Allied Blenders And Distillers Limited · NSE:ABDL
Allied Blenders And Distillers — Q3 FY2026 Earnings Presentation
39 slides from Allied Blenders And Distillers's earnings presentation, Jan 29, 2026
Slide 1: Stock exchange covering letter for earnings presentation
January 29, 2026 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. 109/ 2025-26 Our Reference No. 10
Slide 2: Q3 and 9MFY26 Earnings Presentation
Q3 and 9MFY26 Earnings Presentation Jan 2026 (BSE: 544203 | NSE: ABDL)
Slide 3: Agenda
Agenda 1 ABD Overview 3 2 Investment Case 4 3 Q3FY26 Performance Highlights 5 4 ABD Maestro Update 11 5 Consolidated Financial Statements 17 6 Management Perspectives 19 7 Future Ready Transformation 20 8 Key Brand Portfolio Overview 29 9 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 • Leverages strength of fl
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 Q3FY26 Highlights YoY
Consolidated Q3FY26 Highlights YoY ABD Continues to Deliver Strong Profit Performance Led by Robust Premiumization Total Volume Total Realization (Mn Cases) (Per Case) 9.0 ₹ 1,044 up 1.3% up 0.7% • Topline driven by strong P&A volume expansion of 16.9% Income from Operations EBITDA • Improvement in
Slide 7: Consolidated 9MFY26 Highlights YoY
Consolidated 9MFY26 Highlights YoY Delivers Strong Performance EBITDA ₹ 386 Cr, PAT ₹ 182 Cr and 13.2% EBITDA Margins Total Volume Total Realization Income from Operations (Mn Cases) (Per Case) 26.6 ₹ 1,034 ₹ 2,929 Cr +8.4% YoY +3.3% YoY +12.4% YoY Sales Contribution Volume Contribution EBITDA ₹ 386
Slide 8: Consolidated Quarterly Performance Trend
Consolidated Quarterly Performance Trend Income from Operations (₹ Cr) EBITDA (₹ Cr) 2.8% 14.1% Topline growth: • Y-o-Y growth driven by: 977 995 1,004 137 • Strong volume growth of 16.9% in P&A category 130 120 offset by the de-growth of 10.0% in mass premium • Q-o-Q growth led by: • Volume growth
Slide 9: Q3FY26 Brand Portfolio Highlights
Q3FY26 Brand Portfolio Highlights Sales (₹ Cr) Q3FY26 Q2FY26 Q-o-Q Q3FY25 Y-o-Y Sales Contribution P&A 555 533 4.1% 482 15.2% Q3FY25 Q3FY26 Mass Premium 388 403 -3.7% 444 -12.4% Total Sales 944 937 0.7% 925 2.0% 41.2% 47.9% 52.1% Others 60 58 4.3% 52 16.7% 58.8% Income from Operations 1,004 995 0.9%
Slide 10: 9MFY26 Brand Portfolio Highlights
9MFY26 Brand Portfolio Highlights Sales (₹ Cr) 9MFY26 9MFY25 Y-o-Y Sales Contribution P&A 1,574 1,212 29.8% 9MFY25 9MFY26 Mass Premium 1,176 1,244 -5.5% Total Sales 2,750 2,456 12.0% 42.8% 50.7% 49.3% 57.2% Others 179 150 19.7% Income from Operations 2,929 2,606 12.4% P&A Mass Premium Volume (Mn Cas
Slide 11: Global Ambition: Expanding Our Export Footprint
Global Ambition: Expanding Our Export Footprint Overview • Asset light high profit export model Russia Canada • Profitability ~1.3x of domestic EU • Working capital ~1/3rd of domestic USA Spain • Expanded reach by over ~2x in 18 Lebanon Bahrain Qatar months to 31 countries in Q3FY26, 35 Mali countri
Slide 12: ABD Maestro Update
ABD Maestro Update ODz, | woon’urns | YELLO Rangeela ZO Sh = | a” | ee Dace | MAES) YX | puna | .eeRe,
Slide 13: Unlocking the Luxury Opportunity through Portfolio Approach
Unlocking the Luxury Opportunity through Portfolio Approach Key Overview Whisky Gin • Blending world-class products, sourcing and For The Bold Born To Made of Live. Love. Truly Small craftmanship Art. Bottled. Explorer Stand Out Stories Rejoice. Batch • Ready to scale with two manufacturing faciliti
Slide 14: Rangeela Vodka: A Contemporary Indian Vodka
Rangeela Vodka: A Contemporary Indian Vodka Co-created with Ranveer Singh to Accelerate ABD Maestro’s Premium Vodka Strategy Strategic Significance: • Strengthens presence in the fast-growing premium vodka segment, aligning with rapid premiumization • Driven by young adult audience, exposure to inte
Slide 15: YELLO Designer Whisky: A Whisky custom-made for modern India
YELLO Designer Whisky: A Whisky custom-made for modern India A Bold Fusion of Scotch and Indian Malts Strategic Significance: • New-age consumers increasingly value self-expression and strong identity • Introduces a breakthrough packaging that mirrors the pulse of modern India Premium Product Propos
Slide 16: AODH IRISH Whiskey: A Truly Authentic Irish Expression
AODH IRISH Whiskey: A Truly Authentic Irish Expression Focused on creating world-class brands for both Indian and global audiences Strategic Significance: • Entering one of the fastest growing segments in India- Irish Whiskey, a category served by only few established brands • AODH strengthens ABD M
Slide 17: Rewards & Global Recognitions
Rewards & Global Recognitions A Testament to ABD’s Excellence Global Recognition at Superior Taste Awards 2026 Spiritz Conclave & Achievers’ Awards 2025 ABD Maestro portfolio brands global recogntion: ➢ ABD named ‘Company of the Year-Domestic’ ➢ Pumori Small Batch Gin received the Taste Institute’s
Slide 18: Consolidated Income Statement
Consolidated Income Statement ₹ Cr Q3FY26 Q2FY26 Q-o-Q Q3FY25 Y-o-Y 9MFY26 9MFY25 Y-o-Y Total Income 1,934 1,957 -1.2% 2,346 -17.5% 5,676 6,145 -7.6% Excise Duty 931 963 -3.3% 1,368 -32.0% 2,747 3,539 -22.4% Income from Operations 1,004 995 0.9% 977 2.8% 2,929 2,606 12.4% Cost of Goods Sold 539 550
Slide 19: Improving Operating Cashflows & Disciplined Capital Deployment Driving Net Debt Reduction
Improving Operating Cashflows & Disciplined Capital Deployment Driving Net Debt Reduction Improving Operating Cashflows (OCF) and Financial KPIs ₹ Cr 147 173 • Continued strong OCF generation driven by 51 improved profitability and sustained working capital discipline • Planned capex investment in s
Slide 20: Management Perspectives
Management Perspectives • Q3FY26 marks our 6th consecutive quarter of strong profit performance post-listing, with consistent improvement in portfolio premiumization Portfolio Premiumization • Our P&A segment continues to deliver accelerated momentum, with strengthening volume and value salience acr
Slide 21: Transformation Roadmap
Transformation Roadmap Value Accretive Profitable Growth FY25 FY28 Where were we? Where are we now? Initiative Way forward FY24 FY25 9MFY26 Revenue growth (YoY) 5.6% 6.2% 12.4% Revenue growth in mid-teens Topline growth with Overall growth in mid-teens (value) with P&A Salience (Volume) 37.3% 40.4%
Slide 22: Portfolio In Place Across Growth Categories
Portfolio In Place Across Growth Categories 5500 5300 5000 Mass Prestige & Semi-Premium Premium Super-Premium to Luxury 5200 Premium 4500 Russian 3950 Standard 4000 Platinum 3200 Arthaus Vodka MRP 750 ml SKU (₹) Blended Malt 3500 3200 Whisky 3200 Aodh Irish 3000 Whiskey 2700 2650 Pumori Gin 2500 250
Slide 23: Backward Integration: Driving Efficiency and Control (Phase I)
Backward Integration: Driving Efficiency and Control (Phase I) Strategic Investments to Optimize Supply Chain and Enhance Gross Margins by ~300 bps by FY28 India’s First Single Malt ENA Distillation Capacity PET Bottle Manufacturing Distillery Expansion Investment ~ ₹75 Cr Investment ∼ ₹260 Cr Inves
Slide 24: Backward Integration: Driving Efficiency and Control (Phase II)
Backward Integration: Driving Efficiency and Control (Phase II) Initiated Phase II of Strategic Investments in-line with Growth Strategy & Margin Enhancement EBITDA & ROCE Accretive Strategic Investments • Stated Framework of Key Ratios (peak capex phase): • Net Debt / EBITDA: < 2x Bottling Capacity
Slide 25: Pan India Manufacturing Backbone
Pan India Manufacturing Backbone Bottling Units (35) Key Features Own Units (9) 2 large integrated facilities strategically located in in key states of Telangana & Maharashtra catering to Southern Third Party Exclusive (4) and Western regions with high growth exports market Third Party Non-Exclusive
Slide 26: 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 Punjab channels: Chandigarh • Open Market 12 Haryana Delhi • Government Market / Corporation Market Sales Su
Slide 27: 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 28: 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 29: Key Milestones
Key Milestones Rangeela Vodka, Yello 2001 2017-19 2024 Designer Whisky and Aodh Officer’s Choice Whisky Irish Whiskey launched in ranked 3rd among the largest Q3FY26 Expanded offering to prestige selling whisky brands globally segment with launch of two new in CY2021 Commissioned PET bottling brands
Slide 30: Key Brand Portfolio Overview
Key Brand Portfolio Overview Officer’s Choice Officer’s ICONiQ Golden Mist Sterling Srishti Kyron Sterling Rangeela Zoya Gin Yello Woodburns Segredo Pumori Aodh Arthaus Blended Russian Whisky Choice Blue White Brandy Reserve B7 Whisky Brandy Reserve B10 Vodka Designer Whisky Aldeia Gin Irish Malt Wh
Slide 31: 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 Woodburns Aodh Irish Yello Designer Officer’s Choice
Slide 32: 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 33: 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 34: 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 35: Super-Premium to Luxury
Super-Premium to Luxury Zoya Gin Zoya Gin Flavours Category: Gin Category: Gin Strengthening the footprint in Super-Premium Segment Expanding our Gin Flavour Portfolio • 1st non whisky Super Premium brand launched in high growth, • Two new flavors - Watermelon Gin and Espresso Coffee high margin cat
Slide 36: Super-Premium to Luxury
Super-Premium to Luxury Arthaus Collective Woodburns Whisky Category: Whisky Category: Whisky Entry into Luxury Segment Expansion into Super-Premium Whisky Segment • Blended Malt Scotch whisky - crafted from a blend of Single Malts • Expanded into Super-Premium Whisky category through from Speyside
Slide 37: Super-Premium to Luxury
Super-Premium to Luxury Russian Standard Vodka Rangeela Vodka Category: Vodka Category: Vodka Entry into Luxury Vodka Segment Addition to Luxury Vodka Segment • Introduce the world's No. 1 Russian Premium Vodka to India • Introduced Rangeela Contemporary Indian Vodka as a • Crafted using glacial wat
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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