ALLIED BLEND N DISTILS L

Blends and sells Indian-made alcoholic spirits under two price tiers — Prestige & Above (P&A) and mass premium. The P&A portfolio grew volumes 10.7% year-on-year in Q1 FY27 against industry low single-digit growth, and now accounts for the larger share of volumes. ICONiQ White volume grew 33.8% to 3.1 million cases in Q1 FY27, with a target of roughly 15 million cases in FY27 versus 10.7 million in FY26. ABD Maestro spans 10 brands across more than 5,500 premium touchpoints, 6 international markets and 4 travel retail locations, with revenue guided to roughly double to about Rs 80 crore in FY27 from about Rs 40 crore in FY26. Distribution flows through state-level liquor corporations (Telangana receivables alone stood at about Rs 384 crore in mid-2024) and exports reach 39 countries. Materials — primarily Extra Neutral Alcohol — make up 27.7% of revenue, with other operating expenses at 61.8%, employees 2.9% and depreciation 1.0%; the company is investing about Rs 450 crore to add 300 KLD of captive ENA capacity, guided to deliver about 300 basis points of margin benefit by FY28.