Allied Blenders approves ₹1000 crore fund raise at AGM

Allied Blenders & Distillers Ltd secured shareholder approval to raise ₹1000 crore and increase borrowing limits to ₹1600 crore during its 18th Annual General Meeting (AGM) held on July 6, 2026. The meeting, conducted via video conferencing, also saw the appointment of Mr. Amar Sinha as Managing Director for a three-year term effective June 1, 2026, and the declaration of a dividend for the financial year ended March 31, 2026.

Key Resolutions and Voting Outcomes

The AGM transacted ten resolutions, including the adoption of audited standalone and consolidated financial statements for FY26. Shareholders approved the re-appointment of Mr. Kishore Rajaram Chhabria and Mrs. Bina Kishore Chhabria as Directors, who retired by rotation. The special resolutions to raise funds through various securities and to increase borrowing limits under Section 180(1)(c) of the Companies Act, 2013, were also passed.

Mr. Amar Sinha was appointed as a Director and subsequently as the Managing Director of the company from June 1, 2026, to May 31, 2029. Additionally, shareholders approved the creation of a mortgage or charge on the company's assets under Section 180(1)(a) of the Companies Act, 2013.

Voting Details

The voting results indicated strong support for the management's proposals. The resolution to raise funds received 99.99% votes in favour, while the resolution to increase borrowing limits was passed with 99.88% approval. The appointment of Mr. Amar Sinha as Managing Director was approved with 97.37% of votes in favour. Public institutions showed significant dissent on the re-appointment of Mrs. Bina Kishore Chhabria and the appointment of Mr. Amar Sinha as Managing Director, with 33.10% and 33.05% votes against respectively.

Meeting Proceedings

The meeting was chaired by Mr. Kishore Rajaram Chhabria, Non-Executive Chairman of the Board. Key managerial personnel, including the Managing Director, Whole-time Directors, and Independent Directors, were present. Statutory auditors M/s. Walker Chandiok & Co LLP and secretarial auditors M/s. B.K. Pradhan & Associates were also in attendance. The remote e-voting facility was provided by National Securities Depository Limited (NSDL), and the scrutinizer for the process was M/s. Makarand M. Joshi & Co.

Resolution	Type	Votes In Favour	Votes Against	% In Favour
Adoption of Standalone Financial Statements	Ordinary	246,520,114	12,201	99.99%
Adoption of Consolidated Financial Statements	Ordinary	246,520,104	12,201	99.99%
Declaration of Dividend	Ordinary	246,520,254	12,051	99.99%
Re-appointment of Mr. Kishore Rajaram Chhabria	Ordinary	246,448,859	83,446	99.97%
Re-appointment of Mrs. Bina Kishore Chhabria	Ordinary	240,046,676	6,485,629	97.37%
Appointment of Mr. Amar Sinha as Director	Ordinary	246,448,877	83,428	99.97%
Appointment of Mr. Amar Sinha as Managing Director	Special	240,056,801	6,475,504	97.37%
Raising of funds upto ₹1000 Crores	Special	246,518,716	13,589	99.99%
Increasing borrowing limits upto ₹1600 Crores	Special	246,236,719	295,586	99.88%
Creation of mortgage or charge on assets	Special	246,236,285	295,820	99.88%

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.64%	-11.45%	-0.89%	+28.79%	+27.92%	+95.74%

Jefferies has initiated coverage on allied blenders & distillers with a Buy rating, assigning a target price of ₹780. The brokerage's initiation is anchored on expectations of premiumisation-driven growth, underpinned by improved execution as the company works to strengthen its presence in the premium portfolio segment.

Key Highlights of Jefferies' Initiation

The following table summarises the key parameters of Jefferies' coverage initiation on Allied Blenders & Distillers:

Parameter:	Details
Rating:	Buy
Target Price:	₹780
EPS CAGR (FY26–29):	22%
Growth Driver:	Premiumisation and improved execution
Coverage Theme:	Catching up in the premium portfolio segment

Premiumisation as the Core Growth Driver

Jefferies' investment thesis centres on the company's potential to accelerate its premiumisation journey. The brokerage highlights that Allied Blenders & Distillers is positioned to catch up in the premium portfolio segment, with improved execution expected to be a key enabler of this transition. This strategic focus on higher-value product offerings forms the backbone of the projected earnings growth.

Earnings Growth Outlook

Jefferies projects a 22% EPS CAGR over FY26–29 for Allied Blenders & Distillers, reflecting confidence in the company's ability to deliver sustained earnings expansion. The brokerage's outlook is driven by the anticipated benefits of premiumisation and operational improvements over the stated forecast period.