As premium whiskies come of age, Amrut aims for ₹800 cr sales by 2030

The company expects a net revenue of ₹610-615 crore in FY26, up from about ₹550 crore in FY25, and is targeting ₹750-800 crore by 2030, Rakshit Jagdale, managing director of the Bengaluru-based distiller, told Mint.

Single malt and pure malt whiskies now contribute about 35% of Amrut’s topline, despite making up a far smaller share of total volumes. In the last one year, the maker of the namesake single malt, has expanded its distillation capacity by 30% and has doubled down on premium and luxury whiskies, though the gains will take time to flow in.

The additional output will translate into sales five to six years from now due to ageing time, said Jagdale.

The distiller produces about 6 million cases of spirits annually across categories ranging from economy to luxury. Rum continues to dominate volumes for the business, accounting for roughly 55-60% of volumes, led by brands such as Old Port and Triple X.

The 77-year-old company began producing single malt whisky in 2004, well before demand took off domestically, relying initially on exports to build scale and credibility. Since then, Amrut has expanded its footprint to over 20 states and built a portfolio spanning whisky, rum, brandy, gin and vodka.

In FY25, the company reported a net revenue of ₹550 crore, up 12% year-on-year. With capacity expansion last fiscal, city-specific whiskies and category experiments, Jagadle said, the company is now betting on India’s evolving consumer palate that can support deeper specialization, with more localized flavours and longer ageing cycles across categories.

The company’s value story has shifted sharply. Amrut (and its over 50 expressions or variants) sold about 1.8 lakh cases (9 litre per case) of single malt and pure malt whisky in FY25. Of this, roughly 1-1.1 lakh cases were sold in India, giving the company close to a quarter of the domestic Indian single malt market, which industry estimates peg at about 3.5-4 lakh cases. Exports account for a much smaller share by volume, at around 4%, but contribute 7-8% of value, as its single malts remain popular overseas. Amrut's total annual volumes of its entire spirits portfolio accounted for 60 lakh cases.

Maturing Indian whiskies

As per industry estimates, India-made single malts have maintained their lead over bottled-in-origin imported single malts in the domestic market, even as the overall single malt category has entered a phase of consolidation after years of rapid expansion.

Sales of Indian single malts have grown from about 1.18 lakh cases in 2022 to an estimated 4.1 lakh cases in 2025 (as of November), while sales of imported bottled-in-origin single malts have flattened over the same period, according to industry estimates. The trend points to a consolidation phase, rather than a slowdown, as the category matures.

For Amrut, the demand continues to outstrip its ability to supply, especially in luxury whisky, said Jagdale. That imbalance prompted the company to raise distillation capacity from about 9 lakh litres annually to nearly 13 lakh litres. But the expansion will not translate into immediate growth. “In single malt, you invest today for sales five or six years later," he said. “You have to plan well ahead."

The long ageing cycle places pressure on working capital, an industry-wide challenge in malt whisky. Jagdale said Amrut has funded its capacity expansion entirely through internal accruals and uses bank finance only for working capital, avoiding short-term debt.

“What we are seeing now is not just trial consumption but repeat demand," said Anant S. Iyer, director general of the Confederation of Indian Alcoholic Beverage Companies (CIABC). “Indian single malts are increasingly being chosen for their own identity and provenance, not merely as substitutes for imported whiskies."

Push for premium

Rising disposable incomes, premiumization and growing trust in Indian-made products have supported this shift, particularly in the urban markets, Iyer said.

While margins in economy whisky and rum have come under strain from higher grain prices, packaging costs and state levies, even as volume growth in mass segments slows, many Indian players such as Amrut and competitors like Paul John, Radico Khaitan (makers of Rampur) and Piccadilly Distillery (makers of Indri), are now focused on a more premium tilt.

Many companies have recalibrated portfolios towards aged whiskies, limited editions and differentiated releases to protect margins and brand equity. For instance, announcing its Q3 results late January, Radico Khaitan said over 60% of its profits came from luxury spirits.

Last year, Amrut launched its Expedition variant, a 15-year-old two-stage matured single malt whisky, priced at over $12,500 (about ₹10.5 lakh) a bottle.

While Amrut expects premium and luxury spirits to continue growing in double-digits, Jagdale struck a cautious note on the broader industry outlook. He said the proposed India-EU free trade agreement could reshape parts of the premium spirits market by making imported cognac and brandy more affordable, and Irish whiskies could also be a new entrant.

Jagdale, however, said he was confident there would be no direct threat to Indian single malts. “Indian malts are well accepted globally now," he said. “That segment is unlikely to be disrupted."