Allied Blenders and Distillers Limited has informed the Exchange about Credit Rating-Upgraded and Additional Assigned
ABDL · price
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On the reaction day the stock moved 3.2 pts more than Nifty Smallcap 250 and 3.0 pts more than its Breweries & Distilleries peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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India Ratings & Research has upgraded Allied Blenders and Distillers Limited's (ABDL) bank facilities from IND A- to IND A, with a Positive Outlook. The upgrade applies to existing bank facilities of INR 10,810 million (long-term rating upgraded, short-term rating affirmed). Additionally, new bank facilities of INR 1,940 million have been assigned the same IND A/Positive rating. The upgrade is driven by sustained revenue growth (FY25 revenue of INR 35,198.84 million, up 5.77% YoY), significant improvement in EBITDAR margin to 12.23% (from 7.28%), and stronger credit metrics with net leverage falling to 1.86x (from 3.26x) post the INR 10 billion IPO in July 2024. Constraints include elongated working capital cycle due to Telangana government receivables and large contingent liabilities of INR 8,448.6 million, partly due to a new INR 6,181.9 million income tax demand, which promoters have pledged to cover personally.
The rating upgrade signals improved financial health and creditworthiness, which should lower ABDL's future borrowing costs and boost investor confidence. The Positive Outlook suggests potential for further upgrades, which is positive for shareholders, though the large income tax demand and elongated working capital cycle remain key risks to monitor.