UBD targets 36,000 whisky cases in FY27 with premium Madhvan

Uppal Brewers and Distillers (UBD) is betting on premiumisation to drive growth, re-launching its Madhvan whisky in Delhi at Rs 1,240 per bottle. The company aims to double its total case volumes to 36,000 in the 2026-27 fiscal year, according to CEO Ankur Sachdeva.

The revamped product, named Madhvan Distillers' Tribute Blend, is the second expression of the brand following an initial launch in August 2025. After a three to four month market test, UBD pulled the first version back. "We ourselves did not feel satisfied with what we had done. So we decided to bring it back in and rework on the same brand," Sachdeva told the publication. The new version features a canister instead of a mono-carton and what the company calls a substantially improved, malt-led blend.

Market Strategy and Expansion

UBD is targeting what it identifies as a white space in the premium Indian whisky segment. The Delhi launch will be followed by a rollout in Odisha, Karnataka, and Goa during September. The plan is to have Madhvan available in all seven states where its flagship whisky Soorahi is sold by Diwali. This existing footprint includes Delhi, Haryana, Punjab, Odisha, Karnataka, Goa, and Daman.

The company closed the last fiscal year (FY26) with 18,000 cases sold across both the Soorahi and Madhvan brands. The first Madhvan expression contributed only a small portion of that total. Sachdeva expressed an aspiration for the new launch to mirror the early success of Soorahi. "Year one, we did 12,000 cases with Soorahi." he said.

Financial Commitments and Performance

UBD's parent group has committed around Rs 100 crore over three years to build the beverage business. More than Rs 50 crore of that has already been spent since the first bottle launched in January 2025. "Upwards of 50 per cent of that outlay has already been deployed," Sachdeva confirmed. The remaining capital is earmarked for portfolio expansion, broader geography, and deeper distribution.

The company's financial performance shows ambitious targets. UBD closed FY26 with a net turnover of Rs 13 crore after taxes. It expects this figure to rise to nearly Rs 30 crore in FY27, representing more than twofold growth. Sachdeva stated all profits would be reinvested, with the company expecting to reach a cash-flow neutral run rate the following year, contingent on gaining access to the CSD channel.

Future Portfolio and Channel Growth

Beyond whisky, UBD is developing a premium sipping rum intended for the luxury segment. This product may have an exclusive launch in travel-retail channels. A significant potential growth lever is the Canteen Stores Department (CSD), the retail network for Indian defence personnel. The company expects to become eligible to sell through CSD by next year. Sachdeva estimates this channel alone could add nearly 50% to the business's FY27 closing volume, though it would require additional working capital.

On distribution, the strategy involves deepening presence within current markets, not only adding new states. The company currently focuses on premium outlets in major cities but sees scope for wider penetration. All production is handled through a single dedicated line at a facility in Ponda, Goa, which serves the entire country.