Allied Blenders and Distillers · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
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.
