Glenfiddich-maker eyes wider India portfolio as UK FTA cuts Scotch prices

“The immediate impact is going to be different state by state, but what is likely to happen is a 7-10% reduction in consumer prices,” Kartik Mohindra, managing director, William Grant & Sons India, told Mint in an interview. "It is not going to drastically alter the dynamics altogether, but it is a strong consumer-facing price reduction."

The FTA, which came into force in July, lowers customs duties on Scotch whisky in phases. Mohindra said the reduction is expected to soften prices across several states, although the extent of the benefit will depend on local excise structures and whether distributors or companies determine retail pricing.

High-growth market

India has emerged as one of the world's fastest-growing markets for imported Scotch whisky, although high import duties and state levies have largely confined premium international brands to affluent consumers.

For William Grant, the country has become one of its five largest markets globally, Mohindra said. “We know India is a high-growth market, and consumers have high aspirations for Scotch. Pricing was a deterrent. This softens that deterrent.”

He said the lower prices were to encourage first-time buyers to enter the imported Scotch category while also prompting existing consumers to trade up to older expressions within the Glenfiddich range. William Grant's India portfolio includes Glenfiddich, The Balvenie, Monkey Shoulder, Grant's blended Scotch and Hendrick's Gin.

Whisky continues to dominate its business, with Glenfiddich and Monkey Shoulder leading sales, while Hendrick's is its principal brand in white spirits. This month, Glenfiddich put out a new global visual identity in India.

India's total spirits market, categories including whisky, rum, vodka, gin, brandy, was around 408 million nine-litre cases at the end of 2024, according to the alcohol association CIABC. Of this, whisky dominated with about 250 million cases of the brown spirit sold.

Wider portfolio

The company plans to widen its portfolio in the country over the next few years. It will introduce a new Hendrick's gin expression shortly and is evaluating the launch of additional global brands as trade agreements make imported spirits more competitive.

It also owns brands including Irish whisky Tullamore D.E.W., tequila Milagro and premium vodka Reyka globally. Mohindra said the company is watching how trade agreements evolve before deciding when to introduce more of these categories in India.

“We will periodically look at expanding our portfolio so that we have a wider footprint,” he said, adding that an India-EU trade agreement could also create opportunities for products such as Irish whisky.

While the company continues to expand its range, Mohindra said it has no plans to compete aggressively in lower-priced segments, choosing instead to focus on premium and luxury spirits.

William Grant did not disclose absolute sales volumes but said its India business recorded double-digit growth in FY26. It said Glenfiddich 12 Year Old remains its biggest volume driver, while demand for older expressions such as the 15 Year Old and 18 Year Old continues to outpace the broader portfolio, reflecting consumers' willingness to spend more on premium spirits.

The company reported operating revenue of ₹338 crore in FY24, up 234.7% from ₹101 crore in FY21. Net profit rose to ₹85.4 crore from ₹5.2 crore during the same period, a 1,542.3% increase, showed its latest available financial statements accessed via business intelligence platform Tofler.

New markets

Growth is also becoming less concentrated in the country's largest cities. Mohindra estimated that around 45% of the company's business now comes from emerging cities, compared with 55% from metropolitan markets.

Over the next decade, he expected non-metro markets to contribute an even larger share as rising incomes create new demand for imported spirits. “The major delta of growth is going to come from emerging cities,” he said, pointing to markets such as Jaipur, Lucknow and Indore.

Changing drinking habits among younger consumers is unlikely to derail long-term demand, he said. While Gen Z consumers may drink less frequently than previous generations, they are increasingly choosing higher-priced products over larger quantities. “I don't think people are drinking to lose control anymore. They're drinking less but drinking better,” he said.