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Piccadily Agro Industries Limited, the company behind the Indri single malt and Camikara rum, has introduced a new product in its premium liquor portfolio—Cashmir, a small-batch vodka. With this move, the company extends its presence in the ultra-premium spirits segment, diversifying beyond whisky and rum into the vodka category.

Cashmir is produced using heritage Indian winter wheat, which is organic, non-GMO, and non-hybrid. The vodka is distilled seven times to achieve a refined texture and is blended with glacial water sourced from the Kashmir Valley. According to the company, the water used is naturally rich in minerals and contributes to the product's overall profile of purity.

The production of Cashmir is aligned with Piccadily's broader approach to sustainability, featuring ingredients and processes designed to have a minimal environmental footprint. The vodka is being launched in limited quantities and is targeted at discerning consumers in both domestic and select international markets. The alcohol by volume (ABV) is 42.8 percent.

Surrinder Kumar, Master Blender at Piccadily Agro Industries Limited said, “Cashmir Vodka is my heartfelt tribute to the breathtaking land of Kashmir—a place that holds deep personal meaning for me. As a proud Kashmiri, it was important to craft something that not only reflects the purity and beauty of the region but also captures its soul. With Cashmir, we’ve created an ode to the valley’s natural splendour, using its pristine glacial waters and honouring its timeless heritage.”

Praveen Malviya, CEO (IMFL), Piccadily Agro Industries Limited stated, “With Cashmir, we proudly expand our portfolio beyond award-winning single malts and rums into the world of ultra-premium vodka. This is a natural evolution in our journey to place Indian spirits firmly on the global map—defined by quality, authenticity, and innovation. Cashmir embodies the very essence of Indian luxury: rich, refined, and rooted in tradition.”

With the introduction of Cashmir, Piccadily Agro continues to enhance its position within India’s growing premium alcoholic beverages market, catering to evolving consumer preferences for high-end, small-batch spirits.

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   Allied Blenders and Distillers Limited (ABD), India’s largest domestic spirits company by volume, has reported its audited financial results for the fiscal year 2025, posting record figures across key financial indicators. <em><strong>The company continues to consolidate its position in the Indian spirits industry through a focus on premiumization, backward integration, and operational efficiency.</strong></em>
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   <strong><u>Financial Performance:</u></strong> FY25 and Q4 Highlights<br>
   For FY25, ABD reported an income from operations of Rs 3,541 crore, marking a 6.2 percent increase over the previous year’s Rs 3,334 crore. <em><strong>EBITDA reached Rs 451 crore, an 81.7 percent jump from Rs 248 crore in FY24, while PAT rose significantly to Rs 195 crore compared to Rs 2 crore a year earlier.</strong></em>
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   In Q4FY25, ABD registered its third consecutive profitable quarter following its IPO in July 2024. Quarterly revenue stood at Rs 935 crore, up 21.4 percent year-on-year. <em><strong>The company posted its highest-ever quarterly EBITDA at Rs 150 crore, a 141.5 percent rise from Rs 62 crore in Q4FY24. PAT for the quarter came in at Rs 79 crore, compared to a net loss of Rs 2 crore in the same period last year.</strong></em>
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       Alok Gupta, Managing Director of ABD said, “<em><strong>We are pleased to report third consecutive quarter of robust performance following our IPO... validating both our strategic direction and its effective execution.</strong></em>”
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   <em><strong>The company’s Board of Directors has proposed a final dividend of Rs 3.6 per equity share (180 percent) for FY25, subject to shareholder approval.</strong></em>
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   ABD reported significant growth in its premium product segments during Q4FY25, delivering 8.5 million cases—up 20.8 percent from 7.1 million in Q4FY24. <em><strong>The Prestige and Above (P&amp;A) segment now accounts for 42.4 percent of total volume, up from 38.6 percent a year ago. In value terms, P&amp;A contributed 51.6 percent of the business.</strong></em>
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   <em><strong>ICONiQ White, recognized as the world’s fastest-growing spirits brand in 2023, crossed 5.7 million cases in FY25—a 151 percent increase over FY24.</strong></em> The brand is now available in 24 states and union territories.
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   In April 2025, ABD launched ABD Maestro Pvt Ltd, a venture in partnership with actor Ranveer Singh, focused on super-premium and luxury spirits. The company also continued to expand its high-end portfolio:
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       Arthaus Blended Malt Scotch Whisky, launched in late 2024, has expanded beyond Maharashtra to six other states.
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       Zoya Gin, which introduced two new flavors in January 2025, is now present in eight states and UTs.
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       Woodburns Indian Whisky acquisition was completed in January 2025 and is currently available in seven markets.
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   ABD’s backward integration plans remain on schedule. Its recently acquired ENA distillery in Maharashtra is operating at full capacity. <em><strong>Construction on new PET bottling and malt facilities in Telangana is underway, with completion targeted for Q3FY26 and Q4FY26 respectively.</strong></em>
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   In Q4FY25, EBITDA rose 25.1 percent over the previous quarter and 141.5 percent year-on-year. EBITDA margin improved to 16.1 percent, compared to 12.3 percent in Q3FY25 and 8.1 percent in Q4FY24. Cost control and a focus on high-margin state-brand mixes were key contributors to this performance.
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   <em><strong>ABD has partnered with CRISIL Ltd to strengthen its governance framework through a Governance and Value Creation (GVC) assessment aimed at aligning with global best practices.</strong></em>
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   The company also sees growth potential from the India-UK Free Trade Agreement, which could reduce import duties on bulk scotch. This is expected to enhance margins and support the growth of ABD’s super-premium and luxury portfolio.
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   In FY25, ABD expanded its exports footprint to 23 countries from 14 in FY24. <em><strong>ICONiQ White is now available in five international markets, while Zoya Gin is set to launch in the UAE in Q1FY26. ABD has also secured approvals to export to Canada and the EU.</strong></em>
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   ABD received five awards at the INDSPIRIT Awards 2025, including Company of the Year. Arthaus Blended Malt Scotch Whisky won three awards, while Zoya Special Batch Watermelon Gin was named Best Flavoured Gin.
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   At the 2025 Icons of Spirits Awards, ABD was highly commended as 'Distiller of the Year' and Arthaus was named 'Winner - Editors Pick India.'
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Indian whisky brand SOORAHI, developed by Uppal Brewers and Distillers Pvt. Ltd. (UBD), has announced the onboarding of Ankur Chawla as its Brand Evangelist. This move aligns with the company's strategy to strengthen its presence in the food and beverage industry and increase engagement with consumers through hospitality-led initiatives.

Chawla, a known name in the Indian F&B sector, brings years of experience from the hotel and beverage industry. His association with SOORAHI is expected to support brand-building efforts, particularly through industry training and curated experiences. “We are excited to have Ankur Chawla join us as Brand Evangelist. Ankur’s journey of self-exploration embracing new cultures and experiences makes him a natural fit for SOORAHI,” said Ankur Sachdeva, CEO of UBD.

As part of the collaboration, Chawla will conduct skill development and tasting sessions tailored for bartenders, service staff, and hospitality professionals. These sessions will begin in Delhi and are intended to strengthen SOORAHI’s engagement with frontline staff in key hospitality outlets, creating a link between its retail availability and consumer experience.

Additionally, Chawla will design SOORAHI Signature Serves and Cocktails that take inspiration from various Indian climate zones. His role includes participation in curated tasting sessions and brand events aimed at reinforcing the company’s focus on cultural storytelling.

Ankur Chawla said, “This partnership is a reflection of my own passion for travel and the joy of connecting with people from diverse backgrounds. With SOORAHI, we’re not just sharing another new whisky to the connoisseur; we’re in quest to create experiences that celebrate the beauty of exploration and culture.”

Kanhav Uppal, Co-Owner, UBD added, “Ankur’s experience of working with top hotel brands adds to his expertise in curating experiences that resonate with people, which will play a key role in bringing our vision to life, connecting with both the F&B community and whisky lovers across the region.”

SOORAHI, which derives its name from the words Soo (good) and Raahi (traveller), positions itself around the theme of exploration and shared experiences. The collaboration aims to further embed this ethos into consumer touchpoints through its outreach in both retail and hospitality formats.

Radico Khaitan Ltd known for brands such as Rampur single malt and Jaisalmer gin, is intensifying its focus on the luxury spirits segment in the current fiscal year, building on strong volume growth across both premium and mass-market offerings.

According to Managing Director Abhishek Khaitan, the company plans to introduce two luxury products in FY26—across brown and white spirits—aimed at both domestic and international markets. This follows the March launch of its luxury liqueur, Ankahi.

“We will enter the super-premium whisky segment within the first half of the year in these high-growth categories, which will continue our premiumisation journey. Our craft luxury gin, Jaisalmer, now has 50 percent of the market share in its category and Rampur single malt, similarly, is also doing very well," said Khaitan. 

In FY25, Radico Khaitan sold 31.36 million cases of Indian-made foreign liquor (IMFL), marking a 9.2 percent increase over the 28.7 million cases sold in FY24, as per its stock exchange filing.

The company’s luxury portfolio—priced from Rs 4,000 to Rs 5 lakh per bottle—contributed Rs 340 crore in revenue for FY25. The target for FY26 is a 30 percent growth in this segment to reach Rs 500 crore.

“The luxury is a segment where a lot of Indian companies aspired to be. In 2016, we first launched our single malt range and we're seeing the returns of that now, about 7-8 years later,” said Khaitan. 

Radico Khaitan also rolled out 8PM Premium Black, a grain-blended Indian whisky, as part of its broader premiumisation strategy. Two additional luxury brands, currently in the pipeline, have been under development for two years.

In FY25, the company’s consolidated revenue rose 10.4 percent to Rs 17,098.5 crore, compared to Rs 15,483.9 crore in FY24. Net profit increased 31.86 percent year-on-year to Rs 345.61 crore.

The company's higher-priced “prestige and above” brands contributed 13 million cases, representing a 15.5 percent rise, and accounted for nearly 70 percent of the company’s total liquor sales value. During the January–March quarter, Radico Khaitan posted its highest-ever quarterly volume at 9.15 million cases, up almost 28 percent year-on-year.

Khaitan stated that this trend is expected to continue. “In the last five years, we have surpassed the industry and have grown higher than it. We feel the trend will continue and we will grow our ‘prestige and above’ segment by 15 percent or more in FY26. Volumes in the regular range have come back, and this will grow 12-14 percent as well, as cost pressures on grains, etc., are easing. Our luxury business will lead the charge at 30 percent," he said.

Industry-wide, the alco-bev sector grew 8–10 percent in FY25, supported by steady demand and consumer shift toward premium offerings, according to Icra Ltd. Operational margins remained stable at 12–13 percent, helped by lower packaging costs, despite cost pressures from grain prices.