| Indian Made Foreign Liquor (IMFL) | Manufacturing and sale of branded whisky, vodka, brandy, rum, gin and flavored spirits across premium and regular categories. | Strong brand equity, extensive distribution network, exclusive access to CSD, and deep consumer insights offer competitive moat. | Consumers via retail outlets, on-trade licenses, Canteen Stores Department, and exports; focus on B2C and B2B segments. | Premium and super-premium brands including single malts and flavored vodkas deliver highest margins. | 3850 | 79 | Revenue primarily from retail sales, wholesale distribution, and royalties on select brands. | Combination of direct sales and contract bottling with structured pricing by brand and segment. | Premiumization trend, new launches, expansion into luxury spirits and increasing market penetration domestically and internationally. | 8PM Whisky, After Dark, Magic Moments Vodka, Rampur Single Malt, Jaisalmer Gin, Morpheus Brandy, Royal Ranthambore Whisky |
| Non IMFL (Bulk Alcohol and Others) | Production and sale of bulk alcohol including Extra Neutral Alcohol (ENA) for third parties and sanitizer production. | Own distilleries with high capacity and regulatory approvals provide operational advantages. | Alcohol manufacturers, sanitizer companies, and institutional clients; predominantly B2B focus. | Higher margin in value-added sanitizer and specialty alcohol products. | 1000 | 21 | Wholesale sales to industrial clients and government segments. | Contract-based and negotiated pricing with bulk volume purchasers. | Regulatory demand for ENA, sanitizer manufacturing, and industrial alcohol requirements. | Bulk spirits and alcohol supplies |
