Opening Hook India is debating whether whisky is “inflation-proof,” and ABD just proved it can be “margin-proof” too. In FY25, Officer’s Choice sold enough to make even IMF’s GDP charts look sober—₹3,541 crore topline, up 6% (Capital Markets Day, Aug 2025). Why does it matter now? Because the middle class has shifted from peg-on-budget to peg-with-a-budget, and ABD is bottling that premiumization wave. Keep reading—this isn’t just about whisky; it’s about turning a peg into a profit engine.
At a Glance • Revenue ₹3,541 cr – no creative accounting, just real shots poured • EBITDA ₹451 cr – up 82%, whisky margins > startup margins • PAT ₹195 cr – from ₹2 cr last year, call it a resurrection • Gross Margin 43.2% – barley beating inflation • Net Debt/EBITDA 1.7x – sober balance sheet finally • Exports +16% YoY – ABD doing whisky diplomacy in 27 countries
Management’s Key Commentary “We are moving from scale to value.” → Translation: cheap whisky can’t bankroll premium dreams. “Officer’s Choice remains a top-10 global brand.” → Translation: our OG still pays the bills. “ICONiQ White is fastest-growing millionaire brand.” → Translation: Gen-Z has found its peg. “Backward integration to lift margins 300 bps.” → Translation: bottling profits in-house. “Ranveer Singh is our business & creative partner.” → Translation: celebrity endorsement tax is real. “Capex projects funded via accruals and debt.” → Translation: IPO cash already plugged the leaks. “ROCE to hit 23–25% by FY28.” → Translation: dream big, sip bigger.
Numbers Decoded
Metric
The Hero
One-liner
Revenue
₹3,541 cr
Just 6% growth, but premium mix climbing.
EBITDA
₹451 cr
82% jump—premium buzz overpowered costs.
Margins
12.7%
From 5.5% to 12.7%—margin cocktail served.
Analyst Questions Q: Can margins sustain? A: “Premiumization + integration.” → Translation: pray drinkers keep upgrading. Q: Exports model profitable? A: “1.3x of domestic margins.” → Translation: NRIs pay
