E-Malt.com News article: India: IndoBevs setting up a greenfield malt distillery in Uttar Pradesh

Alcobev firm IndoBevs is setting up a 40-acre greenfield malt distillery in Muzaffarnagar with an investment of about Rs 200 crore over the next two years, as the company doubles down on the premium whisky segment and builds long-term capacity for single malt production, Sameer Mahandru, Managing Director, IndoBevs, told ETRetail.

The upcoming facility will be developed as a resort-style ecosystem and is expected to have a peak production capacity of 12,000 litres per day, though actual output will depend on the maturation and ageing cycles typical of single malt whisky. The project is expected to be commercially operational in around four years.

“Whisky requires significant upfront capital and long maturation cycles. The malt distillery is part of our long-term strategy to build a strong premium whisky portfolio,” Mahandru said.

The Uttar Pradesh Excise Department recently announced that three new malt units, including IndoBevs’, have received licenses, making the project part of the state’s broader push to expand whisky production infrastructure.

Founded in 2007 as Indospirit, the company initially operated as a distribution partner for global alcobev majors including Pernod Ricard, Diageo, and Bacardi, building deep expertise in India’s complex regulatory frameworks, state-wise distribution networks and last-mile retail connectivity.

After nearly a decade in distribution, the company transitioned into brand ownership and launched its first proprietary label, BroCode, in 2018.

Today operating as IndoBevs, the company has 15 in-house trademarked brands, with BroCode contributing nearly 80 per cent of the overall turnover, while spirits account for 15–20 per cent of revenue.

“Our attempt with BroCode was to democratise wine consumption and remove the pretence associated with it. We wanted to make it accessible and youth-oriented,” Mahandru said.

IndoBevs currently sells slightly under 2 million cases annually and is targeting 2.5 million cases by 2027, with operations spanning 30 Indian territories.

The company’s spirits portfolio is led by whisky labels such as Enso, Wingman, and Glen Eden, the latter positioned as a premium yet accessible Scotch offering.

The Glen Eden portfolio, launched earlier this year, includes a single malt bottled in Scotland and a blended Scotch bottled in India, and is already available in five markets within six months, with plans to expand to 20 markets.

To support its manufacturing footprint, IndoBevs operates multiple production units, including a 5-acre flagship facility in Goa, a Nashik Wine Park facility, and a plant in Karnataka, besides tie-ups with over 10 manufacturing partners across India.

The Goa facility, spread across 40,000 sq ft, houses two RTD lines, two IMFL spirit lines, and a canning line, with a production speed of 120–140 bottles per minute and a total capacity of 4.5–5 lakh cases. The facility is also used by Beam Suntory, for which IndoBevs has been the bottling partner in India since 2019.

Meanwhile, the Nashik facility has a capacity of 1–1.5 lakh cases per month and currently produces 60,000–70,000 cases monthly, while the Karnataka unit adds another 50,000 cases to the capacity.

Financially, the company closed the last fiscal with revenue of about Rs 500 crore (net of duties) and is targeting Rs 700 crore next year, implying around 40 per cent growth, after registering roughly 30 per cent growth this year.

“Net of duties is important in our business because some companies report topline including excise duties, which inflates revenue figures,” Mahandru noted.

While IndoBevs has remained debt-free and fully bootstrapped for nearly two decades, the company may consider raising about Rs 100 crore in debt from next year to fund expansion in the whisky segment.

“We have built the business through internal accruals and do not intend to dilute equity since this is a family-run company. However, given the capital intensity of whisky, we may raise debt to support growth,” he said.

Internationally, exports have emerged as a new growth lever over the past two years, with the company now present in Canada, Africa, the UAE, Sri Lanka, Nepal, Seychelles, and Australia, while shipments are currently headed to New Zealand and the US.

“Exports to the US began about a week ago after tariff reductions,” Mahandru said, adding that discussions are underway with markets across Europe and Southeast Asia.

Export revenue currently contributes a single-digit share of the business but is expected to reach the higher single digits this fiscal, driven largely by demand for BroCode among the Indian diaspora.

“In markets like Canada, Australia, and the UAE, BroCode has been moving rapidly off the shelves. Initial shipments were trials, but we are now seeing repeat bulk orders,” he said.

Looking ahead, Mahandru said the company is targeting Rs 1,000 crore in revenue within the next three years, after which it will evaluate a potential IPO.


11 March, 2026