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.


Garden Café Brings the Joy of Christmas Alive With Santa Visits and Seasonal Comfort Food

Garden Café Brings the Joy of Christmas Alive With Santa Visits and Seasonal Comfort Food

By Manu Vardhan Kannan

Published on December 24, 2025

Garden Café is all set to spread festive cheer this Christmas by welcoming families into a warm and joyful setting filled with seasonal flavours, cheerful décor and the timeless magic of togetherness. As part of the celebrations, the café will be hosting Santa Claus, offering children an opportunity to interact, celebrate and create memorable festive moments.

Adding to the holiday spirit, Garden Café has curated a special menu that brings together comforting favourites and much-loved classics. Guests can enjoy popular offerings such as Garlic Cheese Pizza and Mushroom Cheese Pizza, along with a selection of South Indian staples including Mysore Dosa, Cheese Butter Masala Dosa, Podi Dosa, Thatte Idli, and freshly prepared Vada.

To complete the festive experience, the café will also be serving cosy winter beverages such as Hot Chocolate and the refreshing, aromatic Orange Blossom, creating a perfect balance of warmth and seasonal indulgence.

With festive décor, kid-friendly celebrations and a menu designed to appeal to all age groups, Garden Café aims to offer a heart-warming Christmas experience for families, friends and food lovers alike.

Speaking about the celebrations, Mr. Sandip Nowlakha, Owner of Garden Café, said, “Christmas is a time for togetherness and joy, especially for children. At Garden Café, we wanted to create a space where families can relax, enjoy comfort food and let kids experience the magic of Christmas with Santa. We look forward to welcoming everyone for a warm and memorable celebration.”


Mumbai Welcomes Indulge Creamery Café in Bandra West, Redefining Specialty Coffee and Premium Ice Cream Experiences

Mumbai Welcomes Indulge Creamery Café in Bandra West, Redefining Specialty Coffee and Premium Ice Cream Experiences

By Manu Vardhan Kannan

Published on December 24, 2025

Mumbai’s vibrant café culture welcomes a fresh addition with the opening of Indulge Creamery Café in Bandra West, introducing a thoughtfully curated destination that blends premium ice creams, specialty coffee, indulgent comfort food, and artisanal bakes. Designed for one of the city’s most trendsetting neighbourhoods, Indulge aims to elevate everyday cravings into memorable indulgent moments.

The concept brings together world-class ice creams, decadent milkshakes, artisanal single-origin coffees, premium burgers, and freshly baked treats under one roof. Every item on the menu follows a focused philosophy of doing the basics exceptionally well, with uncompromised quality, bold flavours, and consistent craftsmanship at its core.

The vision behind Indulge Creamery Café draws inspiration from founder Pawan Saluja’s global travels and passion for exceptional food experiences. Influences range from the playful creativity of ice cream brands in New York to the refined craftsmanship of European gelato and the adventurous flavour profiles discovered in Seoul. While India has embraced specialty coffee and artisanal bakes, the ice cream and café category still offered room for innovation, which led to the creation of Indulge.

At Indulge, indulgence goes beyond a single category. The menu features patented-recipe 87+ grade single-origin coffees sourced from India’s finest estates, alongside indulgent burgers, artisanal cookies, milkshakes, and premium ice creams. Each offering is intentionally curated to reflect precision, balance, and a commitment to delivering best-in-class café experiences. The brand also places strong emphasis on creating burgers that match global standards seen across the West and the Middle East.

Indulge Creamery Café seamlessly blends two emotions. The creamery experience evokes nostalgia and joy through classic scoops, while the café extends the experience into comfort, conversation, and food that encourages guests to linger. This dual identity positions Indulge as more than a dessert stop, transforming it into a vibrant social space.

The interiors, designed by Natasha and Parzan of Studio 6158, balance playful charm with premium aesthetics. Soft pink walls contrast with bold green tiled backdrops, mirrored accents, and a glowing ceiling that adds visual rhythm. The 500 sq. ft. space is open, inviting, and designed to be inherently shareable, making it ideal for casual café visits and celebratory moments alike.

Sharing his thoughts, Pawan Saluja, Founder, Indulge Creamery Café, said, “Indulge Creamery Café was shaped by a simple thought: why should indulgence stop at just one thing? I wanted to create a space in Bandra where an exceptional scoop of ice cream, a handcrafted coffee, a delicious burger, or an indulgent shake all feel equally special. Seeing guests connect not just with the food, but with the emotion and nostalgia behind it, truly fuels us.”

Looking ahead, Indulge Creamery Café plans to introduce seasonal specials, collaborate with culinary talent, and follow a thoughtful expansion strategy. With Bandra as its first landmark location, the brand aims to expand across India before exploring international markets within the next six years.

Address: Indulge Creamery Café, Hira Villa Apartments CHS Ltd., Shop No. 02 & 03, Opposite HSBC Bank, Dr Ambedkar Road, Pali Hill, Bandra (W), Mumbai – 400050

Operational Timings: 8:00 AM to 12:00 AM


All Things Breakfast Launches ‘Darcy & Company’, a Jane Austen–Inspired Artisanal Granola Brand from Pondicherry

All Things Breakfast Launches ‘Darcy & Company’, a Jane Austen–Inspired Artisanal Granola Brand from Pondicherry

By Hariharan U

Published on December 23, 2025

All Things Breakfast Pvt. Ltd. (ATB), a new-age food venture focused on reconnecting food with happiness, has announced the launch of its first flagship brand, Darcy & Company. Based in Pondicherry, the micro-bakery introduces a thoughtfully crafted range of artisanal, small-batch breakfast essentials, beginning with protein- and fibre-enriched granolas.

Marking the brand’s debut is The Jane Austen Anthology, a limited-edition granola collection launched to celebrate the 250th birth anniversary of the legendary author. The collection draws inspiration from the timeless charm, romance, and refined simplicity of Jane Austen’s literary world, translating it into flavours designed for modern Indian mornings.

Darcy & Company is founded by Rashmi Naik, who brings over two decades of corporate experience into a purpose-driven food venture. Inspired by a personal journey towards better nutrition and meaningful work, Rashmi, along with a close group of friends, set out to address a familiar dilemma—choosing between food that is healthy but dull or indulgent but unhealthy.

Darcy & Company was born from the belief that food should bring joy, not guilt,” says Rashmi Naik. “Our aim is to create breakfast options that are clean, nourishing, and genuinely enjoyable. Using activated seeds, local grains, and single-origin Indian ingredients allows us to strike that balance.”

The Jane Austen Anthology features four distinctive granola blends, each inspired by settings and themes from Austen’s novels. From the buttery comfort of Pride and Prejudice to the refined elegance of Emma, the blends marry global flavour inspirations with locally sourced Indian ingredients. Oats are sourced from Kerala, nuts and seeds from Auroville, and single-origin chocolate from Pondicherry and Wayanad, reinforcing the brand’s strong local sourcing philosophy.

At its core, Darcy & Company is built on principles of quality, trust, and sustainability. Each batch is mixed and slow-baked only after an order is placed, ensuring freshness. Nuts and seeds are activated through traditional soaking methods to enhance nutrition and digestibility, while ethical sourcing and responsible production remain central to the brand’s ethos.

More than a food brand, Darcy & Company positions itself as a mindful lifestyle choice—one that celebrates slow mornings, thoughtful eating, and simple pleasures. With its literary inspiration and ingredient-led approach, the brand aims to make breakfast the most anticipated meal of the day.

Darcy & Company’s granola range, including the Jane Austen Anthology, is now available for nationwide orders.

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