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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Prestige & Above (P&A) spirits, Mass Premium spirits. Premiumising Indian spirits manufacturer with a heavy other-opex base, building backward integration into ENA
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 7,669 | 8,073 | 7,571 |
| EBITDA (ex other income) | 237 | 431 | 539 |
| margin % | 3.1 | 5.3 | 7.1 |
| Owners' profit | 0 | 195 | 228 |
| EPS, as reported (₹) | 0.07 | 7.19 | 8.16 |
| ROE % · ROCE % | 0.4 · 29.5 | 12.5 · 23.2 | 13.1 · 24.6 |
| Debt / equity (x) | 2.03 | 0.57 | 0.68 |
| Cash from operations | 186 | (678) | 362 |
| Capex | (46) | (130) | (349) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,029 | 2,342 | 1,935 | 1,776 | 1,953 | 1,934 | 1,909 | 1,809 |
| Profit before tax | 64 | 80 | 106 | 76 | 84 | 89 | 103 | 68 |
| Net profit | 48 | 57 | 79 | 56 | 63 | 64 | 38 | 45 |
| EPS (₹) | 1.70 | 2.05 | 2.81 | 2.02 | 2.23 | 2.38 | 1.46 | 1.76 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 1,01,138 | 52.6 | 11.29 | 37.5 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 58,503 | 70.1 | 17.64 | 57.8 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 33,182 | 83.9 | 7.33 | 37.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L ◆ | 17,790 | 81.2 | 10.55 | 33.3 | 13.1 | 17.8 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · ABDL approves Rs 125 Cr capex for new malt distillery and cost overruns | capex operations | high | — | — |
| 11 Sept 2026 · ABDL launches The Indian Edit premium whisky in domestic market | business updates | medium | — | — |
| 11 Sept 2026 · ABDL launches premium whisky The Indian Edit for domestic market | business updates | medium | — | — |
| 10 Sept 2026 · ABDL to attend Jefferies 5th India Forum 2026 on Sept 18 in Gurugram | board shareholder meetings | low | — | — |
| 3 Sept 2026 · ESG Rating of 63 assigned as 'Adequate' by NSE Sustainability | business updates | low | — | — |
| 1 Sept 2026 · ABD relaunches Officer's Choice Blue with premium packaging and fresh identity | business updates | low | — | — |
| 25 Aug 2026 · ABDL grants 3 lakh stock options under ESOP Scheme 2024 | capital market events | medium | — | — |
| 24 Aug 2026 · ABDL to attend Elara India Dialogue 2026 investor conference on Sept 1 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · ABD launches local production of Officer's Choice Blue in Malaysia | business updates | high | — | — |
| 19 Aug 2026 · Non-Deal Roadshow to Singapore and Hong Kong from Aug 25-28, 2026 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,916 | — | 4.33 | 70.3 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,917 | 41.8 | 6.57 | 26.7 | 15.3 | 17.5 | 18.3 | 17.3 |
| GLOBUS SPIRITS LTD | 2,443 | 20.6 | 2.24 | 10.9 | 8.4 | 8.5 | 16.7 | 6.9 |
| G M BREWERIES LTD | 2,077 | 22.6 | 1.93 | 9.8 | 14.5 | 19.0 | — | 6.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 81.2 | 23.8 | 21 of 24 | 13% |
| P/B | 10.6 | 2.2 | 22 of 25 | 13% |
| ROCE | 17.8 | 3.7 | 5 of 26 | 84% |
| ROE | 13.1 | 5.6 | 8 of 25 | 71% |
| Debt / Equity | 0.7 | 0.5 | 18 of 25 | 29% |
| EBITDA margin | 6.6 | 6.4 | 10 of 23 | 59% |
| Revenue growth | 1.9 | 10.2 | 15 of 22 | 33% |
| Profit growth | (18.6) | 6.1 | 15 of 23 | 36% |
| Market cap | 17790 | 858 | 4 of 26 | 88% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
