Allied Blenders and Distillers Management Guidance Tracker

Management targets PNA segment to reach 50% of sales by FY28; currently at 47.1%, may revise guidance upward.

ABD Maestro portfolio run rate of ₹40 crore in Q3 is expected to double to ₹80 crore in Q4 and double again in FY27.

Company expanded from 14 to 30 countries in 18 months and targets 35 countries by end of FY26.

Single malt distillery in Rangapur to start production in Q4 FY26; first single malt whiskey expected in 2029.

Total capex of ₹527 crore: 25% spent in FY25, 60% in FY26, 15% in FY27. PET plant already operational.

Total capex commitment of ₹700 crore, including phase 1 (₹550 crore) and phase 2 (₹150 crore), with projects expected to be operational by Q3-Q4 FY27.

Management expects double-digit revenue growth in Q4 FY26, driven by Telangana normalization, new brand launches, and ABD Maestro portfolio scaling.

Consolidated revenue growth expected in mid-to-high teens, driven by PNA (high teens) and mass premium (low-to-mid single digit).

The luxury portfolio ABD Maestro is expected to achieve annual revenue of ₹100 crore or more in FY27, with a path to CM3 neutrality in three years.

EBITDA margin guidance of 17-18% by FY28, backed by 300 bps gross margin expansion from backward integration and potential 200 bps from India-UK FTA.

Management expects FY27 EBITDA margin to be broadly in line with FY26's 14.4%, with H1 pressure from geopolitical costs offset by H2 benefits from UK FTA, Telangana price hike, and backward integration.

Phase 1 backward integration projects expected to contribute ~300 bps to EBITDA margin by FY28, with an additional ~100 bps from Phase 2 by FY29.