1. Opening Hook
Just when you thought India had reached peak “premiumization” with ₹500 cold coffees and gourmet pani-puri, ABD shows up posting itsfifth consecutive quarter of margin expansion—as if inflation never RSVP’d. The company sold9 million casesin Q2, proving Indians may postpone marriages, houses, babies—but not whisky.
Meanwhile ICONiQ is growing so fast it could apply for PAN card soon. And ABD Maestro is quietly building a luxury alcobev empire like it’s plotting a Rajamouli trilogy.
This call gets wild—brands doubling, PET bottles printing margins, Telangana paying dues (no joke), and a single malt planned for 2029 like India’s own space launch.
Grab your glass—things get funnier and stronger ahead.
2. At a Glance
- Revenue – ₹995 Cr– Consumers drinking enough to fund a mid-sized PSU revival.
- EBITDA – ₹130 Cr– The CFO finally slept peacefully.
- EBITDA Margin – 13.1%– Premiumization + PET bottles = magic potion.
- PAT – ₹63 Cr– Up 32%; accounting team emotionally overwhelmed.
- Volumes – 9M cases– When India says “one peg,” it means five.
- ICONiQ WT – ~5M cases H1– Millennials have found their national drink.
- P&A share – 47%– The upgrade wave continues like Jio’s 2016 moment.
3. Management’s Key Commentary (Quotes + Translations)
“This is our fifth consecutive quarter of strong performance post listing.”(Translation: Told you we weren’t here for an IPO one-night stand.)
“ICONiQ White doubled volumes and is the fastest-growing global spirits brand.”(Translation: India basically adopted a new national whisky.)
“Our PET plant will add ₹30+ crore to gross margins.”(Translation: Plastic > competitors’ strategy.)
“Officer’s Choice continues to deliver gross margins over 40%.”(Translation: The OG cash cow refuses to retire. 😏)
“We’ve expanded from 14 to 30 international markets in just 18 months.”(Translation: We now export more whisky than some countries export goods.)
“Telangana has released ₹100 crores of overdue payments.”(Translation: Miracles do happen.)
“Single malt distillery to go live Q4 FY26; launch expected in 2029.”(Translation: Your whisky will
mature before your resolutions do.)
4. Numbers Decoded
Metric Q2 FY26 Q2 FY25 H1 FY26 H1 FY25
----------------------------------------------------------------------------------------
Revenue (₹ Cr) 995 870 ~1970 ~1740
EBITDA (₹ Cr) 130 105 ~240 ~200
EBITDA Margin (%) 13.1% 12.1% ~12% ~11%
PAT (₹ Cr) 63 48 ~120 ~100
Volumes (Mn Cases) 9 8.3 17.5 16
P&A Mix (%) 47.1% 39.7% ~46% ~38%
ICONiQ H1 Volumes (Mn) 4.9 2.5 4.9 2.5
Exports (Annualized Mn Cases) 2 1.2 2 1.2
Net Debt (₹ Cr) 893 766 893 766- PET plant = quiet EBITDA steroid.
- ICONiQ = reason for all celebratory high-fives.
- P&A mix jump = textbook “margin expansion via premiumization.”
5. Analyst Questions – Reality Translated
Q:Is PET backward integration really worth it?Mgmt:₹30 crore margin bump.(Translation: Big yes. Plastic is the new gold.)
Q:ICONiQ is cannibalizing OC Blue?Mgmt:A bit, but combined share is rising.(Translation: We’re eating ourselves, but profitably.)
Q:Telangana dues—when will they clear?Mgmt:Got ₹100 crore. Will get more monthly.(Translation: We’ll
