Allied Blenders Q1 FY26: ₹930 Cr Sales + 399% PAT Growth – Cheers to That!

Allied Blenders Q1 FY26: ₹930 Cr Sales + 399% PAT Growth – Cheers to That!

At a Glance

Allied Blenders (ABDL), the whisky kingpin behind Officer’s Choice, served a fiery Q1 FY26 cocktailRevenue ₹930 Cr (+22.5% YoY), EBITDA ₹119 Cr (+56.4%), and PAT ₹56 Cr (+398.6%). That’s not growth; that’s an explosion. However, the hangover includes ₹33.9 Cr customer disputes, a ₹352 Cr tax demand (90% stayed), and debtors aging like cheap wine (181 days). The market sipped this rally, pushing the stock to ₹488, up 2.1% on results day.


1. Introduction

From a 1988 start to becoming India’s largest spirits maker by volume, Allied Blenders mixes brand power with bold margins. Officer’s Choice still rules rural India’s whisky shelves, while newer premium variants target millennials who prefer their Instagram stories neat. The quarter was a toast to profitability, but regulatory demands and working capital woes lurk behind the bar.


2. Business Model (WTF Do They Even Do?)

ABDL sells alcoholic beverages across whisky, rum, vodka, brandy, and gin segments.

  • Whisky: The bread, butter, and hangover of ABDL.
  • Brandy & Rum: Secondary, yet profitable.
  • Vodka & Gin: Lifestyle segments with potential.

Roast: They make booze. We drink it. Investors get drunk on stock moves.


3. Financials Overview

Q1 FY26 Snapshot

  • Revenue: ₹930 Cr (+22.5% YoY)
  • EBITDA: ₹119 Cr (+56.4%)
  • PAT: ₹56 Cr (+399% YoY)
  • EPS: ₹2.18

Comment: Profit quadrupled while competitors are still stirring their cocktails.


4. Valuation

  • P/E: 54.8x – rich like a 21-year-old Scotch.
  • P/B: 8.7x – investors paying premium for brand intoxication.
  • Fair Value Range: ₹420 – ₹520.

Sarcasm: You’re not just buying whisky here; you’re buying hope bottled at 40% ABV.


5. What’s Cooking – News, Triggers, Drama

  • International Expansion: Acquired UTO Asia for €1.225M.
  • Tax Dispute: ₹352 Cr demand with 90% stay.
  • Customer Dispute: ₹33.99 Cr contested.
  • Product Pipeline: New launches in premium whisky segment.

Drama: Regulatory heat could sober up the rally.


6. Balance Sheet

(₹ Cr)Mar 2024Mar 2025
Total Assets2,6653,551
Borrowings831901
Net Worth4301,574

Auditor Joke: Assets swell, but so do disputes.


7. Cash Flow – Sab Number Game Hai

(₹ Cr)202320242025
Operating Cash230186-676
Investing Cash-27-59-185
Financing Cash-195-128922

Remark: Negative OCF? Guess profits are on paper while cash plays hide-and-seek.


8. Ratios – Sexy or Stressy?

Ratio20232024TTM
ROE12%20%20%
ROCE16%21%21%
OPM7%12%13%
D/E0.3x0.25x0.25x

Verdict: Ratios are sizzling, but working capital is a buzzkill.


9. P&L Breakdown – Show Me the Money

(₹ Cr)20232024TTM
Revenue3,1473,5203,681
EBITDA187432471
PAT5200249

Observation: From ₹5 Cr to ₹249 Cr PAT in 2 years – this is not growth; this is whisky-fueled rocket science.


10. Peer Comparison

CompanyP/EROEOPM
United Spirits59.021.4%18.5%
Radico Khaitan104.513.6%13.9%
Tilaknagar Inds43.129.9%17.8%
Allied Blenders54.820.0%12.8%

Comment: ABDL stands mid-table; brand premium saves it from being bottom-shelf.


11. Miscellaneous – Shareholding

  • Promoters: 80.9% (solid control)
  • FIIs: 2.8%
  • DIIs: 4.7%
  • Public: 11.5%

Sarcasm: Promoters own the bar; retail just buys the drinks.


12. EduInvesting Verdict™

Allied Blenders is finally serving profits neat. Strong brand equity, premiumisation, and acquisitions fuel growth. Yet, high debtor days, tax disputes, and negative cash flow make it a risky after-party.

SWOT

  • Strengths: Strong brand portfolio, premiumisation strategy, global reach.
  • Weaknesses: Negative cash flow, regulatory baggage, working capital drag.
  • Opportunities: Rising premium liquor consumption, export push.
  • Threats: Regulatory taxes, competition from United Spirits & Radico.

Final Word: A high-spirited play with underlying risks. Investors need to sip cautiously.


Written by EduInvesting Team | 29 July 2025
SEO Tags: Allied Blenders Q1 FY26, Allied Blenders Results, Liquor Stocks, FMCG Spirits

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