Tahmar Enterprises is a distillery that was born from a paper company’s ashes - it sold its factory, rewrote its legal charter, and bought a working grain-to-alcohol plant to become a supplier of ethanol, spirits and animal feed in one stroke. The company’s entire business now runs from a single manufacturing campus at Gadhinglaj, Maharashtra, where it ferments grain into a cascade of products - fuel-grade ethanol, food-grade alcohol for bottlers, branded liquor, and protein-rich cattle and fish feed - each step extracting value from the same raw material. That integrated, single-site logic is the recurring approach: one grain input, multiple revenue streams, and a plant designed to recycle every by-product and every litre of water. # Business segments One integrated distillery campus producing four product streams from the same grain input - fuel ethanol, food-grade alcohol, branded spirits, and animal feed - each at a different stage of commercial maturity. ## 1. Extra Neutral Alcohol: the factory’s foundation product **A colourless, 95%-plus-purity food-grade alcohol that is the base ingredient for every major spirits brand, cosmetic and pharmaceutical - and the product that generates the largest share of the company’s revenue today.** - **The plant’s core output** - the Gadhinglaj distillery has an installed capacity of 45 kilolitres per day (KLPD) for Extra Neutral Alcohol, and ENA manufacturing contributed roughly 38% of total turnover in FY25, making it the single largest revenue stream. - **One alcohol, many buyers** - ENA is the primary raw material for making whisky, vodka, gin and liqueurs, but it also goes into perfumes, hair sprays, antiseptics, cough syrups and printing inks, so the company sells into beverage, personal-care and pharmaceutical supply chains from the same tank. - **Grain-based, not molasses-based** - the company makes Grain Extra Neutral Alcohol (GENA) from grain rather than from sugarcane molasses, which gives distillers a raw-material source independent of sugar-industry cycles. ## 2. Ethanol: the biofuel bet on India’s blending mandate **A 99.9%-pure alcohol destined for petrol tanks, not bar counters - positioned to ride the government’s order that every litre of petrol must contain 20% ethanol.** - **The mandate is the demand** - India’s E20 policy requires a 20% ethanol blend in automotive gasoline, and national production capacity is still just shy of what the mandate needs, so the company is expanding ethanol capacity specifically to fill that gap. - **Capacity is being built, not just planned** - the company has proposed adding 75 KLPD of dedicated ethanol capacity, which would lift total ethyl-alcohol capacity from 45 KLPD to 120 KLPD, and the Maharashtra government approved the project as a ‘Large Scale Project’ with a fixed capital investment of roughly Rs. 114 Crores. - **Same grain, different destination** - ethanol is chemically the same substance as the alcohol in ENA, but purified to 99.9% and sold as a fuel additive, solvent and chemical feedstock, so the expansion lets the company switch output between food-grade and fuel-grade markets depending on demand. ## 3. Indian Made Foreign Liquor and Country Liquor: the branded-spirits play **The company has the licences, the bottling hall and the environmental clearance to make its own whisky, vodka and country liquor - but commercial production is still being readied.** - **Licensed but not yet bottling at scale** - the Maharashtra Pollution Control Board consent authorises manufacture of grain-spirit-based Country Liquor at 6,000 units per day and IMFL at 3,000 units per day, and the Board directed management in November 2024 to pursue the licensing needed to start production. - **The shed is already standing** - a 30,000-square-foot factory shed and bottling infrastructure are already in place at Gadhinglaj, so the capital outlay to enter branded spirits is lower than building from scratch. - **An acquisition path for IMFL scale** - in November 2025 the company applied to participate in the resolution process of SDF Industries Limited in Kerala, aiming to expand its IMFL bottling capacity by acquiring a distressed asset. - **Defending the local-liquor framework** - the company filed an intervention in the Bombay High Court supporting the Maharashtra Made Liquor (MML) framework, which suggests it sees a regulatory opportunity in state-level country-liquor policy. ## 4. Animal-feed by-products: the protein business that rides on the alcohol **Every litre of alcohol leaves behind protein-rich grain solids - and the company dries and sells those solids as cattle, poultry and aquaculture feed, turning a waste stream into a second revenue line.** - **Two forms, two markets** - the plant produces Dried Distillers Grain Solids (DDGS) at 30 metric tonnes per day, with roughly 50% protein content for poultry and cattle, and Distillers Wet Grains Soluble (DWGS) at 85 metric tonnes per day, sold as ‘wet cake’ for shrimp, prawn and fish feed. - **Fuel plus feed in one process** - the company calls this a dual-revenue model: ethanol for energy security and DDGS for food security, because the same grain fermentation that yields alcohol also concentrates the grain’s protein into the solid by-product. - **A market growing faster than the distillery** - the DDGS market was valued at over $444 million in 2024 and is projected to cross $717 million by 2032, so the by-product business has its own demand tailwind independent of fuel policy. # Tahmar Energy Platform **A solar-power venture structured as a co-operative society model - consumers join a solar society, the society owns an offsite solar farm, and the generation is set off against members’ electricity bills - with the company acting as the platform orchestrator rather than the asset owner.** - **The company is the enabler, not the investor** - Tahmar has engaged Axel Renewables Corp LLP and other service providers for customer acquisition, land sourcing, regulatory work and operations, and the company’s own cash outflow is not expected to be material. - **Societies own the panels** - consumers enrol as members of co-operative solar societies proposed to be registered in Maharashtra; the societies hold the project land on long-term lease and are the counterparties for operation and maintenance, so the generation assets sit off Tahmar’s balance sheet. - **First farm targeted for late 2026** - the initial solar farm is targeted for completion by the last quarter of calendar year 2026, with further capacity to be developed in phases, though commencement depends on society registration, open-access approvals and metering clearances. # Group structure and partners **A tightly held promoter company with no subsidiaries - the distillery was bought by two individuals who now run it as management, and the balance sheet is funded by their personal loans, preference capital from a promoter-group entity, and a working-capital line from a district co-operative bank.** - **Acquired in a single share purchase** - Ms. Sarita Sequeira and Mr. C R Rajesh Nair bought 74.14% of the company from four exiting promoters in June 2022 at Rs. 3 per share, and a mandatory open offer added only 100 more shares. - **Promoters are also lenders** - the Managing Director and the Executive Director/CFO have extended unsecured loans to the company (roughly Rs. 8.2 Crore and Rs. 3.3 Crore respectively), and promoter-group entity Seebhal Distillery Private Limited converted a loan into 9 Crore 9% preference shares and also lent additional funds. - **No subsidiaries, no joint ventures** - as of March 2025 the company had no holding company, no subsidiary and no associate, so the entire business is contained within the listed entity. - **Related-party distillery entities exist** - the company sought shareholder approval for transactions up to Rs. 1,000 Crores each with four related parties - SBM Breweries, SBM Distillery, Seebhal Distillery and Seebhal Mikeline Breweries - indicating a wider promoter ecosystem in the alcoholic-beverage industry.