ABDL
Large CapAllied Blenders and Distillers Limited
Consumer
Allied Blenders and Distillers Limited (ABDL) is India's #2 spirits company by volume, with 31 brands across multiple price points, including 4 millionaire brands. It is the largest exporter by volume to 36 countries. ABDL focuses on premiumization, strategic backward integration, and expanding its pan-India distribution to drive sustainable growth and margin enhancement.
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 31 Mar 2026
Bad · 5/100PAT -52% YoY · Rev +9% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,007 Cr | +9.3% | +0.4% |
| EBITDA | ₹169 Cr | +24.3% | +24.3% |
| Operating margin | 17.0% | +200 bps | +300 bps |
| PAT | ₹38 Cr | -51.9% | -40.6% |
| PAT margin | 3.8% | -481 bps | -261 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
ABDL reports record FY26 performance with highest ever annual EBITDA of ₹568 Cr (+25.8% YoY) and PAT of ₹220 Cr (+13.0% YoY), driven by strong P&A volume growth and gross margin expansion. Q4FY26 EBITDA also hit a record ₹182 Cr (+21.2% YoY), though PAT declined due to prior-year tax expenses.
ABDL's thesis remains intact, supported by robust FY26 results, particularly strong P&A volume growth and significant gross margin expansion. Strategic backward integration projects are on track to enhance future EBITDA margins. While Q4 PAT was impacted by prior-year tax adjustments, core operational metrics show positive momentum, and debt ratios remain within management's stated framework.
Volume Contribution FY26
Latest issuer-disclosed distribution across 2 reported categories.
Prestige & Above (P&A) Portfolio
Strong growth in Prestige Millionaire Brand whiskies, with ICONiQ White growing exponentially to 10.7 Mn cases in FY26.
Luxury Portfolio (ABD Maestro)
Portfolio positioned for high growth, high margin Super-Premium to Luxury category, with accelerated presence established in its first year.
Backward Integration
Strategic investments to optimize supply chain and enhance EBITDA Margins by ~300 bps by FY28 and incremental ~100 bps by FY29.
Export Expansion
Largest exporter by volume from India to 36 countries, with reach expanded by over ~2x in 21 months, leveraging an asset-light, high-profit model.
Telangana Malt Distillery
~4.0 MLPA capacity, expected to be operational in H1 FY27.
Telangana PET Bottle Manufacturing
600+ Mn bottles p.a. capacity, commissioned in Q2 FY26, EBITDA accretive from Q3 FY26.
Maharashtra ENA Distillery Expansion
Acquired ~11.0 MLPA distillery in Dec-24, plans to expand to ~61.0 MLPA, expected operational in H1 FY28.
Uttar Pradesh Bottling Unit
Acquisition announced Jan-26, ~₹40 crore for upgradation, expected operational in Q3 FY27.
Favorable Input Cost Environment
Favourable commodity and packaging cost environment, complemented by backward integration benefits.
Supportive Regulatory Landscape
Most key state policy updates are in place, supporting a growing business environment, with further uplift expected from Telangana policy finalization.
FTA Opportunities
Leveraging emerging FTA opportunities to strengthen market access and cost competitiveness, especially for Luxury portfolio.
Improving Telangana Sentiment
Improving sentiment in Telangana following receipt of long-pending payments by industry players, with optimism on gradual clearance of outstanding dues.
Medium-Term Inflationary Trends
Management closely monitors global geopolitical developments and medium-term inflationary trends.
Maharashtra Policy-Driven Price Changes
Policy-driven price changes in Maharashtra continue to outweigh on industry offtake for the Mass Premium & Others segment.
Global Geopolitical Developments
Management is closely monitoring global geopolitical developments.
Medium-Term Inflationary Trends
Management is closely monitoring medium-term inflationary trends.
State Policy Volatility
Policy-driven price changes in Maharashtra continue to impact industry offtake.
Prior-Year Tax Expenses
FY26 PAT is net of tax expenses (including interest) for earlier years of ₹45.45 crore, impacting reported profitability.
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.
Both YoY and QoQ comparisons are relevant. YoY provides a clear view of annual growth trends and the impact of strategic initiatives over time. QoQ is useful for assessing sequential momentum, brand performance shifts, and the immediate effects of policy changes or seasonal demand in the dynamic Indian consumer market.
P&A Volume Growth (YoY)
PositiveFY26: 26.8% (16.9 Mn cases); Q4FY26: 20.5% (4.4 Mn cases)
Mass Premium & Others Volume Growth (YoY)
NegativeFY26: (4.0%) (18.9 Mn cases); Q4FY26: 0.0% (4.9 Mn cases)
Gross Margin
PositiveFY26: 45.6% (up 350 bps YoY); Q4FY26: 48.2% (up 480 bps YoY)
EBITDA Margin
PositiveFY26: 14.4% (up 163 bps YoY); Q4FY26: 17.9% (up 179 bps YoY)
FY26 as a Defining Year
FY26 stands out as a defining year for ABD, marked by record annual profits and consistent quarterly performance post-listing, driven by P&A growth and cost management.
Continued P&A Momentum
The P&A segment continues to deliver strong momentum, with improving traction in both volumes and value across regions.
FY27 Outlook
Outlook for FY27 includes premiumisation-led revenue growth, continued investment in core & emerging brands, and disciplined execution of EBITDA-accretive backward integration projects.
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 | 14.4% (FY26) | ~18.0% by FY28, ~19.0% by FY29 |
| P&A Volume Contribution | 47.2% (FY26) | ~50% by FY28 |
| ROCE (Pre-Tax) | 18.5% (FY26) | 23%-25%+ by FY28 |
| Net Debt / EBITDA | 1.7x (Mar-26) | < 2.0x (stated framework) |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +5.8% / mo
Technical chart
ABDLweekly · 3Y+78.3%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 59.
- SMA20 rising (~5.4% over last month) — short-term momentum positive.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 53% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 8/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; 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: +2 points.
Factor attribution
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 76th percentile of the scored universe and 77th percentile within Consumer. 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 · Consumer: 77th pctile, median 67 · Large: 52nd pctile, median 74
51 documents indexed, 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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 69.00
- P/B
- 9.56
- EV/EBITDA
- 27.42
- Market Cap
- 15878.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 18.40%
- ROA
- 5.30%
- Dividend Y
- 0.95%
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
- 4.01×
- Altman Z
- 5.89
- Book Value
- 59.40
Cash Flow
- FCF Yield
- 0.20%
- FCF Positive Y
- 6/5
- OCF
- 362.00 Cr
- EPS TTM
- 8.16
Shareholding
- Promoter Hold
- 80.91%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — 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.