Allied Blenders and Distillers Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Allied Blenders and Distillers Ltd filed with BSE on 31 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Allied Blenders and Distillers reported Q1 FY27 income from operations of ₹984 crores, up 5.8% year-on-year, with total volume growing 6.2% to 9 million cases, led by the Prestige and Above segment. Gross margin expanded 277 basis points to 46% while reported EBITDA was ₹120 crores and PAT was ₹45 crores, both impacted by an estimated ₹24 crores hit from global supply chain disruptions. Management discussed premiumization progress led by ICONiQ White, plans to relaunch Officer's Choice Blue and Sterling Reserve B7, backward integration capex, and outstanding receivables from the Telangana government.
Numbers mentioned
Income from operations: ₹984 crores (Q1 FY27)
p. 3
“On a consolidated basis, income from operations stood at ₹984 crores compared to ₹930 crores in Q1 FY26, reflecting growth of 5.8% year-on-year.”
Amar Sinha, page 3 of the filed PDF · View the filing
Total volume: 9 million cases (Q1 FY27)
p. 3
“Total volume stood at 9 million cases, growing 6.2% year-on-year.”
Amar Sinha, page 3 of the filed PDF · View the filing
Gross margin: 46% (Q1 FY27)
p. 4
“Gross margin expanded by 277 basis points to 46%, supported by a favorable input cost environment and early benefits from backward integration despite the temporary impact of global supply chain disruptions.”
Amar Sinha, page 4 of the filed PDF · View the filing
Reported EBITDA: ₹120 crores (Q1 FY27)
p. 4
“Reported EBITDA stood at ₹120 crores compared to ₹119 crores in Q1 FY26 with EBITDA margin at 12.2%.”
Amar Sinha, page 4 of the filed PDF · View the filing
PAT: ₹45 crores (Q1 FY27)
p. 4
“PAT stood at ₹45 crores compared to ₹56 crores in Q1 FY26.”
Amar Sinha, page 4 of the filed PDF · View the filing
Global supply chain disruption impact: ₹24 crores (Q1 FY27)
p. 4
“Profitability was impacted by global supply chain disruptions, which had an estimated impact of ₹24 crores during the quarter.”
Amar Sinha, page 4 of the filed PDF · View the filing
Like-to-like gross margin: 48.4% (Q1 FY27)
p. 4
“On a like-to-like basis, excluding the impact of global supply chain disruptions, gross margin would have been 48.4%, reflecting an expansion of 522 basis points year-on-year.”
Amar Sinha, page 4 of the filed PDF · View the filing
Like-to-like EBITDA: ₹144 crores (Q1 FY27)
p. 4
“EBITDA would have been ₹144 crores, higher by 21.4% year-on-year with EBITDA margin at 14.7%, reflecting an expansion of 189 basis points.”
Amar Sinha, page 4 of the filed PDF · View the filing
Like-to-like PAT: ₹63 crores (Q1 FY27)
p. 4
“Like-to-like PAT would have been ₹63 crores, higher by 13.6% year-on-year.”
Amar Sinha, page 4 of the filed PDF · View the filing
Prestige & Above volume contribution: 48.2% (Q1 FY27)
p. 4
“In Q1 FY '27, the Prestige & Above segment contributed 48.2% of volumes and 59.3% of value compared to 46.2% and 55.8% respectively in Q1 FY26.”
Amar Sinha, page 4 of the filed PDF · View the filing
ICONiQ White volume: 3.1 million cases (Q1 FY27)
p. 4
“The brand delivered 3.1 million cases in Q1 FY27 compared to 2.3 million cases in Q1 FY26 with a monthly average of 1 million plus cases resulting in a growth of 33.8% in the quarter on year-on-year basis.”
Amar Sinha, page 4 of the filed PDF · View the filing
International footprint: 39 countries (Q1 FY27)
p. 5
“ABD has expanded its footprint to 39 countries in Q1 FY27 compared to 36 countries in Q4 FY26, reinforcing our position as one of India's leading spirits exporters by volume.”
Amar Sinha, page 5 of the filed PDF · View the filing
Operating cash flow: ₹174 crores (Q1 FY27)
p. 6
“Operating cash flow generation stood at ₹174 crores in Q1 FY27, supported by profitability and sustained working capital discipline.”
Amar Sinha, page 6 of the filed PDF · View the filing
Net debt: ₹947 crores (Q1 FY27)
p. 6
“Net debt reduced by ₹33 crores during the quarter from ₹981 crores as of March 26 to ₹947 crores as of June 26.”
Amar Sinha, page 6 of the filed PDF · View the filing
Net Debt to EBITDA: 1.7x (Q1 FY27)
p. 6
“Net Debt to EBITDA stood at 1.7x and Net Debt to Equity stood at 0.6x, both comfortably within our stated guidance.”
Amar Sinha, page 6 of the filed PDF · View the filing
Telangana government overdue: ₹400 crores
p. 9
“Overdue from Telangana government is approximate ₹400 crores.”
Amar Sinha, page 9 of the filed PDF · View the filing
ABD Maestro FY26 revenue: ~₹40 crores (FY26)
p. 8
“we feel that the turnover that we clocked in FY26 was top line of ~₹40 crores, which we expect to double in FY27.”
Amar Sinha, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Malt distillery at Rangapur — operational · H1 FY27
stated firmly by Amar Sinha
p. 5
“The malt distillery at Rangapur is expected to become operational in H1 FY27, strengthening our in-house malt capacity.”
Amar Sinha, page 5 of the filed PDF · View the filing
Margin benefit from backward integration — approximately 300 basis points by FY28 and a further 100 basis points by FY29 · FY28-FY29
stated conditionally by Amar Sinha
p. 6
“including an expected margin benefit of approximately 300 basis points by FY28 and a further 100 basis points by FY29.”
Amar Sinha, page 6 of the filed PDF · View the filing
India-UK FTA margin benefit — 70 to 80 basis points · current financial year, second half
stated conditionally by Amar Sinha
p. 6
“We expect the benefit to flow in second half of the year and would lead to about 70 to 80 basis points improvement in current financial year.”
Amar Sinha, page 6 of the filed PDF · View the filing
India-UK FTA margin benefit FY28 — 130 to 140 basis points · FY28
stated conditionally by Amar Sinha
p. 6
“For FY28 on a full year basis, it would help us in improving margins by 130 to 140 basis points.”
Amar Sinha, page 6 of the filed PDF · View the filing
Revenue growth — mid-teens · FY27
stated firmly by Amar Sinha
p. 7
“Overall, we expect the top line to grow in line with the stated guidance of mid-teens.”
Amar Sinha, page 7 of the filed PDF · View the filing
EBITDA margin — broadly in line with FY26 · FY27
stated firmly by Amar Sinha
p. 7
“We will continue to invest behind our core brands, super-premium to luxury portfolio and organizational capabilities while maintaining FY27 EBITDA margins broadly in line with FY26.”
Amar Sinha, page 7 of the filed PDF · View the filing
Officer's Choice Blue packaging revamp — revamped packaging · Q3 FY27
stated firmly by Amar Sinha
p. 6
“As part of this intent, we are currently planning to introduce revamped packaging in Q3 FY27.”
Amar Sinha, page 6 of the filed PDF · View the filing
Sterling Reserve B7 packaging rollout — new packaging rollout · Q4 FY27
stated firmly by Amar Sinha
p. 6
“We are targeting for a new packaging rollout in Q4 FY27.”
Amar Sinha, page 6 of the filed PDF · View the filing
Revenue growth (2-year) — high teens · 2 years
stated as an aspiration by Amar Sinha
p. 8
“I would rather want to step it up from mid-teens, it may go even higher to high teens and an EBITDA margin of 18%.”
Amar Sinha, page 8 of the filed PDF · View the filing
Deluxe vodka and premium whisky launch — launch · H2 FY27
stated firmly by Amar Sinha
p. 10
“We will also come up with a premium Whisky in H2 FY27 which will again be a uniquely packaged product with a new concept altogether, which will promote our premiumization.”
Amar Sinha, page 10 of the filed PDF · View the filing
ICONiQ White volume — close to 15 million cases · FY27
stated as an aspiration by Amar Sinha
p. 12
“after having done 10 million plus case volume in FY26 I am hoping to make it close to 15 million cases this year, 10% here or there.”
Amar Sinha, page 12 of the filed PDF · View the filing
ENA captive capacity — fully met by captive sources · next 4 years
stated firmly by Amar Sinha
p. 13
“So, I will tell you what for the next 4 years, we have planned our ENA expansion plan in such a way that whatever we require will be met by our own captive sources.”
Amar Sinha, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said costs are not expected to rise further and expects ABD Maestro turnover to double in FY27 from ~₹40 crores in FY26.
Answered by Amar Sinha
Asked by Abneesh Roy: Whether ABD Maestro's marketing and salary costs have peaked and what the long-term revenue outlook is.
p. 8
“the expenses are not going to mount any more from where they are.”
Amar Sinha, page 8 of the filed PDF · View the filing
Management said dialogue is ongoing with the Telangana government and that guardrails are built into guidance; they expect supply chain pressure to persist through Q2 before recovery.
Answered by Amar Sinha
Asked by Abneesh Roy: Whether the FY28 EBITDA margin and return ratio guidance assumes a price hike in Telangana and resolution of the global supply chain disruption.
p. 8
“dialogue is on with the government for a price increase, but we have built in necessary guardrails in case of eventuality how we will stick to the guidelines given for the margins for the future.”
Amar Sinha, page 8 of the filed PDF · View the filing
Management quantified the overdue at approximately ₹400 crores, noting recent supplies are being paid on time.
Answered by Amar Sinha
Asked by Dhiraj Mistry: What is the overdue amount from the Telangana government beyond normal business terms.
p. 9
“Overdue from Telangana government is approximate ₹400 crores.”
Amar Sinha, page 9 of the filed PDF · View the filing
Management said these brands are due for a brand and packaging reset, with Officer's Choice Blue already relaunching and B7 to follow in H2 FY27.
Answered by Amar Sinha
Asked by Dhiraj Mistry: What is wrong with the non-ICONiQ P&A brands like Officer's Choice Blue, Sterling Reserve B7 and B10 given volume declines.
p. 10
“Officer's Choice Blue, as we speak is getting launched with a completely new look, new packaging, new communication lines.”
Amar Sinha, page 10 of the filed PDF · View the filing
Management pointed to outperformance versus industry, expected bounce-back in H2, and multiple initiatives including packaging revamps and new launches.
Answered by Amar Sinha
Asked by Kaustubh Pawaskar: How will the company achieve mid-teens revenue growth guidance given Q1 growth was lower and only ICONiQ White is growing well.
p. 11
“ABD has registered the highest growth in P&A brands by showing a growth of 11.6% in the industry against an industry growth of mid-single digit.”
Amar Sinha, page 11 of the filed PDF · View the filing
Management said there is no disconnect and that they are reviewing the guidance upward due to expected benefits from new launches and capex.
Answered by Amar Sinha
Asked by Ishan Modi: Why is there a disconnect between verbal guidance of mid-teens to high-teens growth and the mid-teens figure in company disclosures.
p. 11
“There is actually no disconnect in the guidance.”
Amar Sinha, page 11 of the filed PDF · View the filing
Management said current and planned ENA capacity across states should be sufficient for captive requirements over the next few years.
Answered by Amar Sinha
Asked by Sanjay: What is ABD's ENA requirement and backward integration plan going forward.
p. 13
“I think for our captive utilization we have enough capacity and we will be able to use our own 100% capacity.”
Amar Sinha, page 13 of the filed PDF · View the filing
Risks flagged
Global supply chain disruptions impacting margins and profitability
p. 4
“Profitability was impacted by global supply chain disruptions, which had an estimated impact of ₹24 crores during the quarter.”
Amar Sinha, page 4 of the filed PDF · View the filing
Inflationary pressures and geopolitical developments affecting input costs
p. 6
“At the same time, we remain watchful of inflationary pressures, geopolitical development, and near-term input cost volatility.”
Amar Sinha, page 6 of the filed PDF · View the filing
Continued war-related impact expected into Q2
p. 9
“So, I am extremely optimistic by saying that maximum that we would face pressure up to Q2.”
Amar Sinha, page 9 of the filed PDF · View the filing
Overdue receivables from Telangana government
p. 9
“there is a certain overdue which remains for the industry that I think will also come through.”
Amar Sinha, page 9 of the filed PDF · View the filing
Decline in legacy P&A brands other than ICONiQ White
p. 10
“However, we have two other strong brands. Which have lost ground which is B7 and B10.”
Amar Sinha, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.