Mumbai: Paul John, founder of John Distilleries, could retain a minority stake in the company after US spirits group Sazerac took control last year, with the Indian entrepreneur also likely asked to stay on in an advisory role, people familiar with the matter said.
"He is open to retaining a stake of 10% to 20%, although the final holding and timeline for any further transaction had not been decided. Sazerac has indicated that it would like him to retain some ownership and help oversee the Indian operations, one source added. "At present, John Distilleries is valued at about ₹4,500 crore."
Also Read: John Distilleries open to further stake sale to Sazerac, founder says
Sazerac's holding in John Distilleries rose to 65.7% in the financial year ended March 2026 from 34.4% a year earlier, Paul John Fund LLC's declined to 34.3% from 65.6%, the company's audited financial statements showed. The fund, rather than John directly, holds the remaining substantial stake.
Sazerac, a privately held, family-owned US spirits maker, took control of the Indian company as it expands its presence in a market where demand for premium spirits has grown. John Distilleries makes Paul John single malt whisky, among other brands.
The company's revenue from operations, including excise duty, rose 15.1% to ₹10,820 crore in FY26 from ₹9,401 crore a year earlier, Registrar of Companies' records showed. Net profit soared to ₹11.6 crore from ₹1.8 crore, riding a tax credit.
In an earlier interaction, John, who stepped down as managing director in October last year, said demand for Indian single malts had exceeded expectations, leaving the company short of supply in some segments. Whisky needs years to mature, limiting how quickly distillers can respond to rising demand.
John Distilleries produces about 10.3 million litres a year against installed capacity of 12 million litres, he said.
Also Read: John Distilleries surpasses Rs 10,000 crore revenue in FY26; Sazerac become majority shareholder
"We are hoping within another two years' time we should" be able to match supply and demand, John told ET, adding that the company would rather restrict supply than compromise quality.
Higher state duties are another concern. John said increases, particularly in Karnataka, had pushed up retail prices and hurt consumption volumes, even while sales value was supported by higher prices.
He warned that repeated increases could make legally sold liquor less affordable and potentially encourage illicit sales.