Tag Archives: Premiumisation

United Spirits Growth Driven by Strategic Focus on Premiumisation

United Spirits Ltd. reported a resilient performance for the third quarter and nine months ended 31 December 2025, navigating policy headwinds in key markets while sustaining growth momentum through premiumisation and portfolio strength.

The Diageo-controlled company posted consolidated net sales value (NSV) of `3,694 crore in Q3FY26, marking a year-on-year growth of 7.6%, while nine-month consolidated NSV stood at `9,888 crore, up 9.4%. The performance was largely driven by the standalone business, which continued to benefit from strong traction in the Prestige & Above (P&A) segment and improving product mix.

Sharp Uptick in Profitability

Consolidated EBITDA for the quarter rose 5.5% year-on-year to `599 crore, with EBITDA for the nine-month period reaching `1,903 crore, reflecting a growth of 6.7%. Excluding a one-off indirect tax item impact of `40 crore recorded in the first quarter of FY26, underlying EBITDA for the nine months was higher at `1,943 crore, translating into a stronger growth of 9.0%. Profitability showed a sharp uptick, with consolidated profit after tax for Q3FY26 rising 24.7% year-on-year to `418 crore, while nine-month PAT increased 11.9% to `1,299 crore.

On a standalone basis, United Spirits reported Q3FY26 NSV of `3,683 crore, up 7.3% year-on-year, and nine-month NSV of ` 9,402 crore, reflecting a growth of 9.0%. Growth was driven by the company’s strategic focus on premiumisation, with the Prestige & Above segment recording NSV growth of 8.2% in the quarter and 9.8% over the nine-month period. The performance of the higher-end portfolio helped offset the impact of regulatory and policy-led disruptions in Maharashtra, as well as the lapping of a one-time retail pipeline fill in Andhra Pradesh in the prior-year quarter. The Popular segment, however, declined 4.6% in Q3FY26, largely due to the Maharashtra impact, though it returned to growth over the nine-month period with a 4.7% increase in NSV.

Margin expansion remained a key highlight during the period, supported by favourable mix, pricing actions and productivity initiatives. Standalone gross profit for Q3FY26 grew 12.6% year-on-year, with gross margin expanding by 219 basis points to 46.9%. For the nine months, reported gross margin stood at 46.2%, while underlying gross margin, excluding the one-off tax impact, expanded 179 basis points over the previous year. The company attributed this improvement to sustained revenue growth management interventions, headline pricing flow-through, continuous productivity gains and a relatively stable commodity basket, barring bulk scotch.

Advertising and promotion (A&P) investments remained elevated as United Spirits continued to back its key trademarks. The A&P reinvestment rate stood at 14.0% of net sales in Q3FY26, reflecting higher investments behind the top-end of the portfolio, while the nine-month reinvestment rate moderated to 10.6% on a focused and disciplined allocation strategy. As a result of higher A&P spends during the quarter, standalone EBITDA margin for Q3FY26 came in at 16.8%, contracting 35 basis points year-on-year, even as EBITDA rose 5.1% to `618 crore. For the nine-month period, reported EBITDA grew 9.8% to `1,705 crore, with underlying EBITDA growth accelerating to 12.4% and underlying EBITDA margin expanding to 18.6%.

Profitability at the standalone level remained robust, with Q3FY26 profit after tax rising 11.8% year-on-year to `529 crore, translating into a net profit margin of 14.4%. For the nine months, PAT stood at ` 1,259 crore, up 13.7%, with a net margin of 13.4%. Interest costs for the quarter declined 5.0% year-on-year to `19 crore, while nine-month interest expense was higher at `89 crore due to the one-off tax-related interest component, with underlying interest costs trending lower.

Commenting on the performance, Praveen Someshwar, CEO and Managing Director of United Spirits Ltd., said the company delivered a resilient quarter despite policy headwinds in one of its most salient markets, adding that strong momentum in the rest of India and at the top end of the portfolio positions the business well for sustainable long-term growth. Reflecting confidence in cash flows and balance sheet strength, the Board of Directors also approved an interim dividend of `6.0 per share, underscoring United Spirits’ commitment to shareholder returns even as it continues to invest in brand building and execution capabilities.

India–EU FTA to Unlock Opportunities in Alcobev Sector

Leave a reply

The Union Minister of Commerce and Industry, Piyush Goyal, who concluded a significant two-day visit to Brussels on January 8, as part of the India-European Union Free Trade Agreement negotiations has said this will be the ‘mother of all deals.’ Negotiations are in the final phase and several media reports suggest that the historic FTA will be signed January end.

“I have done seven deals so far. All with developed economies. This one will be the mother of all,” the minister said. Goyal has successfully negotiated FTAs with UAE, Australia, the UK, Oman, New Zealand, Mauritius and the four-nation free trade association (Iceland, Norway, Switzerland, and Liechtenstein).

During their engagement, Union Minister Piyush Goyal and Commissioner Šefčovič carried out detailed deliberations across key areas of the proposed agreement. Both sides took note of the steady progress achieved across various negotiating tracks including Market Access for Goods, Rules of Origin, Services etc. Both sides emphasized the strategic importance of concluding a fair, balanced, and ambitious agreement that aligns with their shared values, economic priorities, and commitment to a rules-based trading framework.

Barring agriculture, the FTA will include technology, pharmaceuticals, automobiles, textiles, steel, petroleum products, electronics and alcobev sectors.

As regards the alcobev sector, India’s alcoholic beverages industry, analysts believe, will be a significant beneficiary of the proposed India–European Union FTA. The EU agreement is shaping up at a time when India’s domestic alcobev market is undergoing structural change, marked by premiumisation, urban consumption growth and a growing acceptance of imported wines and spirits in metro and tier-one cities. Together, these shifts create a fertile backdrop for a recalibration of tariff and market-access rules governing alcohol trade between India and the 27-nation EU bloc.

Imported $572 million in 2023

The distilled spirits market in India is also fast expanding, with imports valued at $572 million in 2023, indicating a growing demand for both wine and spirits from the EU. Worldwide, the EU exported nearly €29.8 billion worth of alcoholic beverages in 2024, with wine dominating and spirits/liqueurs as a major category, but only a small fraction is accounted for by India.

But, India is fast opening up as a strategically attractive market for European spirits (large population, rising middle class), though there are tariffs & regulatory barriers which have historically constrained trade expansion.

Trade Flow	Product Category	Value (Approximately)
India-EU Exports	Wines	USD 1.5 m
	Spirits and Mixed Products	USD 64.9 m
EU-India Imports	Wines	USD 412.4 m
	Spirits & Liqueur	USD 22.3 m

FY 2023–24 trade data Ministry of Commerce

At present, India imposes some of the world’s highest import duties on alcoholic beverages, with basic customs duties on wines and spirits going as high as 150 percent, even before state-level taxes and mark-ups are added. These tariffs have historically limited volumes but have not dampened European producers’ interest in India, given the country’s long-term consumption potential and rising disposable incomes.

According to trade data, the EU is already India’s largest source of imported wines and a major supplier of premium spirits, with imports dominated by France, Italy and Spain in wines, and by producers from countries such as France, Ireland, Germany and the Netherlands in spirits and liqueurs. European companies see the FTA as a pathway to improve price competitiveness and expand beyond niche, high-end consumption into broader premium segments.

Hoping for Faster Label Approvals

From the EU’s perspective, the agreement is not only about tariff reductions but also about regulatory predictability, faster label approvals and clearer rules on distribution and state-level taxation in India. Large multinational players such as Pernod Ricard, Diageo, Rémy Cointreau and Beam Suntory, along with leading wine exporters from France, Italy and Spain, have long argued that India’s current duty structure distorts pricing and restricts category development.

A phased reduction in customs duties under the FTA could make European wines and spirits more accessible to Indian consumers who are increasingly trading up from mass-market domestic brands to premium and international offerings.

For Indian producers, the India–EU FTA presents a more nuanced picture. On the one hand, lower duties on imported alcohol could intensify competition in the premium and luxury segments, particularly in wines, brandies, gins and liqueurs, where European producers enjoy strong heritage and brand recall. On the other hand, the agreement could significantly improve export opportunities for Indian spirits and wines in the EU market, where tariffs are already low but non-tariff barriers, branding challenges and distribution costs have limited India’s presence. Indian companies with premium aspirations see the EU as an important destination for Indian-made whiskies, craft gins, rums and niche wines, especially as global consumers show greater openness to new origins and styles.

The likely structure of alcohol concessions under the India–EU FTA is expected to draw lessons from India’s recent trade agreements with the United Kingdom and Australia. Under the India–UK FTA, India agreed to phased duty reductions on certain spirits and limited concessions on beer, while keeping wines largely outside the scope of tariff liberalisation. The agreement reflected India’s cautious approach to protecting domestic wine producers and managing state-level sensitivities around alcohol pricing and availability.

The India–Australia trade pact, which came into force earlier, went further on wines, with duties on premium Australian wines reduced substantially from earlier levels, improving their competitiveness in the Indian market and providing a clear example of how tariff relief can stimulate category growth without overwhelming domestic producers.

Tariff Reductions?

In comparison, the India–EU FTA is likely to be broader in scope given the EU’s dominance in global wine exports and its diverse portfolio of spirits and liqueurs. European negotiators are expected to push for meaningful, though phased, tariff reductions on wines and spirits, Indian industry bodies such as the CAIBC (Confederation of Indian Alcoholic Beverage Companies) have advocated a calibrated approach that links duty cuts to minimum import prices, safeguards against under-invoicing and strong rules of origin to prevent trans-shipment. These demands reflect concerns that overly aggressive liberalisation could disrupt domestic manufacturing and state revenues, even as policymakers recognise the need to align with global trade norms.

Ultimately, the India–EU Free Trade Agreement has the potential to be more transformative for the alcohol sector than India’s recent FTAs. For European producers, it represents access to one of the world’s most promising premium alcohol markets. For Indian companies, it offers both competitive pressure and the opportunity to scale exports to a sophisticated, high-value consumer base. As negotiations move closer to the finish line, the alcohol industry on both sides is watching closely, aware that the final contours of the agreement could shape drinking patterns, brand strategies and investment flows for years to come.

Amrut Expands Luxury Portfolio in North India with IGL Partnership

Leave a reply

Bengaluru-based Amrut Distilleries has rolled out an expanded portfolio of high-end Indian single malts across Delhi and Uttarakhand, with Uttar Pradesh next in line. The rollout is being executed through a strategic distribution and marketing partnership with India Glycols Ltd (IGL), one of the country’s largest extra neutral alcohol (ENA) producers.

The move marks Amrut and IGL’s transition from the premium category into the luxury malt space in key North Indian markets, targeting both high-value consumers and institutional buyers, while leveraging IGL’s financial strength, logistics, and market reach.
Explaining the rationale behind the move, the Executive Director of Amrut Distilleries, Thrivikram. G. Nikam said “Prior to partnering with IGL, we were operating through a local distribution arrangement, with a strong focus on our premium portfolio. At that time, we were selectively present in the northern markets, primarily testing the waters with our higher-end offerings. However, following changes in the excise policy in Delhi we decided to discontinue operations and reassess our approach to the region. Now with IGL we have reintroduced our Luxury Malt brands.”

India Glycols operates ENA manufacturing facilities in Kashipur and other locations, supplying high-quality extra neutral alcohol to leading spirits brands across the country. ENA is transported from northern India to southern markets such as Karnataka due to its consistency and quality, despite the presence of local distilleries. Amrut sources ENA from India Glycols. IGL already supplies ENA for the production of nearly 2 lakh cases per month at its bottling facilities and has been producing premium alcohol for over 15 years. The company also owns brands such as Amazing Whisky, Amazing Vodka, and Zumba Limon, but had largely remained an upstream supplier before entering branded spirits in a bigger way.

Amrut Open to Partnerships
To the question whether Amrut would be open for similar arrangements, Nikam confirmed “Yes, as part of our growth strategy, we remain open to partnering with strong, credible promoters in other regions as well. Our focus is to work with partners who share our values and have a deep understanding of their respective markets. This approach will guide our expansion into remaining states over time.”
Raju Vaziraney, President of IMFL at India Glycols said that recognising the challenge of launching new whisky labels in a market driven by heritage and credibility, IGL opted to partner with Amrut rather than create a new single malt brand from scratch.

New Launches: Capital, Double Cask and Exclusive Editions
Vaziraney mentioned that in Delhi, three luxury expressions have been rolled out. They are Amrut Fusion – the flagship, internationally awarded Indian single malt; Amrut Amalgam Double Cask – an upgraded and more refined version of Amalgam, featuring new premium magnetic packaging; and Amrut Exclusive Edition – Capital Edition – a city-specific luxury malt positioned among the highest-priced Indian single malts.
In Uttarakhand, four variants have been introduced Amrut Fusion; Amrut Amalgam Double Cask; Amrut Exclusive Edition – Silver Jubilee Edition, commemorating 25 years of the state’s formation; and Amrut Amalgam Peated, catering to consumers who prefer smoky malt profiles.
Uttar Pradesh is scheduled for launch within the next month, with three luxury variants already approved under the agreement.

Export-Grade Quality
To align with international benchmarks, Amrut has increased alcohol strength for these markets with Fusion and Amalgam: 44.1% ABV (up from the usual export 42.8%) and Exclusive Editions: 48% ABV. He reiterated that the same malt quality supplied to export markets is being offered domestically, reinforcing its premium and luxury positioning.
The partnership is targeting aggressive growth in North India. Amrut and IGL are aiming to rank among the top three Indian single malt brands in key markets such as Delhi, UP, and Uttarakhand, with a 20% market share target in these regions.
With India’s single malt category continuing to grow rapidly both at home and abroad, the Amrut–IGL alliance signals a new phase of consolidation, premiumisation, and financial discipline in North India’s high-end spirits business.

Penfolds grows exponentially in the Indian market

Leave a reply

For over 180 years, Penfolds has been at the forefront of Australian winemaking, known globally for its pioneering spirit, craftsmanship, and commitment to quality. Established in 1844, the brand has built a reputation for creating highly regarded collectible wines, underpinned by its distinctive philosophy of multi-vineyard, multi-regional blending. Yodissen Mootoosamy, General Manager, Penfolds Global Sales outlines Penfolds strategy for the Indian market.

Yodissen Mootoosamy, General Manager, Penfolds

What kind of presence does Penfolds have in India?

Our key focus markets in India include Mumbai, Delhi, Bangalore, Haryana and Rajasthan. In addition to these markets, we are also actively expanding into high-potential regions such as Pune, as part of our broader strategy to strengthen Penfolds’ presence across India and drive market penetration. Additionally, our wines are also available in Uttar Pradesh, Tamil Nadu, Chandigarh and Uttarakhand.

What are the wines available in India?

Penfolds current portfolio in India includes our Koonunga Hill range, Bin offerings such as Bin 2 Shiraz Mataro, Bin 28 Shiraz, Bin 128 Coonawarra Shiraz, Bin 389 Cabernet Shiraz and Bin 407 Cabernet Sauvignon. The portfolio is thoughtfully selected based on key considerations such as consumer demand, pricing strategy and value chain alignment, ensuring we deliver both quality and accessibility for Indian wine consumers.

This selection is especially relevant in light of the growing premiumisation trend in India—66% of consumers report buying more premium wines than before, with 58% saying they are purchasing more high-end wine. Coupled with the increased consumption of wine during celebrations or special occasions, this presents a unique opportunity for Penfolds to offer elevated experiences that resonate with evolving consumer preferences.

What is your narrative for Penfolds wines in India?

With growing interest in global wine culture among Indian consumers, there is a unique opportunity to bring the story of Australian wine to a broader Indian audience. At Penfolds, we see education and storytelling as fundamental to building a lasting connection with the new generation of Indian wine enthusiasts—many of whom are just beginning to explore the world of global wine culture. We do this by bringing the Penfolds story to life from our rich 180 year plus winemaking legacy in Australia to our global collection that now includes wine from the U.S.A, France and China.

We conduct immersive and curated tasting sessions, masterclasses, and interactive events that go beyond the technicalities of wine and focus on its experience such as what it feels like to discover a new varietal, how wine can elevate local cuisine and the stories behind icons like Penfolds Grange. These activations are designed not only for connoisseurs, but also for curious first-time drinkers who are eager to learn, explore and connect with wine in a way that feels authentic and aligned with their lifestyle.

We also embrace India’s vibrant calendar of celebrations and gifting traditions by offering festive

packaging that elevates the experience of gifting wine. We introduced our limited-edition Bin 389 Cabernet Shiraz and Bin 2 Shiraz Mataro gift packs in India this year, both of which are thoughtfully designed to capture the warmth and richness of festive celebrations, featuring textured finishes and a refined palette of deep red and gold accents.

Beyond aesthetics, these packages are thoughtfully designed to make premium wine an aspirational yet approachable gift for weddings, Diwali, and other celebrations. By aligning with local customs and the importance of gifting in Indian culture, we position Penfolds as more than a bottle of wine—it becomes a meaningful gesture of sophistication and celebration. This approach allows us to tap into the emotional significance of gifting, creating a strong connection between Penfolds and life’s most memorable moments.

What are the price points for Penfolds wines in India?

Wine pricing in India varies across states due to local regulations and taxes. For example, Penfolds Bin 389 Cabernet Sauvignon Shiraz is priced between `8,320 and `11,800, while Bin 2 Shiraz Mataro ranges from `3,230 to `5,500.

We recognise that India’s alcobev market is highly state-driven, and our strategy reflects this complexity. By working closely with local partners and distributors, we aim to make Penfolds available in key metropolitan hubs and emerging wine markets, ensuring that enthusiasts and first-time buyers alike can experience our wines.

How do you plan to promote Penfolds wines in India?

India’s alcobev market is evolving, driven by millennials and Gen Z who are curious, experience- driven, and increasingly open to exploring premium wine as a lifestyle choice. At Penfolds, we see this as an opportunity to go beyond traditional marketing and create authentic, aspirational experiences that resonate with this new generation of consumers. We’ve been making strategic investments to connect with these consumers in meaningful and culturally relevant ways.

Through initiatives such as our culture-led limited-edition releases, and immersive wine tasting experiences, we’re redefining how consumers engage with wine. By blending elements of art, music, and storytelling, we aim to create memorable, multi-sensory experiences that go far beyond the traditional tasting, fostering a deeper, more emotional connection with the Penfolds brand.

We recognise that building awareness and aspiration around premium wines requires more than just availability—it requires education, experience, and engagement. Our strategy focuses on three key pillars:

Storytelling and Education: We aim to share the rich history and craftsmanship behind our wine through curated tastings, wine education programmes, and partnerships with sommeliers, wine influencers and content creators in India.

Experiential Marketing: We’re bringing the Penfolds experience directly to consumers through luxury retail placements, fine dining collaborations, exclusive tasting events and bar takeovers.

Tailored Portfolio: While we remain committed to showcasing our flagship wines like Penfolds Grange, we also offer a diverse portfolio that includes wines across various price points, ensuring accessibility while maintaining the distinct craftsmanship and quality Penfolds is known for.

Our focus is not just on selling wine, but on creating aspirational touchpoints that make wine more approachable, relevant, and desirable for a new wave of Indian consumers.

How is Penfolds faring worldwide?

Penfolds continues to resonate with consumers through innovation and cultural relevance. Initiatives such as our From Penfolds to the World pop-up and retail placements, limited-edition packaging and immersive tasting experiences like Transcend have reinforced brand equity, cementing Penfolds as a benchmark of excellence in the luxury wine category.

Which country is your major market?

Understandably, Penfolds resonates strongly in our home market in Australia, however Asia is a significant growth engine for the brand.

Within Asia, India stands out as a market with strong potential and promising long-term growth. While it’s still relatively young compared to more mature wine markets, the premium wine segment is at a very exciting inflection point, and the pace of evolution is remarkable. We’re seeing a growing base of urban, globally connected consumers who are not only willing to explore premium wines, but are also actively seeking authenticity, craftsmanship, and brand stories that resonate with their lifestyle.

India’s Alcohol Economy in 2025: Scale, State Power, and Structural Friction

Leave a reply

India’s alcoholic beverages sector moved through 2025 with steady demand and sharper value realisation. ICRA projected FY2025 volume growth at 4–5%, supported by easing input costs, while a later FY2026 update indicated revenue growth of 10–12% driven by higher realisations. Public estimates continue to place India’s drinks market near USD 60 billion.

State finances reinforced the sector’s importance. PRS Legislative Research highlights excise as a significant contributor to state revenues, with prohibition states as exceptions. Several states also accelerated digitisation and enforcement. Haryana’s rollout of QR-based track-and-trace systems, automated interest computation, and tighter compliance illustrates the administrative direction shaping operations nationwide.

Avneet Singh, Founder & CEO, Medusa Beverages

Yet operating reality remained state-defined. Entry timelines, label registrations, wholesale structures, retail formats, and duty resets vary widely, pushing brands to plan with state granularity rather than national uniformity. Avneet Singh, Founder & CEO, Medusa Beverages, notes, “Taxes can be 60–80% of the final retail price depending on the state,” adding that excise changes shape pricing and supply planning.

Hasan Bakhtawar, COO – Cased Business, Angus Dundee India

Hasan Bakhtawar, COO – Cased Business, Angus Dundee India, frames it as executional load: “Each state has its own unique regulations, permit requirements, and compliance processes,” with limited flexibility once excise terms are set.

Rakshay Dhariwal, Founder & MD, Maya Pistola Agavepura

For newer brands, uncertainty compounds the challenge. Rakshay Dhariwal, Founder & MD, Maya Pistola Agavepura, says, “The real challenge isn’t the variation itself, it’s the unpredictability.”

Abhinav Jindal, CEO & Founder, BeeYoung Beer

Abhinav Jindal, CEO & Founder, BeeYoung Beer, calls regulatory volatility “the most material risk to long-term capital deployment.” Sharad Tibarewala, Brand Owner, MCKT Beverages, maintains that provenance and heritage offer stability even when policy varies.

Sharad Tibarewala, Brand Owner, MCKT Beverages

Despite friction, consumption patterns strengthened. Singh points to “quality-over-quantity drinking,” estimating 20–25% growth in premium beer, alongside rising mid-ABV and draught demand. Jindal describes a shift from volume-led to value-led consumption, while Tibarewala links premiumisation to identity and craftsmanship, anchoring Khukri Rum’s positioning in Himalayan provenance.

Sanaya Dahanukar, Marketing Manager, Tilaknagar Industries Ltd

“The mid-range segment followed a separate logic. Sanaya Dahanukar, Marketing Manager, Tilaknagar Industries Ltd., attributes 2025’s momentum to ‘disciplined price-tiering and price-laddering,’ driven by strong brandy familiarity in the South and a whisky strategy designed to guide consumers across price points. Hasan Bakhtawar adds that mid-price growth is being supported by value-seeking behaviour anchored in trusted regional brands.”

Portfolio strategy grew more disciplined. Excise slabs compress price bands, forcing brands into narrow MRP clusters. State-wise SKU pruning, excise-year timing, and distributor economics now dictate leaner, market-specific assortments. Many brands defer launches to avoid partial-year exposure, prioritising fewer, better-timed entries.

Innovation in 2025 favoured defensible ideas. Jindal calls this “disciplined innovation,” while Singh highlights launches sustained by story and visual identity in a restricted advertising environment. Dhariwal and Gadvi link packaging to meaning, usability, and education, especially for younger consumers.

Looking ahead, 2026 will hinge on predictability. While premium, craft, and low-ABV segments gain traction, fragmented excise architecture remains the sector’s defining constraint. Brands entering the next cycle with disciplined portfolios, operational readiness, and clear brand meaning are best placed to convert demand into durable growth.

To read full article sign up or subscribe to the magazine.

How DEWAR’S Is Redefining the Modern Drinking Experience

Leave a reply

As India’s drinking culture evolves, the idea of indulgence is being quietly rewritten. Today’s consumer is no longer defined solely by what they drink, but how and why they drink it. Mindful moderation, premium non-alcoholic options, and experience-led consumption are reshaping bars, homes, and social rituals across the country. Bhavya Desai spoke to Inderjit Singh Dhingra, General Manager, Brown Spirits (India), Bacardi India on how DEWAR’S is navigating this transformation. Excerpts:

Inderjit Singh Dhingra, General Manager, Brown Spirits (India), Bacardi India

The non-alcoholic segment in India, Dhingra explains, is no longer a secondary choice or a compromise. Instead, it has emerged as one of the most dynamic spaces in the beverage landscape. Consumers today are making deliberate choices where they are choosing drinks that align with their lifestyles, moods, and social settings. And this ritual matters as much as the liquid. Glassware, presentation, complexity of flavour and the overall experience are now central to consumption—as much as the spirit.

This shift toward mindful moderation has prompted DEWAR’S to move beyond a traditional spirit-only mindset. The brand’s entry into premium mixers reflects a broader philosophy—one that ensures that every drink, alcoholic or otherwise, delivers the same standard of quality. Whether paired with a fine aged Scotch or enjoyed on its own, the aim is to make every moment feel elevated and intentional—and that Dhingra says is true to the DEWAR’S way.

What is particularly striking is how wide the appeal of this category has become. From younger consumers seeking visually appealing, well-crafted drinks, to seasoned whisky enthusiasts looking for balance without sacrificing quality, premium non-alcoholic options are finding a place across demographics. Even more traditional audiences are embracing these choices as part of modern socialising.

For DEWAR’S, this inclusivity fits naturally with its belief in experience-led drinking. Dhingra adds that for them every guest matters, and every serve should feel considered. By bringing craftsmanship and sophistication into mixers like soda and tonic water, the brand is extending its values beyond whisky— ensuring consistency in quality across the entire drinking occasion. Of course, that also gives them the fire power to do surrogate and expand the brand communication—an age old trick that many have used before.

Looking ahead to 2026, Dhingra points out that the way people drink is changing just as much as what they drink. Insights from Bacardi’s Cocktail Trends Report reveal a more intentional consumer—one who is trading up, learning more and engaging deeply with flavour and technique. Premiumisation is no longer reserved for special occasions; it has become an everyday expectation.

India’s consumers are also becoming increasingly cocktail-curious, eager to understand ingredients, methods and the stories behind their drinks. Social rhythms, too, are evolving. Earlier evenings, afternoon highballs and intimate gatherings are replacing late-night excess. The focus is shifting to meaningful connection— “day caps” instead of nightcaps—where quality trumps quantity. It is within this thoughtful, experience-first mindset that DEWAR’S feels most at home.

At the centre of DEWAR’S growth is a distinct consumer profile the brand calls “Life Explorers”. These are individuals who value authenticity, cultural awareness and enriching experiences over overt status symbols. Typically aged between 25 and 45, with higher disposable incomes, they invest in premium spirits and curated moments rather than fleeting trends. They are digitally engaged, socially active, and eager to share experiences—fuelling organic brand affinity.

Notably, DEWAR’S has also broadened its appeal beyond traditional whisky drinkers. As whisky appreciation becomes more inclusive, the brand has attracted a higher proportion of female consumers in India—around 34%, compared to the industry average of 24%. For these consumers, fulfilment comes from balance: success paired with freedom, and discovery paired with contentment.

Performance-wise, DEWAR’S continues to set benchmarks. It is currently the fastest-growing Scotch whisky in its segment, delivering a CAGR of over 30% in the last three years and maintaining year-to-date growth of over 25%. Yet, as Dhingra emphasises, what truly sets the brand apart goes beyond numbers.

DEWAR’S holds the distinction of being the world’s most awarded blended Scotch whisky—a testament to its unwavering commitment to quality. Central to this success is Master Blender Stephanie Macleod, whose ability to balance tradition with innovation has earned her the title of World’s Best Master Blender for six consecutive years. Her craftsmanship ensures that DEWAR’S remains timeless while continuing to resonate with today’s evolving consumer.

India, the world’s largest whisky market, represents a pivotal opportunity for the brand he adds. With the India–UK Free Trade Agreement expected to come into effect soon, Scotch whisky is poised to reach a wider consumer base than ever before he feels. For DEWAR’S, this makes India a must-win market.

The roadmap ahead focuses on consolidating leadership while sustaining momentum. Beyond scale and distribution, the brand is committed to building deeper connections through liquid innovation, immersive experiences, and culturally relevant storytelling. At its core, DEWAR’S remains anchored in its founding philosophy—creating moments and stories worth sharing.

He concludes that as India’s drinking culture continues to mature, DEWAR’S is not just raising a glass to growth, but to curiosity, craftsmanship, and connection. Here’s to discovering more. Here’s to the story.

Pregame: BYOB Trend Hits Bengaluru

Leave a reply

Bengaluru’s nightlife has never lacked imagination. Pubs are history, lounge bars are passe, microbreweries continue to vibe and now it’s the BYOB (bring your own booze or bottle, as you please) trend that’s making all the noise on social media. The city has long been India’s test lab for new drinking formats. Yet, the launch of ‘Pregame’ in Koramangala, a veritable waterhole, has added a fresh twist to that narrative, a hybrid concept that’s part liquor store, part bar, part restaurant, and entirely tuned into the city’s evolving drinking habits.

At first glance, ‘Pregame’ might look like another upbeat watering hole, neon signage, a buzzy crowd, a quick-serve menu, and loud playlists. But what sets it apart is its simple, subversive idea, “Bring your bottle, we’ll bring the vibe.” Customers can pick up a bottle from the liquor store on the ground floor or carry one they already own, and the venue takes care of the rest, the mixers, the glassware, the ice, the food, and the music. There is a minimal 9 per cent glassware and corkage fee.

Pregame founder S. Jagadish has created this space where people can shop, taste and experience the brands they prefer in a cool ambience and at prices that are so so reasonable. It is a go between a liquor shop and a pub, when it comes to pricing and experience.

It’s Bangalore’s newest “BYOB” (Bring Your Own Bottle) venue, but with a professional twist, legal, licensed, and curated for a safe, social, and Instagram-ready experience. And that’s precisely why it’s become a talking point across the city’s F&B circles.

Addressing a pain point

“We wanted to create a space that’s easy, social, and affordable,” adds Jagdish who describes Pregame as “an answer to the pre-drink dilemma.”

It’s a relatable pain point. In a city with soaring alcohol taxes and premium bar mark-ups, a night out can easily turn into a wallet-drainer. Many prefer gathering at home for a few drinks before heading to clubs later, hence the term “Pregame”. The founders simply turned that ritual into a business model.

At Pregame, guests can buy their bottle, pay a modest service fee, and enjoy the comforts of a bar without the inflated drink prices. The food menu is designed around the concept—shareable bar bites, skewers, sliders, and spicy chakhna. Add a DJ, community tables, and dim lighting, and you have a format that bridges the gap between home drinking and nightlife.

Bangalore’s Shifting Spirits Culture

The emergence of Pregame also signals a larger shift in the city’s drinking culture. Bangalore’s consumers, especially the 25–40 age group, are increasingly discerning about what they drink, how they drink it, and where.

Over the past five years, the city has seen a wave of premiumisation, the rise of craft gins, small-batch whiskies, and local rum brands. Artisanal spirits like Greater Than, Tamras, Samsara, and Short Story are now fixtures on retail shelves. Importantly, consumers are not just trading up, they’re also seeking control and creativity in their drinking experiences.

People are willing to pay for quality, but they also want flexibility. “The BYOB bar model like Pregame gives them both, they bring their own bottle, but still get the ambience and service of a bar. It’s clever and consumer-first.”

The BYOB concept is hardly new, but in India, it’s been a regulatory grey zone, with varying rules on liquor consumption in semi-commercial premises. Yet, states like Karnataka have slowly opened up to formats that blend retail and hospitality, provided they follow the correct licensing framework.

For Pregame, that’s where the innovation lies. The venue holds a retail licence, allowing the sale of alcohol to customers, and a separate dining space that offers the food and mixers. The result is a compliant, safe, and profitable middle-ground.

It’s not just about convenience. The social format itself has strong psychological appeal, shared ownership of the night. You bring your bottle, your friends bring theirs, and the venue turns it into a party. It makes the evening feel participatory rather than transactional.

This is also aligned with broader global trends. From London’s bottle clubs to New York’s mix-at-table lounges, post-pandemic nightlife has evolved toward personalisation and smaller, curated experiences rather than large-format drinking.

Changing Palates, Changing Playlists

Step into Pregame on a Friday evening, and you can sense the city’s evolving taste profile. The crowd isn’t ordering plain rum-and-coke anymore. Instead, they’re requesting tonics, ginger ales, low-sugar mixers, and even soda infusions with herbs or fruit. The cocktail menu focuses on refreshing spritzes, quick mixers, and easy pours that complement the BYOB ethos.

It reflects how Bengaluru’s drinkers have matured. The city’s residents, a mix of tech professionals, expats, and students, are increasingly health-conscious and mindful about consumption. The focus is less on quantity and more on quality and experience.

Low-alcohol and no-alcohol beverages are also making their way onto menus. Kombucha cocktails, flavoured sodas, and non-alcoholic G&Ts are regulars. This mirrors a larger urban trend—moderation as a lifestyle choice, not a compromise.

Experience is the Key

Another key reason behind Pregame’s buzz is its value proposition. With cocktail prices in premium bars often crossing ₹800–1,000, Pregame taps into a segment that seeks affordability without sacrificing atmosphere.

“Bangalore’s nightlife used to be binary, either dive bar or fine cocktail lounge,” says hospitality consultant Pranav Bhat. “Now, venues like Pregame sit neatly in the middle. They’re social, safe, and stylish, but they don’t intimidate you with luxury pricing.”

And that’s the sweet spot for Gen Z and millennial consumers. They’re drinking less, but better. They’re brand-aware, social-media-savvy, and eager to explore homegrown spirits. They prefer venues that feel authentic, communal, and experience-driven.

The timing couldn’t be better. Karnataka remains one of India’s largest alcohol-consuming state, and Bengaluru is its most lucrative market. Post-COVID, liquor retail sales in the city have surged, and premium spirits have seen double-digit growth.

This has also led to experimentation in how alcohol is retailed and served. Liquor boutiques with tasting counters, in-store mixology demos, and restaurant-linked stores are beginning to appear. The government’s push to formalise retail through better licensing has opened space for such innovation.

Industry analysts see formats like Pregame as part of a wider trend—the blending of retail, entertainment, and lifestyle. What used to be three separate industries are now converging.

If this experiment succeeds, it could redefine what a “bar” means in India’s metros. Not every social drinker wants a club or an expensive cocktail den. Some just want a table, their own bottle, good food, and better company, and that’s precisely the space Pregame is betting on.

In a city that loves its craft beer and boutique gins, the next phase of evolution might not be about what’s in the glass, but where and how that glass is raised.

R. Chandrakanth

Ambrosia

TIGERFIRE Vodka Debuts in India

Leave a reply

Positions Itself as a Founder-Led Super-Premium Label
Roll out across Maharashtra, Goa, Hyderabad, and NCR initially and national market

India’s premium spirits segment has a new entrant with the launch of TIGERFIRE Vodka, a French-crafted, super-premium brand co-created by actor Sanjay Dutt and entrepreneur Paresh Ghelani. After establishing a presence in the United States across premium retail and on-premise channels, the brand is now making its India debut with a strong focus on craftsmanship, design and founder-led authenticity.

Unlike celebrity endorsement-driven labels, TIGERFIRE is positioned as a brand built directly by its founders. Dutt spent four years working with master distillers in France to shape the liquid profile, which he describes as an expression of personal resilience and reinvention.

“TIGERFIRE is not a product, it is a piece of my story,” Dutt said. “It reflects the fire that has defined my journey and the belief that no matter how hard life hits, you never give in.”

Ghelani, who has led the brand’s strategic foundation and long-term planning, said India’s emerging consumer base is ready for spirits with global quality and a strong sense of purpose. “India’s new consumer is sophisticated, globally aware, and values authenticity. TIGERFIRE was built for that audience — crafted with precision and designed to endure.”

The brand’s core philosophy, “Never Give In,” draws on themes of grit, inner strength and second chances. Its design language is similarly rooted in storytelling. Led by global brand strategist Jason DeLand, the bottle went through two years of prototyping and features black-and-rose-gold detailing, intricate filigree inspired by Indian artistry and a distinctive mark of tiger eyes modeled on Dutt’s own.

Produced in France using 100% French winter pastry wheat, naturally limestone-filtered groundwater, triple distillation, triple charcoal filtration and micro-oxygenation, the vodka carries a 95/100 rating from the Beverage Testing Institute. TIGERFIRE is positioned as an artisan, character-driven spirit with a peppery warmth, silky texture and subtle smoky finish.

The brand is targeting the premium and lifestyle-driven vodka consumer, with a design and identity built around bold minimalism and a masculine, black-led aesthetic. TIGERFIRE will first roll out in Maharashtra, Goa, Hyderabad and the National Capital Region, followed by expansion into other Indian markets and select international duty-free locations.

With the launch, Dutt and Ghelani aim to build TIGERFIRE as a long-term global platform anchored in resilience and craftsmanship, rather than a momentary celebrity-led offering.

Tilaknagar Industries Debuting Seven Islands Pure Malt Whisky

Leave a reply

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.

Product Details:

Size: 750 ml

ABV: 42.8%
Price & Availability: `5,200 (Maharashtra)

Tilaknagar Industries Reports 16.2% Volume Growth in Q2 FY26

Leave a reply

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, 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.