Regulatory Filing Details

Symbol (NSE): ABDL

Our Reference No.: 87/ 2026-27

This document is a regulatory filing submitted to the BSE Limited and the National Stock Exchange of India Limited. It comprises a cover letter and the enclosed Q2 and H1FY27 Earnings Presentation for the quarter and half year ended September 30, 2026. The submission is in compliance with Regulation 30(6) read with Schedule III Part A Para A of the SEBI Listing Regulations. The presentation was also uploaded to the company's website.

The letter was digitally signed by Sumeet Maheshwari, Company Secretary & Compliance Officer (ICSI Membership No. ACS - 15145).

Financial and Operational Performance Summary

Q2 FY27 Performance (Consolidated)

  • Income from Operations: ₹1,152 Crore, up 15.8% Year-over-Year (YoY) from ₹995 Cr in Q2FY26.
  • EBITDA: ₹143 Crore, up 10.0% YoY from ₹130 Cr.
  • EBITDA Margin: 12.4%, a contraction of 66 basis points (bps) from 13.1% in Q2FY26.
  • Profit After Tax (PAT): ₹69 Crore, up 9.7% YoY from ₹63 Cr.
  • Gross Margin: 45.3%, an expansion of 90 bps from 44.4% in Q2FY26.
  • Sales Volume: Achieved a record high of 10.0 million cases, up 11.1% YoY from 9.0 million cases.

H1 FY27 Performance (Consolidated)

  • Income from Operations: ₹2,135 Crore, up 10.9% YoY from ₹1,925 Cr.
  • EBITDA: ₹263 Crore, up 5.8% YoY from ₹249 Cr.
  • PAT: ₹114 Crore, down 3.6% YoY from ₹119 Cr.
  • Sales Volume: 19.1 million cases, up 8.7% YoY from 17.5 million cases.

Like-to-Like (LTL) Adjustment

The company reported a significant impact from global supply chain disruptions, providing adjusted figures excluding this effect:

  • Q2FY27 LTL EBITDA: Would have been ₹172 Cr (up 32.3% YoY), with a margin of 14.9% (up 186 bps).
  • Q2FY27 LTL PAT: Would have been ₹91 Cr (up 44.3% YoY).
  • H1FY27 LTL EBITDA: Would have been ₹316 Cr (up 27.1% YoY).
  • H1FY27 LTL PAT: Would have been ₹154 Cr (up 29.8% YoY).

Balance Sheet & Cash Flow (H1FY27)

  • Total Assets: ₹4,495 Cr (vs. ₹4,154 Cr as of FY26).
  • Total Equity: ₹1,658 Cr (vs. ₹1,686 Cr as of FY26).
  • Net Debt: Increased to ₹1,273 Cr as of September 2026 from ₹981 Cr in March 2026.
  • Net Debt / EBITDA: 2.2x (vs. a stated framework target of < 2.0x and 1.7x in Mar-26).
  • Net Debt / Equity: 0.8x (vs. a stated framework target of < 0.75x and 0.6x in Mar-26).
  • The increase in debt is attributed predominantly to capital expenditure of ₹351 Cr in H1FY27.
  • Cash Flow from Operating Activities: Generated ₹269 Cr in H1FY27.
  • Cash and Cash Equivalents: ₹81 Cr at the end of H1FY27 (vs. ₹129 Cr at the beginning of the period).

Profitability Metrics

  • Return on Capital Employed (ROCE): 18.4% as of September 2026 (vs. 19.7% in March 2026).

Key Business and Brand Highlights

Brand Portfolio Performance (Q2FY27)

Sales are broken into two main segments: Prestige & Above (P&A) and Mass Premium & Others.

  • P&A Sales: ₹605 Cr, up 13.4% YoY. Volume was 4.5 Mn cases, up 6.1% YoY. Realization per case was ₹1,339, up 6.9% YoY.
  • Mass Premium & Others Sales: ₹468 Cr, up 15.9% YoY. Volume was 5.5 Mn cases, up 15.5% YoY. Realization per case was ₹848, up 0.4% YoY.
  • P&A Contribution: Comprised 56.4% of sales by value and 45.0% of volume in Q2FY27.

Millionaire Brand Updates

  • Officer's Choice: Maintained market leadership in the Mass Premium category with 16.9 Mn cases in FY26 and 40%+ market share. It is the 3rd largest whisky brand globally.
  • ICONiQ White: Volumes grew 20.6% YoY to 3.2 Mn cases in Q2FY27. It crossed 10 million cases in FY26 and is noted as the fastest-growing millionaire whisky brand globally for three consecutive years (CY23, CY24, CY25).
  • Sterling Reserve B7: Among the top 25 global whisky brands and the 5th largest in India's semi-premium segment.
  • Officer's Choice Blue: A regional power brand in the Prestige segment.

New Product Launches & Refreshes

  • Officer's Choice Packaging Refresh: A new 'Badal Ke Toh Dekho' campaign with premium packaging was rolled out starting September 2026 in UP, Maharashtra, Haryana, and West Bengal.
  • THE INDIAN EDIT: A new premium whisky launched in September 2026, blending Indian and Scotch malts. Priced at ₹1,550 for 750ml in Maharashtra. Available in 180ml, 500ml, and 750ml SKUs.

Export Business

  • The company is the largest exporter of Indian spirits by volume, operating in 42 countries (expanded from 36 in H1FY27).
  • The export model is described as asset-light, high-profit, with superior capital efficiency (~1.3x profitability of domestic, working capital ~1/3rd of domestic).
  • Key focus areas include maintaining share in GCC, expanding in Africa, LatAm, EU, North America, and South East Asia.
  • Local production of Officer's Choice Blue commenced in Malaysia via a co-bottling model.

ABD Maestro Luxury Portfolio Update

ABD Maestro Pvt. Ltd. is a subsidiary (ABD holds 80% stake) focused on the Super-Premium to Luxury segment, established in partnership with a Bollywood superstar.

  • Market Presence: Achieved ~80% addressable market presence in India with ~6,000 premium touchpoints and presence in 7 international markets within its first year.
  • Portfolio: Includes brands like Arthaus Blended Malt Whisky, Zoya Gin, Woodburns Whisky, Rangeela Vodka, AODH Irish Whiskey, and Yello Designer Whisky.
  • Awards: The portfolio has won over 35 global awards. Recent recognitions include ABD Maestro being named 'Company of the Year 2026 (Domestic)' at the Spiritz Conclave & Achiever's Awards.
  • Activations: Hosted a National Bartending Championship, generating 68.4M+ impressions and 14M engagements.
  • Defence Business: Supply to the defence business channel has been initiated.

Strategic Initiatives & Capital Expenditure

Margin Expansion Strategy

The company is executing a strategy to enhance EBITDA margins by ~300 bps by FY28 and an incremental ~150 bps by FY29 from the FY26 base. Key drivers include:

  • Backward Integration: Securing raw material supplies via in-house distilleries.
  • UK FTA Benefits: Expected to improve margins and strengthen the premium portfolio.
  • Premiumization: Increasing the contribution of the P&A segment to ~50% by volume by FY28.
  • Cost Efficiencies: From operational synergies and digitization.

Capex Program Details

The multi-year capex program is focused on backward integration and supply chain security, funded through internal accruals and debt. Key projects include:

  • Telangana: PET Bottle Manufacturing unit (₹115 Cr, commissioned Sep-25); Malt Distillery (₹75 Cr, commissioned Oct-26).
  • Maharashtra (Aurangabad): ENA Distillery expansion to 61.0 MLPA (₹350 Cr, incl. acquisition; H1FY28); Bottling Unit (₹54 Cr; Q4FY27); Malt Distillery (₹115 Cr; Q3FY28).
  • Uttar Pradesh (Moradabad): Acquisition and upgradation of a bottling unit (₹110 Cr, commissioned Oct-26); Expansion of bottling capacity & refurbishment of molasses distillery (₹202 Cr; Q3FY28); Dual-mode distillery (₹293.5 Cr; Q1FY29).
  • Andhra Pradesh (Vizianagaram): Dual-mode distillery via a 50% stake in KION Blenders (Total investment ₹300 Cr; ₹90 Cr equity; H1FY29).

Management Commentary & Outlook

From Managing Director Amar Sinha:

  • Q2FY27 marked the first-ever quarterly volume crossing 10 million cases.
  • Growth was seen across all segments and all four millionaire brands on a sequential basis.
  • The regulatory environment is noted as supportive, with expectations of further momentum from the Telangana policy and anticipated price revisions.
  • The impact of global supply chain disruptions is considered near-term, with underlying fundamentals remaining resilient.
  • The UK FTA is expected to support margin improvement.
  • For the festive season in Q3FY27, the company expects the topline growth momentum to continue.
  • The focus remains on margin improvement through premiumization, capex benefits, and operating leverage.

Corporate Actions & Recognition

  • Rating Upgrade: India Ratings & Research upgraded ABD's rating by two notches to 'IND AA-' with a Stable Outlook.
  • Capital Structure: The company states its capital structure provides headroom to support future growth plans.

Disclaimer

The document contains forward-looking statements and notes that the presentation includes certain information based on management representation. It advises that actual results may differ materially from those expressed or implied.

Investor Relations Contact

For further details, contact:

  • ABD Investor Relations: Tel: +91-22-4300 1111; Email: abdir@abdindia.com
  • ABD Support Team: Tel: +91 73032 11037; Email: abd@churchgatepartners.com