NSE: ABDL · BSE: 544203
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. 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
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 92,075 | 47.9 | 10.28 | 34.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 57,457 | 68.8 | 17.33 | 56.8 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 30,041 | 76.0 | 6.63 | 34.0 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L ◆ | 19,356 | 88.4 | 11.48 | 36.1 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,041 | — | 4.04 | 66.2 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,540 | 39.1 | 6.15 | 25.1 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,225 | 6.7 | 0.76 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,126 | 17.9 | 1.95 | 9.7 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 88.4 | 32.8 | 19 of 21 | 10% |
| P/B | 11.5 | 1.9 | 24 of 25 | 4% |
| 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 | 19356 | 740 | 4 of 26 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Record Q2 volume, but EBITDA margin eases to 12.4 percent | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 operating income rises 15.8 percent to Rs 1,152 crore | compliance | low | — | — |
| 27 Oct 2026 · Postal ballot seeks approval for two independent director changes | management changes | medium | — | — |
| 27 Oct 2026 · Standalone revenue rises 6% and profit 18%; consolidated half-year profit dips | results | high | — | — |
| 27 Oct 2026 · Sep 2026 results: standalone growth; review flags tax and CSD disputes | results | high | — | — |
| 22 Oct 2026 · Revenue officials complete review visit with no stated impact | general | medium | — | — |
| 22 Oct 2026 · ABD begins operations at 4.4 million litre Telangana malt distillery | compliance | low | — | — |
| 19 Oct 2026 · ABDL schedules 2QFY27 earnings call for October 28, 2026 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · ABD commences Moradabad bottling ops with 6 million cases per year capacity | capex operations | high | — | — |
| 15 Oct 2026 · ABD Maestro subsidiary wins Company of the Year 2026 at Spiritz Awards | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.