Allied Blenders and Distillers Limited (ABDL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 22, 2026 3 min read

Allied Blenders and Distillers Limited (ABDL) is one of India's largest alcobev players, and the quarter's backdrop is a soft volume market — all-India spirits volumes grew just 2% with whisky down 1% — offset by premiumisation and state tax-driven price increases. The print will speak to whether the prestige-and-above mix shift (P&A at 59.3% of value in Q1) can hold up the top line, and whether EBITDA margins stay on the FY27 guidance path after Q1's 12.27% reported margin.

Quick Details

Results date	October 27, 2026
Quarter	Q2 FY 2026-2027
Market cap	Rs. 19,581.12 Cr
CMP	Rs. 700.0

Allied Blenders and Distillers Limited Q2 Results Date and Time

ABDL's board meeting is scheduled for October 27, 2026, to consider the financial results for Q2 FY 2026-2027.

Key Things To Watch

Volume vs value split: Whether the premiumisation narrative reconciles with flat state excise volume prints.

Q1 FY27 P&A volumes grew 10.7% vs 2.3% for Mass Premium and Others, with P&A at 48.2% of volume and 59.3% of value
Karnataka IML volumes rose just 1.52% YoY to 171.69 lakh cases in Jul-Sep 2026; all-India whisky volumes declined 1%
Shravan in the North weighed on August consumption, arguing against reading any single month as the quarter

Margin bridge and input costs: How much of state tax-driven price rises stuck as net realisation versus absorbed costs.

Cost of materials at 28.9% of gross revenue in Q1 FY27 vs 26.4% in Q1 FY26; Q1 EBITDA margin 12.27%, down 59 bps YoY
Whether the ~Rs. 24 Cr Q1 supply-chain disruption impact (like-for-like EBITDA Rs. 144 Cr / 14.7%) recurred or normalised

Policy and tax actions: State-level excise changes shaping realisations in and around the quarter.

Karnataka AIB structure effective May 11, 2026 cut IMFL tax slabs to eight; CIABC warns IML volumes are stagnating or degrowing in major volume slabs
Delhi's new excise policy with an excise duty hike and removal of fixed retail margin caps is likely to be notified in October, just after the quarter window

Working capital and cash conversion: Receivable cycles in state-regulated trade matter to cash conversion.

As of March 31, 2026: inventories Rs. 748.06 Cr (~130 days of FY26 cost of materials) and trade receivables Rs. 1,801.78 Cr (~87-day DSO)
H1 operating cash flow against FY26's Rs. 361.96 Cr full-year OCF, into the festive season build

Frequently Asked Questions

How did ABDL perform in Q1 FY27?

Gross revenue grew 1.85% YoY and net revenue ex-excise rose 6.07%, but EBITDA margin compressed 59 bps YoY to 12.27% and consolidated PAT fell 18.65%. The quarter included a supply-chain disruption with an impact of about Rs. 24 Cr.

Is ABDL's premiumisation mix improving?

Yes — in Q1 FY27, ABDL's prestige-and-above (P&A) volumes grew 10.7% versus 2.3% for Mass Premium and Others, taking P&A to 48.2% of volume and 59.3% of value. Industry-wide, premium spirits volumes grew at a 10.2% CAGR (2022-25) versus 3.7% for the overall market.

What guidance has ABDL management given for FY27?

Management has guided FY27 EBITDA margin broadly in line with FY26 and top-line growth around mid-teens, with an 18% margin two-year ambition. Q1's reported 12.27% margin versus 14.7% like-for-like makes the margin path one to track.