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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.
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.
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Published on June 20, 2025
In a historic win for Indian cuisine, Chef Vijay Kumar, hailing from a small village near Madurai in Tamil Nadu, has been awarded Best Chef: New York State at the prestigious James Beard Awards 2025. Held on Monday night in Chicago, the awards are regarded as one of the culinary world’s highest honours — and for the first time, an Indian restaurant and chef have claimed this top spot in New York.
Kumar is the Executive Chef of Semma, a restaurant that has revolutionized the Indian fine dining scene in New York. Part of the Unapologetic Foods group led by Chintan Pandya and Roni Mazumdar, Semma is unapologetically rooted in South Indian heritage, serving dishes rarely seen outside Tamil homes. From fiery nathai pirattal (snail curry) to eral thokku (spicy prawns) and foxtail millet khichdi, the food is bold, soulful, and deeply personal — served in clay pots and on banana leaves, often without cutlery.
Dressed in a traditional Veshti while accepting the award, Kumar shared an emotional moment:
“When I started cooking, I never thought a kid like me from Tamil Nadu could make it to a room like this. But the food I grew up with — food made with care and fire, with soul — is now taking the main stage. There’s no such thing as poor people’s food or rich people’s food. If it’s true, it’s powerful.”
Semma has consistently earned accolades since its opening in 2021. It holds a Michelin star for three years running and was crowned No. 1 on The New York Times’ 100 Best Restaurants list — a rare feat for an Indian restaurant. But for Kumar, this moment is about more than stars and rankings. It’s about representation, roots, and reclaiming pride in food once hidden in shame.
Growing up in Arasampatti, a village surrounded by paddy fields and coconut trees, Kumar recalls how dishes like snail curry were once considered farmer’s food — something to be kept from classmates. It wasn’t until culinary school that he saw escargot on a fine-dining menu and realized: “Maybe the world just hadn’t tasted our food yet.”
Originally dreaming of becoming an engineer, financial limitations led Kumar to pursue catering college — a twist of fate that launched a career celebrating the food of his ancestors. Today, with a James Beard medal and a mission that resonates from New York to Tamil Nadu, Chef Vijay Kumar has not only redefined fine dining but also carved a powerful space for heritage cuisine in global gastronomy.
Semma is no longer just a restaurant — it’s a revolution in flavour, identity, and cultural pride.
Globally celebrated French bakery and café PAUL is set to make its Bengaluru debut this August with its first outlet at Orion Gateway Mall, Rajajinagar. With a rich legacy spanning over 135 years, PAUL brings its signature French charm to the city in a stunning alfresco lakeside setting covering 3,850 square feet.
The menu will feature a refined selection of authentic French delicacies—from quiche lorraine, croque monsieur, savoury crêpes, and French onion soup, to caramelized canelés. Bengaluru’s food lovers can also enjoy sourdough Napoletana pizzas, tartines, pastas, rice bowls, salads, risottos, sandwiches, and refreshing beverages—all made using the finest locally and internationally sourced ingredients.
The Parisian-style ambience at PAUL makes it the perfect spot for a cozy breakfast, a laid-back brunch, or even a quick solo indulgence. Whether it's a casual coffee date or a business meeting, PAUL promises a slice of France in the heart of the city.
Sunil Munshi, Senior Vice President – Retail, Brigade Group, said:
"The upcoming launch of PAUL at Orion Gateway Mall furthers our commitment to delivering globally inspired experiences crafted with innovation and care. We’re excited to bring this iconic French tradition to Bengaluru and confident it will become a favourite among the city's food connoisseurs.”
Vaibhav Kaushish, Chief Operating Officer, PAUL India, added:
“Opening our first outlet in Bengaluru is a significant milestone. Staying true to our brand's philosophy of Eat Well, Live Well, we bring the finest ingredients—free from palm oil and artificial additives—and French staples like viennoiseries, hot chocolate, and pain au chocolat to this vibrant city.”
PAUL’s commitment to authenticity, wellness, and sustainability, combined with its heritage of artisanal craftsmanship, makes it a much-awaited culinary destination for Bengalureans. With its debut, the city is all set to savour the best of French bakery traditions—one croissant at a time.
Figaro’s Pizza has unveiled a bold new chapter, staying true to its roots while elevating every element of the pizza experience. Known for its dedication to freshness and flavour, Figaro’s reaffirms its core philosophy: honest ingredients, expertly crafted.
At the heart of every Figaro’s offering is fresh dough made daily, 100% real cheese, and never-frozen vegetables—a trio that ensures every bite is not just delicious but crafted with intention and integrity.
1. Mama’s Favorite PizzaA classic with a twist. Perfect for those who love bold, meaty flavours, this pizza combines chicken pepperoni, sausage, mushrooms, olives, and capsicum, layered on your choice of red sauce or creamy garlic base. A celebration of richness and balance.
2. Rainbow PizzaVegetarians, rejoice! This colourful and flavour-packed pizza brings together garlic mushrooms, baby corn, black olives, capsicum, and tomatoes. It’s a visual and gastronomic treat, offered with Figaro’s signature red or creamy garlic sauce.
3. Figaro’s Special Garden SaladFresh, light, and full of crunch, this salad brings together capsicum, onions, tomatoes, and olives tossed in Caesar or Italian dressing. A perfect pairing to any main.
4. Santa Fe BBQ SandwichComfort meets bold in this grilled chicken sandwich, layered with sweet onions, red paprika, tomatoes, melted cheese, lettuce, and a generous drizzle of smoky BBQ sauce. A hearty choice for those craving depth and flavour.
Whether you’re a loyal Figaro’s fan or a new diner, the menu’s flavour-forward philosophy ensures there’s something to love. These creations are more than meals—they’re crafted experiences, designed to satisfy both the stomach and the soul.
At Figaro’s Pizza, flavour isn’t just served—it’s redefined.
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