After a successful debut in India, Indri Single Malt Indian Whisky has launched its limited edition ‘City Series’ global with the Dubai Duty Free Series. This special edition features two distinct and exclusively crafted Single Cask expressions — Sauternes Cask and Oloroso Sherry Cask — each bottled at a bold 58.5% ABV, created specifically for discerning global travellers, whisky connoisseurs and collectors at one of the world’s busiest international airports.
Adding to the exclusivity, each bottle is individually numbered with only 210 bottles of the Sauternes Cask and 348 bottles of the Oloroso Sherry Cask available worldwide. These rare expressions are a true collector’s delight, showcasing Indri’s signature craftsmanship and India’s rising prominence in the world of fine single malts.
“Crafting the City Series has been a journey of storytelling through flavour. For the Dubai editions, we wanted to capture the city’s dual essence—its deep-rooted traditions and its modern, global outlook. Both the Oloroso Sherry and Sauternes cask expressions reflect that harmony through bold character, complexity and elegance. These are not just whiskies, they are our tribute to Dubai in a bottle,” said Surrinder Kumar, Master Blender, Piccadily Distilleries.
“With the City Series, we aim to create rare experiences through our whiskies by capturing the soul of great cities around the world. Dubai, with its global flair and cultural richness, was a natural choice for our first international release,” said Madhu Kanna, Head International Business, Piccadily Distilleries.
The Indri City Series Oloroso Sherry Cask expression opens with a rich nose of sweet caramel, subtle smoke, and hints of leather, vanilla, dried fruits, and roasted nuts. On the palate, it reveals a warm, fruit-forward character with layers of toffee, gentle spices, elegant nuttiness, and earthy undertones. The finish is long, sweet, and delicately smoky, leaving a refined and lingering impression.
The Indri City Series Sauternes Cask expression offers a rich nose of dried apricot, peach, honey, and roasted nuts, with soft vanilla and a sweet, fruity cupcake-like aroma. The palate unfolds with layers of honey, butterscotch, dry apricots, and roasted nuts, enhanced by notes of pineapple, gentle oak, and warm spice. The finish is medium to long, leaving a lingering sweetness balanced by subtle oak and a vibrant fruity lift.
Following the successful Bengaluru Duty Free edition, Indri continues to make bold strides in international markets, firmly establishing itself as one of the most exciting new names in global whisky. It is priced at about USD150.
India and UK signed a historic FTA recently and while some in the Indian Alcobev landscape lauded and applauded the move for reduction on import tariffs from 150% to 75% on scotches and bulk imports, many are up in arms anticipating the impact it can have on the homegrown products. At Ambrosia we have covered this topic extensively over the past few months and in this article Bhavya Desai spoke to industry leaders to understand and ascertain the sentiments of both, domestic as well as international players. Excerpts:
Anant S. Iyer, Director General, CIABC
In a country like India – where the consumer landscape is witnessing a paradigm shift and premiumisation atop of most manufacturers list, Anant S. Iyer, Director General, Confederation of Indian Alcoholic Beverage Companies (CIABC) says, “Imported Scotch already enjoys a strong foothold in India’s premium segment and with the new India-UK FTA, and Scotch whisky likely to become 20–30% cheaper, the impact could be asymmetric and policy-skewed.”
To substantiate this, he points to the fact that, in 2024, bottled-in-origin (BIO) and bottled-in-India (BII) Scotch collectively accounted for more than 80% of the premium-and-above whisky segment. BII holds 59%, BIO 21%, while Indian-made premium whisky (IMFL) was left with just 20%.
The concern, as Iyer outlines, is less about competition and more about a ‘policy imbalance’. Imported whiskies already enjoy tax and label registration fee advantages in many states like Maharashtra, Kerala, Odisha and Delhi. And he urges that, “States should now remove the discriminatory policies vis-à-vis IMFL compared to BIO brands.”
As Scotch becomes more affordable, Indian premium brands – especially in the ₹1,200–₹2,500 segment – may find their shelf space and margins under pressure. And according to him it is not just whisky, but also the premium Indian gins priced between ₹800 to ₹3,000 could also feel the squeeze.
While the jury is still out on the longterm impact, but he could be right – if makers take the same route as the Americans. Sources close to Ambrosia state that atleast 2-3 bourbon companies are likely to set up a bottling plant in India following its reduction to 50% this year. Whether they are able to capture the imagination of the consumer, remains to be seen, considering the bourbons aren’t very popular amongst Indian consumers.
However, to counteract potential market flooding, Iyer emphasises the need for a Minimum Import Price (MIP) of $4 per 750ml for BIO spirits and higher thresholds for wine. “Without this safeguard, cheaper imported spirits could flood the market, undoing years of progress by Indian premium brands.”
But Indian spirit makers aren’t backing down.
“Our members are ready to compete, but on fair terms,” says Iyer. Strategies range from enhanced consumer engagement to stronger retail execution (RTM) and even launching new premium SKUs. “The consumer will be spoiled for choice as FTAs materialise,” he adds.
And what’s interesting is that Indian Single Malts like Amrut, Rampur, Indri, Gianchand and others have already begun outselling Scotch Single Malts in India. “Our brands are winning international awards and are now on duty-free shelves globally,” Iyer notes, calling for removal of non-tariff barriers (NTBs) to help Indian brands expand into developed markets like the UK, EU, and Australia.
Sanjit Padhi, CEO, International Spirits and Wines Association of India (ISWAI)
A sentiment echoed by Sanjit Padhi, CEO, International Spirits and Wines Association of India (ISWAI), “As Indian Single Malts gain global recognition, improved market access can create mutual benefits, just as Scotch whiskies gain better accessibility in India, Indian whiskies can expand their footprint abroad.”
What India has to Say?
But not all of the Indian companies are concerned with the FTA. Ideally the bigger the better.
For instance, Abhishek Khaitan, Managing Director, Radico Khaitan Ltd. takes a pragmatic view. “The FTA signals a momentous growth opportunity. As one of India’s largest Scotch importers, we expect strategic and cost advantages, particularly with requirements estimated at ₹250 crore in FY26.”
And that figure of ₹250 crore is surely inclined to tip the scales for the better for Radico.
Khaitan also believes that lower duties could accelerate premiumisation in the domestic market. “This agreement is a win-win – empowering Indian enterprises while showcasing India’s excellence on the global stage.”
Prem Dewan, Managing Director, DeVANS Modern Breweries
But not everyone is convinced that cheaper Scotch will flood the market. Prem Dewan, Managing Director, DeVANS Modern Breweries notes, “Indian consumers are selective. Indian single malts are already available in all ranges – including premium editions costing over ₹1 lac. We should not assume all Scotch whiskies are palatable for the Indian market.”
He adds that bulk Scotch imports for blending could actually enhance Indian whiskies, neutralising the pricing advantage. However, he warns that ‘undue state-level duty advantages for imported liquor, driven by lobbying, continue to hamper domestic players’, a concern highlighted by Iyer earlier as well.
Is Dumping a Possibility?
Like many industries, a question on everyone’s mind is – if dumping cheaper spirits is going to be a possibility and Iyer is unequivocal. “Yes, and it’s already visible. Scotch bottles retail at ₹900-1,100 in Haryana despite high MRPs. That suggests under-invoicing or transfer pricing.”
Abhishek Modi, Managing Director, Modi Illva
He isn’t alone in this concern. Abhishek Modi, Managing Director, Modi Illva acknowledges that opportunistic brands may attempt price-led disruptions. “Some players might introduce aggressively priced Scotch-heavy blends to lure price-sensitive consumers.” But he also quick to highlight that such moves are short-term and that the premiumisation trend will stay intact.
Modi also stresses that rising input costs (barley, energy) and a weakening rupee already compress margins for Scotch producers. “Scotch isn’t likely to become drastically cheaper in reality. The cost advantage may not even trickle down to consumers due to the rising input costs.”
Praveen Someshwar, Managing Director and CEO, Diageo India
International Players Toast the Opportunity
Understandably, for global players the enthusiasm runs high.
Praveen Someshwar, Managing Director and CEO, Diageo India, hails the FTA as ‘a historic treaty that reignites growth and offers greater choice to Indian consumers’.
Neeraj Kumar, Managing Director, India, Suntory Global Spirits
And Neeraj Kumar, Managing Director, India, Suntory Global Spirits echoes the sentiment. “This is a pivotal development and it improves affordability and strengthens bilateral trade, paving the way for greater innovation and investment.”
Padhi adds, “The deal will also stimulate growth across ancillary sectors such as hospitality, tourism and retail, while potentially increasing revenue for Indian states. At a macro level, the agreement will leverage mutual synergies and competencies of both nations.”
The Future?
Some industry pundits visualise the distant future, where the duty will reduce to 40% over the next decade as India being the most matured and developed spirits market globally. And if trends are anything – we are surely seeing that push currently.
As Anant Iyer puts it, atleast for the immediate future, “the momentum of Indian brands won’t stop. But we need policy support – both at the Centre and in States – to sustain it”.
The India–UK FTA might open doors to new markets and consumer segments. But it also lays bare the need for a level playing field, long-overdue reforms and robust checks to prevent policy-led distortions.
Whether this agreement becomes a toast to opportunity or a sobering challenge depends on how well Indian regulators, producers and consumers navigate the spirit of the deal.
Oaksmith has unveiled its most premium expression yet – Oaksmith Nagomi. With this launch, the brand blends Japanese craftsmanship and global whisky making expertise, setting a new benchmark for modern Indian whisky.
This expression brings together the richness of aged Scotch malts, smoothness of American Bourbons, and the precision of Japanese blending techniques to craft a whisky that is rich, smooth, and harmoniously balanced. Inspired by the Japanese philosophy of ‘Nagomi,’ which represents harmony and balance–this whisky is a testament to the art of bringing diverse elements together in perfect sync. Oaksmith Nagomi has been crafted by Shinji Fukuyo, Chief Blender at Suntory, who was recently honoured as Master Blender of the Year at the International Spirits Challenge 2024.
“With Oaksmith Nagomi, we are not just introducing a new expression; we are reaffirming our commitment to elevate the Indian whisky segment,” said Rishi Walli, Senior Director – Marketing & IMFL Brands, Suntory Global Spirits. “Nagomi, inspired by the Japanese ethos of harmony and balance, is a whisky crafted for those who seek a fresh expression of aspiration. It also represents our dedication to blending global excellence, heritage, and authenticity, creating distinctive, high-quality whiskies that offer a premium experience with a truly international spirit. This launch marks the next chapter of Oaksmith’s journey where our Japanese legacy creates something more elevated for the evolving tastes of India,” he added.
Oaksmith Nagomi is a sensorial celebration crafted for the Indian palate. From its intense rich gold appearance to smoky, spicy, and fruity aromas, it offers a full-bodied experience with woody undertones from oak casks, finishing bright, smooth, and surprisingly long. Inspired by Japanese aesthetics, the bottle design reflects strength, simplicity, and timeless elegance, resonating with modern Indian consumers who value authenticity and character.
Currently launched in Goa and West Bengal, Oaksmith will soon expand to more cities. With Nagomi – its most premium expression yet, joining Oaksmith International and Gold, the brand continues to bring Japanese craftsmanship and modern whisky-making expertise to India.
Radico Khaitan Ltd. recently announced the launch of Morpheus Rare Luxury Whisky in the Uttar Pradesh market. With this strategic rollout, the company expands its premium portfolio, eyeing the 18+ million cases segment.
A specially designed Collector’s Edition Pack will accompany the launch. This limited-edition pack comprises of a 750ml whisky bottle in an exclusive gift box containing branded bar collectibles with a beautifully inscribed brand story. The first 12 customers of Morpheus Whisky in each premium outlet will have the privilege of owning this special pack.
Uttar Pradesh, being a key market for Radico’s domestic whisky portfolio, the premium whisky segment is witnessing significantly faster growth. This strong momentum makes UP a vital state in Radico’s premiumisation strategy.
Amar Sinha, Chief Operating Officer at Radico Khaitan Ltd. stated, “The launch of Morpheus Rare Luxury Whisky in Uttar Pradesh is both a strategic and a symbolic milestone for Radico Khaitan. Introducing the new brands to this dynamic state reflects our continued commitment to elevating consumer experiences through innovation, quality, and legacy. We believe Morpheus will not only deepen our connect with aspirational consumers, but also reinforce our leadership in India’s evolving premium spirits landscape.”
Commenting on the launch, Sudhir Upadhyay, Executive Vice President, Radico Khaitan Ltd., said, “Uttar Pradesh remains one of our most strategically important markets, contributing a significant growth to Radico Khaitan’s domestic volumes. With Morpheus Whisky, we are not only strengthening our presence, but also aiming to increase our share in UP’s evolving spirits landscape. This launch is a bold step in our journey to lead the premiumisation wave and redefine consumer expectations in one of India’s most influential markets.”
Crafted with imported Scotch malts and fine Indian grain spirits, this new whisky is aged in Bourbon Barrels and delivers a signature fruity-floral flair & smooth sophistication. Positioned as “The Spirit of Dreams”, Morpheus is crafted to resonate with discerning consumers who dream beyond the ordinary.
Morpheus Super Premium Whisky is priced at ₹1190 for a 750 ml bottle in Uttar Pradesh. The product will also be available in pack sizes of 375 ml, 180 ml and 90 ml in UP.
Amrut Distilleries from Bengaluru has walked away with several awards at the recently concluded 2025 edition of the San Francisco World Spirits Competition (SFWSC). Amrut made history by becoming the only Indian distillery to take home three Double Golds and an additional Gold.
The Double Gold winners are Amrut Fusion Single Malt; Amrut Indian Single Malt; and the Amrut Kurinji Indian Single Malt, while Amrut Peated Indian Single Malt bagged a Gold.
It was in 2010 that Amrut Fusion really put Amrut on the world map when Jim Murray, author of the Whisky Bible declared Fusion as the third best whisky in the world. Since then, there has been no looking back for Amrut, with the Indian market also standing up and taking notice.
At the San Francisco competition, it was Amrut Fusion which captured the imagination of the judges. Amrut Fusion, the brand ambassador of Indian Single Malt, is sourced from barleys from two distinct regions – Himalayas and peated barley from Scotland. It is distilled and matured separately in both old and new American oak barrels at the Benguluru distillery.
Amrut Indian Single Malt is the backbone of the brand’s identity. Using locally sourced barley and traditional techniques, Amrut captures the essence of the Indian terroir. The Amrut Peated Indian Single Malt offers a layered drinking experience.
The relatively newer Amrut Kurinji has quickly made its mark by portraying a different side of Indian whisky – one that’s unorthodox, adventurous, and expressive. It’s part of a new generation of spirits that aren’t afraid to take risks, much like the independent bottlers that inspired it. Bottled at 46% ABV, Kurinji epitomises the essence of Indian craftsmanship and terroir. Named after the Kurinji flower which blooms every 12 years in the Nilgiri hills, the whisky pays homage to the region’s natural beauty and cultural heritage.
Rakshit N Jagdale, Managing Director of Amrut Distilleries, said, “We are extremely pleased to receive this award from such a prestigious forum. It reaffirms that we are crafting spirits of truly world-class repute, and strengthens our resolve in the continued pursuit of delivering exceptional quality to our consumers.”
Piccadily Agro Industries Limited has relaunched Whistler Barrel Aged Blended Malt Whisky, featuring new packaging and premium blend.
Piccadily said that Whistler’s new avatar is a celebration of barrel ageing, maturation and the art of blending. The finest matured malt and grain spirits have been handpicked and aged in oak wood barrels, creating a whisky that’s smoother, more elegant and even more memorable than before, it said. Inspired by the Whistler Warbler, a vibrant songbird native to the region of Indri, the packaging reflects the whisky’s premium ethos with a modern and sophisticated design.
The relaunched Whistler expression offers a more layered and complex drinking experience—crafted for today’s evolving palate, yet grounded in traditional whisky-making excellence.
Tasting Notes:
Nose: Warm and inviting, with dried apple and apricot at the forefront. Vanilla cream and caramelised malt add delicate sweetness, complemented by toasted oak, cinnamon, and floral hints.
Palate: Silky and well-rounded with a rich malt core. Notes of toffee, pineapple, and vanilla glide through the sip, underscored by gentle spice and warmth.
Finish: Medium to long, leaving a graceful trail of mellow sweetness and soft refinement.
Whistler Whisky (750 ml / 42.8% ABV) will be available across premium retail outlets and on-trade venues across India, with plans for export expansion in the coming months, the company said.
“Whistler’s new premium look is more than a brand refresh — it’s a strategic play to capture the next wave of premium whisky consumers,” said Praveen Malviya, CEO – IMFL, Piccadily Agro Industries Limited. “With its elevated blend and bold new identity, Whistler is poised to disrupt the mid-premium segment. Our goal is ambitious — 1 million cases in the next three years — and we’re confident Whistler will become a powerhouse brand that redefines what Indian blended malts can achieve.”
In a pioneering move to safeguard consumers and reinforce trust in premium Indian spirits, Piccadily Agro Industries Limited has become the first Indian alcobev company to implement ForgeStop’s cutting-edge anti-counterfeit smart label technology for its acclaimed Indri Single Malt.
With counterfeiting rampant in India—where it’s said that more Scotch is consumed than Scotland even produces—Piccadily has taken a bold and proactive step. By integrating NFC-enabled smart labels into its packaging, the company is setting a new benchmark in authenticity and transparency, investing significantly to ensure consumers receive only genuine, original products, reinforcing trust in premium Indian spirits.
ForgeStop InfoTap Labels on Piccadily products utilise EM Microelectronic echo-V chips with 128bit AES encryption and dynamically changing tokens – giving them bank level security and making them virtually impossible to fake. They also feature tag-tamper detection – alerting a consumer if the bottle seal has ever been broken – this prevents bottle re-use, a major issue with Alcohol counterfeiting that is difficult to combat with other technologies. Its platform creates a unique digital twin of every product at the moment of production and secures the product until it’s enjoyed by the customer. The software allows for app-free authentication and provides batch level product information – making it the most user-friendly anti-counterfeit technology available. This technology can be connected to the blockchain generating an immutable product journey – securing supply chains.
Unlike static technologies such as QR codes or holograms, this NFC tap and verify experience allows customers to simply tap their smartphones to the bottle to instantly confirm its authenticity and view batch-level information.
“As a brand committed to authenticity and quality, we’re proud to be the first Indian single malt brand to take this bold step,” said Praveen Malviya, CEO (IMFL), Piccadily Agro Industries Limited. “Counterfeit alcohol is a serious issue in India and globally. With ForgeStop’s smart technology, our customers can enjoy Indri with the confidence that what’s in the bottle is exactly what we crafted.”
“We’re proud to partner with Piccadily Distilleries, a globally recognised brand leading the way in product integrity. With ForgeStop’s smart label technology, consumers can instantly verify authenticity and access product information with a simple tap—no app required. It’s a seamless blend of security and brand storytelling.” said Terry Katz, CEO of ForgeStop.
As per the TRACIT (Transnational Alliance to Combat Illicit Trade) September 2023 report on India, a significant share of alcohol sold in India is counterfeit—well above the global average—and the problem is escalating rapidly. Counterfeit alcohol not only harms brands, but also poses serious risks to consumer health.
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.
The success story of Indian Single Malt (ISM) whisky in the global market place, pioneered by Bengaluru-based Amrut Distilleries, has been well documented. It is not only an interesting story, but also an inspiring one on how the Jagdales – father-son duo – the late Neelakanta Rao Jagdale and Rakshit Jagdale – hit upon the idea of making a breakthrough in the whisky landscape, dominated by Scotland.
Rakshit Jagdale, in a podcast ‘Expert Talk with Bhavya Desai’ recalls his student days at Newcastle University doing an intense one-year MBA programme. “It was a Sunday morning and I was strolling along Northumberland street, a busy shopping center in New Castle upon Tyne, when my father called up and asked what I was planning to do for my thesis. I said a theoretical project on supply chain management. He said ‘no, no… you should do a practical project’ and suggested ‘why don’t you check whether there is scope to sell Indian single malt whisky in Indian restaurants within Great Britain’ stating that Kingfisher and Cobra beers were quite popular in Indian restaurants there. My father asked me to check out whether there was demand for Indian single malt as an aperitif or a digestive. I said it’s a brilliant idea.”
Miniatures that captured the imagination
Neelakanta Rao Jagdale then sat down with the excise officials in Karnataka and had two cases of miniatures of single malt whisky sent over to New Castle. “It was in June when exams were going on. I went over to the Customs bond and duty paid and cleared one case. The packaging was very rudimentary with a black and white label with simple words ‘Amrut’. We knew our product was exceptionally good. The colour of the whisky was good, dark enough and natural. We don’t add any caramel, it is 100% natural. My father had sent 300 miniatures of 60 ml each in two boxes. It was a live project for the company. I did a lot of my survey in New Castle, Edinburgh in Scotland and in the Midlands. I visited several Indian restaurants and bars in Scotland and the response was amazing. Everybody liked it. Some said it’s a 10-year old whisky, some said its Irish, when I said it was Indian, it was a jaw dropping moment.”
On returning to India, Rakshit presented the project to the family board. “It took us two years to conform to the packaging standards of the European Union and on August 24, 2004, we launched Amrut in Café India in Glasgow. That is how the journey of Indian Single Malt whisky began.”
Making the Grade in Whisky Bible
Not to sit on these laurels, they set off on taking it to the world, creating Amrut Fusion which was next level to the Classic Indian Amrut. “Fusion is a completely different product. It is a combination of peated barley and unpeated barley, the former coming from Scotland and the unpeated from India. It is an 80:20 ratio. My father felt that as the Indian palate is accustomed to little bit of peat with Johnnie Walker Red Label and Black Label, they would like the combination. That was running in his mind.”
Explaining the process, Rakshit mentioned, “Fusion is matured for a longer period, five to five and a half years. The base malt, both peated and unpeated, is matured for four years and then we marry them and mature it again for nine months to one year, which gives it not only depth, but also complexity of flavours. When Jim Murray first savoured it in 2009 and found it unique and said there was no other product in the world that had this kind of combination. He loved Amrut and gave 97 of 100 in his Whisky Bible in 2010 and ranked it as the third finest whisky in the world.”
From humble beginnings in 1948 as a simple bottling company, Amrut is a name to reckon with. It moved on early into distillation and premiumisation and that has paid dividends. “We have reasonably come a long way. We have grown organically and we are happy with progress we have made.”
This is the third generation of the Jagdale family which is running the business, started by Radhakrishna Rao Jagdale in 1948. The fourth generation is getting ready and Rakshit mentions that ‘the time is right to discus with his son and niece to find out if they have any interest, prima facie, in carrying forward the rich legacy of my grandfather and father.”
In a podcast conversation with Bhavya Desai,Rakshit Jagdale, Managing Director of Amrut Distilleries, has spoken at length about the company’s expansion plans and the journey of how a practical project during his MBA days in the UK led to the first-ever launch of an Indian Single Malt whisky, charting a path which many others have followed subsequently, making India proud of its strides in the alcobev sector.
engaluru-based Amrut Distilleries, the firm that put Indian Single Malt whisky on the global map, is in an expansion mode. Beginning April 2025, Amrut Distilleries is adding 35% more to its distillation capacity, taking it from 900,000 litres to about 1.4 million litres, according to its Managing Director, Rakshit Jagdale. It was only in 2018, the company had trebled its distillation capacity.
`1,000 crores net sales target
Amrut Distilleries’ current business in volume terms is over 6.3 million cases per annum with turnover at ₹540 crores net sales, gross sales being ₹1,750 crores. “The projections are to touch ₹1,000 crores net sales in about 10 years’ time, growing at 10 to 15%. We are quite confident, we will sustain. For us bottom line is important. We can chase turnover with economy, but we want to have strong EBITDA. There is scope for luxury and premium segment to grow further and strengthen the bottom line.”
Dilution of stake
Asked whether the closely-held family concern would be diluting its stake, Jagdale said, “There has been a lot of interest in our group over the past six to seven years. We have had discussions at the family board level, but we have not taken that call yet. We cannot shy away for too long. We are looking at a partner who will add value to the brand and also give global market accessibility, if at all we go that way.” IPO (initial public offering) is another route which the company is looking at it from a long- term perspective. “We are not there as yet. I personally feel, it will be a couple of years more, before we take that call.”
Meanwhile, Amrut Distilleries is also exploring avenues to set up a new distillery to cater to the bulk market. “We are seriously looking at the bulk side, impending the Free Trade Agreement (FTA) with the United Kingdom.”
FTA and its impact
On whether there would be a downward revision in the prices of premium whisky in India, post FTA, Jagdale said, “It is certainly round the corner and it will post a fair bit of challenges. Brands like Glenfiddich, coming down from their current levels, will affect. We don’t know what is going to be their strategy, but they will put pressure on us to come down by ₹500 to ₹1,000 from what we are selling at currently. The bottomline will get compromised but we should stay put.” The shelves will have Indian single malts and BIO (bottled in origin) Scotch and consumer preferences around that point of time has to be factored in. “We have to wait and see.”
Weary of unhealthy competition
Stating that the Indian market offered massive opportunities, Jagdale mentioned, “Everybody wants to be in India now. They want to jump on Indian single malt bandwagon. They are serious and we are serious too on what we are doing.” Diageo has launched Godawan Indian single malt whisky, Pernod Ricard is setting up a single malt distillery and there are a host of Indian distillers, about five to seven of them, who will hit the market in the next two to three years. There is Ian Macleod coming. “Competition is most welcome and it keeps you on your toes, improves processes quickly and rapidly. Just hope that it doesn’t go the path of unhealthy competition.”
Amrut’s market focus
Giving details of its market bifurcation, Jagdale stated, “This year, of our total business is 95% domestic and 5% export market. Within the luxury division, we are 35% export and the rest domestic. “In the premium range, we have MaQintosh Premium whisky, Silver Edition whisky, Two Indies Rum, and Nilgiris Dry gin. The mass market category includes Amrut XXX rum, Prestige whisky, Silver Cup brandy. From a volume point of view, we would be 70% economy and from topline point of view 25% would be luxury and 10% would semi-premium and premium categories.”
Pain Points, Excise Tops the List
Talking about excise duties, Jagdale said, “We are a highly regulated industry. Time has come to deregulate it. We are still following laws enacted by the British, while we have technology. There is a massive trust deficit between the government and the alcobev industry, hoping that the perception the governments have about the industry changes. Hopefully, it will have happen in my lifetime, would like to see that happen.” Agreeing that presently the governments are willing to listen to the industry and amend rules, he said, “there is hope.”
South Heavily Taxed
Jagdale stated that the southern states are highly taxed. “If you look at Punjab, Haryana and other northern states, the taxes are not as high as here. For instance, if the MRP (maximum retail price) is ₹100, the manufacturer gets roughly about ₹11, the retailer gets ₹9, the rest goes to the government. Agreed that the government has its own compulsions of running welfare programmes and other schemes, we appreciate that, but there has to be a balance going forward.” The governments, unlike earlier days are now open to dialogue which can only get positive, he hoped.
Is alcobev profitable business?
Quizzed about whether the alcobev sector is a profitable business, considering that it highly regulated, Jagdale’s advice is “Get into the premium and luxury segment. It is not worth to be in the mass market. You may achieve volumes in a couple of years, but you are not going to make any money. It takes minimum of four years, one should have the patience and the ability to invest for that long a time.”
His guestimate is that a 1000 litre per day plant will require a minimum capex investment of ₹25 crores and there would be working capital. “There is no guarantee that it will succeed in four years’ time. One should have the patience.” The route budding entrepreneurs could take is getting in gin manufacturing or matured rum category or vodka at the premium end. “Then you can pick up white, brown and dark spirits.”
The consumer of today
Emphasising the need to go premium, Jagdale explained that the present day consumer is highly discerning. “Globally we see a lot of youngsters have taken up to single malt whisky in a very big way, especially in the US, India, Europe. One thing we have observed with the advent of internet, is that the knowledge levels of the consumer has gone up significantly. Youngsters know more about whisky and other spirits much more. This keeps us on our toes. The consumer profile has changed. The younger generation is willing to spend more, drink better, drink less as they are health conscious too.”
