Allied Blenders and Distillers Ltd

Meeting Details

• Event: ASHWAMEDH - ELARA INDIA DIALOGUE 2026; Sep 1, 2026, 10:00 IST.
• Location: Mumbai; Mode: Physical; Type: One-on-One/Group meeting.

Participants

• Key company participants: management representatives (roles not disclosed).

Purpose

• Discuss Q1FY27 Earnings Presentation; submitted to stock exchanges on July 23, 2026.

Additional Notes

• Q1FY27 Earnings Presentation available on the company website; presentation already submitted to exchanges.

Malaysia production launch

• ABD to locally produce and distribute Officer's Choice Blue in Malaysia through asset-light co-bottling.
• First overseas local production arrangement as part of global expansion.
• Market launch variants include 750ml, 180ml and 90ml bottles.
• The Malaysia initiative supports asset-light growth and faster market entry with limited capital.
• ABD aims to evaluate additional brands under the framework over time.
• Company retains control over raw materials, packaging, quality standards and branding.

Meeting Details

• Dates: Aug 25–28, 2026; times not disclosed.
• Event: Non-Deal Roadshow to Singapore and Hong Kong.
• Mode: Physical; One-on-One and Group Meetings.
• Venue: Singapore and Hong Kong.
• Participants: Several Funds/Investors.

Participants

• Company Officials (management) to attend.

Purpose

• Purpose: Non-Deal Roadshow investor interaction; discuss Q1FY27 Earnings Presentation.

Availability

• Q1FY27 Earnings Presentation filed with stock exchanges on July 23, 2026.
• Presentation available on the company's website.

Credit rating upgrade

• Ind-Ra upgrades ABDL's bank facilities rating by two notches to IND AA- with Stable Outlook.
• Upgrade cites ABDL's FY26 consolidated scale and profitability improvement through premiumisation.
• Management notes strong IMFL market position and pan-India diversification supporting leverage comfort.
• ABDL footprint includes 40 manufacturing units, with 9 bottling facilities and 2 distilleries.
• Presence in 39 international markets; largest exporter by volume.
• Consolidated net leverage expected to remain comfortable amid ongoing capex.
• Progress on backward integration will support EBITDA margins in the medium term.
• ABD maintains premiumisation and growth with financial prudence.

Rating action

• Bank facilities upgraded: INR 12,750m long-term to IND AA-/Stable and short-term to IND A1+.
• Assigns new bank facilities of INR 3,250m with rating IND AA-/Stable/IND A1+.
• Total rated bank facilities amount to INR 16,000m.

Rationale and outlook

• ABDL's consolidated scale growth and improved margins support credit quality.
• Backward integration and ENA integration target margin expansion and cost mitigation.
• Leverage remains comfortable in medium term despite high capex; planned equity raise may reduce leverage.
• Regulatory and geopolitical headwinds and Telangana concentration pose mitigated risks.
• Outlook: Stable for both long- and short-term ratings.

Financials and liquidity

• Consolidated revenue FY26: INR 39,228m; EBITDAR 5,418m; EBITDAR margin 13.81%.
• Net leverage 1.87x (FY26); CFO improved to INR 2,277m.
• Unencumbered cash: INR 1,352m; WC limit utilisation 83.5% (12 months ended Jun 2026).

Rating sensitivities

• Upgrade possible with sustained scale, improved margins, lower working capital, leverage below 1.25x.
• Downgrade risk if scale/margins deteriorate or net leverage stays above 2.25x.

Material changes since last rating

• Upgrade of long-term and short-term ratings; new facilities rated.

ESG Rating Update

• Allied Blenders and Distillers Ltd receives SES ESG Ratings score 58.70; company did not engage provider.

Moradabad capacity expansion

• Management Committee approves Moradabad capacity expansion for distillery and bottling.
• Distillery: 66 MN BL/yr dual-mode; ₹293.5 cr investment; commissioning by Q1 FY2029.
• Bottling: up to ~13 MN cases/yr; ₹202 cr; completion by Q3 FY2028; land/refurbishment.
• Financing: mix of debt and internal accruals for both projects.
• Total capex ~₹495.5 crore; funded via debt and internal accruals; expected margins and supply security.

Meeting Details

• Event: EMKAY Confluence 2026 organized by Emkay Global Financial Services Ltd.
• Date and time: Wednesday, August 12, 2026, 10:00 a.m. IST onwards.
• Mode/Type: Physical, One-on-One/Group meeting.
• Venue: Mumbai.
• Audience: Several Investors/Analysts.
• Presentation: Q1FY27 Earnings Presentation to be discussed; submitted July 23, 2026.
• Availability: Presentation submitted to stock exchanges on July 23, 2026 and posted on the company's site.

Additional Notes

• No unpublished price sensitive information will be shared at the conference.

Financial Performance

• Q1 FY27 consolidated revenue ₹ 984 crores, up 5.8% YoY from ₹ 930 crores.
• Volume 9 million cases, up 6.2% YoY.
• Gross margin 46%, up 277 bps, aided by input costs and backward integration.
• EBITDA ₹ 120 crores, margin 12.2%.
• PAT ₹ 45 crores vs ₹ 56 crores.
• Like-for-like gross margin 48.4%; EBITDA ₹ 144 crores, 14.7% margin.
• Like-for-like PAT ₹ 63 crores, up 13.6%.
• ₹ 24 crores impact from global supply chain disruptions.

Operating & Segment Update

• Prestige & Above contributes 48.2% of volumes, 59.3% of value in Q1 FY27.
• ICONiQ White 3.1 million cases in Q1 FY27; 33.8% YoY growth.
• ICONiQ White available in 10 international markets.
• ABD Maestro launched 10 brands in FY26; present in 5,500 premium outlets; 6 international markets; 4 travel retail.
• Mass Premium growth 2.3% YoY; Northern and Southern markets lead.
• Officer's Choice strong cash flow; leading Mass Premium whisky and top exported whisky.

Projects & Capex

• PET bottles facility Rangapur commissioned FY26; malt distillery to be operational in H1 FY27.
• Backward integration: ENA, malt, PET, bottling to improve supply security and margins.
• Margin benefit expected ~300 bps by FY28 and 100 bps by FY29.
• International footprint expands to 39 countries in Q1 FY27; ICONiQ White in 10 markets.
• Rangapur investments deepen in-house ENA, malt, PET, bottling across states.

Balance Sheet & Cash Flow

• Operating cash flow ₹ 174 crores in Q1 FY27.
• Net debt reduced by ₹ 33 crores to ₹ 947 crores; debt/EBITDA 1.7x.
• Net debt to equity 0.6x.
• Capex funded via internal accruals and debt; leverage within defined framework.

Guidance & Outlook

• Q1 supports top-line growth; mid-teens revenue growth guidance, potential to reach high-teens.
• FY27 EBITDA margins broadly in line with FY26.
• Two-year guidance: EBITDA margin around 18% by FY28; top line mid-teens by year-end.
• India-U.K. Free Trade Agreement to boost margins 70-80 bps this year; 130-140 bps FY28.
• Inflation and supply-chain volatility may weigh short-term; medium-term margin trajectory intact.

Q&A Highlights

• 2-year guidance unchanged; may rise to high-teens with new launches.
• Telangana price increases possible; other states on cards.
• Overdue Telangana government around ₹400 crores; old overdues largely cleared.
• OC Blue and Sterling Reserve B7 relaunch in H2 FY27; packaging refresh.
• ABD Maestro ARR not disclosed; ICONiQ White volume near 15 million this year.
• ENA capacity expansion planned; captive supply secured for four years.

Risks & Watchpoints

• State price approvals; Telangana overdue payments risk; some overdues depend on government action.
• Short-term supply chain disruptions persist; inflation and input cost volatility remain.
• Geopolitical dynamics could affect timing of price increases and inputs.

Appointment: Bikram Basu

• Appointment as Group Chief Marketing and Innovation Officer and SMP, effective August 1, 2026.
• Will oversee ABDM operations.
• Brief profile: seasoned spirits executive; ex-United Spirits, Pernod Ricard; long ABD leadership.
• Relationships with other directors: Not Applicable.

Cessation: Dr. Pradipta Basu

• Cessation as SMP from July 31, 2026; continues as Chief Marketing Officer.
• Reason: reporting structure change due to Bikram Basu appointment.
• Previously appointed CMO and SMP from April 15, 2026.