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.
ABDL / guidance tracker
Keep management guidance in view.
Allied Blenders and Distillers · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
growth
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.
Single malt launch in 2029
Single malt distillery in Rangapur to start production in Q4 FY26; first single malt whiskey expected in 2029.
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.
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.
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.
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.
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.
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).
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.
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.
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.