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Revenue
₹995 Cr
verified against source
Revenue YoY
14.4%
reported change
EBITDA
₹130 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Allied Blenders delivered a strong Q2 FY26 with consolidated revenue of ₹995 crore (+14.4% YoY), EBITDA of ₹130 crore (+23.6% YoY), and PAT of ₹63 crore (+32.3% YoY). Growth was driven by premiumization, with the PNA segment contributing 47.1% of sales (vs 39.7% a year ago), led by Iconic White which doubled volumes to 4.9 million cases in H1. The mass premium segment saw a 5% degrowth due to regulatory disruptions in Telangana and Maharashtra, but management expects normalization by Q3. Backward integration via the new PET plant (₹115 crore capex) is expected to add ~75 bps to gross margins. International expansion continues, targeting 35 countries by FY26. Risks include state-level regulatory changes and potential slowdown in Iconic White growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets PNA segment to reach 50% of sales by FY28; currently at 47.1%, may revise guidance upward.
- Company expanded from 14 to 30 countries in 18 months and targets 35 countries by end of FY26.
- Single malt distillery in Rangapur to start production in Q4 FY26; first single malt whiskey expected in 2029.
- Total capex of ₹527 crore: 25% spent in FY25, 60% in FY26, 15% in FY27. PET plant already operational.
Risks flagged
- Retail licensing changes in Telangana caused a 5% degrowth in mass premium segment; pipeline correction expected to normalize by Q3.
- Maharashtra's MML policy led to 20% decline in IMFL volumes; impact on ABD's mass premium segment is being assessed.
- Total dues from Telangana government ~₹700 crore; only ₹100 crore received in October. No clear timeline for full recovery.
- Iconic White contributes >50% of PNA volumes; any slowdown could materially impact overall growth.
Key quotes
- For every 1% volume contribution from ABDM in future it should have an 8x impact on our top line.
- The brand has garnered global recognition securing prestigious award from the Concours Mondial in Brussels and Spirits Concave and Achievers award both in the year 2025.
- We have pretty much more than doubled our volumes in Andhra and we stay optimistic on possible growth.
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