Amrut Distilleries Sets Ambitious ₹800 Crore Sales Target for 2030
As premium whiskies mature in the Indian market, Amrut Distilleries has unveiled ambitious growth plans targeting net revenues of ₹750-800 crore by 2030. The Bengaluru-based company, India's oldest whisky maker, is witnessing a significant transformation with premium variants becoming central to its expansion strategy rather than remaining niche offerings.
Premium Portfolio Driving Financial Performance
Rakshit Jagdale, managing director of Amrut Distilleries, revealed that the company expects net revenue of ₹610-615 crore in FY26, marking a substantial increase from approximately ₹550 crore in FY25. This growth trajectory underscores the company's successful pivot toward premiumization in the spirits market.
Single malt and pure malt whiskies now contribute about 35% of Amrut's topline, despite representing a smaller proportion of total volumes. This disproportionate revenue contribution highlights the premium segment's profitability and strategic importance for the 77-year-old distiller.
Capacity Expansion and Market Position
In the past year, Amrut has expanded its distillation capacity by 30%, increasing from about 9 lakh litres annually to nearly 13 lakh litres. This strategic move addresses the growing demand that continues to outstrip supply, particularly in the luxury whisky category.
The company now sells nearly a quarter of all Indian single malt whisky consumed domestically, with industry estimates placing the domestic Indian single malt market at approximately 3.5-4 lakh cases. In FY25 alone, Amrut sold about 1.8 lakh cases of single malt and pure malt whisky, with roughly 1-1.1 lakh cases sold within India.
Long-Term Investment Strategy
Jagdale emphasized that the benefits of capacity expansion will materialize gradually due to whisky's extended ageing requirements. "In single malt, you invest today for sales five or six years later," he explained, highlighting the forward-planning necessary in premium whisky production.
This extended maturation cycle presents working capital challenges across the malt whisky industry. Amrut has navigated this by funding its capacity expansion entirely through internal accruals, utilizing bank finance only for working capital needs while avoiding short-term debt.
Evolving Consumer Preferences and Market Dynamics
Anant S. Iyer, director general of the Confederation of Indian Alcoholic Beverage Companies, noted a significant shift in consumer behavior: "What we are seeing now is not just trial consumption but repeat demand. Indian single malts are increasingly being chosen for their own identity and provenance, not merely as substitutes for imported whiskies."
Several factors are driving this premiumization trend:
- Rising disposable incomes in urban markets
- Growing consumer trust in Indian-made premium products
- Industry-wide portfolio recalibration toward aged whiskies and limited editions
- Margin protection strategies as economy segments face cost pressures
Competitive Landscape and Future Outlook
Amrut operates in a competitive premium spirits market alongside players like Paul John, Radico Khaitan (makers of Rampur), and Piccadilly Distillery (makers of Indri). These companies are similarly focusing on premium offerings, with Radico Khaitan recently reporting that over 60% of its profits come from luxury spirits.
While optimistic about premium and luxury spirits continuing double-digit growth, Jagdale expressed caution regarding broader industry dynamics. Potential trade agreements, particularly the proposed India-EU free trade agreement, could reshape parts of the premium spirits market by making imported cognac, brandy, and Irish whiskies more accessible.
Despite these potential challenges, Jagdale remains confident about Indian single malts' resilience: "Indian malts are well accepted globally now. That segment is unlikely to be disrupted."
Portfolio Diversification and Export Strategy
Amrut's business extends beyond whisky, with rum continuing to dominate volumes at 55-60% through brands like Old Port and Triple X. The company produces approximately 6 million cases of spirits annually across categories ranging from economy to luxury.
Exports represent a strategic component of Amrut's business, accounting for around 4% of volume but 7-8% of value. The company initially relied on exports to build scale and credibility when it began producing single malt whisky in 2004, well before domestic demand accelerated.
Today, Amrut has expanded its footprint to over 20 states and built a comprehensive portfolio spanning whisky, rum, brandy, gin, and vodka. With city-specific whiskies, category experiments, and deeper specialization in localized flavours, the company is positioning itself to capitalize on India's evolving consumer palate and longer ageing cycles across spirit categories.
