About

John Distilleries is one of India’s largest alcobev companies. The company’s flagship brand, Original Choice, is the seventh largest selling whisky in the world – having volumes higher than Jack Daniels, Imperial Blue and Ballantines. Original Choice is amongst the leaders in the economy segment of Indian Made Foreign Liquor (IMFL) whisky, which accounts for nearly 50% of all IMFL whisky sales in India. JDPL has a market share of 38% in Karnataka (leading position) and 10% in Seemandhra & Telangana (top 5 position). These states account for approximately 60% of all whisky consumption in India.

JDPL has broadened and premiumized its portfolio over the last few years with the launch of Mont Castle (premium brandy), Paul John Single Malt (super premium whisky) and the recently launched Roulette (super premium brandy). It has also built a unique portfolio of wines under the brands Big Banyan (premium), Ampersand (semi-premium) and Goana’s (economy).

Since its launch in late 2012, Paul John Single Malt has won numerous prestigious awards. It was awarded the ‘Liquid Gold’ certification by Jim Murray with a score of 96/100 in all three editions – 2013, 2014 and 2015 – of his Whisky Bible. In addition, it has won several gold and silver medals in the ‘International Spirits Challenge’, ‘World Of Whisky Masters’, and ‘Wizards Of Whisky’ events over the last three years. The success of the company’s brands across categories and price spectrums underscores JDPL’s strong product development capabilities and its extensive understanding of consumer preferences.

13m+

cases of IMFL sold every year

7th

largest selling whisky in the world

15k+

point-of-sales across the country

Potential

IMFL is one of the largest consumption categories in India and is purchased and consumed like an FMCG product. There is strong brand preference, tendency to move up the brand ladder and daily/non-discretionary consumption especially at the lower end of the price ladder. There are significant barriers to entry and each state is a different market involving heavy investments in licensing, bottling units, etc. This provides the incumbents with dominant market shares significant advantage in their home markets.

JDPL’s flagship brand ‘Original Choice’ is one of the largest brands in its category worldwide and has demonstrated consistent growth. In addition, the company has also created several other brands in premium brandy, whisky and wine categories which provide it additional avenues of growth. JDPL also produces its own malt and grape spirit, and as the company grows its premium brand portfolio, control over high quality matured spirit provides a significant competitive advantage.

Insights

Scale

The brand has continued to deliver growth and enabled the company to build on its distribution strength to launch new brands. Over the last two years, the company has grown its revenues more than 1.5x.

Transformation

Reduced high cost debt, maintained or grown market share in key markets and invested in new premium brands that will contribute to future growth.

Partnership

We have worked closely in several key areas including consolidating the flagship brand, expansion into new packaging categories such as brick packaging, supporting growth of new, premium brands and senior level hiring.

“With their clear thought process and continuous desire to push the extra mile, Gaja Capital has helped grow this business at pace. Considering the control barriers in the space in which we operate, Gaja Capital added value in Corporate Governance and has become an integral part of our business.”

Paul P. John

Chairman & Managing Director, John Distilleries

““We saw in JDL a growing consumer business that was in the sweet spot of consumption in its category – both from geographic markets and economy price points. It was also a high quality operation that had the ability to move up the value chain towards premium products” ”

Ranjit Shah

Managing Partner, Gaja Capital

News

11/09/2019

Eye On India: Investments at a Record High in 2019, Which Are the Factors Driving PE Investments?

01/05/2019

What’s hampering growth of consumer-focussed companies? Imran Jafar talks to VC Circle

02/01/2019

Sazerac raises a toast with John Distilleries stake buy

19/10/2017

US giant Sazerac buys into Indian liquor co

28/08/2017

John Distilleries: The Good Choice

18/05/2017

John Distilleries to double single malt production capacity

01/09/2016

PE firm Gaja Capital begins talks to exit John Distilleries

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