In the thread above, I couldn’t find any place where it has been stated that the revenue based on Indri alone would be thousands of crores. At best, it is implied that the EBITDA could be 300cr (Rs 400 per bottle) from Indri based on 25% margins for single malt (which implies a revenue of 1200cr) which is based on 20,000 bottles per day capacity the management is aiming for - ( Indian Single Malts Are Brewing A Global Change | Food Reviews News, Times Now (timesnownews.com) )
Also, please bear in mind:
- the domestic Indian single malt market has been growing at >20% for last few years which means market doubles every ~3yrs
(in fact, Indian SMW market grew by CAGR ~50% over the last 5yrs - Piccadily Agro Industries Ltd - #79 by anon ) - a large portion of production - almost 25-70% based on brand - of Indian single malts is exported so it wont come under domestic market size
- in 2023 Indian single malt sold more than the foreign scotch whisky.
- There is a growing trend from mass market to premiumization as was also stated by Diageo in their recent earning call.
Finally, please note that Indri is only a small part (at least currently) of Piccadily Distillery segment - they have a number of other products/brands as well as malt spirit, ENA and ethanol biz and also setting up a new dual feed distilley in Chhattisgarh which will be operational by Sep 2025 under GoI’s ethanol programme.