Allied Blenders and Distillers Limited (ABDL)
Large CapFMCG stocks · Large cap · NSE
Allied Blenders and Distillers Limited (ABDL) is India's 2nd largest spirits company by volume, with 4 millionaire brands including Officer's Choice and ICONiQ White. It operates across Mass Premium to Luxury segments, boasting a pan-India manufacturing and distribution network, and exports to 39 countries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +6% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹979 Cr | +6.1% | -2.8% |
| EBITDA | ₹115 Cr | +2.7% | -32.0% |
| Operating margin | 12.0% | +0 bps | -500 bps |
| PAT | ₹45 Cr | -19.6% | +18.4% |
| PAT margin | 4.6% | -147 bps | +83 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1FY27 revenue grew 5.8% YoY, driven by 10.7% P&A volume growth. Gross margin expanded 277 bps YoY, but EBITDA margin moderated by 55 bps and PAT declined 18.7% YoY due to planned investments and global supply chain disruptions.
ABDL's premiumization strategy is progressing, evidenced by P&A volume and sales contribution growth. Gross margin expansion is positive, supported by backward integration. However, profitability was impacted by planned investments in brands and luxury portfolio, alongside temporary supply chain disruptions. Management's LTL figures suggest underlying resilience.
Sales Contribution by Segment (Q1FY27)
Latest issuer-disclosed distribution across 2 reported categories.
Premiumisation Strategy
Driving aggregated market share in P&A whisky category and capitalizing on high growth, high margin Super-Premium to Luxury portfolio (ABD Maestro).
ICONiQ White Brand Momentum
Fastest growing millionaire whisky brand globally for three consecutive years (CY23, CY24, CY25), crossed 10 Mn cases in FY26.
Export Market Expansion
Largest exporter by volume from India to 39 countries, with an asset-light, high-profit model and superior capital efficiency.
Backward Integration
Strategic investments in ENA distilleries, malt distillery, and PET bottle manufacturing to optimize supply chain and enhance margins.
PET Bottles Manufacturing (Telangana)
Unit commissioned in Q2 FY26, secures 70-75% of total PET packaging requirements.
Malt Distillery (Telangana)
Expected to be operational in H1 FY27, with 4.0 MLPA capacity, including a Single Malt distillery.
Bottling Unit (Uttar Pradesh)
Acquisition of facility in Jan-26, bottling unit upgradation by Q3 FY27.
ENA Distillery (Maharashtra)
Aurangabad ENA Distillery capacity expansion to 61.0 MLPA by H1 FY28.
Favourable Input Cost Environment
Supported gross margin expansion in Q1FY27, complemented by backward integration benefits.
UK FTA
Expected to enhance margins and strengthen the premium and luxury portfolio through greater sourcing flexibility.
Supportive Regulatory Landscape
Most key state policy updates are in place, with further momentum expected from Telangana policy and anticipated price revisions.
Improving Telangana Dues Sentiment
Improving sentiment in Telangana for gradual clearance of outstanding dues.
Global Supply Chain Disruptions
Temporary impact of ₹24 Cr on EBITDA in Q1FY27, though underlying business fundamentals remain resilient.
Ongoing Supply Chain Volatility
Management noted a temporary impact from global supply chain disruptions in Q1FY27, indicating potential for continued challenges.
Inflationary Environment
Management emphasizes sustained focus on margin improvement in a medium-term inflationary environment.
Regulatory Policy Changes
While currently supportive, state policy updates and price revisions remain a factor for the industry.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q1 is a seasonally low consumption quarter, making year-on-year (YoY) comparison essential for understanding underlying business trends. However, quarter-on-quarter (QoQ) provides insight into sequential momentum and the impact of recent strategic initiatives.
P&A Volume Growth
P&A volume grew by 10.7% YoY in Q1FY27.
Mass Premium & Others Volume Growth
Mass Premium & Others volume grew by 2.3% YoY in Q1FY27.
Gross Margin
Gross Margin expanded by 277 bps YoY to 46.0% in Q1FY27, supported by favourable input costs and backward integration benefits.
EBITDA Margin
UNDER_STRESSEBITDA margin moderated by 55 bps YoY to 12.2% in Q1FY27, due to planned investments offsetting gross margin gains.
Scaling Brands & Margin Accretive Growth
Focused on scaling key brands through execution and delivering margin accretive topline growth, alongside portfolio expansion.
FY27 Outlook
Expects premiumisation-led revenue growth, sustained investment in people & brands, and disciplined execution of EBITDA-accretive backward integration.
Margin Improvement Focus
Sustained emphasis on margin improvement in a medium-term inflationary environment, supported by premium mix, cost efficiencies, and operating leverage.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 12.2% (Q1FY27) | Target of ~18.0% by FY28, with incremental ~100 bps by FY29. |
| P&A Salience (Volume) | 48.2% (Q1FY27) | Increasing to ~50% by FY28. |
| ROCE (Pre-Tax) | 18.1% (Jun-26) | Trajectory to 23%-25% by FY28. |
| Net Debt / EBITDA | 1.7x (Jun-26) | Maintaining below 2.0x during the capex phase. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 -1.5% / mo · MACD +
Technical chart
ABDLdaily · 1Y · AUTO+35.1%Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 48.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.5% over last month) — short-term momentum negative.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 60% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 9.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.4%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -71.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 30th percentile within FMCG. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter holding is 80.9%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · FMCG: 30th pctile, median 78 · Large: 51st pctile, median 73
52 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 80.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸6 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 76.50
- P/B
- 10.27
- EV/EBITDA
- 28.82
- Market Cap
- 17061.00Cr
Profitability
- ROE
- 14.30%
- ROCE
- 18.40%
- ROA
- 5.04%
- Dividend Y
- 0.89%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 147.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 367.50%
Balance Sheet
- Debt/Equity
- 0.69
- Interest Coverage
- 3.99×
- Altman Z
- 6.17
- Book Value
- 59.40
Cash Flow
- FCF Yield
- 0.18%
- FCF Positive Y
- 6/5
- OCF
- 362.00 Cr
- EPS TTM
- 7.90
Shareholding
- Promoter Hold
- 80.91%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 67%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.