Performance Highlights
Financial Performance (Consolidated)
- Income from Operations: ₹984 crore in Q1FY27 vs ₹930 crore in Q1FY26 (+5.8% YoY)
- EBITDA: ₹120 crore in Q1FY27 vs ₹119 crore in Q1FY26 (+1.2% YoY)
- EBITDA Margin: 12.2% in Q1FY27 vs 12.8% in Q1FY26 (-55 bps YoY)
- PAT: ₹45 crore in Q1FY27 vs ₹56 crore in Q1FY26 (-18.7% YoY)
- Gross Margin: 46.0% in Q1FY27 vs 43.2% in Q1FY26 (+277 bps YoY)
- Operating Cash Flow: ₹174 crore generated in Q1FY27
- Net Debt: Reduced by ₹33 crore to ₹947 crore in Jun-26 from ₹981 crore in Mar-26
Operational Metrics
- Total Volume: 9.0 million cases in Q1FY27 vs 8.5 million cases in Q1FY26 (+6.2% YoY)
- Prestige & Above (P&A) Volume: 4.4 million cases (+10.7% YoY)
- Mass Premium & Others Volume: 4.7 million cases (+2.3% YoY)
- P&A Sales Contribution: 59.3% of total sales in Q1FY27 vs 55.8% in Q1FY26
Key Brand Performance
- ICONiQ White Whisky: Grew 33.8% to 3.1 million cases in Q1FY27 vs 2.3 million cases in Q1FY26
- Officer's Choice Whisky: Maintained market leadership with 16.9 million cases in FY26 and 40%+ market share
- Sterling Reserve B7: Among top 25 global whisky brands, 5th largest in semi-premium whisky category nationally
Strategic Updates
ABD Maestro Luxury Portfolio
- Established presence in ~80% of addressable market with ~5,500 premium touchpoints
- Expanded to 6 countries with 4 travel retail locations
- Launched Zoya Pink flavored gin (₹2,500 MRP in Maharashtra) with phased expansion planned
- Won 30+ global awards including 'Distiller of the Year' at 15th Icons of Whisky India Awards 2026
- Conducted National Bartending Platform competition with 350+ entries and 7 million+ views
Export Expansion
- Expanded to 39 countries from 36 in previous quarter
- Maintained market share in GCC, expanding in Africa targeting ~1 million cases by FY28
- Export profitability ~1.3x of domestic with working capital ~1/3rd of domestic
Capex Program
- Total Investment: ₹994 crore across multiple states
- Telangana: ₹190 crore (PET bottles manufacturing completed Q2FY26, malt distillery H1FY27)
- Andhra Pradesh: ₹300 crore (dual-mode distillery H1FY29)
- Maharashtra: ₹394 crore (bottling unit Q4FY27, ENA distillery H1FY28)
- Uttar Pradesh: ₹110 crore (bottling unit Q3FY27)
- Expected Benefits: ~300 bps EBITDA margin improvement by FY28, incremental ~100 bps by FY29
Management Commentary
Managing Director Amar Sinha stated:
- Q1 performance reflects continued transformation journey with steady topline growth and premiumisation
- P&A segment maintained strong momentum with broad-based growth across regions
- Officer's Choice retains No. 1 position with 45%+ gross margins
- UK FTA expected to enhance margins and strengthen premium portfolio
- Regulatory environment remains supportive with Telangana policy updates
- Temporary impact from global supply chain disruptions of ₹24 crore
- FY27 outlook: Premiumisation-led revenue growth with sustained investment in people & brands
Financial Position
- Net Debt/EBITDA: 1.7x in Jun-26 (within stated framework of <2.0x)
- Net Debt/Equity: 0.6x in Jun-26 (within stated framework of <0.75x)
- ROCE: 18.1% in Jun-26 vs 18.5% in Mar-26
- Target ROCE of 23-25% by FY28
Like-to-Like Performance Adjustment
Excluding ₹24 crore impact of global supply chain disruptions:
- LTL EBITDA: ₹144 crore (+21.4% YoY)
- LTL EBITDA Margin: 14.7% (+189 bps YoY)
- LTL PAT: ₹63 crore (+13.6% YoY)
Corporate Structure
- Board of Directors: 14 members including Kishore Rajaram Chhabria (Chairman) and Bina Kishore Chhabria (Co-Chairperson)
- Senior Management Team: 12 executives with 20-30+ years industry experience
- ABD Maestro subsidiary: 80% owned by ABD, focused on super-premium to luxury portfolio