Allied Blenders and Distillers Limited — Q2 FY26
Allied Blenders delivered a strong Q2 FY26 with consolidated revenue of ₹995 crore (+14.4% YoY), EBITDA of ₹130 crore (+23.6% YoY), and PAT of ₹63 crore (+32.3% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Advantage of captive PET plant vs third-party supplier and glass bottle outlook.
Asked by Anish Roy, Noama
Management provided specific margin impact and outlook on glass prices.
Read the exchange
Question
what kind of advantage or gross margins you'll enjoy versus a third party pet supplier... is it a common practice for alcob players... in terms of glass bottles... how do you see the coming quarters?
Management (unidentified)
this investment will add roughly 30 cr plus to our gross margins translating to about 75 basis point... we do not have any disadvantage on economies of scale... we expect glass bottle to stay neutral to stable.
Answered
Medium priority
Will the PET plant serve only Telangana and need more such plants?
Asked by Anish Roy, Noama
Management clearly explained the rationale and future plans.
Read the exchange
Question
will this be more for Telangana and maybe the adjoining state and in the long term would you need to put more such PET factories?
Management (unidentified)
By design we've chosen Telangana because our Telangana consumption is roughly 65% of our total pet consumption... this unit will feed Telangana and the adjoining markets of Andhra... once we have started realizing the benefits then perhaps we'll see if there's any other market.
Partial answer
Medium priority
Is super-premium growth from upgrading or market share gains?
Asked by Anish Roy, Noama
Management discussed trends but did not quantify the split between upgrading and share gains.
did not directly attribute growth to upgrading vs share gain
Read the exchange
Question
is this just mostly upgrading from the lower end or is it that there's some market share gain you are seeing because we are seeing good numbers from almost every player.
Management (unidentified)
Indian consumers are now happy consuming, serving and gifting Indian brand... launching a brand in the luxury segment requires continuous flavor offerings... Zoya Gin... 30% of the brand volume comes from our flavor extension and the brand is growing almost 4x since April this year.
Partial answer
High priority
Impact of Maharashtra MML policy and Andhra growth outlook.
Asked by Anish Roy, Noama
Management gave qualitative color but no precise Q2 Andhra growth figure.
deferred view on Maharashtrano specific Q2 growth number for Andhra
Read the exchange
Question
what will be your thoughts on Maharashtra made liquor the pricing seems quite aggressive... what gets adversely impacted... on Andhra if you could tell us that entire market is booming... how has been the growth in Q2?
Management (unidentified)
as far as Maharashtra is concerned it's a little bit early to form a view... IML volumes have come down by about 20%... moving on to Andhra we have pretty much more than doubled our volumes in Andhra.
Answered
High priority
Impact of Telangana retail licensing on mass premium segment.
Asked by Nipan, MK Global
Management explained the impact and provided a timeline for normalization.
Read the exchange
Question
around the Telangana market because of this retail licensing I guess your popular segment growth has got impacted on a y basis. Any incremental viewpoint you want to offer there?
Management (unidentified)
this has impacted all segment not just mass premium... the lottery fee has been concluded... from 1st December the business back as usual... everything will normalize in Q3.
Partial answer
Medium priority
ABD Maestro revenue contribution and margin impact timeline.
Asked by Nipan, MK Global
Management gave current run rate but deferred margin impact details.
deferred detailed guidance to Q4
Read the exchange
Question
with respect to this ABD maestro... by when is there any sort of a benchmark when you will start highlighting about the ABD maestro? will it have an impact on the margin for the overall company?
Management (unidentified)
for every 1% volume contribution from ABDM it should have an 8x impact on our top line... it's revenue run rate is now about 40 odd crores... we'll be able to give you a reasonably good view at the end of quarter four.
Answered
High priority
International business run rate and targets over next 2-3 years.
Asked by Sanjay Manuel, Dam Capital
Management provided current share and a target range.
Read the exchange
Question
what kind of a run rate we are doing at this point in time and what are our plans over the next two years. Is there any certain number target over the next 2-3 years for international business?
Management (unidentified)
currently about 8% of our top line comes from international market... we believe that once the ABDM portfolio rolls out... contribution share from international revenue could be between 12 to 15% of our total value.
Partial answer
High priority
Status of Telangana overdue receivables and resolution timeline.
Asked by Sanjay Manuel, Dam Capital
Management gave qualitative progress but no firm resolution date.
no specific timeline givendeferred to month-on-month basis
Read the exchange
Question
on Telangana overviews... what is the status at this point in time... some dues have started coming... when you expect this entire thing to get resolved.
Management (unidentified)
the engagement with the corporation and policy makers is fairly intense and we have seen some result in October... we see continuous reduction in the overdue.
Partial answer
Medium priority
Trends for OC Blue, SRV7, SRV10 given iconic white's growth.
Asked by Alert D, Antique Talk Broking
Management discussed SRV7 recovery and cannibalization but no specific numbers for each brand.
did not quantify decline or growth for each brand
Read the exchange
Question
are we seeing a decline across the other major brands such as officer choice blue, SRV7 and SRV10... what is the trend moving ahead for these three brands?
Management (unidentified)
on SRV7 we are back on the growth track... iconic operates at a price point identical to OC2... there's a bit of cannibalization but when you put together our market shares have only moved.
Answered
High priority
Reason for degrowth in mass premium and risk of iconic white concentration.
Asked by Ishan, Individual Investor
Management clearly attributed degrowth to two specific factors.
Read the exchange
Question
we have seen a big growth in PNA category... what is the result for the degree category? Is it the competition?
Management (unidentified)
MML policy in Maharashtra has an impact on the entire alcob market especially on mass premium and secondly the temporary pipeline correction in Telangana. So deg growth largely is on account of these two factors.
Answered
High priority
Telangana overdue collection outlook and possibility of price hikes.
Asked by San Gossar, MK Ventures
Management provided specific numbers and update on pricing committee.
Read the exchange
Question
in the month of October you started collecting some overdue amounts... what's the outlook in terms of overdue receivables... is there any possibility of price hikes or any pricing committee?
Management (unidentified)
the pricing committee has been formed and has given a price increase to the beer segment... in October the money that got released against the old overdue is north of about 100 crores.
Answered
Medium priority
Update on iconic white profitability initiatives (market bottles, mono carton removal).
Asked by Kunal Sha, Jeff
Management gave clear status and timeline for both initiatives.
Read the exchange
Question
you had highlighted a few initiatives use of market bottles removal of mono cartons... where are we in that journey how much is left and have you seen any impact on brand perception?
Management (unidentified)
markets where we removed monocarton there is no impact... by December the entire exercise of monocarton removal would be concluded... iconic has really ramped up market bottle utilization to about 16% and we are hopeful to reach 20% by year end.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| ABD Maestro revenue run rate is about 40 crores. | ₹40 cr | ₹995 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.