Allied Blenders and Distillers: FY26 record EBITDA, premium mix shift, and a capex-led margin plan

Consolidated income from operations was INR 3,949 crore (up 11.5% YoY), EBITDA was INR 568 crore (up 25.8% YoY) with a 14.4% margin, and PAT was INR 220 crore (up 13.0% YoY).

Q4 FY26 EBITDA rose to INR 182 crore, but PAT was INR 38 crore versus INR 79 crore in Q4 FY25. Management highlighted that FY26 tax expenses including interest for earlier years totaled INR 45.45 crore, affecting reported profitability.

P&A sales were INR 2,136 crore in FY26 (up 28.3% YoY) and P&A volume was 16.9 million cases (up 26.8% YoY). In FY26, P&A contributed 57.3% of sales value and 47.2% of total volume.

The PET bottle plant in Telangana was commissioned in Q2 FY26 and management said it became EBITDA accretive from Q3 FY26. The malt distillery in Telangana is expected in H1 FY27. The Maharashtra ENA expansion is expected in H1 FY28. Phase II bottling projects are expected in FY27, and the Andhra Pradesh dual-mode ENA project is expected in Q4 FY28.

Management indicated consolidated topline growth is expected to be in the mid-teens for FY27. For margins, management guided that FY27 overall EBITDA margin should be maintained around FY26 levels, with pressure in Q1 and early Q2 and improvement expected in H2 from multiple levers including capex benefits.

Net revenue from exports was INR 235 crore in FY26 (up 14.1% YoY) and the company expanded to 36 countries by Mar-26. Management stated Q4 exports were partially impacted by geopolitical disruptions.