Allied Blenders and Distillers Q2 FY27 results: net profit up 9.7% to ₹69.02 crore, revenue up 6.8%

How did Allied Blenders and Distillers perform in Q2 FY27?

Allied Blenders and Distillers’ consolidated Q2 FY27 revenue was ₹2,085 crore, compared with ₹1,953 crore in Q2 FY26 and ₹1,809 crore in Q1 FY27. The year-on-year increase was ₹132.87 crore, or 6.8%, while the sequential increase was ₹276.31 crore, or 15.3%. On the standalone basis, revenue was ₹2,060.21 crore, with a net profit of ₹84.63 crore.

Consolidated EBITDA was ₹139.16 crore in Q2 FY27, against ₹125.42 crore in Q2 FY26 and ₹115.47 crore in Q1 FY27. The margin was 6.7%, compared with 6.4% in each comparison period. Profit before tax was ₹97.16 crore and net profit was ₹69.02 crore, compared with ₹83.87 crore and ₹62.92 crore a year earlier and ₹67.84 crore and ₹45.42 crore in the previous quarter.

Basic EPS was ₹2.56 in Q2 FY27, against ₹2.23 in Q2 FY26 and ₹1.76 in Q1 FY27. The year-on-year increase was ₹0.33, or 14.8%, and the sequential increase was ₹0.80, or 45.5%. The company reported no exceptional item in the quarter.

What changed in Allied Blenders and Distillers' costs and profit?

Total expenses rose to ₹1,992 crore in Q2 FY27 from ₹1,873 crore in Q2 FY26, an increase of ₹118.83 crore, or 6.3%. Cost of materials was the largest increase, rising ₹100.43 crore, or 18.5%, to ₹643.96 crore, while other expenses rose ₹39.38 crore, or 3.2%, to ₹1,253 crore. Employee cost increased ₹2.38 crore, or 3.7%, to ₹66.32 crore, and depreciation rose ₹1.92 crore, or 11.6%, to ₹18.42 crore.

Finance costs fell ₹2.22 crore, or 7.4%, to ₹27.59 crore, while other income declined ₹0.75 crore, or 15.8%, to ₹4.01 crore. Tax expense increased ₹7.19 crore, or 34.3%, to ₹28.14 crore. There was no exceptional item. Management said global supply-chain disruptions reduced profitability by an estimated ₹29 crore during Q2.

The company’s presentation attributed the gross-margin improvement to premiumisation and backward integration, but said planned investments in people, core brands and the newly established luxury portfolio offset part of the benefit. The filing also showed operating cash flow of ₹269 crore in H1 FY27.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹3,894.61 crore, compared with ₹3,728.96 crore in H1 FY26. The increase was ₹165.65 crore, or 4.4%, while total income rose 4.3% to ₹3,903.26 crore. Profit before tax increased 3.4% to ₹165.0 crore.

H1 FY27 net profit was ₹114.44 crore, compared with ₹118.75 crore in H1 FY26, a decline of ₹4.31 crore, or 3.6%. Basic EPS increased 1.6% to ₹4.32 from ₹4.25. Management said excluding the estimated ₹53 crore impact of global supply-chain disruptions, like-to-like EBITDA was ₹316 crore and like-to-like PAT was ₹154 crore.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹4,494.84 crore, compared with ₹4,153.7 crore at 31 March 2026. Total equity was ₹1,658.22 crore, against ₹1,685.73 crore, while borrowings rose to ₹1,387.92 crore from ₹1,145.78 crore. Cash and cash equivalents fell to ₹81.03 crore from ₹128.95 crore.

Inventories were ₹742.79 crore at 30 September 2026, compared with ₹748.06 crore at 31 March 2026. Trade receivables rose to ₹1,874.64 crore from ₹1,801.78 crore, while trade payables increased to ₹876.57 crore from ₹804.02 crore. Operating cash flow for H1 FY27 was ₹268.56 crore, compared with ₹146.9 crore in H1 FY26.

Investing cash flow for H1 FY27 was negative ₹349.51 crore, compared with negative ₹106.17 crore in H1 FY26. Financing cash flow was ₹33.03 crore, against negative ₹7.94 crore, while capital expenditure was ₹351.7 crore compared with ₹122.53 crore.

How has Allied Blenders and Distillers done over the last 8 quarters?

Revenue reached ₹2,085.46 crore in Q2 FY27 after falling to ₹1,776.37 crore in Q1 FY26, its lowest level in the reported series. The latest quarter was below the Q3 FY25 peak of ₹2,342.38 crore. Revenue has risen year on year in each of the last two quarters, according to the supplied trend data.

Net profit was ₹69.02 crore in Q2 FY27, compared with its low of ₹37.63 crore in Q4 FY26 and a high of ₹78.62 crore in Q4 FY25. The latest result was below the historical peak, although it was above the preceding quarter’s ₹45.42 crore.

EBITDA margin reached 8.9% in Q4 FY26, the highest in the series, and fell to 6.4% in Q1 FY27 before rising to 6.7% in Q2 FY27. The latest margin remained below the Q4 FY26 peak but above the 6.4% recorded in Q2 FY26.

What else did the company announce?

On 27 October 2026, the board approved the re-appointment of Balaji Vishwanathan Swaminathan as an independent director for a second term of 5 consecutive years from 3 February 2027 to 2 February 2032, subject to shareholder approval. It also approved continuation of Nasser Mukhtar Munjee as an independent director until the expiry of his current term on 10 October 2029, also subject to shareholder approval.

The board approved a postal ballot covering the two independent-director matters, revision in remuneration for Vice Chairperson Resham Chhabria J Hemdev effective 1 April 2026, payment of commission to non-executive directors other than promoter directors, and ratification of remuneration to cost auditors for the financial year ending 31 March 2027. The same-day earnings presentation covered Q2 and H1 FY27 results on both standalone and consolidated bases.

What did the auditors point out?

Walker Chandiok & Co LLP said nothing had come to its attention that caused it to believe the standalone unaudited statement had not disclosed the information required under Regulation 33 of the Listing Regulations or contained any material misstatement. The review was conducted under SRE 2410 and was substantially less in scope than an audit, so the auditors did not express an audit opinion.

The auditors included an emphasis of matter on a Canteen Stores Department debit memorandum amounting to ₹3,398.72 lakhs, net of adjustments, concerning differential trade rates for sales from 01 March 2012 to 31 October 2017, which the company was contesting. They said their conclusion was not modified in respect of this matter.

The auditors also highlighted litigation under the Income Tax Act, 1961 concerning the Income Tax Department’s search operation in December 2023. The company recorded tax expense and related interest of ₹2,607.53 lakhs and ₹1,937.71 lakhs, respectively, for the year ended 31 March 2026, and the auditors said their conclusion was not modified in respect of this matter.

What did Allied Blenders and Distillers' management say?

Management maintained FY27 topline growth guidance at mid-teens and expected EBITDA margin to remain broadly in line with FY26 despite continued brand investment and supply-chain pressure. It reiterated ICONiQ White volume guidance of close to 14 million cases in FY27, more than 25% growth from FY26, and said the company expected H2 FY27 gross margin to benefit by approximately 100 bps from seasonal mix.

Management said backward integration was expected to add approximately 300 bps of EBITDA margin by FY28 and a further 150 bps by FY29. It also expected total company volume to cross 50 million cases by FY29, ICONiQ White volume to reach 20 million cases in the next two years, and international reach to expand from 42 countries to more than 50 within 12 months.

Management identified global supply-chain disruptions, inflation, geopolitical developments and input-cost volatility as risks. It said the disruptions reduced H1 profitability by an estimated ₹53 crore, including ₹29 crore in Q2, and noted uncertainty over import duties under the India-UK FTA. It also said net debt and equity leverage temporarily exceeded management’s stated framework, and that brand resets for Officer’s Choice Blue and Sterling Reserve B7 required execution.

How did Allied Blenders and Distillers shares react?

The filing was released after market hours. From the price when the filing appeared, the stock fell 1.6% after 5 minutes, 1.3% after 15 minutes and 0.9% after 30 minutes. On the reaction day, it closed 1.2% above the previous close of ₹692, and by the next day’s close the cumulative gain from that pre-results close was 2.6%.

By the fifth session after the results, the stock’s cumulative movement from the pre-results close was 0.9%. The Breweries & Distilleries industry median moved negative 0.9% on the reaction day and negative 0.1% by the next close, before rising 2.1% by the fifth session. Allied Blenders and Distillers therefore outperformed the industry median by 2.1 percentage points on the reaction day and 2.7 percentage points by the next close, but underperformed by 1.2 percentage points by the fifth session.

Earlier results-day movements were mixed. The stock rose 3.0% on 23 July 2026 and 0.9% on 14 May 2026, after gains of 8.9% on 29 January 2026 and 1.2% on 29 July 2025. It had fallen 3.5% following the 4 November 2025 results and recorded gains of 1.0% on 29 January 2025, 0.3% on 29 October 2024 and 1.7% on 22 July 2024.

How did other Breweries & Distilleries companies do?

Five Breweries & Distilleries peers had filed results for the quarter, with a median revenue growth of negative 2.6%. Three peers grew revenue more slowly than Allied Blenders and Distillers, while two grew faster than the company.

Profit was compared across six peers, and three reported higher profit. The peer comparison was available as of 4 November 2026, with the industry grouping covering Breweries & Distilleries.