Allied Blenders and Distillers Limited (ABDL)
₹743.75 -0.65% on 19 Oct, as of 12:25 IST · NSE
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)Allied Blenders and Distillers Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Allied Blenders' revenue was ₹979 Cr (+6.1% year on year, -2.8% on the previous quarter), and net profit ₹45.4 Cr (-18.6% year on year); the operating margin was 11.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹979 | +6.1% | -2.8% |
| Operating profit | ₹115 | +3.5% | -31.7% |
| Net profit | ₹45.4 | -18.6% | +19.5% |
| EPS (₹) | 1.76 | -12.9% | +20.5% |
| Operating margin | 11.8% | — | — |
ABDL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.63% of the ABDL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.19%. That is close to its usual level. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 35.6% · 57.4% · 47.0% · 35.9% · 43.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Allied Blenders and Distillers Limited (ABD) has commenced commercial operations at its upgraded bottling unit in Moradabad, Uttar Pradesh, boasting an initial capacity of ~6 million cases per annum. The plant was acquired in January 2026 for ~₹70 crore and upgraded with an additional capex of ~₹40 crore, totaling ~₹110 crore. This project is part of a larger planned investment of over ₹600 crore in Uttar Pradesh to establish dual-mode distilleries and expand bottling infrastructure. The operationalization aims to reduce franchise bottling costs and strengthen ABD's supply chain in one of India's fastest-growing spirits markets.
- Commercial operations commenced with an initial capacity of ~6 million cases per annum
- Asset acquired in January 2026 for ~₹70 crore and upgraded with an additional ~₹40 crore capex
- Forms part of ABD's broader planned investment of over ₹600 crore in Uttar Pradesh
- Aims to deliver cost savings via in-house bottling and reduced third-party franchise fees
Allied Blenders and Distillers Limited's premium subsidiary, ABD Maestro Private Limited, won 8 honours at the Spiritz Conclave & Achievers' Awards 2026, including 'Company of the Year 2026 (Domestic)'. ABD Maestro's portfolio secured 4 medals in blind tasting categories, including Grand Gold for Rangeela Vodka and Gold for Yello Designer Whisky and Aodh Irish Whiskey. This recognition aligns with ABDL's strategic premiumization push to enter the super-premium and luxury spirits space. Financially, this is a brand-building milestone with no direct immediate revenue impact disclosed against ABDL's TTM revenue of ₹3,979 Cr.
- ABD Maestro named 'Company of the Year 2026 (Domestic)' at Spiritz Conclave & Achievers' Awards 2026
- Received 8 total honours across blind tasting and excellence award categories
- Secured 4 blind tasting medals: Grand Gold (Rangeela Vodka), Gold (Yello Whisky & Aodh Whiskey), and Silver (Zoya Gin)
- Rangeela Vodka and Aodh Irish Whiskey both won Gold for 'Product Launch 2026'
Allied Blenders and Distillers Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by registrar MUFG Intime India Private Limited (formerly Link Intime India Private Limited). The RTA confirmed that no requests for dematerialisation or rematerialisation were received during the quarter. This is a routine quarterly compliance filing with zero operational or financial impact.
- Regulation 74(5) demat compliance confirmed for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 6, 2026
- Zero requests received for dematerialisation or rematerialisation during the quarter
Allied Blenders and Distillers Limited (ABDL) received an order on September 30, 2026, wherein the Sole Arbitrator terminated arbitration proceedings against the Canteen Stores Department (CSD), Ministry of Defence. The arbitrator held that no arbitration agreement exists between the parties, thereby lacking jurisdiction under Section 16 of the Arbitration and Conciliation Act. The dispute relates to debit notes and recoveries concerning supplies of Officer's Choice Prestige Whisky. The arbitrator did not rule on the merits of the claims, and ABDL intends to pursue appropriate legal remedies to recover the disputed amounts.
- Sole Arbitrator terminated arbitration against Canteen Stores Department (Ministry of Defence) on September 26, 2026.
- Written order was received by ABDL on September 30, 2026 at 15:52 P.M. IST.
- Tribunal ruled under Section 16 that no valid Arbitration Agreement existed between the parties.
- Dispute pertains to debit notes and recoveries for Officer's Choice Prestige Whisky; quantum of claim remains not disclosed.
Promoter Bina Kishore Chhabria reported an open-market sale of 55,00,000 equity shares of Allied Blenders and Distillers Limited (ABDL) on September 23, 2026. The transaction represents a 1.97% (1.9663%) stake in the company. Following this transaction, Bina Chhabria's direct holding reduced from 58.20% to 56.23%. Total promoter and promoter group shareholding declined from 80.91% to 78.94%, bringing the company closer to the 75% minimum public shareholding threshold.
- Promoter Bina Kishore Chhabria sold 55,00,000 equity shares (1.9663% of total equity) via open market
- Bina Chhabria's individual holding decreased from 16,27,97,774 shares (58.20%) to 15,72,97,774 shares (56.23%)
- Total promoter group stake reduced from 80.91% (22,63,20,072 shares) to 78.94% (22,08,20,072 shares)
- Transaction date recorded as September 23, 2026, with formal disclosure on September 24, 2026
Allied Blenders and Distillers Limited announced that promoter Bina Kishore Chhabria proposes to divest up to 55,00,000 equity shares (1.9663% stake) in the open market. The divestment is intended to help the company progress toward SEBI's Minimum Public Shareholding (MPS) mandate of 25%. Currently, promoter and promoter group holding stands at 80.91%. The sale is scheduled to take place between September 23, 2026, and October 31, 2026.
- Promoter Mrs. Bina Kishore Chhabria to sell up to 55,00,000 equity shares
- Divestment represents up to 1.9663% of total paid-up equity capital
- Current aggregate promoter and promoter group shareholding stands at 80.91%
- Divestment window opens September 23, 2026, and closes October 31, 2026
Allied Blenders and Distillers Limited (ABDL) received an order on September 15, 2026, granting an excise licence to manufacture ~4.4 million Bulk Litres (BL) per annum of Malt Spirits for potable purposes at its Rangapur facility in Telangana. ABDL previously sourced malt spirits from third-party distillers to meet production needs; this approval facilitates backward integration to reduce input costs and support operational efficiency. It also enables ABDL to develop in-house single malt whisky products, aligned with its strategic focus on expanding premium and luxury alcobev offerings. The licence remains valid subject to regular compliance with Telangana state excise provisions.
- Received licence order on September 15, 2026, from Commissioner of Prohibition and Excise, Telangana
- Permitted capacity to manufacture ~4.4 million BL per annum of Malt Spirits for potable purposes
- Manufacturing facility situated at Rangapur Village, Wanaparthy District, Telangana
- Replaces third-party sourcing with in-house malt spirit production and enables single malt development
Allied Blenders and Distillers Limited (ABDL) approved financial assistance of up to ₹115 Crores to subsidiary Minakshi Agro Industries LLP (MAILLP) to set up a new ~3 MN BL per year Malt Distillery and Maturation Warehouse in Aurangabad, Maharashtra. The new distillery is targeted for completion by Q3 FY2028 to support entry into provenance-led Single Malt Whisky. Additionally, the Board approved up to ₹10 Crores to cover cost overruns in ongoing bottling and distillery projects due to metal price increases and expansion of bottling lines. Total outlay of ₹125 Crores represents ~7.2% of ABDL's net worth (₹1,744 Cr) and ~2.1% of TTM revenue (₹5,872 Cr).
- Approved ₹115 Crores capex for ~3 MN BL per year Malt Distillery cum Maturation Warehouse at Aurangabad
- Distillery project scheduled for operational completion by Q3 FY 2028
- Approved additional ₹10 Crores to fund cost overruns on previously approved ongoing projects
- Targeted completion for ongoing projects is Q3 FY27 (Bottling) and Q3 FY28 (Distillery)
- Financing planned via capital contribution/financial assistance supported by corporate guarantees
Allied Blenders and Distillers Limited (ABDL) has announced the domestic launch of a new premium whisky brand, 'The Indian Edit', on September 11, 2026. The product blends Indian malt and grain spirits with Scotch malts, priced at ₹1,550 for a 750 ml bottle in Maharashtra. The initial rollout spans 11 key states and union territories, with pack sizes of 750 ml, 500 ml, and 180 ml. This launch aligns with ABDL's strategic premiumisation push to enhance margins beyond its mass-market portfolio.
- Launched 'The Indian Edit' in the premium whisky category on September 11, 2026
- Pack size pricing set at ₹1,550 for 750 ml in Maharashtra; also offered in 500 ml and 180 ml formats
- Initial rollout across key regions including Maharashtra, Delhi, Haryana, UP, Punjab, Rajasthan, Goa, Telangana, and West Bengal
- Company operates 41 manufacturing units, including 9 owned bottling facilities and 2 owned distilleries
Allied Blenders and Distillers Limited (ABDL) has announced the domestic launch of a new premium whisky brand, 'The Indian Edit', on September 11, 2026. The blend combines Indian malt, grain spirits, and fine Scotch malts, retail-priced at ₹1,550 for a 750 ml bottle in Maharashtra. The product will roll out across 11 key markets, including Delhi, Uttar Pradesh, and Telangana, in 750 ml, 500 ml, and 180 ml formats. This fits into ABDL's stated premiumisation strategy to enter higher margin segments beyond mass volume brands like Officer's Choice.
- Launched 'The Indian Edit' premium whisky on September 11, 2026, focused purely on the domestic market initially
- Pack size pricing set at ₹1,550 for a 750 ml bottle in Maharashtra
- Offered across 3 pack sizes: 750 ml, 500 ml, and 180 ml
- Rollout planned across 11 key states and union territories, with international expansion to be considered at a future date
Allied Blenders and Distillers Limited (ABDL) has announced its participation in the 'Jefferies 5th India Forum 2026' scheduled for September 18, 2026, in Gurugram. The event will involve physical one-on-one and group interactions with various institutional investors and analysts. The company confirmed that discussions will rely on the publicly available Q1FY27 Earnings Presentation submitted on July 23, 2026. No unpublished price-sensitive information will be shared during the conference.
- Conference scheduled for Friday, September 18, 2026, starting at 09:00 a.m. IST
- Organised by Jefferies India Private Limited in Gurugram
- Meeting format includes both One-on-One and Group physical meetings
- Discussion will use the Q1FY27 Earnings Presentation filed on July 23, 2026
Allied Blenders and Distillers Limited (ABDL) has received an ESG rating score of '63' categorised as 'Adequate' from SEBI-registered provider NSE Sustainability Ratings & Analytics Ltd. The rating was prepared independently based on ABDL's FY 2026 BRSR report and publicly available data, without direct engagement by the company. The announcement is a routine statutory disclosure under SEBI LODR Regulation 30 and carries no direct financial or operational impact.
- Assigned an ESG rating score of '63' under the 'Adequate' category
- Rating provided independently by SEBI-registered NSE Sustainability Ratings & Analytics Ltd
- Evaluation based on FY 2026 BRSR disclosures, being the company's first year of publication
- Intimation received by the company on September 03, 2026 at 10:40 AM IST
Allied Blenders and Distillers Limited (ABDL) announced a packaging revamp and brand relaunch for Officer's Choice Blue under the campaign 'Badal Ke Toh Dekho'. The rollout begins in Uttar Pradesh and Maharashtra, before expanding to West Bengal, Odisha, Meghalaya, and Haryana. The initiative is intended to strengthen ABDL's presence in the Premium & Above (P&A) whisky category. The filing represents a brand marketing update without any disclosed financial investment or revenue projections.
- Relaunch of Officer's Choice Blue whisky with upgraded packaging aimed at the Premium & Above (P&A) category
- Phased market rollout starting with 2 key states (Uttar Pradesh and Maharashtra) followed by 4 additional states
- ABDL operates 40 manufacturing units (9 owned bottling facilities, 2 owned distilleries, 1 PET plant, 28 non-owned units)
- Company currently exports across 39 international markets
Allied Blenders and Distillers Limited (ABDL) announced that its Nomination and Remuneration Committee approved the grant of 3,00,000 stock options to eligible employees under the ABD Employee Stock Option Scheme-2024. The exercise price has been fixed at Rs 610.35 per share, based on prevailing market prices. The options will vest in four equal tranches of 25% each over 12, 24, 36, and 48 months, with an exercise window of 2 years from each respective vesting date. The potential equity dilution is negligible at ~0.11% of the company's total outstanding shares.
- Approved grant of 3,00,000 stock options under ABD Employee Stock Option Scheme-2024
- Exercise price set at Rs 610.35 per equity share of face value Rs 2
- Vesting schedule spread equally at 25% each year across 12, 24, 36, and 48 months
- Exercise period valid for 2 years from the date of each vesting tranche
Allied Blenders and Distillers Limited (ABDL) announced its participation in the 'ASHWAMEDH - ELARA INDIA DIALOGUE 2026' conference organized by Elara Securities. The physical one-on-one and group investor meetings are scheduled to take place in Mumbai on September 1, 2026, starting at 10:00 a.m. IST. The company stated that discussions will be based on its previously submitted Q1FY27 earnings presentation, with no unpublished price-sensitive information being shared.
- Conference scheduled for Tuesday, September 1, 2026, at 10:00 a.m. (IST) onwards
- Organised by Elara Securities (India) Private Limited as physical one-on-one and group meetings in Mumbai
- Discussions to focus on the Q1FY27 Earnings Presentation submitted on July 23, 2026
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Financial Performance
Revenue Growth by Segment
Consolidated income from operations reached INR 995 Cr in Q2 FY26. Net sales (net of excise) grew 5.76% YoY from INR 3,327.85 Cr in FY24 to INR 3,519.69 Cr in FY25, driven by premiumization efforts.
Geographic Revenue Split
Not disclosed in available documents, though the company operates across open markets (private distributors), part corporation markets, and full corporation markets in India.
Profitability Margins
Net Profit Margin improved significantly from 0.2% in FY24 to 5.7% in FY25. PAT grew by 2,879.8% YoY to INR 200.13 Cr in FY25 from INR 6.72 Cr in FY24 due to operational efficiencies and reduced interest costs.
EBITDA Margin
EBITDA Margin increased to 12.9% in FY25 from 7.5% in FY24, representing a 540 bps improvement. EBITDA grew 80.96% YoY to INR 453.00 Cr.
Capital Expenditure
Capital employed increased by 98.9% YoY to INR 2,357.24 Cr in FY25. Capex is focused on backward integration projects for ENA, Malt, and PET to secure supply chain security and optimize margins.
Credit Rating & Borrowing
Credit ratings were enhanced to A- with a positive outlook. This upgrade allowed access to more economical debt sources, reducing interest costs. Net Debt/EBITDA improved from 3.0x in H1 FY25 to 1.7x in H1 FY26.
Operational Drivers
Raw Materials
Key raw materials include ENA (Extra Neutral Alcohol), Malt, and PET for packaging. The company is investing in backward integration for these specific materials to optimize unit economics.
Capacity Expansion
Current capacity not specified, but the company is executing strategic backward integration projects in ENA, Malt, and PET to be completed by FY28 to enhance ROCE.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but backward integration is the primary strategy to mitigate cost volatility and secure supply.
Manufacturing Efficiency
ROCE improved to 16.9% in FY25 from 16.5% in FY24. The company targets a transformation roadmap to further enhance ROCE by FY28 through value-accretive initiatives.
Strategic Growth
Growth Strategy
Growth is driven by a 'Build, Buy, Partner' strategy. This includes scaling the ABD Maestro (ABDM) brand, which has an 8x top-line impact for every 1% volume contribution, and partnering with international brands like Russian Standard (current ARR of INR 40 Cr).
Products & Services
Whisky (ICONiQ White, Srishti, ABD Maestro) and Vodka (Russian Standard).
Brand Portfolio
ICONiQ White, Srishti, ABD Maestro, and Russian Standard (India partner).
New Products/Services
ABD Maestro is a key new focus; it is expected to reach significant milestones within 6-8 quarters, with margins 4x-5x higher than typical distributor margins.
Market Expansion
The company is focusing on India's growing premium consumption market, specifically targeting the 'Super-Premium to Luxury' segment by FY28.
Strategic Alliances
Partnered with Russian Standard for India distribution, achieving margins 4x to 5x higher than typical distributor levels.
External Factors
Industry Trends
The Alcobev industry is evolving toward premiumization. ABD is positioning itself in the 'Super-Premium to Luxury' segment to capture higher value as consumer behavior shifts toward premium consumption.
Competitive Landscape
Key competitors include local brands in specific states and established players in the premium whisky and vodka segments.
Competitive Moat
Moat is built on brand equity (ICONiQ White, Srishti) and backward integration. Backward integration provides cost leadership and supply chain security, which are sustainable advantages in a highly regulated industry.
Macro Economic Sensitivity
Highly sensitive to the festive season, with a positive outlook anticipated for Q3 FY26 due to increased consumer demand.
Consumer Behavior
Shift toward premium consumption is driving the company's 'P&A Salience' (Premium & Above) strategy.
Regulatory & Governance
Industry Regulations
The industry is highly regulated with state-specific licensing, taxation, and distribution policies. Changes at the state level can significantly impact business processes.
Taxation Policy Impact
Tax expense grew 545% YoY to INR 70.69 Cr in FY25. The company is subject to state-specific excise and distribution policies.
Legal Contingencies
Income Tax Department search in Dec 2023 led to demand orders in FY25. Subsequent to year-end, the Commissioner of Income Tax (Appeals) stayed 90% of these demands. Management believes no financial statement adjustments are required.
Risk Analysis
Key Uncertainties
Regulatory risks (state-specific changes) and cybersecurity threats due to increasing digitization are primary uncertainties.
Third Party Dependencies
Dependency on tie-up manufacturing units is managed through principal-versus-agent evaluations and a shift toward backward integration.
Technology Obsolescence Risk
Cybersecurity and data protection are identified as risks; IT system failures could compromise operations and lead to penalties.
Credit & Counterparty Risk
Trade receivables stood at INR 1,746.71 Cr in FY25, up 40.4% YoY. The company reviews its net position regularly to manage liquidity.
