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%...
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.
92%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Impact of Telangana route-to-market changes on volumes and Q4 outlook
Asked by Nitan, MK
Management provided specific growth numbers, explained the disruption, and gave a clear Q4 outlook.
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Question
could you shed some light on what really affected our volume in Telangana market in terms of the route to market changes... can we expect equally good quarter Q4 compared to the weaker quarter in Q3
Alok (CEO)
PNA segment grew by 17%, ABD portfolio grew at 17.5%. Mass premium degrew 7% due to license disruption of 6-8 weeks. Q4 hopefully back on track. Targeting double digit growth in Q4.
Answered
Medium priority
Reason for not budgeting bottling unit earlier and link to MML
Asked by Nitan, MK
Management clearly explained the rationale for timing and the link to MML.
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Question
when we initially wanted to have the distillation capacity why we have not budget for this and is this also related to MML participation
Alok (CEO)
Bottling at same premises cuts transportation cost and working capital. Announced now because approvals came in January. Minakshi filed MML application; if approved, bottling unit will serve MML too.
Answered
Medium priority
Reason for decline in realization for PNA and mass premium
Asked by Nitan, MK
Management gave a concise, direct answer attributing the decline to state mix.
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Question
we have seen sort of a decline in realization for both PNA and mass premium. So does this pertains to state mix or is there anything to read through?
Alok (CEO)
State mix nothing else.
Answered
High priority
Timeline for India-UK FTA and impact of India-EU FTA
Asked by Abin Shiroy, Nuama
Management gave a clear timeline for UK FTA and assessed EU FTA impact with specifics.
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Question
what will be your take on UK FTA delay... do you think that Q2 is the realistic date or H2? ... the EU deal... would you see this as a non-event or mild positive or negative?
Alok (CEO)
Feedback suggests Q2 for UK FTA. EU FTA is negligible for inbound; outbound opportunity for us to set up hub in Europe. Already shipping to Spain and Italy.
Answered
High priority
How Maharashtra decline in Q4 won't impact double-digit growth guidance
Asked by Abin Shiroy, Nuama
Management explained the modeling assumption clearly, addressing the concern.
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Question
Maharashtra industry has seen a double digit volume decline. In Q4 also it will be a decline. So how will it not impact your numbers in that case?
Alok (CEO)
We have modeled that Maharashtra will continue at significantly lower level. The comparison is Q3 FY26 base, not YoY. Telangana and rest of India compensate.
Partial answer
High priority
Assumptions behind Q4 double-digit growth and FY27 guidance
Asked by Mahul Kirish Desai, JM Financial
Management gave qualitative drivers but did not quantify FY27 growth expectations.
no specific FY27 volume growth numbers given
Read the exchange
Question
mass premium segment your assumption is should be at least low singledigit decline or flattish... how do you look FY27... guidance for FY27 both on PNA side and mass premium segment
Alok (CEO)
ABDM portfolio now complete, 40% distribution in premium on-premise, doubling run rate. FY27: doubling ABDM AR, two new launches in PNA non-whiskey, approvals in southern markets.
Answered
High priority
Gross margin trajectory and possibility of 18% margin in FY27
Asked by Mahul Kirish Desai, JM Financial
Management provided specific margin breakdown and reaffirmed FY28 timeline.
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Question
how do you see this gross margin trajectory also in FY27 and would you think that your 15% margin guidance of FY28 can come in FY27 itself
Alok (CEO)
FY28 margin guidance revised to 18%. Capex will add 300 bps, we captured 7 bps in Q3, balance 230 bps to flow. UK FTA adds 200 bps. Expect at least 18% by FY28.
Answered
Medium priority
Quantification of capex for FY27 and FY28
Asked by Mahul Kirish Desai, JM Financial
Management gave specific numbers and future plans.
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Question
if you could quantify the capex for FY27 overall capex with all the projects that you are undertaking in FY27 and FY28
Alok (CEO)
Capex announced till Q3 FY27 is about 575 crores. Two new programs add 150 crores, total ~700 crores. May need one more ENA unit in UP or Andhra.
Answered
Medium priority
Whether 230 bps margin from capex includes phase two
Asked by Kosu Pawkar, IC Direct
Management clearly distinguished between phase one and phase two contributions.
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Question
does it include this phase two of the capex which you are planning to do or that will be the incremental over what the capex you are planning to do in phase one
Alok (CEO)
This is from phase one (550 crores). 7 bps realized from pet project, balance 230 bps from first phase. Second phase will be value accretive in H2 next financial year.
Answered
High priority
PNA growth drivers for next year and margin impact of new brands
Asked by Ali Agar Shakir, Motil Oswal Mutual Fund
Management provided specific growth drivers and confirmed margin guidance includes new brand investments.
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Question
next year what is the thought in terms of growth how much of this PNA growth you are expecting iconics to continue... should we build also some impact coming from new brands... will that be margin diluted in the first year
Alok (CEO)
Mid double digit value growth from ABDM (doubling run rate), two new PNA brands in brandy/vodka, Andhra brandy opportunity. Investment in luxury portfolio already built into 17-18% margin guidance.
Answered
High priority
Competition from Imperial Blue after ownership change and Iconic growth
Asked by Sanjay Manal, Dan Capital
Management acknowledged competition and provided concrete growth metrics.
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Question
have you seen any renewed competition specifically from this brand given that change of brand owner over there?
Alok (CEO)
We are mentally prepared and have strengthened trade/consumer engagement. Iconic running at 1 million cases/month (12 million ARR). Got CSD approval, shipping to 9 countries.
Partial answer
Medium priority
Growth traction for non-Iconic premium brands like Sterling Reserve
Asked by PJ Mistri, ICA Securities
Management gave qualitative commentary but did not quantify growth or degrowth rates.
no specific volume growth numbers for non-Iconic brands
Read the exchange
Question
how's the volume growth traction in those brands? ... can you comment the growth trajectory for noniconic part of the portfolio that is sterling reserve group 7 B10 and officers choice blue?
Alok (CEO)
OC Blue and Iconic at same price point, we look at them together. SRB7 experiencing degrowth; new blend and new pack in Q1 next year to bring back growth.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| PNA segment grew 17% in Telangana | 17% | 2.8% | Overstated vs filing |
| ABD portfolio grew 17.5% in Telangana | 17.5% | 2.8% | Overstated vs filing |
| Mass premium degrew 7% in Telangana | -7% | 2.8% | Understated vs filing |
| Industry grew 9% in Telangana | 9% | 2.8% | Overstated vs filing |
| ABDM run rate 40 cr in Q3, doubling in Q4 | ₹40 cr | ₹1,003 cr | Understated vs filing |
| Gross margin on Zoya about 70% | 70% | 14% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.