ABD Files Q4FY26 Earnings Call Transcript; FY26 PAT ₹220 Cr
Allied Blenders & Distillers filed the transcript of its Q4FY26 earnings conference call held on May 15, 2026. Management highlighted record FY26 financial results, with Income from Operations growing 11.5% to ₹3,949 crore, EBITDA rising 25.8% to ₹568 crore, and PAT increasing 13.0% to ₹220 crore. The company provided guidance for mid-teens top-line growth in FY27, driven by premiumization and expansion in the Prestige & Above segment. Strategic initiatives include backward integration projects expected to boost margins by FY28 and the expansion of the ABD Maestro luxury portfolio. Management also noted progress in securing CSD approvals and optimizing capital allocation.
*this image is generated using AI for illustrative purposes only.
Allied Blenders & Distillers has filed the transcript of its Q4 and FY26 post-earnings conference call held on Friday, May 15, 2026. The disclosure was made to the stock exchanges on May 21, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript is available on the company's website.
During the call, management reviewed the company's record financial performance for the fiscal year ended March 31, 2026. Consolidated income from operations for FY26 stood at ₹3,949 crore, registering a growth of 11.5% year-on-year. The company reported its highest-ever EBITDA of ₹568 crore, a growth of 25.8% over the previous year, with EBITDA margins expanding by 163 basis points to 14.4%. Profit After Tax (PAT) reached ₹220 crore, an increase of 13.0% from ₹195 crore in FY25. Adjusted PAT for the year, excluding tax expenses for earlier years, was ₹266 crore.
Management Guidance and Outlook
Management provided a positive outlook for FY27, expecting consolidated top-line growth in the mid-teens. This growth will be driven by scaling up the ICONiQ White brand, arresting the de-growth of other millennial brands, and establishing the super-premium to luxury portfolio of ABD Maestro. The company expects the Prestige & Above (P&A) category to grow at high teens by FY28.
Regarding margins, the company stated that while geopolitical uncertainties and inflationary pressures may cause some stress in Q1 and early Q2 of FY27, benefits from the UK Free Trade Agreement (FTA), expected Telangana price increases, and backward integration projects should drive margin expansion in H2. The overall guidance is to maintain FY26 EBITDA margins in FY27, with a potential for improvement. Management reiterated its target to achieve an 18% EBITDA margin by FY28.
Strategic Initiatives and Expansion
The call highlighted significant progress in backward integration projects. The Phase 1 PET bottling manufacturing facility in Telangana was commissioned in Q2 FY26 and became EBITDA accretive from Q3 onwards. A Malt Distillery project in Telangana is expected to become operational in H1 FY27, and an ENA distillery expansion in Maharashtra is slated for H1 FY28. These initiatives are expected to contribute approximately 300 basis points to EBITDA margin enhancement by FY28.
ABD Maestro, the company's luxury platform, continues to expand its portfolio. Management noted that the division is targeting a revenue run-rate of ₹100 crore soon and aims to become EBITDA neutral over the next three years. The company also secured CSD approval for key brands, including ICONiQ and Sterling Reserve B7, which is expected to be a significant growth lever.
Financial Metrics Summary
| Metric | FY26 (Audited) | FY25 (Audited) | YoY |
|---|---|---|---|
| Income from Operations (₹ Crore) | 3,949 | 3,541 | 11.5% |
| EBITDA (₹ Crore) | 568 | 451 | 25.8% |
| EBITDA Margin (%) | 14.4% | 12.7% | +163 bps |
| PAT (₹ Crore) | 220 | 195 | 13.0% |
The conference call was attended by senior management, including Mr. Shekhar Ramamurthy, Executive Deputy Chairman; Mr. Alok Gupta, Managing Director; Mr. Amar Sinha, Managing Director – Designate; and Mr. Ramakrishnan Ramaswamy, Chief Financial Officer.
Historical Stock Returns for Allied Blenders & Distillers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.06% | +5.93% | +7.53% | -7.28% | +45.19% | +79.88% |
How might the anticipated Telangana price increases and UK Free Trade Agreement benefits specifically impact ABD's competitive positioning against larger IMFL players like United Spirits and Pernod Ricard in H2 FY27?
Given that ABD Maestro is targeting EBITDA neutrality over three years, what market share milestones in the super-premium segment would validate the luxury platform's viability against established global brands?
With CSD approvals secured for ICONiQ and Sterling Reserve B7, how significant could the defence canteen channel become as a percentage of total revenue, and what execution risks exist in scaling this distribution network?
17
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
