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Complicating matters for full-fledged premium and middle-tier RYO brands is the fact that pipe tobacco became a cheap option after the 2009 tax hit, a trend recently reflected in the 13% dollar sales increase pipe tobacco registered in 2013, according to IRI Convenience AllScan data for the 52 weeks ending Dec

The acquisition was disclosed in the company's IPO prospectus in November 2025, which stated that PW had signed share purchase and shareholders' agreements with Sarrthi IAS and its promoters in September 2025 to acquire up to 85% of the company in six tranches between FY26 and FY31, with the valuation linked to an EBITDA based mechanism