| Potable Alcohol | Manufacture and sale of Indian Made Indian Liquor (IMIL) and Indian Made Foreign Liquor (IMFL) under proprietary and licensed brands. | Integrated manufacturing, exclusive contracts with global brands, strategic partnerships, strong brand portfolio and fungible raw material usage. | Primarily B2B (large bottlers, distributors) and B2C (end consumers) including government clients for country liquor. | Premium and super-premium spirit brands such as Nicobar Gin and Hillfort Whisky yield highest margins. | 79105 | 72 | Revenue from sales of proprietary and licensed alcoholic products through B2B and B2C distribution channels. | Direct sales with pricing reflecting brand positioning; premium products command higher margins. | Premiumisation, geographic expansion especially in key states, new product launches like Nicobar Gin and Hillfort Whisky. | Royal Falcon, Gold Seal, Jamaican Magic Rum, Karapov Vodka, Nicobar Gin, Hillfort Whisky |
| Ethanol | Production and sale of grain-based ethanol for fuel blending and other industrial purposes. | State-of-art grain-based ethanol plant with co-generation facility, feedstock flexibility, and strategic government alignment. | B2B customers including OMCs and private industrial fuel users. | Ethanol produced from grain feedstocks with cost advantage and co-generation power generation improves margins. | 33642 | 28 | Revenue from bulk ethanol supply contracts with oil marketing companies and private entities. | Market-linked pricing mostly driven by government administered ethanol prices. | Government ethanol blending mandates, expansion of ethanol plant capacity, sustainability initiatives boosting demand. | N/A |
