Allied Blenders and Distillers (ABDL) Q4 24/25 earnings summary

Executive summary

• FY 2025 marked a transformational year with record performance, including highest ever annual EBITDA of ₹451 Cr and PAT of ₹195 Cr, driven by premiumization, P&A volume growth, and strategic execution as a newly listed company.

• Officer's Choice maintained market leadership with 19.7 Mn cases and ~35% share; ICONIQ White grew 151% to 5.7 Mn cases and expanded internationally.

• Expanded exports to 23 countries, launched new premium and luxury brands, and completed a successful IPO raising ₹1,500 Cr.

• Audited standalone and consolidated financial results for FY25 and Q4 FY25 approved, with unmodified audit opinions.

• Final dividend of ₹3.6 per share recommended for FY25, subject to AGM approval.

Financial highlights

• Consolidated income from operations reached ₹3,541 Cr, up 6.2% YoY; EBITDA rose 81.7% to ₹451 Cr, with margin improving to 12.7% from 7.5% in FY24.

• PAT surged to ₹195 Cr from ₹2 Cr in FY24; Q4 FY25 income from operations was ₹935 Cr, up 21.4% YoY; EBITDA doubled to ₹150 Cr, margin at 16.1%.

• Gross margin improved by 512 bps YoY to 42.1% in FY25; Q4 FY25 gross margin at 43.4%.

• Net Debt/EBITDA improved to 1.7x (from 3.0x); Net Debt/Equity to 0.5x (from 1.8x); ROCE increased to 22.6% (from 16.7%).

• Standalone and consolidated EPS for FY25: ₹7.38 and ₹7.19, respectively.

Outlook and guidance

• Focus for FY26 is on executing investments, scaling premium portfolio, expanding distribution, and maintaining margin discipline.

• Targeting industry parity EBITDA margin of 15% over the next two years, with potential upside from FTA, luxury portfolio, and P&A salience increase.

• Double-digit volume growth and mid-double-digit value growth expected for FY26; P&A volume contribution targeted to reach ~50% over next 3 years.

• Board recommended fund raising up to ₹1,000 Cr (₹10,000 million) to support growth and expansion.

• Capacity expansion at Derabassi plant to triple bottling capacity within 12 months.