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Maharashtra regulatory disruption
View Risks →Allied Blenders and Distillers Limited — Q3 FY26
Allied Blenders reported Q3 FY26 consolidated revenue of ₹1,040 crore (+2.8% YoY), EBITDA of ₹137 crore (+14.1% YoY) with margin expansion to 13.6%, and PAT of ₹64 crore (+10.9% YoY).
bullish
high
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Allied Blenders reported Q3 FY26 consolidated revenue of ₹1,040 crore (+2.8% YoY), EBITDA of ₹137 crore (+14.1% YoY) with margin expansion to 13.6%, and PAT of ₹64 crore (+10.9% YoY). Volume grew 1.3% to 9 million cases, with realization per case up 7% driven by premiumization. The PNA portfolio (48.5% of mix) grew 16.9% YoY, led by Iconic White, which is on track to reach 10 million cases in FY26. Backward integration and capex (₹700 crore announced) are expected to add 300 bps to gross margins by Q4 FY28. Management guided for double-digit revenue growth in Q4 FY26, supported by Telangana normalization and new brand launches. Key risks include continued regulatory disruption in Maharashtra and competitive pressure in the mass-premium segment.
एलाइड ब्लेंडर्स ने वित्त वर्ष 2025-26 की तीसरी तिमाही में ₹1,040 करोड़ की कमाई की, जो पिछले साल से 2.8% अधिक है। कंपनी का मुनाफा ₹64 करोड़ रहा, जो 10.9% बढ़ा। उन्होंने 9 लाख पेटी शराब बेची, जो 1.3% ज्यादा है। हर पेटी की कीमत 7% बढ़ी क्योंकि लोग महंगी ब्रांड पसंद कर रहे हैं। उनकी प्रीमियम शराब (PNA) की बिक्री 16.9% बढ़ी, खासकर आइकॉनिक व्हाइट की, जो इस साल 10 लाख पेटी बेचने की राह पर है। कंपनी ₹700 करोड़ का नया निवेश करेगी, जिससे 2028 तक मुनाफा 3% और बढ़ेगा। अगली तिमाही में कमाई दो अंकों में बढ़ने का अनुमान है। लेकिन महाराष्ट्र में नियमों की समस्या और सस्ती-महंगी शराब के बीच कड़ी प्रतिस्पर्धा जोखिम है।
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Read Transcript →Quarter Snapshot
PNA portfolio volume growth
16.9%
+16.9% YoY
PNA volume grew 16.9% YoY, with mix improving to 48.5% of total volume from 42% in Q3 FY25.
Iconic White annual run rate
12 million cases
+110% YoY
Iconic White is now running at 1 million cases per month, on track to exceed 10 million cases in FY26.
Realization per case
7% improvement
+7% YoY
Realization per case improved 7% YoY due to better product mix and selective price increases.
International footprint
31 countries
+17 countries in 21 months
ABD expanded from 14 to 31 countries in 21 months, targeting 35 countries by Q4 FY26.
What Changed vs Last Quarter
NEW
Double-digit revenue growth in Q4 FY26
Management expects double-digit revenue growth in Q4 FY26, driven by Telangana normalization, new brand launches, and ABD Maestro portfolio scaling.
NEW
EBITDA margin target of 17-18% by FY28
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.
NEW
ABD Maestro revenue to double in Q4 FY26 and double again in FY27
ABD Maestro portfolio run rate of ₹40 crore in Q3 is expected to double to ₹80 crore in Q4 and double again in FY27.
NEW
Capex of ₹700 crore announced for backward integration
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.
DROPPED
PNA mix target of 50% by FY28
Management targets PNA segment to reach 50% of sales by FY28; currently at 47.1%, may revise guidance upward.
DROPPED
International footprint to reach 35 countries by FY26
Company expanded from 14 to 30 countries in 18 months and targets 35 countries by end of FY26.
DROPPED
Single malt launch in 2029
Single malt distillery in Rangapur to start production in Q4 FY26; first single malt whiskey expected in 2029.
DROPPED
Capex of ~₹527 crore over three years
Total capex of ₹527 crore: 25% spent in FY25, 60% in FY26, 15% in FY27. PET plant already operational.
NEW RISK
Competitive pressure on Iconic White
With Imperial Blue's new owner, competition may intensify. Management has proactively strengthened trade and consumer programs, but the impact remains uncertain.
NEW RISK
India-UK FTA delay
The India-UK FTA, expected to add 200 bps to margins, may be delayed beyond Q2 FY27, as the UK parliament has yet to approve it.
RISK GONE
Maharashtra MML policy impact
Maharashtra's MML policy led to 20% decline in IMFL volumes; impact on ABD's mass premium segment is being assessed.
RISK GONE
Overdue receivables from Telangana
Total dues from Telangana government ~₹700 crore; only ₹100 crore received in October. No clear timeline for full recovery.
RISK GONE
Concentration risk in Iconic White
Iconic White contributes >50% of PNA volumes; any slowdown could materially impact overall growth.
Fast read
Guidance and risk preview
Management expects double-digit revenue growth in Q4 FY26, driven by Telangana normalization, new brand launches, and ABD Maestro portfolio scaling.
Policy-driven price changes in Maharashtra have impacted consumer affordability and buying behavior, leading to a high double-digit volume decline...
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