### **Overview** Jagatjit Industries Limited (JIL), established in **1944 in Punjab**, is a **pan-India conglomerate with an 81-year legacy** in manufacturing, distribution, and brand development across multiple sectors. The company operates primarily in the **alcoholic beverages, food nutrition, distillery, and real estate** segments. With a strong foundation in quality, affordability, and local craftsmanship, JIL has evolved into one of **India’s largest IMFL (Indian Made Foreign Liquor) producers** while strategically expanding into high-growth adjacent markets such as **ethanol and premium spirits**. --- ### **Core Business Segments** Jagatjit Industries has a diversified business model across the following verticals: 1. **Indian Made Foreign Liquor (IMFL):** Whisky, Brandy, Vodka, Gin, Rum 2. **Country Liquor (CL):** Manufactured and sold in Punjab and Rajasthan 3. **Distillery Products:** - Extra Neutral Alcohol (ENA) for internal use and third-party supply - Malt spirit – a key differentiator, with increasing production to meet growing market demand 4. **Food & Nutrition:** - Malted Milk Food (MMF) – produced under contract for **Hindustan Unilever Limited (HUL)** for **Horlicks and Boost** brands - Malt Extract (MEX) and food/distillery-grade malt production from barley sourced in Punjab and Rajasthan - Proposed leasing out of the MMF unit to optimize non-core operations 5. **Ethanol Manufacturing:** Entry into **green energy** via a **200 KLPD grain-based ethanol plant** 6. **Real Estate:** Ownership and leasing of premium commercial properties generating steady rental income --- ### **Key Strategic Initiatives (as of Sep 2025)** #### **1. Premiumisation Strategy in IMFL** Jagatjit is actively capitalizing on India’s rising **premiumisation trend**, driven by urbanization, higher disposable incomes, and evolving consumer tastes. - **Flagship whisky brands under promotion:** - **Royal Pride** - **King Henry VIII (Damn Good Scotch)** - **Royal Medallion** (premium brandy line) - **Upcoming Launches:** - **Luxury Indian single malt whisky** – to capture high-margin segments - Expansion of **Royal Medallion brandy** portfolio - The premium and above IMFL segment was valued at **₹630.32 billion in FY2025**, projected to grow at **10.79% CAGR** to reach **₹1,052.01 billion by FY2030**. #### **2. Distribution Model Transformation** - Plans to **transition from franchise-led to company-owned distribution** in the IMFL segment between **FY2027 and FY2029**. - This shift aims to: - Capture **gross revenues directly** - Enhance **supply chain control** - Enable **flexible pricing, faster innovation, and stronger brand positioning** - Re-entry planned in **high-consumption states** such as **Uttar Pradesh, Maharashtra, Tamil Nadu, Kerala, and West Bengal**, as well as **Canteen Store Departments (CSDs)**. #### **3. Ethanol Plant: A Growth Engine** - **200 kiloliters per day (KLPD) grain-based ethanol plant** commissioned in **July 2025**, nearing commercial production. - Aligned with **India’s ethanol blending program** and green energy initiatives. - Expected to generate **over ₹400 crores in annual revenue** with strong EBITDA margins from the first year. - Ethanol is projected to contribute: - **10% of total revenue in FY2024–25** → **25% in FY2025–26** - Market outlook: Indian ethanol sector expected to grow at **20.07% CAGR**, from **₹673.44 billion in FY2025 to ₹1,680.62 billion by FY2030**. #### **4. International Expansion** - Export footprint has expanded to **15 countries**, with **Nigeria and Russia** as new key markets. - Focus on **Africa, Middle East, and select Asian markets**. - Rolling out **new blends, modern packaging, and premium positioning** to strengthen global brand presence. - Long-term goal: Achieve **significant volume share** in international markets, targeting **25% of domestic export volume** over the next 5 years. #### **5. Operational Scale & Manufacturing** - **Manufacturing units in:** - **Jagatjit Nagar, Kapurthala, Punjab** (integrated facility) - **Behror, Rajasthan** - Production capabilities: - **3.03 million IMFL cases sold in FY2024–25** (up from 2.66M in FY22–23) - **2.49 million country liquor cases produced annually** - Malt spirit production increased from **1.2 lakh to 2.5 lakh liters/month** to support future single malt launch - MMF production capacity: **100 MT/day** (currently ~30,000 MT/year under HUL contract) - Food-grade malt supplied to **HUL and Continental Milkose (India) Limited** --- ### **Revenue Diversification (May 2025 Data)** JIL’s revenue streams are strategically diversified, reducing dependence on any single segment: | Segment | Revenue Contribution | |--------|-----------------------| | Liquor (IMFL + Country Liquor) | **74%** | | Malted Milk Food (MMF) & Malt Extract (MEX) | **24%** | | Rental Income (Real Estate) | **2%** | This mix helps **mitigate regulatory risks** in the heavily taxed Indian alcohol sector. --- ### **Brand Portfolio** Jagatjit’s IMFL portfolio spans across **value, mass, and premium segments**, with a strong emphasis on whisky. #### **Whisky Brands:** - **Royal Pride** - **King Henry VIII (Damn Good Scotch)** - **AC Black** - **AC Premium** - **AC Fine Whisky** - **Binnies** - **Aristocrat Premium** (legacy brand, nearly **50-year presence**, multiple entries in “Millionaire Club” for sales volume) - **Upcoming: Premium single malt whiskey** (India-made, luxury positioning) #### **Other Spirits:** - **Brandy:** Royal Medallion (new launch), AC Royale (in pipeline) - **Vodka:** IICE Vodka (available) - **Rum:** AC Rum, Landlords Rum, Raspberry Rum - **Gin:** Present in portfolio (brand names undisclosed) #### **Country Liquor Brands:** - **Bonnie & Binnies** --- ### **Real Estate & Non-Core Assets** - **Ownership:** Two prime commercial properties: 1. **~200,000 sq. ft. on 4 acres in Gurugram, Haryana** 2. **~23,000 sq. ft. at Ashoka Estate, Connaught Place, New Delhi** - Both properties are **leased out**, generating reliable rental income. - **Strategic monetization** of select real estate assets under consideration to **improve liquidity and reduce debt**. --- ### **Financial & Operational Performance** - **FY2024 Turnaround Success:** - Revenue: **₹734 crores** (+22% YoY) - Net Profit: **₹9.71 crores** (+17.1% YoY) - Key drivers: - Operational optimization - Adoption of advanced technology - Focus on premium products - Successful franchise model rollout in markets like Assam --- ### **Strategic Roadmap – Phase 1 & Beyond** - **Phase 1 (2019–2024):** Restructuring, franchise expansion, turnaround in profitability. - **Phase 2 (2025 onward):** - Re-entering high-potential domestic markets - Bringing key franchises under direct control - Launching premium and single malt brands - Commercializing ethanol plant - Targeting **3x revenue growth in 2–3 years** --- ### **Sustainability & Government Alignment** - The ethanol plant supports **India’s National Biofuel Policy** and **20% ethanol blending target by 2025–26**. - Use of **agricultural surplus grain** promotes farmer income and environmental sustainability. - Positions JIL as a **green energy contributor** in the distillery sector. --- ### **Management & Governance** - **Key Executives:** - Mr. Ravi Manchanda – Managing Director - Mr. Anil Vanjani – CEO & CFO - Mr. Deepankar Barat – President - Ms. Roshni Jaiswal – Promoter Family - **Promoter Family:** Over **seven decades of experience** in alcohol and food sectors; known to provide financial support during strategic inflection points. ---