India-UK FTA cuts Scotch tariffs; ISWAI flags premiumization tailwind for IMFL bottlers

Industry body ISWAI welcomed the India-UK FTA rollout, citing reduced duties on Scotch including bulk imports as a structural boost for Indian spirits bottlers. Nuvama reiterated BUY on United Spirits, Radico Khaitan and Allied Blenders, pointing to margin expansion and volume tailwinds in a 400m-case market where premium still holds just 2.5% share.

— Source publishedWed, 17 Jun, 2026, 23:59 IST·First seen Thu, 18 Jun, 2026, 00:05 IST·Source Mint · Companies

What happened

ISWAI welcomes India-UK FTA rollout, citing tariff cuts on Scotch (including bulk imports) as a boost to IMFL bottlers and premiumization. Nuvama maintains BUY

Key facts

  • 400 million cases
  • 2.5% market share
  • 9.9 million cases
  • 81%
  • 79%

Why this matters

FTA-driven Scotch economics raise the strategic value of Indian bottling and premium-brand portfolios, opening a window for bolt-on premium IMFL brand acquisitions and Scotch sourcing/JV tie-ups with UK distillers.

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