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Geopolitical disruption and input cost inflation
View Risks →Allied Blenders and Distillers Limited — Q4 FY26
Allied Blenders delivered a strong Q4 FY26 with consolidated revenue of ₹1,020 crore (+9.1% YoY) and EBITDA of ₹182 crore (+21.2% YoY), with EBITDA margin expanding 179 bps to 17.9%.
bullish
high
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Allied Blenders delivered a strong Q4 FY26 with consolidated revenue of ₹1,020 crore (+9.1% YoY) and EBITDA of ₹182 crore (+21.2% YoY), with EBITDA margin expanding 179 bps to 17.9%. Growth was driven by the PNA segment, which posted 20.5% volume growth to 4.4 million cases, led by Iconic White crossing 10.7 million cases annually. Management guided for mid-teens topline growth in FY27, with PNA growing at high teens, while EBITDA margins are expected to hold at FY26 levels due to near-term input cost pressures from geopolitical tensions. Key margin levers include UK FTA benefits (likely Q2), Telangana price increases, and backward integration projects adding ~300 bps by FY28. Risks include potential margin contraction in H1 FY27 from rising glass and fuel costs, and execution risk in scaling the ABD Maestro luxury portfolio.
एलाइड ब्लेंडर्स ने वित्त वर्ष 2026 की चौथी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कुल आय ₹1,020 करोड़ रही, जो पिछले साल से 9.1% ज्यादा है। कमाई (EBITDA) ₹182 करोड़ रही, जो 21.2% बढ़ी। मुनाफा दर (EBITDA मार्जिन) 17.9% हो गई, जो पिछले साल से 1.79% ज्यादा है। यह वृद्धि प्रीमियम शराब (PNA) सेगमेंट की वजह से हुई, जिसकी बिक्री 20.5% बढ़कर 44 लाख पेटी हो गई। 'आइकॉनिक व्हाइट' ने सालाना 1.07 करोड़ पेटी बिक्री पार कर ली। कंपनी को अगले साल आय में 15% तक बढ़ोतरी की उम्मीद है। हालांकि, कच्चे माल की बढ़ती कीमतों से पहली छमाही में मुनाफा दबाव में रह सकता है। लंबी अवधि में सरकारी सौदों और नई परियोजनाओं से मुनाफा बढ़ने की संभावना है।
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Read Transcript →Quarter Snapshot
PNA Volume Growth
4.4M cases
+20.5% YoY
Prestige & Above segment volume grew 20.5% YoY to 4.4 million cases in Q4, driven by Iconic White.
Iconic White Annual Sales
10.7M cases
+88% YoY
Iconic White crossed 10.7 million cases in FY26, becoming the fastest-growing millennium brand globally.
PNA Contribution to Sales
57.7%
+? pp YoY
PNA segment contributed 57.7% of Q4 sales, up from 57.3% in FY26 full year, reflecting premiumization.
Export Revenue Growth
₹235 crore
+14.1% YoY
Export revenue grew 14.1% in FY26, with international footprint expanding from 23 to 36 countries.
What Changed vs Last Quarter
NEW
Mid-teens topline growth in FY27
Consolidated revenue growth expected in mid-to-high teens, driven by PNA (high teens) and mass premium (low-to-mid single digit).
NEW
EBITDA margin to hold at FY26 level in FY27
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.
NEW
300 bps gross margin expansion by FY28 from 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.
UPDATED
ABD Maestro to cross ₹100 crore revenue in FY27
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.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Geopolitical disruption and input cost inflation
West Asia war and rising glass/fuel costs may pressure margins in H1 FY27, as acknowledged by management.
NEW RISK
Telangana price hike delay
While a price increase is expected, the timing is uncertain; management plans conservatively for H2, but any delay could impact margin recovery.
NEW RISK
Cannibalization within PNA portfolio
Iconic White's rapid growth may cannibalize sales of OC Blue and Sterling Reserve B7, though management sees aggregate market share gains.
NEW RISK
Execution risk in backward integration capex
Large capex projects (ENA, malt, bottling) may face delays or cost overruns, impacting margin expansion timelines.
RISK GONE
Maharashtra regulatory disruption
Policy-driven price changes in Maharashtra have impacted consumer affordability and buying behavior, leading to a high double-digit volume decline in the state. Management expects the market to remain at lower levels in Q4.
RISK GONE
Telangana license auction disruption
The retail license auction process in Telangana caused a 6-8 week disruption in Q3, impacting mass-premium volumes. While normalization is expected in Q4, any delay could affect growth.
RISK GONE
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.
RISK GONE
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.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
Policy-driven price changes in Maharashtra have impacted consumer affordability and buying behavior, leading to a high double-digit volume decline in the state. Management expects the market to remain at lower levels in Q4.
Fast read
Guidance and risk preview
Consolidated revenue growth expected in mid-to-high teens, driven by PNA (high teens) and mass premium (low-to-mid single digit).
West Asia war and rising glass/fuel costs may pressure margins in H1 FY27, as acknowledged by management.
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