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Allied Blenders and Distillers (ABDL) investor relations material
Allied Blenders and Distillers Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Achieved strong growth in Q2FY26 and H1FY26, driven by premiumization, margin expansion, and backward integration initiatives.
Officer's Choice remains the top mass premium whisky, while ICONiQ White is the fastest-growing global spirits brand.
Expanded international footprint to 30 countries, with exports profitability 1.3x domestic and working capital 1/3rd of domestic.
Commissioned PET bottle manufacturing facility in Telangana, expected to add INR 30 crore+ to gross margins and improve supply chain efficiency.
Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were approved by the Board on 4 November 2025.
Financial highlights
Q2FY26 income from operations rose 14.4% YoY to INR 995 crore; EBITDA up 23.6% YoY to INR 130 crore; PAT up 32.3% YoY to INR 63 crore; EBITDA margin at 13.1%.
H1FY26 income from operations up 18.2% YoY to INR 1,925 crore; EBITDA up 37.3% YoY to INR 249 crore; PAT up 102.1% YoY to INR 119 crore.
Sold 9 million cases in Q2 FY26, up 8.4% YoY, with a 3.8% rise in realization per case.
Officer's Choice led the mass premium segment, maintaining over 40% gross margin and strong cash flow contribution.
Operating cash flow for H1 FY26 was INR 147 crore; net debt increased to INR 893 crore due to CapEx, but average borrowing cost fell by 140 bps to 8.2%.
Outlook and guidance
Management expects profitable growth momentum to continue in H2FY26, supported by festive season demand and stable input costs.
Revenue growth in mid-teens projected, with P&A (Prestige & Above) volume share to reach or exceed 50% by FY28.
EBITDA margin targeted to reach ~17% by FY28, with ongoing margin accretive supply chain initiatives.
Focus remains on margin expansion, working capital optimization, and disciplined capital deployment.
Management expects no material adjustments from ongoing tax and customer disputes, supported by legal opinions.
Future PET plant expansion strategy
P&A growth drivers beyond ICONiQ White
International market working capital efficiency
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Next Allied Blenders and Distillers earnings date
Q3 25/2629 Jan, 2026
Next Allied Blenders and Distillers earnings date
Q3 25/2629 Jan, 2026
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Frequently asked questions
Allied Blenders and Distillers Limited is an India-based company specializing in the production, distribution, and marketing of alcoholic beverages, particularly spirits. The company's product portfolio includes a variety of whisky, brandy, rum, and vodka brands, catering to different segments of the Indian and international markets. Known for its flagship brand, Officer's Choice, Allied Blenders and Distillers serves consumers through an extensive distribution network across India and in select international markets. The company is headquartered in Mumbai, India.
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