ABD crosses 10 million case mark in Q2 as margins narrow on supply chain

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Volume milestone up 11.1% from 9 million cases in Q2 FY26, supported by sequential growth across all four ABD millionaire brands

By Anupama Ghosh

Updated - October 28, 2026 at 12:49 PM.

Allied Blenders and Distillers Limited posted its highest-ever quarterly sales volumes of 10 million cases in the July-September quarter of FY27, driving revenue from operations up 15.8 per cent year-on-year to ₹1,152 crore. The stock fell 3.43 per cent to ₹669.40 on Wednesday, the day after the results were filed with exchanges.

The volume milestone, up 11.1 per cent from 9 million cases in Q2FY26, was supported by growth across all four of ABD’s millionaire brands on a sequential basis, the company said in its earnings release dated October 27, 2026. ICONiQ White, the company’s fastest-growing brand, climbed 20.6 per cent year-on-year to 3.2 million cases in the quarter.

Despite the topline strength, EBITDA margins contracted 66 basis points to 12.4 per cent from 13.1 per cent a year ago, as gains in gross margin were offset by planned investments in core brand revamps and the newly established super-premium portfolio under ABD Maestro. The company also absorbed ₹29 crore in costs from global supply chain disruptions linked to West Asia. Excluding this one-time impact, like-to-like EBITDA would have been ₹172 crore, up 32.3 per cent year-on-year, with a margin of 14.9 per cent.

Reported EBITDA stood at ₹143 crore, up 10 per cent year-on-year, while profit after tax rose 9.7 per cent to ₹69 crore. Net debt increased by ₹292 crore to ₹1,273 crore during the half-year, primarily on account of capital expenditure of ₹351 crore, pushing the Net Debt/EBITDA ratio to 2.2x against a stated target of below 2.0x.

During the quarter, ABD commissioned a bottling unit in Moradabad, Uttar Pradesh, and a malt distillery in Rangapur, Telangana, both part of a multi-year backward integration programme the company says will expand EBITDA margins by approximately 300 basis points by FY28. The company also launched The Indian Edit, a premium whisky priced at ₹1,550 for a 750 ml bottle in Maharashtra, and refreshed the packaging of Officer’s Choice Blue.

India Ratings & Research upgraded ABD’s credit rating by two notches to ‘IND AA-’ with a Stable Outlook during the period.

Published on October 28, 2026

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