 FY26 grew by 15.1% to ₹40.52 crore as compared to ₹35.19 crore in Q2 FY25. The EBITDA margin expanded significantly to 15.0% in Q2 FY26 from 12.1% reported in Q2 FY25. For the first half of FY26, EBITDA increased by 12.5% year-on-year to ₹112.57 crore. The EBITDA margin increased from 12.43% in the corresponding six months last year to 14.1% for H1 FY26.
The profit before tax (PBT) rose to ₹27.45 crore in Q2 FY26, an increase of 5.5% over the previous year’s ₹26.01 crore. The PBT margin improved to 10.17% in Q2 FY26 compared to 8.94% in Q2 FY25. For H1 FY26, PBT stood at ₹85.83 crore, registering a 4.6% growth year-on-year, with a margin of 10.73% as compared to ₹82.05 crore in H1 FY25 where the margin was 10.20%.
Net Profit for Q2 FY26 increased by 4.3% to ₹19.50 crore (Q2 FY25: ₹18.70 crore). The net profit margin for Q2 FY26 stood at 7.2%, compared to 6.4% reported in the same period last year. Net Profit for H1 FY26 rose to ₹61.56 crore, up 3.9% from ₹59.24 crore last year. The Net Profit Margin expanded to 7.69% from 7.36% in the previous period.
Headquartered in Bhopal, Madhya Pradesh, the company has a strong presence across multiple states and exports to several international markets. It is known for Mahavat Whisky, Bhimbetka Single Malt and beer brands Hunter, Power Cool, Black Fort and Woodpecker.
Tilaknagar Industries Limited (TI) has registered robust volume growth, healthy profitability and continued strengthening of its balance sheet in Q2FY26.
During the quarter, TI’s sales volumes grew by 16.2% year-on-year, reaching 34.2 lakh cases, driven by strong consumer demand and market share gains across most key markets. TI’s net revenue stood at ₹398 crore, recording a 6.2% year-on-year growth. Adjusted for subsidy, the net revenue grew by 9.3% year-on-year, reflecting sustained brand momentum and portfolio premiumisation. The net sales realisation improved sequentially from ₹1,193 in Q1 FY26 to ₹1,215 in Q2 FY26.
The company reported an EBITDA of ₹60 crore and a Profit After Tax (PAT) of ₹53 crore, translating into an EBITDA margin of 15.1%. Adjusted for subsidy, the EBITDA grew by 8.2% year-on-year, while the PAT margin improved by 14 basis points to 13.2%.
Amit Dahanukar, Chairman & Managing Director
Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries said, “We continue to gain market share across key markets, supported by the strong performance of our core brands. The new launches are helping to expand our premium portfolio as well as our geographic footprint. Our established brandy portfolio, an emerging whisky saliency and a balanced regional mix are supporting our move to be a pan-India player and build a differentiated premium portfolio.”
For the first half of FY26, Tilaknagar Industries reported a 21% year-on-year growth in volumes, reaching 66.2 lakh cases. TI’s net revenue stood at ₹807 crore, up 17.4% year-on-year (adjusted for subsidy: 14.4% growth). EBITDA for H1 FY26 was ₹155 crore and PAT was ₹141 crore, representing an EBITDA margin of 19.2% (adjusted for subsidy: 15.1%) and a PAT margin of 13.2%, reflecting a 106-basis point expansion year-on-year. The Advertising & Promotional reinvestment rate (as a percentage of subsidy-adjusted net revenue) rose from 0.5% in H1 FY25 to 1.7% in H1 FY26, emphasising the company’s continued investments in strengthening its brand equity.
On the balance sheet front, the company continues to maintain a strong financial position with gross debt of ₹47 crore and a net cash position of ₹1,086 crore. The quarter also saw strong traction in new markets, with launches in Odisha, Telangana, Kerala and Karnataka, led by Mansion House Whisky, Monarch Legacy Edition Brandy and Spaceman Spirits Lab Pvt. Ltd. portfolio including Samsara Gin and Amara Vodka.
Music artist and entrepreneur Badshah has announced the launch of Shelter 6, a new vodka developed in collaboration with Cartel Bros, known for earlier projects including The Glenwalk and The GlenJourneys with actors Sanjay Dutt and Ajay Devgan. The brand positions Shelter 6 as a space that encourages expression, individuality and inclusion.
Shelter 6 is distilled six times in Russia and features a metallic bottle design. According to the creators, the product is intended to appeal to a younger audience that values creativity and contemporary aesthetics. The name represents a sense of belonging and openness, reflecting the themes the founders aim to associate with the brand.
The company has outlined plans to enter the Maharashtra and Goa markets in November 2025. It is targeting a 25% share of India’s vodka segment and a projected valuation of ₹700 crore over the next three years. The founders describe Shelter 6 as a product built on collaborative inputs, with Badshah contributing to naming, design and visual identity.
Co-founder Mokksh Sani stated that the project marks a new direction for Cartel Bros as they look to connect craftsmanship with cultural relevance. The vodka will be introduced in major markets starting November 2025, with flavoured variants planned for release the following year.
Inside the distillery’s first-ever pop-up in Mumbai
Lineup in India includes Benchmark, entry-level bourbon; Buffalo Trace, the flagship; Weller Special Reserve, the wheated bourbon; and Weller 12, the longest age-stated bourbon
Buffalo Trace Distillery’s first-ever pop-up in India unfolded at Palladium Courtyard in Mumbai recently with the kind of anticipation usually reserved for a brand promotion. The pop-up held over three days, drew whiskey enthusiasts, bartenders, hotel beverage directors, curious newcomers and seasoned collectors, all of whom explored Buffalo Trace’s craftsmanship through a series of immersive zones that broke bourbon into its building blocks: mash bills, yeast strains, fermentation, distillation, warehouse aging techniques and the magical influence of Kentucky’s climate.
A scent bar helped decode nuances like vanilla, caramel, toasted oak, leather and spice, while an aroma-led tasting introduced visitors to the differences between Benchmark, Buffalo Trace’s flagship bourbon and the softer, sweeter profile of Weller Special Reserve, followed by the coveted Weller 12, the longest age-stated bourbon currently sold in India, which became an instant favourite among guests discovering wheated bourbon for the first time.
There were interactive stations explaining how warehouse location can dramatically change a bourbon’s character; a leather workshop echoing the tactile craftsmanship of barrel-making; a chocolate station that paired artisanal chocolates with different bourbons to highlight how sweetness, bitterness and earthiness interact with aged whiskey; and guided sessions that delved into why bourbon tastes the way it does, how aging works, and why American whiskey has such a distinct flavour fingerprint compared with Scotch. Guests walked away with personalised keepsakes, embossed leather, tasting notes, curated scent cards.
As Diego Bianchi, Vice President, Global Hubs at Sazerac, summed it up: “Buffalo Trace Distillery’s unwavering commitment to craftsmanship, aging and quality distilling has earned it fans across the globe, and we’re thrilled to finally share that experience with consumers in India. The energy and enthusiasm we witnessed in Mumbai was really encouraging, and we’re excited to bring similar immersive experiences to more cities across the country. Through these initiatives, we hope to deepen awareness and appreciation for our bourbon and the rich heritage of Buffalo Trace Distillery.”
Later in a telephonic interview Bianchi said, “For Buffalo Trace, this is not just another brand activation. It is the beginning of building personal, sensory connections with India’s next generation of spirits drinkers. This is our first pop-up, and it’s a big step because it finally allows us to start connecting with more consumers in a meaningful way.”
Bringing Kentucky to India — not through bottles, but through experience
“There is such incredible variety in bourbon,” he explains. “Different flavours emerge from different aging techniques, warehouse conditions, mash bills, all of these elements shape a bourbon’s character. The sensory and interactive zones are designed to help consumers understand this in a hands-on, immersive way.”
The goal is not just to showcase the brand, but to demystify the bourbon category for a market that has long been Scotch-dominant. “People shouldn’t just drink bourbon—they should understand it,” he says. “And India deserves that level of education and connection.”
Every trip to India, he says, brings evidence of how quickly bourbon is finding its footing. Bartenders in leading bars and hotel chains report rising interest in bourbon-based cocktails, Paper Planes, Old Fashioneds, Whiskey Sours. Consumers are starting to ask for bourbon by name. “Our bourbons make excellent cocktails, and we’re hearing from bartenders that people are specifically requesting them,” he says. “Cocktail culture is booming in India, and that’s a huge gateway for bourbon.”
Bourbon comes with a flexible identity: neat, on ice, in highballs, or in craft cocktails. That versatility plays well with younger drinkers who are not bound by legacy drinking habits. At a time when millions of Indians enter the legal drinking-age segment annually, Buffalo Trace sees a generational opportunity: introducing bourbon at the very start of their spirits journey.
No competition drama, just category building
“There’s so much room,” Bianchi notes. “India is one of the fastest-growing economies. As disposable incomes rise, people want to try new things. Bourbon will be one of those new explorations.” What matters, he says, is showing India the depth, heritage, and craftsmanship of bourbon, not pitching it as a replacement for anything.
Buffalo Trace’s India portfolio is compact but strategic. The lineup includes Benchmark, an approachable entry-level bourbon; Buffalo Trace, the flagship, beloved for its balance and depth; Weller Special Reserve, the wheated bourbon that appeals to softer-palate drinkers; and Weller 12–the longest age-stated bourbon currently available in India.
Distribution today is across Mumbai, Delhi and Bengaluru, but plans for broader expansion are active. “We’re in the early stages, but every visit shows progress. We see more availability, more consumer awareness, more interest.”
As regards Pop-ups, he says, “There’s no reason why we can’t do this every year or even more often. These experiences are critical. They are the most effective way to ensure consumers truly understand and enjoy bourbon.”
Renowned for its rich history, complex flavours, and timeless elegance, Scotch whisky has long been regarded as the pinnacle of distillation craftsmanship. The world’s love for Scotch is unmatched, more Scotch whisky is enjoyed globally than American, Japanese, and Irish whiskies combined. In 2024, Scotch whisky exports reached £5.4 billion, with an astonishing 43 bottles shipped every second to markets across the world.
Representing over 90 companies, from global spirits giants to family-owned distilleries and emerging producers, the Scotch whisky Association (SWA) is the principal voice of an industry that accounts for the vast majority of Scotch production. Its mission is clear: To secure a sustainable and thriving future for Scotch whisky.
Mark Kent, Chief Executive, SWA
In this interview with Ambrosia, SWA Chief Executive Mark Kent discusses the challenges and opportunities that lie ahead for the industry in India, particularly in the wake of the landmark Free Trade Agreement between the United Kingdom and India.
With the UK–India FTA set to halve the current 150% tariff on Scotch whisky when it comes into force in 2026, how does the Scotch whisky Association expect this landmark agreement to reshape export growth, market access and industry collaboration with Indian producers over the coming decade?
The UK-India free trade agreement has the potential to be transformational for many Scotch whisky producers in the coming decades. Scotch whisky’s largest export market by volume, India is also the biggest whisky market in the world, and Scotch has the potential to grow its share over the long term as the FTA comes into force. The current 150% tariff, which will halve once the deal enters into force in 2026, has been a significant barrier for many Scotch Whisky producers in accessing this important developing market.
The growth opportunities for the Scotch category in India has seen the SWA campaigning for a UK-India deal for many decades. Our current focus is on the deal coming into force, and on Scotch whisky producers—whether they are currently exporting to India, or are planning to—getting the support needed here at home, which will enable them to grow sustainably and develop their offering in what is a complex and vast market. The Indian market is already well educated in Scotch whisky and is forecast to keep growing over the coming years across multiple categories.
We anticipate that the FTA will, over time, increase diversity of choice for Indian consumers as more Scotch whisky producers enter the market. It will also boost opportunities for growing bulk exports, which are either bottled in India or used as an ingredient in Indian Made Foreign Liquor (IMFL) products, strengthening an already-established spirit of collaboration between the Scotch whisky sector and Indian producers. There is real potential for the FTA to signal an era of strategic partnership between whisky sectors on both sides, and we’ll look to collaborate further with our counterparts in India on issues that will support each of our industries.
How is the SWA working with both governments and industry partners to ensure smoother market access for Scotch in India—especially given the state-by-state regulatory complexity—and to help distillers, including smaller companies, benefit from the FTA?
Ensuring smooth market access, not just to India overall, but to individual states will be particularly important over the coming years, particularly for smaller companies for whom India is a huge and complex market. The SWA is working with Indian industry colleagues and in-market trade bodies, as well as the UK and Indian Governments, to ensure a smooth implementation of the deal that supports the needs of businesses and consumers in both markets. The UK Government have championed the Scotch whisky industry’s growth prospects through negotiations, and the implementation of the FTA will be a positive opportunity for Scotch whisky distillers to tap into the market.
Alongside business growth opportunities, the FTA has the potential to increase revenue for the Indian government at federal and state level through an increase in sales as the tariff is lowered, so it is in everyone’s interest to ensure that the deal can come into effect quickly. The SWA’s recent visits to India, in October and early November, focused on creating the building blocks and relationships for a smooth and fair implementation of the deal for both markets.
How is the SWA working to deepen Indian consumers’ understanding and appreciation of Scotch whisky while supporting both large and small Scotch producers as they introduce new expressions in a rapidly evolving market?
As the world’s largest whisky market, the Indian consumer is already very discerning, so a lot of groundwork in educating the market on Scotch is well established. While the presence of different Scotch whisky companies varies in the Indian market depending on their size and years in business, there are opportunities to grow consumers’ appreciation of Scotch as new expressions and brands are introduced to the market. As a trade body, we look to support all our members, who range from multinational companies to small independent distillers, to realise their ambitions in the Indian market regardless of scale.
The tariff reduction in the FTA will also benefit the domestic Indian industry and drive investment in India by providing greater access to bulk Scotch whisky used in IMFL products or for bottling. The growth of Indian Single Malts, both in India and the UK, is testament to the premiumisation of the Indian market, and the Scotch whisky industry is committed to working with Indian industry partners to deliver these shared opportunities. The FTA is a signal of that collaborative approach, and we want sectors on both sides to thrive as a result.
Indian whisky brands are growing rapidly, both at home and abroad. How does Scotch plan to differentiate and retain its heritage appeal in a market where Indian whiskies are gaining sophistication and global recognition?
It is really positive to see such interest in the entire whisky category in India, with Indian Single Malts also growing in popularity in the UK, and this growing appreciation can only be a good thing for the entire category. Both categories are benefiting from increased investment between the UK and India, and this will be further driven by the FTA, as well as the partnerships between the Indian and Scotch industries. As consumers in India explore the whisky category, Scotch is a natural step on the “whisky journey” due to its unique heritage, provenance and quality. Scotch whisky’s current share of the Indian whisky market is around 3%, and even as this grows over time through the implementation of the FTA, it will still retain a relatively small portion of the market. What’s exciting for our sector is the potential to increase the range of Scotch whisky brands and expressions available to the Indian consumer, which enhances the global appeal and reach of the Scotch category overall.
Sustainability is increasingly important for global consumers. How is the Scotch whisky industry integrating sustainability into its export growth strategy in India, particularly given the environmental challenges of expanding in new markets?
The Scotch whisky industry is committed to long-term sustainability from grain to glass, and our sector’s work to decarbonise our operations and supply chain run in tandem with our ambitions for growth. Ongoing dialogue with regulators here in the UK and around the world is important to ensure that the industry’s forward planning aligns with policies that address climate impact, always bearing in mind external factors such as the development of key growth markets.
How is the Scotch whisky industry working with Indian partners to explore deeper collaborations—whether in production, standards, sustainability, or tourism—and to unlock new cross-sector opportunities as the FTA opens up the market?
The Scotch whisky industry is keen to work with our colleagues in India on shared challenges and cross-sector opportunities for growth in both markets. This can include work to strengthen the definition of single malt and guarantee standards for consumers, to exploring the opportunities that a greater variety of bulk Scotch whisky can offer to Indian importers. During our recent visit to India, we met with representatives from across the Indian industry, discussing how we can continue to develop our partnerships to support sustainable growth and deliver on shared objectives, and we hope to be able to continue these conversations in Scotland next year. From driving sustainable production methods and encouraging responsible alcohol consumption, to tourism and hospitality promotional activities, collaboration should benefit and futureproof industries in both the UK and India and give consumers a greater access to the fantastic range of Scotch whiskies that the sector has to offer.
Total beverage alcohol (TBA) consumption volume declined -1% during H1 2025
TBA volume in India grew +7%
RTDs are growing, but beer is softening
Global beverage alcohol volumes are now expected to decline more sharply in 2025 than previously forecast, according to IWSR’s first mid-year update. The revised outlook shows a -0.4% drop in global volume (previously -0.2%) and a -0.7% decline in value.
The downgrade is largely due to unexpected weakness in beer, especially in the US and China. IWSR now expects global beer volume to fall -0.2% in 2025 instead of growing. Spirits are projected to decline -1.3% and wine -2.4%, while RTDs remain the only category set to grow at +1.3%.
In the US, cost-of-living pressures and reduced on-premise visits have softened beer sales, alongside a notable drop in Mexican beer. In China, policy restrictions and slower economic growth have reduced alcohol consumption, pushing beer and brandy forecasts down.
IWSR’s 2026 outlook remains unchanged at 0% growth in both volume and value. The company will now issue forecasts twice a year and has launched a Scenario Planner to model macroeconomic shifts across 31 key markets.
Across twenty major markets, TBA volume fell -1% in H1 2025, though value remained stable. India led growth with +7%, followed by South Africa (+4%), Mexico (+2%), Thailand (+1%) and Colombia (+1%). Declines were concentrated in China (-2%), the US (-4%) and Germany (-5%).
RTDs (+3%) and Prosecco continued to outperform. Spirits grew +1% when national spirits were excluded, with strong performances from Indian whisky (+7%), bitters (+3%), no-alcohol spirits (+9%) and agave spirits (+1%). Irish whiskey grew in India and Japan.
Beer fell -1% globally in H1 2025, with growth only in markets like India, South Africa, Mexico and Thailand. Wine declined -5%, except for Prosecco, which posted strong gains.
IWSR highlights a polarised landscape with RTDs and select spirits rising while beer and wine soften. India continues to stand out and is forecast to surpass Japan’s TBA volume in 2027 and Germany’s in 2033.
