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Revenue
₹1,003 Cr
verified against source
Revenue YoY
2.8%
reported change
EBITDA
₹137 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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% YoY). Volume grew 1.3% to 9 million cases, with realization per case up 7% driven by premiumization. The PNA portfolio (48.5% of mix) grew 16.9% YoY, led by Iconic White, which is on track to reach 10 million cases in FY26. Backward integration and capex (₹700 crore announced) are expected to add 300 bps to gross margins by Q4 FY28. Management guided for double-digit revenue growth in Q4 FY26, supported by Telangana normalization and new brand launches. Key risks include continued regulatory disruption in Maharashtra and competitive pressure in the mass-premium segment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit revenue growth in Q4 FY26, driven by Telangana normalization, new brand launches, and ABD Maestro portfolio scaling.
- 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 portfolio run rate of ₹40 crore in Q3 is expected to double to ₹80 crore in Q4 and double again in FY27.
- 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.
Risks flagged
- 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.
- 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.
- With Imperial Blue's new owner, competition may intensify. Management has proactively strengthened trade and consumer programs, but the impact remains uncertain.
- 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.
Key quotes
- This quarter marks our sixth consecutive quarter of strong performance post-listing with consistent improvement in the premiumization of our portfolio, margins and cash flows.
- Iconic White has also emerged as a brand of choice for the new consumer coming to the legal drinking age, further strengthening its long-term growth potential.
- We are targeting a double digit growth in Q4.
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