Jagatjit Industries makes whisky, brandy, vodka and gin under the Aristocrat brand, as well as whisky brands AC SekC and Binnie’s. It has a capacity of about six million cases and is investing ₹210 crore in an ethanol plant.

“I think in the next decade, you will see a ton of fantastic brands out of India. Customers are price-agnostic when they are buying premium or high-end liquor,” Jaiswal said in an interview.

To be sure, several Indian companies have dabbled in luxury and premium spirits in the last few years. Last November, Jagatjit’s competitor Radico Khaitan, that makes Rampur whisky and Jaisalmer Indian craft gin, said it will add several brands to its premium portfolio. In the white spirits category, Indian companies like NV Distilleries that makes Smoke vodka, as well as StillDistilling which makes Maka Zai Rum, sell them at over ₹2,000 a bottle.

Jasiwal said 2020 was a landmark year for the company as its sales grew 62%, after six years of losses. “We reversed approximately ₹50 crore of losses and came out of the red. In the next five years, our IMFL contribution margin will go up to 30% from brands like these,” she said.

The company had earlier reduced the number of states where it was present to consolidate its presence. At present, Jagatjit brands are available in 17 states, and it will enter Uttar Pradesh, West Bengal, Kerala. It will also target the Canteen Stores Department. It will re-enter the UP market after 17 years, West Bengal after eight years and Kerala after five years.

In January, Jagajit Industries plans to start work on an ethanol plant with a capacity of 200 kiloliter per day on 25 acres at its existing facility at Hamira in Punjab.

“We expect a revenue escalation from the ethanol plant at close to ₹400 crore,” Jaiswal said. The company also has a malted milk food division where it contract-manufactures Boost for Hindustan Unilever and has two units with a capacity to manufacture 120 tons a day of malted milk food. It also has a commercial real estate arm.