Associated Alcohols and Breweries Ltd (AABL), one of India's leading alco-bev companies, is charting an ambitious growth trajectory with plans to double its revenues from over ₹1,150 crore in FY24 to ₹2,000-2,100 crore in the next 3-4 years. The company is betting big on premiumisation, brand diversification, and strategic market expansion to fuel its growth.

In an exclusive interview with CNBC-TV18, Tushar Bhandari, Whole-time Director at AABL said, "We expect our topline to grow by at least around 20-25% year-on-year. Within 3-4 years, we see AABL cross ₹2,000-2,100 crore in revenue."

Premium push across segments

Bhandari highlighted the company's focus on premiumisation in the non-beer segment, which is expected to be the main driver of revenue. "We are completely going on a premiumisation fund. We are looking to develop a particular premium brand in each category — rum, whisky, vodka, gin, tequila, the ready-to-drink (RTD) and brandy — so that no space is left,” he explained.

The strategy, Bhandari stressed, will help AABL offer a comprehensive portfolio across markets, enhancing its appeal to new distributors, importers, and international partners. "We will have an entire bouquet of services to offer to connoisseurs," he added.

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Indian spirits gaining global recognition

When asked about the premiumisation push and India-made spirits enjoying international attention, Bhandari noted, "Indian spirits have won recognition worldwide. If you go to any restaurant in London, you'll have all the Indian single malts available there. That gives us a very proud feeling."

He attributes this global traction to two major shifts — rising consumer aspirations and improved production quality. “Now the young generation… want to drink less, but they want to drink quality,” he said. “Earlier we used to see what is the cheapest whisky. Now they won’t drink the cheapest even with friends at home.”

The company’s handcrafted Nicobar gin recently won a bronze medal at the San Francisco Spirits Awards, adding to its growing international credentials.

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Domestic growth and market share target

Domestically, AABL aims for its brands to contribute 50% of its total revenue. “Over the last four decades, we've been known for the quality of the spirit we produce… Our triple-distilled extra neutral alcohol (ENA) was even used by Smirnoff in Europe during COVID," he said, elaborating that AABL has been performing well in Madhya Pradesh and Kerala, where it is now the third-largest player and the fastest-growing company to cross one million cases. It has an active presence in Delhi, Maharashtra, and Chhattisgarh and is now entering Uttar Pradesh, Goa, Pondicherry and Odisha. Moreover, the company is eyeing the lucrative canteen stores department (CSD) segment, with all brands showing consistent month-on-month growth.

International focus and product pipeline

While internationally, AABL has been supplying popular-category spirits like Central Province and Bombay Special to Africa and the UAE. It now plans to export its premium portfolio, including gin and whisky.

Back home, the product roadmap is packed, said Bhandari "This month (May 2025) we've launched our Central Province Vodka. In Q2 we're launching a ready to drink brand; in Q3, a premium brandy; and in Q4, a tequila," he said.

On the company's innovation-driven approach, he said it has created the world's first white brandy — a colourless brandy made from triple-distilled ENA. "We saw the high literacy rate and strong female workforce in Kerala, which is a brandy market, and launched Lemount — a white brandy and it was an instant hit," he said.

The road ahead

Discussing AABL's near future plans, Bhandari reiterated the revenue target of ₹2,000 crore over the next couple of years and emphasised that topline growth is only part of the vision. “Our primary objective is that whatever our topline would be, we have to have our own IMFL sale contribute up to 50% of it."

With a solid product pipeline, deep market insights, and a clear push toward premiumisation, AABL is positioning itself as a future-ready Indian spirits player in the domestic and global markets.