Allied Blenders & Distillers Ltd(ABDL)

NSE: ABDLBSE: 544203

₹ 675+0.10%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 18,880 crNext results: 27 Oct 2026Website: www.abdindia.comUpdated: 27 Oct 2026

About

Allied Blenders & Distillers Ltd (ABDL) makes Indian-made spirits across price tiers, from mass premium to super-premium, under brands including Officer's Choice, ICONiQ White, Sterling Reserve and the ABD Maestro luxury portfolio. It describes itself as India's largest domestic spirits company by volume and India's No. 1 spirits exporter. It sold 35.9 Mn cases in FY26, with FY26 revenue of ₹7,571.35 Cr. Prestige & Above brands made up 47.2% of volume in FY26, backed by a backward-integration capex programme.^[1][2][3]

Business segments

ABDL reports a single segment, alcoholic beverages. In FY25, revenue from India was ₹7,843.37 Cr and revenue from outside India was ₹201.72 Cr.^[2]
Prestige & Above (P&A): 47.2% of volume and 57.3% of value in FY26. P&A volume grew 26.8% YoY to 16.9 Mn cases in FY26.^[1]
In Q1 FY27, P&A made up 48.2% of volume and 59.3% of value, up from 46.2% and 55.8% in Q1 FY26.^[4]
Mass Premium & Others: 4.7 Mn cases in Q1 FY27, up 2.3% YoY. In FY26 the segment's volumes were hit by Telangana licensing disruptions and Maharashtra pricing policy changes.^[4]

Products and brands

The portfolio had 25 brands across whisky, rum, brandy, vodka and gin as of FY25, including 4 millionaire brands.^[2]
Officer's Choice Whisky sold 18.3 million cases in FY25 and held over 35% share of the mass-premium whisky segment.^[2]
ICONiQ White sold 10.7 Mn cases in FY26, up 87.8% YoY from 5.7 Mn in FY25, and 3.1 Mn cases in Q1 FY27, up 33.8% YoY from 2.3 Mn in Q1 FY26.^[1][4]
ABD Maestro (80% owned) has 10 brands across whisky, gin, vodka and rum, including Rangeela Vodka, YELLO Designer Whisky and AODH Irish Whiskey. Its FY26 top line was about ₹40 Cr.^[1]
ABDL acquired the Woodburns whisky, Pumori gin and Segredo Aldeia rum brands. It also partnered with Roust Corporation to bring Russian Standard vodka to India.^[2]
A deluxe vodka and a new premium whisky are planned for launch in H2 FY27. Packaging refreshes are planned for Officer's Choice Blue in Q3 FY27 and Sterling Reserve B7 in Q4 FY27.^[4]

Operations and manufacturing

ABDL owns a distillery of about 60 MLPA at Rangapur, Telangana (as of FY25).^[2]
A malt distillery in Telangana with capacity of about 4.4 million BL per annum began commercial operations in October 2026.^[5]
A bottling facility at Moradabad began commercial operations in October 2026, with capacity of 6 million cases per annum. It cost ₹70 crore to acquire plus ₹40 crore to upgrade.^[6]
A PET bottle plant at Rangapur was commissioned in September 2025, with investment of about ₹115 Cr and capacity of 600+ Mn bottles per annum.^[7]

Key operating numbers

Total volume was 35.9 Mn cases in FY26 (up 8.5% YoY) and 9.0 Mn cases in Q1 FY27 (up 6.2% YoY), of which P&A was 4.4 Mn cases.^[1]
Realisation per case was ₹1,044 in Q3 FY26 (up 0.7% YoY) and ₹1,050 in Q4 FY26 (up 2.2% YoY).^[8]

Distribution and exports

As of FY25, products were sold through over 79,000 retail touchpoints across 30+ states and union territories, supported by 12 sales offices.^[2]
Export revenue was ₹235 Cr in FY26, up 14.1% YoY. ABDL was present in 23 countries before FY26, 36 during FY26 and 39 by Q1 FY27.^[1]
Sterling Reserve B10 has strong equity in the CSD (Canteen Stores Department) and paramilitary channels.^[2]
As of Q1 FY27, ABD Maestro was sold at about 5,500 premium touchpoints and 4 travel retail locations.^[4]
In FY25 the company said its credit risk is concentrated in a few states and a few large customers.^[2]

Expansion and capex

The Aurangabad, Maharashtra ENA distillery is being expanded to about 61 MLPA and is expected to be operational in H1 FY28. The Aurangabad bottling expansion is expected in Q4 FY27.^[1][4]
Andhra Pradesh dual-mode distillery (KION, about 66 MLPA): ₹300 Cr investment for a 50% stake, with commissioning targeted for H1 FY29.^[1]
Total committed capex is about ₹700 Cr: Phase 1 about ₹525 Cr and Phase 2 about ₹150 Cr.^[8]
Once these projects are complete, captive production is expected to cover two-thirds of the company's ENA requirement.^[2]
An Indian single malt whisky launch is targeted for 2029.^[4]

Recent developments

22 Oct 2026: Commercial operations began at the Telangana malt distillery.^[5]
19 Oct 2026: Commercial operations began at the Moradabad bottling facility.^[6]
Global supply chain disruptions reduced Q1 FY27 EBITDA by an estimated ₹24 Cr, and the impact was expected to continue into Q2 FY27.^[4]
ABDL received two credit rating upgrades in nine months, from IND A- to IND A with a positive outlook.^[7]
A dividend of ₹5.4 per share was recommended for FY26.^[1]
A change of Managing Director from Alok Gupta to Amar Sinha was announced during Q1 FY27.^[1]

Market Cap

₹18,880 Cr

High / Low

₹766 / 383

Stock P/E

85.3

Price / Book

11.3

Book Value

₹59

EPS

₹8.2

No. of Shares

27.97 Cr

ROCE

18.4%

ROE

14.2%

OPM

6.4%

Debt / Equity

0.69

Sales

₹7,571 Cr

Net Profit

₹220 Cr

Promoter holding

79.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials