India’s beverage market has long been dominated by giants like Coca-Cola, PepsiCo, and now Reliance’s Campa, making it difficult for new brands to scale, but Lahori Jeera has disrupted the segment by crossing Rs 500 crore in revenue in the fiscal year ended March 2025 and steadily capturing market share in the fizzy drinks category.

On a year-on-year basis, Lahori’s revenue from operations grew 73% to Rs 540 crore in FY25 from Rs 312 crore in FY24, its consolidated financial statements accessed from the Registrar of Companies (RoC) show.

For the beverage manufacturer, procurement stood as the largest cost centre, accounted for 63% of total expenses, and rose over 70% to Rs 316 crore in FY25 from Rs 184 crore in FY24, driven by increased scale of operations. Employee benefit expenses rose 49% year-on-year to Rs 40 crore in FY25 from Rs 27 crore in FY24, while contractual employee costs increased to Rs 23 crore from Rs 12 crore. Transportation cost for the firm more than doubled in the last fiscal year to Rs 52 crore, which accounted for over 10% of the firm’s overall expenditure. Expenses related to rent, advertisements, legal fees, and other overheads led to a nearly 80% rise in total expenditure, which grew from Rs 278 crore in FY24 to Rs 499 crore in FY25.

After tripling its profit in FY24, the Rupnagar, Punjab-based company maintained its profit at Rs 25 crore in the previous fiscal, as both revenue and expenses grew at a similar pace.

The company spent Rs 0.9 to earn a rupee during the year, while its ROCE and EBITDA margins declined marginally to 14% and 10%, respectively. By the end of FY25, total current assets stood at Rs 117 crore, including Rs 50 crore in cash and bank balances.

Lahori Jeera has raised around $46 million across three funding rounds so far, including Rs 200 crore (approximately $23 million) from Motilal Oswal in May last year, which valued the company at around Rs 2,800 crore or $329 million post-allotment.

About Lahori Jeera

Lahori (Archian Foods Pvt. Ltd.) is a rapidly growing Indian beverage company that has been founded in 2017 by cousins Saurabh Munjal, Saurabh Bhutna, and Nikhil Doda in Punjab. Famous for its flagship Lahori Zeera drink, the brand offers desi-inspired fizzy, spicy drinks in flavors like Nimboo and Kacha Aam, recording over ₹500 crore in revenue and achieving a valuation of ₹2,800 crore. The company generates the majority of its revenue from beverage sales, including Lahori Jeera, Lahori Nimboo, and Lahori Shikanj, with a minor contribution from scrap sales and other non-operating income such as interest on fixed deposits, its total revenue stood at Rs 543 crore in the last fiscal.