Allied Blenders And Distillers Limited · NSE:ABDL
Allied Blenders And Distillers — Q2 FY26 Earnings Presentation
39 slides from Allied Blenders And Distillers's earnings presentation, Nov 4, 2025
Slide 1: Stock exchange cover letter for Investor Presentation Q2-FY26
November 04, 2025 To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G, Dalal Street Bandra Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Scrip Code (BSE): 544203 Symbol: ABDL Our Reference No. 80/ 2025-26 Our Reference No. 80
Slide 2: Q2 and H1FY26 Earnings Presentation
Q2 and H1FY26 Earnings Presentation Nov 2025 (BSE: 544203 | NSE: ABDL)
Slide 3: Agenda
Agenda 1 ABD Overview 3 2 Investment Case 4 3 Q2FY26 Performance Highlights 5 4 Management Perspectives 18 5 Future Ready Transformation 19 6 Consolidated Financial Statements 26 7 Key Brand Portfolio Overview 30 8 5 Year Consolidated Financial Summary 37 2
Slide 4: ABD Overview
ABD Overview 4 Millionaire Brands Prestige / Premium / Luxury Officer’s Choice Whisky Officer’s Choice Blue Whisky Launched in 1988 Launched in 2011 • Among top 10 global spirits brands • Regional power brand in the Prestige • 5th largest whisky brand in the world category • Market leader in Mass Pr
Slide 5: ABD Investment Case
ABD Investment Case Platform of scale in the attractive, rapidly premiumising 4 Prestige & Above brand portfolio well positioned for high growth 1 Indian consumer market trajectory • Expanded portfolio from Mass Premium to Super-Premium and • Strong growth in Prestige Millionaire Brand whiskies Luxu
Slide 6: Consolidated Q2FY26 Highlights YoY
Consolidated Q2FY26 Highlights YoY ABD Delivers a Strong Performance Driven by Accelerated Premiumization Total Volume Total Realization (Mn Cases) (Per Case) 9.0 ₹ 1,037 up 8.4% up 3.8% • Topline growth driven by strong P&A volume • Improvement in Gross Margins +158 bps and EBITDA Income from Opera
Slide 7: Consolidated H1FY26 Highlights YoY
Consolidated H1FY26 Highlights YoY Delivers Strong Performance EBITDA ₹ 249 Cr, PAT ₹ 119 Cr and 12.9% EBITDA Margins Total Volume Total Realization Income from Operations (Mn Cases) (Per Case) 17.5 ₹ 1,029 ₹ 1,925 Cr +12.5% YoY +4.9% YoY +18.2% YoY Sales Contribution Volume Contribution EBITDA ₹ 24
Slide 8: Consolidated Quarterly Performance Trend
Consolidated Quarterly Performance Trend Income from Operations (₹ Cr) EBITDA (₹ Cr) 14.4% 23.6% Topline growth: 995 130 • Y-o-Y growth driven by: 930 119 870 105 • Strong volume growth of 8.4% led by P&A category • Improvement in realization per case by 3.8% mainly due to mix and price increase • Q
Slide 9: Q2FY26 Brand Portfolio Highlights
Q2FY26 Brand Portfolio Highlights Sales (₹ Cr) Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y Sales Contribution P&A 533 485 10.0% 408 30.7% Q2FY25 Q2FY26 Mass Premium 403 384 4.9% 424 -4.9% Total Sales 937 869 7.7% 832 12.5% 43.1% 51.0% 49.0% 56.9% Others 58 60 -3.5% 37 56.2% Income from Operations 995 930 7.0%
Slide 10: H1FY26 Brand Portfolio Highlights
H1FY26 Brand Portfolio Highlights Sales (₹ Cr) H1FY26 H1FY25 Y-o-Y Sales Contribution P&A 1,018 730 39.5% H1FY25 H1FY26 Mass Premium 788 801 -1.6% Total Sales 1,806 1,531 18.0% 43.6% 47.7% 52.3% 56.4% Others 119 98 21.4% Income from Operations 1,925 1,629 18.2% P&A Mass Premium Volume (Mn Cases) H1F
Slide 11: Global Ambition: Expanding Our Export Footprint
Global Ambition: Expanding Our Export Footprint Overview • Asset light high profit export mode Russia • Profitability ~1.3x of domestic Canada • Working capital ~1/3rd of domestic EU • Expanded reach by ~2x in 18 months to USA Spain 30 countries in Q2FY26, 35 countries by Lebanon Mar-26 Bahrain Qata
Slide 12: Q2FY26 Key Updates
Q2FY26 Key Updates 1 Sterling Reserve B7: “So Smooth, Must Be Magic” 360° Campaign 2 Commissioning of PET Bottle Manufacturing Plant 3 ABD Maestro: Key updates, Awards and Recognition 11
Slide 13: Sterling Reserve B7: "So Smooth, Must Be Magic" 360° Campaign
Sterling Reserve B7: “So Smooth, Must Be Magic” 360° Campaign #B7MagicBarTour: Bringing the Magic of the New Blend to Life Across India ➢ Refreshed SRB7 blend launched with enhanced smoothness and taste ➢ Nationwide “So Smooth, Must Be Magic” 360° campaign rolled out ➢ #B7MagicBarTour across 7 state
Slide 14: Commissioned PET Bottle Manufacturing Plant Within Stated Timelines, Now EBITDA Accretive
Commissioned of PET Bottle Manufacturing Plant Within Stated Timelines, Now EBITDA Accretive PET Bottling plant ➢ Commissioned in the integrated manufacturing facility in Rangapur, Telangana Sep-25 at Rangapur, Telangana ➢ Capital investment of ~ ₹115 crore ➢ Annual production capacity of over 600 m
Slide 15: ABD Maestro: Unlocking the Luxury Opportunity through Portfolio Approach
ABD Maestro: Unlocking the Luxury Opportunity through Portfolio Approach Key Overview Whisky Gin • Blending world-class products, sourcing and Art. Bottled. Blended Indian Malt Special Batch Craft Gin craftmanship • Ready to scale with two manufacturing facilities to cater to small batches in the pi
Slide 16: ABD Maestro: Key Updates
ABD Maestro: Key Updates Forays into Duty Free Travel Retail: Bengaluru and Delhi Espresso Martini Singles meetup series collab with Manheim Consumer Engagements Influencer Collab Artist Collab 15 Influencer Collab AI Influencer
Slide 17: ABD Maestro: Rewards & Global Recognitions
ABD Maestro: Rewards & Global Recognitions A Testament to ABD’s Excellence Spirits Selection by Concours Mondial de Bruxelles 2025 Spiritz Conclave & Achievers’ Awards 2025 ➢ Concours Mondial de Bruxelles 2025, a globally acclaimed competition ➢ Arthaus Blended Malt Scotch Whisky won Grand Gold for
Slide 18: H1FY26 Cashflow Analysis
H1FY26 Cashflow Analysis Cashflow from Operations 147 51 ₹ Cr (729) H1 FY25 H2 FY25 H1 FY26 • Continued strong operating cashflow generation driven by: • Strong profitable performance • Working capital discipline 147 • Planned capex payments mainly towards PET bottle manufacturing unit commissioning
Slide 19: Management Perspectives
Management Perspectives • This quarter marks our 5th consecutive quarter of strong performance post listing with consistent improvement in premiumization of portfolio and margin enhancement. The commissioning of PET Portfolio Premiumization bottle manufacturing unit within stated timelines in Q2FY26
Slide 20: Transformation Roadmap
Transformation Roadmap Value Accretive Profitable Growth FY25 FY28 Where were we? Where are we now? Initiative Way forward FY24 FY25 H1FY26 Revenue growth (YoY) 5.6% 6.2% 18.2% Revenue growth in mid-teens Topline growth with Overall growth in mid-teens (value) with P&A Salience (Volume) 37.3% 40.4%
Slide 21: Portfolio Build Up: Enhancing Presence in Premium and Luxury Category
Portfolio Build Up: Enhancing Presence in Premium and Luxury Category 5500 5300 5000 Mass Prestige & Semi-Premium Premium Super-Premium to Luxury 5200 Russian Premium Standard 4500 Platinum Vodka 4000 Arthaus Blended Malt MRP 750 ml SKU (₹) Whisky 3500 3200 3200 3200 3000 2650 2500 2500 2400 2400 Se
Slide 22: Backward Integration: Driving Efficiency and Control
Backward Integration: Driving Efficiency and Control Strategic Investments to Optimize Supply Chain and Enhance Gross Margins by ~300 bps over 2 years ENA Distillation Capacity PET Bottle Manufacturing India’s First Single Malt Distillery Expansion Investment ~ ₹115 Cr Investment ~ ₹75 Cr Investment
Slide 23: Pan India Manufacturing Backbone
Pan India Manufacturing Backbone Bottling Units (34) Key Features Own Units (9) 2 large manufacturing facilities strategically located in in key states of Telangana & Maharashtra catering to Third Party Exclusive (4) Southern and Western regions with high growth exports Third Party Non-Exclusive (20
Slide 24: Distribution Depth That Enables Premium Scale
Distribution Depth That Enables Premium Scale 30+ States and UTs Unique Proposition 80,000+ Expertise in tariffs, distribution, and cost structures across diverse Route-To-Market Retail Reach Chandigarh channels: • Open Market 12 Haryana Delhi • Government Market / Corporation Market Sales Support O
Slide 25: Board of Directors: Stewardship and Expertise
Board of Directors: Stewardship and Expertise Kishore Rajaram Chhabria Vivek Anilchand Sett Chairman & Non-Executive Director Independent Director • ABD • Ispat Industries • Nectar Life Sciences • Shaw Wallace & Company • Tata Teleservices • New Silk Route Advisors • Tata Realty and Infrastructure •
Slide 26: Senior Management Team: Industry and Multi Sector Experience
Senior Management Team: Industry and Multi Sector Experience Alok Gupta Jayant Manmadkar Managing Director Chief Financial Officer Joined ABD In 2023, work experience ~35 years Joined ABD In 2025, work experience ~32 years • Dabur • Café Coffee&Day • Whyte MacKay Ltd • Seagram India • Sai Life Scien
Slide 27: Consolidated Income Statement
Consolidated Income Statement ₹ Cr Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y H1FY26 H1FY25 Y-o-Y Total Income 1,957 1,783 9.8% 2,031 -3.6% 3,741 3,800 -1.6% Excise Duty 963 854 12.8% 1,161 -17.1% 1,816 2,171 -16.3% Income from Operations 995 930 7.0% 870 14.4% 1,925 1,629 18.2% Cost of Goods Sold 550 524 5.0
Slide 28: Consolidated Balance Sheet
Consolidated Balance Sheet ₹ Cr H1FY26 FY25 ₹ Cr H1FY26 FY25 ASSETS Equity And Liabilities Non-Current Assets Equity Property, Plant & Equipment 480 506 Share Capital 56 56 Capital Work in Progress 129 19 Rights of Use Assets 117 119 Other Equity 1,502 1,487 Goodwill 17 17 Non Controlling Interests
Slide 29: Consolidated Cashflows
Consolidated Cashflows ₹ Cr H1FY26 H1FY25 Cash Flow From Operating Activities 147 (729) Cash Flow from Investing Activities (106) (37) Cash Flow From Financing Activities (8) 793 Net Increase in Cash and Cash Equivalent 33 27 Cash and Cash Equivalents at Beginning of the Period 88 27 Cash and Cash E
Slide 30: Key Milestones
Key Milestones 2001 2017-19 2024 Officer’s Choice Whisky ranked 3rd among the largest Commissioned PET bottling Expanded offering to prestige selling whisky brands globally unit in Rangapur, Telangana segment with launch of two new in CY2021 in Sep-25 Entered into Rum and brands – Jolly Roger rum an
Slide 31: Key Brand Portfolio Overview
Key Brand Portfolio Overview Officer’s Choice Officer’s ICONiQ Sterling Golden Mist Srishti Kyron Sterling Zoya Gin Woodburns Segredo Pumori Arthaus Blended Russian Whisky Choice Blue White Reserve B7 Brandy Whisky Brandy Reserve B10 Whisky Aldeia Gin Malt Whisky Standard Whisky Whisky Whisky Whisky
Slide 32: ABD Portfolio Crafted for Growth
ABD Portfolio Crafted for Growth Indian Spirits Industry – 420 Mn cases Mass Premium Prestige & Semi-Premium Premium Super-Premium to Luxury (~105 Mn Cases) (~160 Mn Cases) (~28 Mn Cases) (~12 Mn Cases) Whisky Non-Whisky Whisky Non-Whisky Arthaus Pumori Woodburns Blended Malt Whisky Gin Officer’s Ch
Slide 33: Mass Premium
Mass Premium Officer’s Choice Flagship brand continues to maintain market Awards Category: Whisky leadership in Mass Premium whisky segment • Leading the Mass Premium whisky segment in India for over a decade • India’s #1 exported whisky brand • Market leader in the Middle East; strengthening positi
Slide 34: Prestige
Prestige Officer’s Choice Blue ICONiQ WHITE Category: Whisky Category: Whisky Millionaire Brand in the prestige segment offering distinguished Millionaire Brand Achieving Global Recognition in ~15 Months and appealing choice of Launch • Continues to enjoy position as a regional power brand in the P&
Slide 35: Prestige and Premium
Prestige and Premium Srishti Select Collection Category: Whisky (Prestige) Crafted to elevate the everyday whisky experience • Srishti is an Indian whisky infused with India’s golden saffron (Curcumin)—an ancient symbol of trade, tradition, and royalty • Positioned to attract value-conscious yet exp
Slide 36: Super-Premium to Luxury
Super-Premium to Luxury Zoya Gin Category: Gin Strengthening the footprint in Super-Premium Segment • 1st non whisky Super Premium brand launched in high growth, high margin category • Current Market: Present in 10 states - Haryana, Delhi, UP, Rajasthan, Chandigarh, Maharashtra, Goa, Daman, West Ben
Slide 37: Super-Premium to Luxury
Super-Premium to Luxury Pumori Gin Segredo Aldeia Category: Gin Category: Rum New addition to Premium Gin segment New addition to Premium Rum segment • The acquisition of Pumori and Pumori Pink gin marks a new • Entered into the Luxury rum category with the acquisition of 2 addition to the Premium G
Slide 38: Consolidated Annual Financial Summary
Consolidated Annual Financial Summary Gross Margin (₹ Cr) EBITDA (₹ Cr) Income from Operations (₹ Cr) Net Profit (₹ Cr) Gross Margin (%) EBITDA Margin (%) 1,481 451 3,541 3,334 195 3,158 1,230 1,173 2,697 1,057 248 42.1% 208 196 12.7% 39.4% 37.3% 37.0% 7.7% 7.5% 6.2% 1.5 1.6 1.8 FY22 FY23 FY24 FY25
Slide 39: Disclaimer
Disclaimer This document contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, expectations, plans, outlook and projec
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