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 1...
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.
68%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Near-term margin outlook and price hikes
Asked by Amnish Roy, Noama Wealth Management Limited
Management gave qualitative drivers but no specific margin guidance for FY27.
no specific margin number givenqualitative outlook only
Read the exchange
Question
how do you see the margin?
Management (unidentified)
Q2 looks like a distinct possibility that the FDA will come in place... Telangana price increase... overall for FY27, we should be able to by and large deliver margin no different than FY26.
Partial answer
High priority
Telangana price hike timing and Karnataka policy impact
Asked by Amnish Roy, Noama Wealth Management Limited
Management gave hopeful timing but no commitment; Karnataka policy not yet implemented.
no firm timelinespeculative on Karnataka
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Question
in Telangana that price hike you think that can come as in the near term and in Karnataka... is it negative for officer's choice?
Management (unidentified)
We are hopeful that in Q2 sometime this price increase should come through but better to plan from an H2 perspective... for OC it could be neutral to positive.
Answered
High priority
New CEO's vision and leadership transition
Asked by Amnish Roy, Noama Wealth Management Limited
Provided detailed vision, targets, and transition timeline.
Read the exchange
Question
wanted to understand his initial thought on allied blenders and what will be his long-term vision and how does the leadership transition happen
Amarina (new CEO)
I see great opportunities... revenue growth in the next three years to reach high teens... margin enhancement from 45% to 48-50%... transition should announce within this quarter.
Partial answer
High priority
Iconic volume growth aspiration and state presence
Asked by Nitin, HDFC Securities
Management gave qualitative aspiration but no quantitative growth target for FY27.
no specific volume growth target given
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Question
Iconic has grown 88% this year and what is the aspiration we have for 27 and also based on how many number of states we are present
Management (unidentified)
We have 100% distribution in domestic market... iconic is already running at about 12 million plus ARR... aspiration is that Iconic can be a market leader brand.
Answered
Medium priority
ABD Maestro portfolio performance and FY27 outlook
Asked by Nitin, HDFC Securities
Provided specific revenue aspiration and expansion plans.
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Question
ABD milestone performance for FI26 and your aspiration for 27 and how is the brand available in on trade off trade.
Management (unidentified)
We are hoping to cross the 100 cr mark soon in terms of annual... two new brands roll out into at least 10 more domestic markets.
Evasive
Medium priority
Debt-to-equity ratio and capex flexibility
Asked by Nitin, HDFC Securities
Management did not address whether they have flexibility or will phase capex.
no specific ratio or ceiling mentionedvague commitment
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Question
net debt to equity seems to be stretched in FI27 because of the capex... do we have the flexibility to cross the maximum ceiling?
Management (unidentified)
We are quite committed... we do not intend breaching these covenants at all.
Partial answer
Medium priority
Growth drivers for OC Blue and Sterling Reserve
Asked by Mihul, JM Financial
Management described initiatives but did not quantify expected growth.
no specific volume growth target for these brands
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Question
X of iconic and X of ABD Maestro we do have OC blue and sterling reserves... what is the issue with actually OC blue and sterling reserve and how do you see these brands playing role in FI27 growth.
Management (unidentified)
Both brands are more than 10 years old... we are able to arrest the growth and bring in growth of low single digit... new packaging in Q2.
Answered
High priority
FY27 EBITDA margin guidance vs FY26
Asked by Mihul, JM Financial
Clearly stated FY27 margin will be equal to FY26 overall margin.
Read the exchange
Question
you give guidance on the margins and you said that in FI27 we should be able to at least maintain the margins... with respect to Q4 margins or FI26 overall?
Management (unidentified)
FY26 overall margins... FY27 overall margins we should hold on to the FY26... it's not better.
Answered
Low priority
ESOP charge for FY27
Asked by Mihul, JM Financial
Provided specific quarterly ESOP charge estimate.
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Question
on the ESOP charge that you mentioned... what is the kind of charge that one can see in FI27?
Management (unidentified)
On a quarterly basis you could see a number of about 5 to 6 crores.
Answered
Medium priority
ABD Maestro profitability timeline
Asked by Mihul, JM Financial
Provided clear three-year profitability roadmap.
Read the exchange
Question
how should one look at the profitability of this portfolio... when do you see this portfolio break even?
Management (unidentified)
Year one it's bitter negative... year two CM2 neutral... year three CM3 or beta neutral.
Partial answer
High priority
Gross margin expansion breakdown: backward integration vs price
Asked by Diji, Jefferies
Management gave qualitative breakdown but no precise quantification.
no exact split of 300 bps expansion
Read the exchange
Question
what amount would be because of backward integration and what would be because of the raw material price benefit?
Management (unidentified)
Pet unit operational gives about 30 basis point... balance is on account of price increases and control on trade spend.
Answered
Medium priority
Does Iconic cannibalize OC Blue and Sterling Reserve?
Asked by Diji, Jefferies
Acknowledged cannibalization but framed it as aggregate share gain.
Read the exchange
Question
does it cannibalize iconic white growth cannibalize growth of sterling reserve B7 and OC blue?
Management (unidentified)
Iconic is taking share away from all brands operating in that segment including SRV7... we look at aggregate market share.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| ABD Maestro to cross 100 cr annual revenue soon | ₹100 cr | ₹1,007 cr | Understated vs filing |
| Pet unit operational gives 30 bps margin expansion | 30 bps | 179 bps | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.