Financial Performance Highlights (Standalone)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹206,021.28 lakhs (vs ₹194,413.61 lakhs in Q2 FY26)
  • Other income: ₹536.49 lakhs
  • Total income: ₹206,557.77 lakhs
  • Profit before tax: ₹11,356.70 lakhs (vs ₹9,529.53 lakhs in Q2 FY26)
  • Tax expense: ₹2,893.36 lakhs (Current tax: ₹2,759.51 lakhs; Deferred tax: ₹133.85 lakhs)
  • Profit after tax: ₹8,463.34 lakhs (vs ₹7,180.14 lakhs in Q2 FY26)
  • Basic EPS: ₹3.02 (vs ₹2.56 in Q2 FY26)
  • Diluted EPS: ₹3.02

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹385,517.68 lakhs (vs ₹371,607.68 lakhs in H1 FY26)
  • Profit after tax: ₹15,282.31 lakhs (vs ₹13,271.23 lakhs in H1 FY26)
  • Basic EPS: ₹5.46 (vs ₹4.74 in H1 FY26)

Balance Sheet Position (Standalone as of September 30, 2026)

  • Total assets: ₹439,116.91 lakhs (vs ₹416,213.32 lakhs as of March 31, 2026)
  • Total equity: ₹175,497.24 lakhs
  • Borrowings: ₹125,280.65 lakhs (Non-current: ₹34,536.77 lakhs; Current: ₹90,743.88 lakhs)
  • Cash and cash equivalents: ₹7,798.37 lakhs

Cash Flow (Standalone H1 FY26)

  • Net cash from operating activities: ₹27,057.54 lakhs
  • Net cash used in investing activities: ₹24,109.79 lakhs
  • Net cash used in financing activities: ₹17,817.11 lakhs

Key Operational and Legal Matters

CSD Dispute:

  • Customer dispute with Canteen Stores Department (CSD) regarding differential trade rates for sales from March 2012 to October 2017
  • Original claim: ₹4,210.66 lakhs; Net receivable considered: ₹3,398.72 lakhs (net of adjustments)
  • Arbitration proceedings initiated; Arbitral Tribunal upheld CSD's jurisdictional challenge on September 26, 2026
  • Company intends to challenge the order and pursue legal remedies for recovery

Income Tax Matter:

  • Search operation conducted by Income Tax Department during December 11-17, 2023
  • Original demand: ₹35,231 lakhs + interest ₹24,914 lakhs for AY 2014-15 to 2024-25
  • Revised to ₹2,607.53 lakhs + interest ₹1,937.71 lakhs per order dated January 30, 2026
  • Company recognized tax expense of ₹4,545.24 lakhs (including interest) in FY26
  • Promoter Chairman's undertaking waived on May 14, 2026

Corporate Developments

Acquisitions:

  • Acquired 100% of UTO Asia Pte. Ltd. (Singapore) on June 10, 2025 for EUR 1,225,000
  • Acquired up to 50% of Kion Blenders Industries Private Limited on March 2, 2026 for ₹0.50 lakhs
  • Approved acquisition of non-operational distillery in Uttar Pradesh from National Industrial Corporation Private Limited for up to ₹7,000 lakhs (January 16, 2026)

Scheme of Amalgamation:

  • Board approved amalgamation of Deccan Star Distilleries India Private Limited and Sarthak Blenders & Bottlers Private Limited with ABDL (November 4, 2025)
  • Subject to regulatory approvals

Accounting Changes

  • Changed depreciation method for plant and machinery from WDV to SLM effective July 1, 2026
  • Resulted in lower depreciation expense of ₹434.63 lakhs for Q2 FY27 (standalone)

ESOP Grants

  • Granted 3,200,000 stock options on January 23, 2026 (cost: ₹332.91 lakhs in FY26)
  • Granted 300,000 options on August 25, 2026 (cost: ₹11.31 lakhs)
  • Granted 225,000 options on May 12, 2026 (cost: ₹40.54 lakhs)

Subsidiary Information

Consolidated results include 12 subsidiaries. Nine subsidiaries were reviewed by other auditors with total assets of ₹38,218.14 lakhs as of September 30, 2026.