Event Type: Q2 FY27 Results Conference Call hosted by Antique Stock Broking Limited.

Date and Time: The conference call was held on Wednesday, October 28, 2026. The specific time was not mentioned in the transcript.

Purpose: To discuss the company's Q2 FY27 financial and operational performance, strategic updates, and future outlook.

Management Participants:

  • Mr. Shekhar Ramamurthy – Executive Deputy Chairman
  • Mr. Amar Sinha – Managing Director
  • Mr. Ramakrishnan Ramaswamy – Chief Financial Officer
  • Mr. J Mukund – Head, Investor Relations and Chief Risk Officer

Availability of Materials: The results presentation was referenced during the call, and the transcript was submitted to the exchanges for public disclosure. It is also available on the company's website at https://www.abdindia.com/.

UPSI Statement: The transcript did not contain an explicit statement that no Unpublished Price Sensitive Information (UPSI) would be shared. The discussion was based on already disclosed financial results.

Financial Period Discussed: Q2 FY27 (Quarter ended September 2026) and H1 FY27 (Half-year ended September 2026).

Key Financial Highlights from Management Commentary:

  • Q2 FY27 Performance:
  • Income from Operations: ₹1,152 crore, up 15.8% YoY and 17.1% QoQ.
  • Volumes: 10 million cases (first time crossing this milestone), up 11.1% YoY.
  • Gross Margin: 45.3%, an expansion of 90 bps YoY.
  • Reported EBITDA: ₹143 crore, up 10.0% YoY; EBITDA Margin: 12.4%.
  • PAT: ₹69 crore, up 9.7% YoY.
  • Impact of Global Supply Chain Disruptions: An estimated ₹29 crore impact in Q2. On a like-to-like basis excluding this:
  • Gross Margin would have been 47.9% (up 342 bps YoY).
  • EBITDA would have been ₹172 crore (up 32.3% YoY); Margin: 14.9%.
  • PAT would have been ₹91 crore (up 44.3% YoY).
  • H1 FY27 Performance:
  • Income from Operations: ₹2,135 crore, up 10.9% YoY.
  • EBITDA: ₹263 crore, up 5.8% YoY.
  • PAT: ₹114 crore (vs. ₹119 crore in H1 FY26).
  • Like-to-like (excluding ₹53 crore supply chain impact): EBITDA ₹316 crore (up 27.1% YoY), PAT ₹154 crore (up 29.8% YoY).

Segment Performance:

  • Mass Premium & Others: Net Sales Value ₹468 crore (up 15.9% YoY); Volumes 5.5 million cases (up 15.5% YoY); Realization per case ₹848.
  • Prestige & Above: Net Sales Value ₹605 crore (up 13.4% YoY); Volumes 4.5 million cases (up 6.1% YoY); Realization per case ₹1,339.

Brand Updates:

  • ICONiQ White: Delivered 3.2 million cases in Q2 (up 20.6% YoY). H1 FY27 volume was 6.2 million cases (up 26.8% YoY).
  • Officer's Choice Blue: Launched refreshed packaging and identity in September 2026; rolled out in UP, Maharashtra, Haryana, and West Bengal.
  • The Indian Edit: New premium whisky brand launched in September 2026 in 7 states.
  • ABD Maestro: Super-premium to luxury portfolio; present in 80% of addressable Indian markets and 7 export countries; won over 35 global awards.

Strategic and Operational Updates:

  • International Business: Expanded to 42 countries. Announced first overseas production arrangement for Officer's Choice Blue in Malaysia via an asset-light co-bottling model.
  • Backward Integration & Capex (₹1,600 cr plan):
  • Telangana: Commissioned captive malt distillery (₹75 cr, 4 million BL capacity) in Oct 2026.
  • Maharashtra: Bottling unit expected operational in coming months; ENA distillery expansion on track for H1FY28.
  • Uttar Pradesh: Commenced commercial operations at Moradabad bottling facility (6 m cases pa) in Oct 2026; planning a 66 ML dual-mode distillery (₹293.5 cr) and bottling expansion to 13 m cases (₹202 cr).
  • Expected margin benefit: ~300 bps by FY28 and a further 150 bps by FY29.
  • Balance Sheet: H1 FY27 Operating Cash Flow at ₹269 cr (vs. ₹147 cr in H1FY26). Net Debt stood at ₹1,273 cr as of Sept 2026 (Net Debt/EBITDA at 2.2x). India Ratings upgraded the company to 'IND AA-' with a Stable outlook.

Guidance and Outlook:

  • Reaffirmed mid-teens revenue growth guidance for FY27.
  • Expect FY27 EBITDA margins to be broadly in line with FY26.
  • Target for ICONiQ White: ~14 million cases in FY27 (from 10.7 m in FY26).
  • Focus on premiumization, scaling ABD Maestro portfolio, and international expansion.

Additional Notes Section

The document is a transcript of the earnings conference call, submitted as a regulatory filing. It contains detailed management commentary on financial results, strategy, and outlook. No standalone financial statements or new presentation decks were attached to this specific filing; the transcript references a results presentation that was presumably shared separately. The summary is based solely on the disclosed transcript content.