Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Allied Blenders & Distillers Pvt. Ltd.
NSE: ABDLConsumer DefensiveBeverages - Wineries & Distilleries
- Last close
- ₹672.65
- Day change
- −₹26.25 (−3.76%)vs
- Market cap
- ₹20,941 crIndian rupees
- Research updated
- 1 report
Follow Allied Blenders & Distillers Pvt.
Create an account, then follow this company for weekday briefs. You will return to Allied Blenders & Distillers Pvt. after signing in.
About Allied Blenders & Distillers Pvt.
Allied Blenders & Distillers Pvt. Ltd. is a prominent name in the Indian alcoholic beverage industry, specializing in producing and distributing a variety of spirits. Known for its flagship product, Officer's Choice whisky, the company caters to a diverse consumer base across India and several international markets. The primary function of Allied Blenders & Distillers is to formulate and market top-quality alcoholic beverages, particularly focusing on whisky, brandy, and vodka. Notable for its significant market share in the Indian whisky segment, the company plays a pivotal role in shaping consumption trends within the country. Allied Blenders & Distillers is instrumental in the alcohol supply chain, encompassing manufacturing, branding, and distribution, which impacts both domestic and export markets. Its operations contribute to the dynamic beverage industry, influencing trade practices and consumer preferences. Established in 1985, the company's consistent focus on quality and innovation has allowed it to maintain a robust competitive edge, positioning it as a key player in the global spirits market.
- Sector
- Consumer Defensive
- Industry
- Beverages - Wineries & Distilleries
- Listing
- NSE: ABDL
- Next results
- Employees
- 929
- Headquarters
- Mumbai, India
- ISIN
- INE552Z01027
- Website
- abdindia.com
Public research · Report of
Business model & financial foundation
ABDL (NSE: ABDL), Branded spirits and alcoholic beverages: revenue of ₹3,923 crore in FY26 (+11.4% on FY25), an EBITDA margin of 13.8%, net profit of ₹228.3 crore and net debt of ₹980.6 crore.
- Revenue, FY26 (₹ crore)
- 3,923
- consolidated
- Revenue growth, FY26
- +11.4%
- on FY25
- EBITDA margin, FY26
- 13.8%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 228.3
- to owners
- Return on equity, FY26
- 14.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 980.6
- Net debt excluding lease liabilities
- Market capitalisation (₹ crore)
- 18,113
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Allied Blenders and Distillers Limited (formerly Allied Blenders & Distillers Pvt. Ltd. (stale provider label)) |
| Exchange and ticker | NSE: ABDL; BSE: 544203 |
| ISIN | INE552Z01027 |
| CIN | L15511MH2008PLC187368 |
| Sector | Consumer Defensive |
| Industry | Branded spirits and alcoholic beverages |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since FY23 second term) |
| Market capitalisation | ₹18,113 crore (16 Oct 2026) |
| Shares outstanding | 27.97 crore shares (FY26) |
| Price | ₹739.3 (close, 16 Oct 2026) |
| 52-week range | ₹382.1 - ₹766.9 (to 16 Oct 2026) |
| Website | https://www.abdindia.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| ABD Maestro Private Limited | 80% | Luxury spirits platform |
| Minakshi Agro Industries LLP | 99% | ENA production; effective holding |
| NV Distilleries and Breweries AP Private Limited | 100% | Distilling and bottling |
| Kion Blenders Industries | 50% | Controlled Andhra Pradesh project; control basis unavailable |
| Allied Blenders and Distillers Maharashtra LLP | 85% | Maharashtra operations |
| Sarthak Blenders and Bottlers Private Limited | 100% | Bottling |
| Deccan Star Distilleries India Private Limited | 100% | Distilling |
| ABD Dwellings Private Limited | 100% | Property subsidiary |
| Madanlal Estates Private Limited | 100% | Property subsidiary |
| Chitwan Blenders and Bottlers Private Limited | 100% | Bottling |
| ABD (UK) | 100% | Scotland operations |
| UTO Asia | 100% | Singapore operations |
FY26 consolidation includes Maestro, Minakshi, UTO and Kion changes. Statutory report preferred over conflicting rating annexure ownership. Foundation is controlled non-equity entity.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 80.91% | 80.91% | 80.91% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 3.36% | 3.23% | 3.24% | |
| Domestic institutions | 4.61% | 4.82% | 5.07% | |
| of which mutual funds | 3.85% | 3.71% | 3.50% | |
| Retail | 7.13% | 6.86% | ||
| Other | 3.91% | 3.92% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ABDL (Allied Blenders and Distillers Limited, NSE: ABDL, BSE 544203) makes and sells branded Indian-made foreign liquor, mostly whisky (Officer's Choice, Sterling Reserve, ICONiQ White), through owned and tie-up bottling units across states, plus ENA and by-products. Revenue net of excise was Rs3,922.8cr in FY26 (+11.4%), of which branded sales Rs3,725cr on 35.9mn cases at Rs1,038/case. It controls brands, bottling and increasingly ENA (71 MLPA operating), malt and PET; it does not control state excise, retail prices (Telangana and AP set procurement prices) or state-corporation payment timing. Basis is consolidated (Maestro 80%, Minakshi 99%, Kion 50%).
| Segment | branded sales value, FY26 (₹ crore) | Share |
|---|---|---|
| P&A management brand category, not statutory segment | 2,136 | 54.1% |
| Mass Premium & Others branded category (new label) | 1,589 | 40.2% |
| Financial Others: ENA/by-products/Other Income (not branded) | 224.0 | 5.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| United Spirits (UNITDSPR) | Core branded IMFL distribution and premiumisation comparator |
| Radico Khaitan (RADICO) | Branded spirits plus backward integration comparator |
| Tilaknagar Industries (TI) | Branded spirits, with acquisition and regional mix differences |
| Globus Spirits (GLOBUSSPR) | Integration comparator; bulk alcohol/ethanol differs |
| United Breweries (UBL) | Secondary regulated distribution comparator; beer differs |
| Sula Vineyards (SULA) | Secondary premium alcobev comparator; wine and tourism differ |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue net of excise | 2,659 | 3,120 | 3,328 | 3,520 | 3,923 |
| Cost of revenue (vendor classification) * | 1,650 | 1,996 | 2,098 | 2,138 | 2,261 |
| Other operating costs (vendor classification) * | 562.8 | 695.5 | 812.2 | 533.3 | 613.0 |
| EBITDA (vendor classification) * | 218.9 | 196.4 | 248.4 | 451.1 | 566.1 |
| EBIT * | 148.9 | 140.9 | 185.6 | 390.8 | 485.8 |
| Finance costs | 145.1 | 135.0 | 172.8 | 125.1 | 134.6 |
| Profit before tax | 3.82 | 5.95 | 12.8 | 265.7 | 351.2 |
| Tax expense | 2.35 | 4.34 | 11.0 | 70.9 | 131.0 |
| PAT including non-controlling interests | 1.48 | 1.60 | 1.83 | 194.8 | 220.1 |
| Diluted EPS (₹) | 0.05 | 0.06 | 0.07 | 7.19 | 8.16 |
| Materials, traded goods and inventory change | 2,098 | 2,039 | 2,135 | ||
| Employee benefits expense | 175.6 | 168.9 | 218.9 | ||
| Other expenses | 812.2 | 881.6 | 1,027 | ||
| Operating EBITDA excluding other income | 242.1 | 430.6 | 541.8 | ||
| Other income | 6.26 | 20.9 | 26.0 | ||
| Depreciation and amortisation | 57.9 | 60.6 | 79.2 | ||
| Exceptional items: charge positive | 4.99 | 0.00 | 2.85 | ||
| PAT attributable to NCI | 0.00 | -0.02 | -8.20 | ||
| PAT attributable to owners | 1.83 | 194.9 | 228.3 | ||
| Share of associates profit | n.d. | n.a. | n.a. | ||
| Basic EPS (₹) | 0.07 | 7.19 | 8.16 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 404.1 | 406.1 | 406.9 | 1,563 | 1,686 |
| Debt including lease liabilities | 862.8 | 792.7 | 834.7 | 905.2 | 1,151 |
| Cash and cash equivalents | 19.7 | 27.6 | 27.3 | 88.1 | 128.9 |
| Trade receivables | 954.0 | 957.6 | 1,244 | 1,747 | 1,802 |
| Inventories | 352.5 | 559.2 | 418.8 | 573.3 | 748.1 |
| Trade payables | 536.4 | 565.9 | 702.4 | 606.9 | 804.0 |
| Net property, plant and equipment * | 23.0 | 23.1 | 26.8 | 38.4 | |
| Capital work in progress * | 14.9 | 14.0 | 48.2 | 192.1 | |
| Total assets * | 2,248 | 2,488 | 3,529 | 4,154 | |
| Other bank balances | 48.0 | 43.7 | 36.2 | ||
| Net debt excluding lease liabilities | 748.9 | 766.1 | 980.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash flow from operations after tax | 108.7 | 170.2 | 185.7 | -678.4 | 362.0 |
| Free cash flow (vendor definition) * | 120.4 | 209.7 | 139.7 | -808.9 | 12.5 |
| Dividends paid (the provider's sign: an outflow is negative) * | -100.7 | ||||
| Purchase of PPE and intangibles including CWIP | -54.3 | -19.5 | -46.0 | -130.5 | -349.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end issued shares, not weighted-average | 27.97 | 27.97 | 24.41 | 27.97 | 27.97 |
| Weighted average shares for basic EPS | 24.41 | 27.11 | 27.97 | ||
| Weighted average shares for diluted EPS as printed | 24.41 | 27.11 | 27.98 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue net of excise | 867.7 | 973.9 | 920.6 | 922.9 | 990.1 | 1,003 | 1,007 | 978.9 |
| Cost of revenue (vendor classification) * | 495.8 | 557.5 | 521.4 | 524.1 | 539.0 | 521.9 | 528.8 | |
| Other operating costs (vendor classification) * | 230.5 | 255.6 | 222.7 | 237.6 | 275.4 | 263.5 | 271.6 | |
| EBITDA (vendor classification) * | 105.3 | 120.0 | 150.2 | 118.7 | 136.9 | 182.1 | 120.1 | |
| EBIT * | 89.2 | 107.5 | 134.4 | 103.1 | 115.3 | 153.7 | 97.3 | |
| Finance costs | 25.1 | 27.4 | 28.4 | 27.5 | 29.8 | 26.2 | 51.2 | 29.5 |
| Profit before tax | 64.1 | 80.1 | 105.9 | 75.6 | 83.9 | 89.1 | 102.6 | 67.8 |
| Tax expense | 16.6 | 22.6 | 27.3 | 19.8 | 21.0 | 25.4 | 64.9 | 22.4 |
| PAT including NCI | 47.6 | 57.5 | 78.6 | 55.8 | 62.9 | 63.7 | 37.6 | 45.4 |
| Diluted EPS (₹) | 1.70 | 2.05 | 2.81 | 2.02 | 2.23 | 2.38 | 1.46 | 1.76 |
| Materials, traded goods and inventory change | 495.8 | 557.5 | 521.4 | 524.1 | 550.1 | 538.9 | 521.9 | 528.8 |
| Employee benefits expense | 38.1 | 44.0 | 40.6 | 49.6 | 63.9 | 52.9 | 52.4 | 63.0 |
| Other expenses | 230.5 | 255.6 | 222.7 | 237.6 | 250.6 | 275.4 | 263.5 | 271.6 |
| Operating EBITDA excluding other income | 103.3 | 116.8 | 135.9 | 111.6 | 125.4 | 135.7 | 169.1 | 115.5 |
| Other income | 2.01 | 3.26 | 14.3 | 7.09 | 4.76 | 1.20 | 12.9 | 4.64 |
| Depreciation and amortisation | 16.1 | 12.5 | 15.8 | 15.6 | 16.5 | 18.5 | 28.7 | 22.8 |
| Exceptional items: charge positive | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.19 | -0.34 | 0.00 |
| PAT attributable to NCI: signed | 0.00 | 0.00 | -0.02 | -0.73 | -1.39 | -2.74 | -3.35 | -3.80 |
| PAT attributable to owners | 47.6 | 57.5 | 78.6 | 56.6 | 64.3 | 66.5 | 41.0 | 49.2 |
| Basic EPS (₹) | 1.70 | 2.02 | 1.76 | |||||
| Share of associates and JV profit | 0.00 | n.a. | ||||||
| Statutory revenue from operations including excise | 2,029 | 1,809 | ||||||
| Excise duty on sales | 1,161 | 830.2 | ||||||
| Cost of materials consumed | 526.1 | 523.2 | ||||||
| Purchases of stock-in-trade | 1.94 | 2.13 | ||||||
| Change in finished goods WIP and stock-in-trade | -32.3 | 3.53 | ||||||
| Statutory PBFDT including other income | 105.3 | 120.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 14.2% | 17.4% | 6.7% | 5.8% | 11.4% |
| EBITDA margin | 7.3% | 12.2% | 13.8% | ||
| Net margin | 0.1% | 5.5% | 5.8% | ||
| Return on equity | 0.4% | 19.8% | 14.1% | ||
| Return on capital employed | 11.4% | 11.4% | 15.2% | 21.1% | 18.3% |
| Return on assets | 5.5% | 5.9% | |||
| Net debt (₹ crore) | 748.9 | 766.1 | 980.6 | ||
| Net debt / EBITDA | 3.09x | 1.78x | 1.81x | ||
| Interest cover | 1.03x | 1.04x | 1.07x | 3.12x | 3.61x |
| Asset turnover | 1.17x | 1.32x | 1.00x | 1.02x | |
| Receivable days | 131 | 112 | 136 | 181 | 168 |
| Inventory days (on revenue) | 48 | 65 | 46 | 59 | 70 |
| Payable days (on revenue) | 74 | 66 | 77 | 63 | 75 |
| Cash conversion | 101.5x | -3.48x | 1.59x | ||
| Capex intensity | 2.0% | 0.6% | 1.4% | 3.7% | 8.9% |
| Free cash flow (₹ crore) | 54.5 | 150.7 | 139.6 | -808.9 | 12.5 |
| Dividend payout | 44.1% | ||||
| EPS, diluted (₹) | 0.05 | 0.06 | 0.07 | 7.19 | 8.16 |
| Book value per share (₹) | 14.45 | 14.52 | 16.67 | 55.88 | 60.27 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding lease liabilities; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Allied Blenders & Distillers Pvt. includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Allied Blenders & Distillers Pvt.
- Research reportLatest
Same sector
More research in Consumer Defensive
ITC Ltd.
NSE: ITC
Consumer Defensive · Tobacco
₹257.90 last close on 23 Oct 2026 −0.39%Research updated
Nestle India Ltd.
NSE: NESTLEIND
Consumer Defensive · Packaged Foods
₹1,175.00 last close on 23 Oct 2026 −1.25%Research updated
Avenue Supermarts Ltd.
NSE: DMART
Consumer Defensive · Discount Stores
₹3,157.70 last close on 23 Oct 2026 −0.26%Research updated
Varun Beverages Ltd.
NSE: VBL
Consumer Defensive · Beverages - Non-Alcoholic
₹395.10 last close on 23 Oct 2026 −1.42%Research updated
Britannia Industries Ltd.
NSE: BRITANNIA
Consumer Defensive · Packaged Foods
₹4,537.90 last close on 23 Oct 2026 −1.88%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.