Allied Blenders & Distillers Ltd. (CMP ₹594, NSE: ABDL)
Prepared by Sucrit Patil | The SmartWay Research Desk | 9 May 2026
A Mumbai‑based Indian‑made foreign liquor (IMFL) company, incorporated in 1988. ABDL is India’s third‑largest spirits company, best known for its flagship brand Officer’s Choice whisky, one of the world’s largest selling whiskies. The company also markets premium brands such as Sterling Reserve, ICONiQ White, Kyron Brandy, Jolly Roger Rum, and Zoya Gin.
Promoter Holding (Mar 2026): Kishore Chhabria & Family — 80.91% stake (no pledges)
FY22–FY26 Snapshot
Revenue Growth: Q3 FY26 revenue ₹1,004.18 Cr vs ₹994.81 Cr in Q2 FY26 (+0.94% QoQ). → Neutral/Good
Net Profit: Q3 FY26 PAT ₹66.48 Cr vs ₹64.31 Cr in Q2 FY26 (+3.37% QoQ). → Good
Operating Margin: EBIT margin ~11.5% (stable YoY). → Neutral
Equity Capital: Stable, face value ₹2. → Good
Dividend Policy: Yield ~0.61%; board meeting on 14 May 2026 to finalize audited FY26 results and dividend recommendation. → Neutral/Good
Asset Building: Investments of ₹182.37 Cr in FY25 for expansion and acquisitions. → Good
Sales: Officer’s Choice continues to dominate volumes; premium Sterling Reserve driving margins. → Good
Expense: Interest expense ~3.55% of revenue; employee cost ~4.8%. → Neutral
EPS: Q3 FY26 EPS ₹2.38 vs ₹2.23 last quarter (+6.7%). → Good
Institutional Interest & Ownership Trends (Mar 2026)
Promoter Holding: 80.91% (no pledges)
FII Holding: 6.46%
DII Holding: 9.64%
Retail & Others: ~3%
Strategic Moves & Innovations
Expansion into premium gin segment with Zoya Special Batch Gin.
Strengthening Officer’s Choice Blue and Sterling Reserve in deluxe whisky category.
Andhra Pradesh LoI reinstated for 46.5 lakh cases IMFL bottling plant (valid till Sep 2028).
Focus on exports to 22 countries and premiumization strategy.
Cash Flow & Balance Sheet Strength
Market cap ~₹16,549 Cr.
Debt‑to‑equity ratio ~0.68 (moderate).
Book value per share ₹55.71; P/B ~10.6.
Strong liquidity supported by promoter backing.
Risk Factors
Dependence on Officer’s Choice volumes for majority of revenue.
Exposure to regulatory changes in state excise policies.
Competition from global players like Diageo (United Spirits) and Pernod Ricard.
Margin pressure if raw material costs (molasses, grain) rise.
Investor Takeaway
ABDL has delivered steady Q3 FY26 performance, with revenue and PAT growth supported by premiumization and exports. The upcoming board meeting on 14 May 2026 will finalize audited FY26 results, dividend recommendation, and fundraising revalidation. With strong promoter backing from Kishore Chhabria, iconic brands, and expansion into premium categories, ABDL remains a long‑term spirits sector play, though investors should monitor regulatory risks and margin pressures.
Prepared by Sucrit Patil | The SmartWay Research Desk | 9 May 2026
A Mumbai‑based Indian‑made foreign liquor (IMFL) company, incorporated in 1988. ABDL is India’s third‑largest spirits company, best known for its flagship brand Officer’s Choice whisky, one of the world’s largest selling whiskies. The company also markets premium brands such as Sterling Reserve, ICONiQ White, Kyron Brandy, Jolly Roger Rum, and Zoya Gin.
Promoter Holding (Mar 2026): Kishore Chhabria & Family — 80.91% stake (no pledges)
FY22–FY26 Snapshot
Revenue Growth: Q3 FY26 revenue ₹1,004.18 Cr vs ₹994.81 Cr in Q2 FY26 (+0.94% QoQ). → Neutral/Good
Net Profit: Q3 FY26 PAT ₹66.48 Cr vs ₹64.31 Cr in Q2 FY26 (+3.37% QoQ). → Good
Operating Margin: EBIT margin ~11.5% (stable YoY). → Neutral
Equity Capital: Stable, face value ₹2. → Good
Dividend Policy: Yield ~0.61%; board meeting on 14 May 2026 to finalize audited FY26 results and dividend recommendation. → Neutral/Good
Asset Building: Investments of ₹182.37 Cr in FY25 for expansion and acquisitions. → Good
Sales: Officer’s Choice continues to dominate volumes; premium Sterling Reserve driving margins. → Good
Expense: Interest expense ~3.55% of revenue; employee cost ~4.8%. → Neutral
EPS: Q3 FY26 EPS ₹2.38 vs ₹2.23 last quarter (+6.7%). → Good
Institutional Interest & Ownership Trends (Mar 2026)
Promoter Holding: 80.91% (no pledges)
FII Holding: 6.46%
DII Holding: 9.64%
Retail & Others: ~3%
Strategic Moves & Innovations
Expansion into premium gin segment with Zoya Special Batch Gin.
Strengthening Officer’s Choice Blue and Sterling Reserve in deluxe whisky category.
Andhra Pradesh LoI reinstated for 46.5 lakh cases IMFL bottling plant (valid till Sep 2028).
Focus on exports to 22 countries and premiumization strategy.
Cash Flow & Balance Sheet Strength
Market cap ~₹16,549 Cr.
Debt‑to‑equity ratio ~0.68 (moderate).
Book value per share ₹55.71; P/B ~10.6.
Strong liquidity supported by promoter backing.
Risk Factors
Dependence on Officer’s Choice volumes for majority of revenue.
Exposure to regulatory changes in state excise policies.
Competition from global players like Diageo (United Spirits) and Pernod Ricard.
Margin pressure if raw material costs (molasses, grain) rise.
Investor Takeaway
ABDL has delivered steady Q3 FY26 performance, with revenue and PAT growth supported by premiumization and exports. The upcoming board meeting on 14 May 2026 will finalize audited FY26 results, dividend recommendation, and fundraising revalidation. With strong promoter backing from Kishore Chhabria, iconic brands, and expansion into premium categories, ABDL remains a long‑term spirits sector play, though investors should monitor regulatory risks and margin pressures.
Sucrit.D.Patil
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Sucrit.D.Patil
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.