Greater Than gin maker Nao Spirits’ losses double in FY25

NAO Spirits, the maker of Greater Than and Hapusa gins, saw its momentum reverse in FY25. After posting 2.45X revenue growth in FY24, its revenue dipped by over 25% in FY25, while its losses also doubled during the year.

Nao Spirits’ gross revenue declined by 25.6% to Rs 60.46 crore in FY25 from Rs 81.26 crore in FY24, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) shows.

Founded in 2015 by Anand Virmani, Abhinav Rajput, Aparajita Ninan, and Vaibhav Singh, Nao Spirits is an India-based craft distillery known…