Allied Blenders and Distillers Limited (ABDL) share price

₹632.50 on NSE as of 2026-09-11. +3.44% on the day. market cap ₹17,692 Cr. P/E 80.8. 52-week range ₹384.15 to ₹702.70. Fast Moving Consumer Goods.

What the company does

ABDL is engaged in manufacturing and distributing IMFL and has a pan-India presence with over 40 bottling units and two distilleries. It has an ENA manufacturing capacity of 71mlpa. The entity has over three decades of operating track record in the Indian IMFL industry with its flagship brand Officer's Choice Whisky. ABDL owns over 30 brands across all segments of the IMFL market including four Millionaire brands.

Filed by India Ratings, page 5.

Allied Blenders Q1 FY27: ₹24 Crore of Supply-Chain Friction Meets a 277 bps Gross-Margin Expansion

At a glance

Allied Blenders and Distillers closed the June 2026 quarter with sales of ₹979 crore against ₹923 crore a year earlier, a rise of about 6%. Operating profit came in at ₹115 crore versus ₹112 crore, and net profit was ₹49.2 crore against ₹56.6 crore. EPS was ₹1.76 versus ₹2.02.

Management attributes ₹24 crore of the quarter's profit shortfall to global supply chain disruptions, and states that excluding it, EBITDA would have been ₹144 crore at a 14.7% margin with PAT of ₹63 crore. Gross margin, as reported by the company, expanded 277 bps year-on-year to 46.0%, which management credits to a favourable input cost environment and early backward-integration benefits. EBITDA margin, on the company's own reporting, moderated 55 bps to 12.2%, which management ascribes to planned investment in people, core brands and the new luxury portfolio.

Volume was 9.0 million cases, up 6.2%. The split matters: Prestige & Above volumes grew 10.7% while Mass Premium & Others grew 2.3%. ICONiQ White, launched in 2022, sold 3.1 million cases in the quarter against 2.3 million a year ago.

Operating cash flow was ₹174 crore for the quarter. Net debt fell ₹33 crore to ₹947 crore. The market currently pays 78.4 times earnings for the business, against an industry multiple of 46.9.

A company that sells 36 million cases a year had its quarter shaped, in management's telling, by the price and availability of the containers.

Introduction

Incorporated in 2008, Allied Blenders and Distillers manufactures, purchases and sells alcoholic beverages. It is India's second largest spirits company by volume, with 31 brands spanning whisky, brandy, rum, vodka and gin, and it listed in July 2024.

The June quarter arrived amid an unusually busy stretch in the corner office. Alok Gupta stepped down as Managing Director on 31 May 2026; Amar Sinha, appointed MD-Designate in April, took over from 1 June for a three-year term. Monish Bhasin was appointed Chief Revenue Officer effective 1 July 2026, with Manoj Kumar Rai resigning 30 June. In March, Uday Rao was appointed Marketing Director and Roshni Chatterjee resigned. New MD, new CRO, new marketing head, same 16.9 million cases of Officer's Choice to move.

On 14 May the board approved FY26 audited results, an AGM date of 6 July, a dividend of ₹5.40, and a proposal to raise ₹1,000 crore. In May, Andhra Pradesh revived a letter of intent valid to September 2028 for a greenfield IMFL bottling plant of 46.5 lakh cases.

The company also spent FY26 buying things. A distillery-cum-bottling facility in Moradabad, Uttar Pradesh from NICOL for up to ₹70 crore in January 2026. Up to 50% of Kion Blenders Industries in March 2026, which became a subsidiary on 2 March. UTO Asia Pte. Ltd. in Singapore for EUR 1.225 million in June 2025. A scheme of amalgamation folding two existing subsidiaries into the parent was approved by the board in November 2025, subject to approvals. Twelve subsidiaries now sit under the consolidated statement, which is a lot of legal entities for one business that the filings describe as a single operating segment: alcohol and alcoholic beverages.

Business model

They make brown liquid, put it in bottles, and convince 80,000-plus retail outlets across 30-plus states to stock it. Then each of those states applies its own separate policy on licensing, distribution, pricing and taxation, which is why the company keeps twelve sales support offices instead of one spreadsheet.

The portfolio is arranged like a staircase. At the bottom sits Officer's Choice Whisky, launched in 1988, 16.9 million cases in FY26, 40%+ market share in Mass Premium, and — per the Drinks International Millionaires' Club Report 2026 — the third largest whisky brand in the world. Then Officer's Choice Blue, Sterling Reserve B7, ICONiQ White and Golden Mist in Prestige. Then Sterling Reserve B10, Kyron Brandy and Srishti in Premium. At the top, ABD Maestro: Zoya Gin, Pumori Gin, Arthaus, Woodburns, Aodh Irish Whiskey, Yello Designer Whisky, Segredo Aldeia rum, Rangeela vodka, Russian Standard, and The Collective — a limited run of 60 individually numbered decanters of malt distilled in 1991 at Macallan.

The price ladder runs from ₹840 to ₹5,300 per 750ml in Maharashtra. That is a range where the same salesforce is pitching a defence canteen and a Bombay cocktail bar in the same week.

FY26 revenue split by portfolio: Prestige & Above ~54%, Mass Premium ~40%, Others ~6%. By volume, the split flips — P&A ~47%, Mass Premium ~53%. Officer's Choice moves the cases; the premium brands move the rupees.

Manufacturing runs across two integrated distillery complexes in Telangana and Maharashtra, a PET bottle plant, and 37 bottling units of which 9 are owned. Exports go to 39 countries as of June 2026, up from 36 in March. The company describes exports as asset-light, with profitability around 1.3x domestic and working capital about a third.

ABD Maestro, the luxury arm, is 80% owned with Ranveer Singh as business and creative partner. It reported a topline of ₹40 crore in FY26. Management expects it to double in FY27, and describes luxury as carrying a minimum three-year gestation before results show.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Allied Blenders and Distillers Limited.

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