Allied Blenders and Distillers Limited — PPTs, 29-01-2026: Investor Presentation

**Business Performance:** Allied Blenders and Distillers delivered solid Q3 and 9MFY26 results. Q3 revenue reached ₹1,004 Cr (+2.8% YoY), EBITDA ₹137 Cr (+14.1% YoY), and PAT ₹64 Cr (+10.9% YoY). Gross margins expanded 351 bps, driven by cost controls and in-house production benefits. The Prestige & Above (P&A) segment fueled growth with Q3 volumes up 16.9%, while Mass Premium faced market challenges. ICONiQ White continues its explosive growth, hitting 7.7 Mn cases in 9MFY26, solidifying its recognition as the world's fastest-growing millionaire spirits brand.

**Growth Drivers or Strategy:** Key focus areas include portfolio premiumization, aiming for 50% P&A volume contribution by FY28. Backward integration (PET plant operational, distilleries coming online) aims for a ~300 bps Gross Margin increase by FY28. International expansion is aggressive, with presence in 31 countries, targeting 35 by March '26, leveraging profitable exports.

**Recent Developments:** Q3 saw the launch of three new luxury brands—Rangeela Vodka, Yello Designer Whisky, and Aodh Irish Whiskey—expanding the premium portfolio into key markets and duty-free retail. The PET bottle unit is now EBITDA accretive.

**Key Financial Metrics:** Net Debt/EBITDA is down to 1.5x (from 1.7x in March '25), reflecting ₹108 Cr net debt reduction driven by strong operating cash flow.

**Management Commentary / Outlook:** Management anticipates continued profitable growth for FY26, fueled by ongoing premiumization, margin expansion, and disciplined capital allocation. Strong Q4 revenue growth is expected as market conditions normalize.