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.


Seoul Dak Expands Footprint with First Mall Outlet at Phoenix Marketcity Mumbai

Seoul Dak Expands Footprint with First Mall Outlet at Phoenix Marketcity Mumbai

By Hariharan U

Published on June 30, 2026

Seoul Dak has marked a key expansion milestone with the launch of its first-ever mall outlet at Phoenix Marketcity in Kurla, Mumbai. Known for introducing authentic Korean flavours to Indian diners, the brand has previously built its presence through high-street locations and now enters a high-visibility retail environment for the first time.

The new outlet has been designed to bring the energy of modern Seoul into a mall setting, blending neon-inspired interiors, youthful design elements, and a vibrant ambience suited for both quick bites and relaxed dining. With this launch, Seoul Dak aims to make Korean cuisine more accessible to Mumbai’s growing base of K-culture fans, families, and young professionals.

As interest in Korean entertainment, fashion, and food continues to rise in India, the brand is focusing on offering an immersive dining experience rooted in authenticity while reflecting contemporary Seoul’s cultural identity.

The menu continues to highlight Seoul Dak’s signature offerings, led by its popular Korean Fried Chicken available in flavours such as Volcano, Hot & Spicy, Ganjang, and K-BBQ. The outlet also features Korean staples including Ramen, Tteokbokki, and Korean Corn Dogs, along with refreshing K-Pop Coolers and indulgent Bingsus.

To mark the launch, Seoul Dak will host a grand opening event on 10th July featuring interactive games, live entertainment, and themed experiences including a photobooth inspired by Korean pop culture. The celebration is expected to bring together food lovers and fans of Korean culture in Mumbai.

Speaking on the launch, Sean Lee, Founder of Seoul Dak, said the Phoenix Marketcity outlet represents a new chapter for the brand as it expands into mall formats. He added that the goal is to offer not just authentic Korean food, but also a cultural experience that reflects the creativity and vibrancy of Seoul.

With this opening, Seoul Dak continues its growth journey in India, focusing on expanding its footprint through new locations, menu innovations, and culturally driven dining experiences that bring Korean flavours closer to Indian consumers.


Third Table Redefines Goa Café Culture with a “Third Space” Built for Long-Stay Living

Third Table Redefines Goa Café Culture with a “Third Space” Built for Long-Stay Living

By Hariharan U

Published on June 29, 2026

Goa’s evolving café culture is no longer just about holiday stops and beachside breaks. A quieter shift is underway in areas like Porvorim, where cafés are beginning to reflect a more permanent way of living rather than a temporary escape.

At the centre of this change is Third Table, a new café founded by Anjali Gupta and located between Panjim and the busy Candolim–Calangute stretch. The neighbourhood itself has seen a steady rise in expats, remote workers, and creatives over recent years, particularly after the widespread adoption of flexible and work-from-anywhere lifestyles. What was once a transitional space is now becoming increasingly rooted in everyday living.

Third Table is built around the idea of a “third space”, neither home nor work, but something intentionally in between. It is designed as a place where mornings are unhurried, work feels less transactional, and time is experienced at a more natural pace. The café reflects a broader behavioural shift in Goa, where longer stays are reshaping how people interact with food, community, and public spaces.

This philosophy extends into the experience itself. Rather than fixed meal formats, the menu features customizable breakfast boards, allowing guests to build their own plates depending on their pace and preference for the day. The offering is complemented by design-led desserts and freshly brewed canned coffee, blending a sit-down café experience with a more flexible, contemporary format suited to hybrid lifestyles.

Inside, the space is defined by natural light, greenery, and a calm aesthetic that encourages guests to stay longer than planned. The atmosphere is intentionally unhurried, aligning with the café’s core idea that it is not a stopover, but a place to settle into.

Third Table also reflects a wider transformation in Goa’s identity. As the state increasingly becomes a long-stay base rather than a short-term vacation destination, cafés are evolving into anchor points in daily routines. Spaces like Third Table are emerging not just as food and beverage outlets, but as essential parts of how people structure their everyday lives.

For founder Anjali Gupta, the concept draws inspiration from European café culture, where cafés function less as transactional spaces and more as places of ritual, familiarity, and community. Third Table brings that sensibility into a Goan context, blending global influence with the region’s inherent “susegad” approach to life.

Rather than positioning itself as just another café in Goa’s growing hospitality landscape, Third Table is attempting to redefine what a café can represent in a place that is steadily shifting from tourism-led rhythm to lived-in experience.

At its core, Third Table is not just responding to Goa’s café scene, it is responding to how people now choose to live there.


Kinya Coffee Introduces Weekend Breakfast Experience in Bengaluru's Indiranagar

Kinya Coffee Introduces Weekend Breakfast Experience in Bengaluru's Indiranagar

By Manu Vardhan Kannan

Published on June 28, 2026

Kinya Coffee is bringing a fresh take on Bengaluru's growing breakfast culture with the launch of The Weekend Breakfast, a curated morning experience designed for those who enjoy good food, exceptional coffee and unhurried conversations.

Hosted every Saturday and Sunday at its Indiranagar café, the initiative celebrates the idea of slowing down and making breakfast an occasion rather than a routine. Inspired by the café cultures of cities such as Paris, London and Melbourne, the experience aims to create a welcoming space where guests can gather, connect and enjoy their weekends at a relaxed pace.

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Located in one of Bengaluru's most vibrant neighbourhoods, Kinya Coffee is tapping into the city's evolving appreciation for breakfast-focused dining experiences. As more people embrace leisurely mornings, breakfast is increasingly becoming a social and cultural experience rather than simply the first meal of the day.

The menu brings together a selection of globally loved breakfast dishes, including Eggs Benedict, Turkish Çılbır, Shakshuka, Japanese Tamago Sandwiches, breakfast boards, pancakes and French toast. Each dish has been thoughtfully prepared to offer familiar flavours with attention to detail and quality.

Complementing the food menu is Kinya's specialty coffee and matcha programme. Guests can choose from espresso-based beverages, pour-over coffees, cold brews and ceremonial-style matcha, all crafted to enhance the overall breakfast experience. The focus is on creating beverages that encourage guests to linger a little longer and enjoy the moment.

Beyond the menu, The Weekend Breakfast is designed as a gathering space for Bengaluru's diverse community. Whether it's entrepreneurs catching up before the week ahead, families enjoying quality time together, friends reconnecting over coffee or travellers exploring the city's café culture, the experience offers a setting that brings people together.

In a fast-paced world, Kinya Coffee's latest offering embraces the simple joy of slowing down. With comforting food, carefully crafted beverages and a warm atmosphere, The Weekend Breakfast aims to become a go-to destination for Bengaluru's weekend mornings.

  • Location: Kinya Coffee, 12th Main Road, Indiranagar
  • Date: Every Saturday & Sunday
  • Time: 9 AM – 1 PM

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