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Revenue
₹1,007 Cr
verified against source
Revenue YoY
9.1%
reported change
EBITDA
₹182 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
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 17.9%. Growth was driven by the PNA segment, which posted 20.5% volume growth to 4.4 million cases, led by Iconic White crossing 10.7 million cases annually. Management guided for mid-teens topline growth in FY27, with PNA growing at high teens, while EBITDA margins are expected to hold at FY26 levels due to near-term input cost pressures from geopolitical tensions. Key margin levers include UK FTA benefits (likely Q2), Telangana price increases, and backward integration projects adding ~300 bps by FY28. Risks include potential margin contraction in H1 FY27 from rising glass and fuel costs, and execution risk in scaling the ABD Maestro luxury portfolio.
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Guidance to track
- Consolidated revenue growth expected in mid-to-high teens, driven by PNA (high teens) and mass premium (low-to-mid single digit).
- 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.
- 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.
- 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.
Risks flagged
- West Asia war and rising glass/fuel costs may pressure margins in H1 FY27, as acknowledged by management.
- While a price increase is expected, the timing is uncertain; management plans conservatively for H2, but any delay could impact margin recovery.
- Iconic White's rapid growth may cannibalize sales of OC Blue and Sterling Reserve B7, though management sees aggregate market share gains.
- Large capex projects (ENA, malt, bottling) may face delays or cost overruns, impacting margin expansion timelines.
Key quotes
- We believe truly that Iconic can be a market leader brand and how quickly we can get there is really what keeps us excited.
- The way to look at is when we look at the overall numbers we will see in Q1 and early parts of Q2 some stress on margin on account of West Asia war... as we get into Q2 and H2 three or four things are going to happen: FTA should kick in, Telangana price increase should kick in, the capex benefit should kick in, the season should kick in.
- I have divided my task into a couple of cohorts. The first one I said is topline and portfolio buildup... We see a revenue growth in the next three years to reach high teens.
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