Indian Alcoholic Beverages Industry Poised for Growth in FY2025: ICRA Report

Indian Alcoholic Beverages Industry Poised for Growth in FY2025: ICRA Report

By Nishang Narayan

Published on October 10, 2024

The Indian alcoholic beverages (alcobev) industry is set to experience strong growth in FY2025, according to a recent report by ICRA. The report predicts a revenue expansion of 8-10 percent, driven by consistent demand for beer and a recovery in the consumption of spirits, as well as an increasing consumer preference for premium products.

In Q1 FY2025, the spirits industry saw a revenue increase of approximately 9 percent year-on-year (YoY), supported by 5-7 percent improvement in realizations and 2-4 percent volume growth. The beer industry, in particular, benefited from the peak season, recording a 12 percent YoY revenue increase, due to 3-5 percent volume growth and 7-9 percent rise in realizations.

Commenting on the volume growth, Kinjal Shah, Senior Vice President and Co-Group Head of Corporate Ratings at ICRA, said: “We expect the alcobev industry volume growth to improve to 5-6 percent in FY2025, up from ~4 percent in FY2024. Spirits volumes are projected to grow at a moderate pace of 2-4 percent, supported by favorable demographics and limited tax increases. Meanwhile, beer is expected to see a 5-7 percent volume growth, building on a high base from FY2024."

Despite the rise in grain prices, particularly non-basmati rice, the operating profit margin (OPM) for ICRA’s sample set of companies is anticipated to remain stable at 12-13 percent in FY2025, thanks to declining packaging material costs such as glass bottles, which benefited from lower soda ash prices.

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Shah noted, "While grain costs surged by 20-25 percent in H1 FY2025, prices are starting to stabilize, particularly for non-basmati rice. Additionally, price hikes granted by various state governments are expected to support margins. However, the diversion of grains toward ethanol production, driven by government blending mandates, will be a key factor to watch."

The capital expenditure (CAPEX) trend within the industry also points to sustained growth. Companies in ICRA’s sample set invested over INR 1,000 crore in FY2023 and FY2024, primarily to enhance distillery and brewery capacities. While CAPEX is expected to moderate to 2-3 percent of operating income in FY2025 and FY2026, this follows a period of significant capacity additions.

ICRA forecasts that debt levels will remain stable, supported by modest debt-funded CAPEX plans and strong cash accruals. Debt coverage metrics are expected to be healthy, with total debt/OPBDITA projected at 0.3-0.5 times and interest coverage at 27-30 times in FY2025.

In conclusion, the Indian alcoholic beverages industry is likely to remain in high spirits throughout FY2025, buoyed by a favorable demand outlook and stable profitability, despite rising input costs.


Monkey Bar Bengaluru Refreshes Menu with Comfort Classics and Global Twists

Monkey Bar Bengaluru Refreshes Menu with Comfort Classics and Global Twists

By Manu Vardhan Kannan

Published on July 12, 2025

Bengaluru’s favourite urban hangout just got tastier:

Monkey Bar on Museum Road has introduced a new menu — staying true to its spirit while dishing out bold flavours, comfort bites, and international flair. From bar snacks to hearty mains, this refreshed menu adds new favourites to an already vibrant food scene.

Still housed in its signature high-ceilinged space with warm lighting and a buzz of familiar playlists, Monkey Bar remains a go-to for casual lunches, spontaneous dinners, and those long evenings that stretch into the night.

New on the Menu

The update brings a mix of old-school comfort and fresh global flavours. Whether you're into small plates or classic mains, there’s something to satisfy every craving.

Some of the new highlights include:

  • Tuna Cutlet and Classic Paneer Tikka – starters with nostalgic appeal.

  • Chicken Tsukune – Japanese-style skewers that bring izakaya charm.

  • Cheese Burger – a timeless favourite done right.

  • Hariyali Fish Tikka – herb-marinated, perfectly grilled and fresh.

  • Hummus & Pita – a Mediterranean must-have.

  • Loaded Keema Wedges – a spiced Indian take on cheesy indulgence.

  • Military Mutton Biryani – aromatic, slow-cooked and flavour-packed.

  • Mutton Kofta & Appam – a fusion of South Indian and Mughlai richness.

These additions join Monkey Bar’s well-loved staples like comfort bowls, flatbreads, street food-inspired snacks, and its fun mix of cocktails and craft drinks.

Bengaluru’s Living Room, Now More Delicious

Monkey Bar isn’t just a gastropub, it’s a slice of Bengaluru life. It’s where old friends reunite, new plans are born, and spontaneous evenings unfold. The updated menu strengthens its status as a neighbourhood favourite that evolves with the city while keeping its soul intact.

With the right mix of nostalgia, innovation, and good food, Monkey Bar invites you to come hungry  and stay a little longer.

Fact Sheet

  • Address: First Floor, The Museum, No.1, Museum Road, Bengaluru, Karnataka 56000.
  • Timings: Open Daily – 12:00 PM to 1:00 AM.

Blue Tokai Teams Up with Ambrosia Gulf to Enter GCC Market, Debuts in UAE

Blue Tokai Teams Up with Ambrosia Gulf to Enter GCC Market, Debuts in UAE

By Nishang Narayan

Published on July 11, 2025

India’s largest and fastest-growing specialty coffee brand, Blue Tokai Coffee Roasters, is making its way to the Gulf. In a strategic move, Blue Tokai has partnered with Ambrosia Gulf, which will serve as its master franchisee for the GCC, starting with a flagship launch in the United Arab Emirates. This marks the brand’s first official foray into the Middle East.

With over 175 cafés across India and an international footprint in Tokyo, this partnership is a key milestone for Blue Tokai as it looks to bring its signature farm-to-cup coffee experience to a new audience.

Ambrosia Gulf, part of the Ambrosia Foods Group and backed by mid-market investment firm Pulsar Capital, will lead the expansion. The firm is already known for operating Papa Johns in India (with its first outlet set for September 2025) and managing Biryani By Kilo in the GCC, underlining its strong cross-border brand management capabilities.

“We’re excited to bring Blue Tokai to the UAE and share its incredible coffee story with the region,” said Vish Narain, Executive Chairman of Ambrosia Gulf. “We’re focused on building brands that prioritize quality, authenticity, and customer experience — values that Blue Tokai exemplifies.”

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Echoing this sentiment, Matt Chitranjan, Co-Founder and CEO of Blue Tokai, said, “It’s an exciting time for us as we grow beyond India into a market that appreciates traceability, craft, and community. Ambrosia Gulf’s operational expertise and deep local insights make them the perfect partners for this journey.”

Adding to this, Shivam Shahi, COO of Blue Tokai, shared, “Partnering with a group that already operates leading food brands across India and the GCC gives us confidence as we scale internationally. This isn’t just expansion — it’s about building a regionally aligned presence while staying true to our values.”

Beyond launching cafés, the partnership also aims to introduce Blue Tokai’s FMCG offerings to the GCC, tapping into HoReCa (Hotels, Restaurants, Cafés) and direct-to-consumer channels, thereby significantly broadening the brand’s reach.

The first Blue Tokai café in the UAE is expected to open by Q4 2025. Coffee lovers can look forward to experiencing Blue Tokai’s celebrated single-estate coffees, manual brewing styles, and a transparent, craftsmanship-driven café environment.


Namak Unveils New Menu Curated by Chef Kishor Singh, Fusing Timeless Indian Flavours with Modern Flair

Namak Unveils New Menu Curated by Chef Kishor Singh, Fusing Timeless Indian Flavours with Modern Flair

By Nishang Narayan

Published on July 11, 2025

Namak Indian Restaurant & Bar, a beloved culinary spot in Greenville for soulful Indian fare, has launched an exciting new menu curated by Sous Chef Kishor Singh. The refreshed menu is a vibrant celebration of India’s rich culinary landscape, seamlessly blending traditional flavours with a touch of modern sophistication.

Chef Kishor Singh, renowned for his deep respect for regional Indian cuisine and innovative approach, has thoughtfully reimagined both vegetarian and non-vegetarian dishes. The ‘Veg Entrées’ now spotlight regional nuances with creations like Sagg Paneer Pasanda, tandoor-charred Tandoori Paneer Makhni, and the comforting Dum Aloo Banarasi. Popular classics such as Dal Makhni, Raw Mango Curry, and Malai Kofta return with subtle, refined updates, staying true to their authentic roots.

For non-vegetarian lovers, the menu doesn’t disappoint. From the universally adored Butter Chicken to the fiery Laal Maas, each dish is a testament to India’s diverse flavour profiles. Highlights include Old Delhi Mutton Nihari, Prawn Mango Curry, and the coastal-inspired Fish Moilee in a delicate coconut gravy.

“This menu is not just about food, but about storytelling—each dish reflects a part of India’s culinary journey,” shares Chef Singh, whose expertise brings together age-old techniques and contemporary tastes.

Crafted using premium ingredients and traditional spice blends, Namak’s new menu encapsulates the warmth of Indian hospitality while inviting diners to embark on a journey of culinary discovery.

With its elegant ambiance, attentive service, and now an even more enticing menu, Namak Indian Restaurant & Bar continues to solidify its place as a must-visit dining destination in Greenville.

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