Aspri Spirits IPO

About Aspri Spirits

Aspri Spirits Limited is an importer, distributor and marketer of alcoholic beverages in India. The company focuses on premium and luxury alcoholic beverages, including spirits, wines, champagne, tequila, vodka, gin, whisky, cognac, liqueurs and speciality products. Its business model is built around sourcing products from international suppliers and distributing them through a pan-India network that serves state corporations, hotels, restaurants, pubs, modern retail chains, standalone retail stores, as well as duty-free and travel retail operators. The company generates revenue primarily from the sale and distribution of these alcoholic beverages, with its spirits portfolio contributing a significant share of revenue. As of September 30, 2025, its operations covered 28 states and union territories, and it also distributed products in international markets such as Sri Lanka, Nepal, Bhutan, the UAE, Poland and the Maldives. The company’s business is supported by its distribution network, regulatory expertise and portfolio of imported alco-beverage brands.

Financials of Aspri Spirits

Utilisation of proceeds

Strengths

• Aspri Spirits is the largest alco-beverage distribution company in India by brand portfolio size, with 323 brands as of September 30, 2025.
• The company has a diversified portfolio of 835 SKUs sourced from 89 suppliers across 36 countries.
• It has a presence across all major alco-beverage categories, including whisky, rum, brandy, vodka, gin, wine, beer and tequila.
• Aspri Spirits is a leading player in imported premium alco-beverages, with a 57% market share in liqueur imports and top-three positions in vodka and wine imports.
• The company manages the entire import and distribution value chain, including customs clearance, warehousing, compliance, logistics and state-wise distribution.

Risks

• The business depends on long-standing relationships with international suppliers, and loss of key supplier agreements could affect growth and operations.
• Any disruption in the company’s distribution network could adversely affect product sales and business performance.
• Restrictions on advertising alcoholic beverages in India may limit the company’s ability to promote its products and brands.
• The company relies on key managerial personnel and senior management, and their loss could disrupt operations.
• The business operates in a highly regulated industry and is exposed to changes in excise policies, import duties and state regulations.