Allied Blenders & Distillers (ABDL) closed FY26 with strong performance.

1. **Business Performance:** Income from Operations grew 11.5% YoY to ₹3,949 Cr, with EBITDA surging 25.8% to ₹568 Cr (14.4% margin). PAT rose 13% to ₹220 Cr, though Q4 PAT was impacted by one-off tax expenses.

Prestige & Above (P&A) volumes expanded 26.8%, driven by ICONiQ White’s 87.8% jump to 10.7 Mn cases.

Gross Margin improved by 350 bps.

Exports revenue increased 14.1%, now reaching 36 countries.

2. **Growth Drivers or Strategy:** ABDL is focused on portfolio premiumization, expanding into super-premium and luxury segments (ABD Maestro). Strategic backward integration into ENA distilleries, a malt distillery, and PET bottle manufacturing aims to optimize the supply chain and boost EBITDA margins by ~300 bps by FY28. 3. **Recent Developments:** The company launched "The Collective," an ultra-luxury whisky priced at ₹11 Lakhs, and ZOYA Pink Mix Berries Gin.

Its PET bottle manufacturing unit is now operational, and it has acquired assets for a new bottling facility in UP and a stake in a dual-mode distillery in AP.

4. **Key Financial Metrics:** FY26 EPS stood at ₹9.59, with ROCE at 18.5%. Net Debt/EBITDA was 1.7x and Net Debt/Equity 0.6x. The Board has proposed a dividend of ₹5.4 per share (270%). 5. **Management Commentary / Outlook:** Management highlighted FY26 as a defining year, expecting continued P&A-led revenue growth, disciplined execution of backward integration, and sustained margin improvement.