Alcokraft Distilleries began as a single distillery acquired two decades ago and has since turned a seasonal agricultural by-product - sugarcane molasses - into a portfolio of high-purity industrial alcohols and fertiliser products, all from one 40-acre site in Maharashtra. The company’s defining move was to take the effluent left over after distillation, which was once a disposal problem, and build India’s first commercial-scale plant to convert it into saleable potash and animal feed, closing the water loop in the process. That circular instinct - make the core product, then extract value from what it leaves behind - is the recurring approach that explains everything else the company does. # Business segments A single integrated distillery with two revenue streams - industrial alcohols for pharma, fuel and industry, and fertiliser by-products recovered from the effluent - where the second stream exists only because the first one runs. ## 1. Industrial alcohols: the distillery that powers everything **A molasses-to-alcohol operation that makes five grades of non-potable spirit for industries ranging from pharmaceuticals to fuel blending, with the flexibility to switch output between ethanol and extra-neutral alcohol as demand shifts.** - **One raw material, many products** - the distillery starts with molasses, the sticky by-product of sugar milling, ferments it with yeast, and then distils it into Rectified Spirit, Neutral Alcohol, Ethanol and Special Denatured Spirit, each graded for a different industrial buyer. - **A capacity of 2.7 crore litres a year** - the plant can produce 270 lakh litres annually after an expansion added 90 lakh litres of environmental clearance, making it a mid-sized player in an industry of roughly 285 Indian distilleries that together produce about 2.7 billion litres. - **The twin-engine switch** - the company can move production between Extra Neutral Alcohol and Ethanol depending on which is more profitable at the time, because Rectified Spirit is itself a raw material for ethanol, giving the plant built-in flexibility rather than being locked into one output. - **Pharma, fuel and factories** - Rectified Spirit goes into medicines, disinfectants and paints; Neutral Alcohol into cosmetics and perfumes; Ethanol at 99.7% purity is sold to oil marketing companies for blending with petrol under the government’s programme that has moved from 5% to 10% blending with a 20% target; and Special Denatured Spirit, made undrinkable by design, serves as a solvent and cleaning agent for chemical manufacturers. - **Sold business-to-business, mostly at home** - revenue comes from industrial customers with sales recognised net of duties and taxes once goods are transferred; exports have been negligible in recent years, with foreign exchange earnings at nil in FY23 and FY24. ## 2. Potash and by-products: the waste-to-value engine **Spent wash - the liquid effluent from making Extra Neutral Alcohol - is processed into fertilisers, cattle-feed additives and biogas, turning a compliance burden into a second revenue stream while the plant reuses nearly all its water.** - **First to commercialise the technology** - in 2019 the company partnered with Chem Process Systems to install a spent-wash processing plant, becoming the first commercial unit in India to adapt the technology, and after three years of refinement it was proven viable at plant scale by FY22. - **Three products from one effluent** - the plant extracts Potash, a soluble potassium fertiliser that improves crop quality and yield; Bio Potash, an organic variant that stimulates flowering and fruiting; and De Potash Vinasse, used as an animal-feed additive that can make up to 10% of ruminant diets and as a soil amendment. - **Energy loops inside the plant** - the bio-digester produces biogas from the spent wash, which is burned in the boiler to reduce bagasse consumption, and the resulting steam runs a 1 MW turbine that generates electricity consumed captively in distillation, cutting the need for purchased power. - **Small but strategic** - the Potash Division accounts for less than a tenth of total turnover, so it is a supplementary income stream rather than the main event, but it transforms what would otherwise be a costly waste-disposal obligation into a margin contributor. # Group structure and partners **A single listed entity with one newly incorporated subsidiary, no joint ventures, and a board recently strengthened with alcohol-trading specialists as it explores upstream moves into sugar.** - Two additional directors appointed in April 2026 - both founders of Seraphic Products with 14 years each in alcohol trading and distribution - bring expertise in sourcing, supply chains, excise compliance and international partnerships.