Allied Blenders & Distillers Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 2,085.46 Cr (+6.80% YoY) and PAT growth of +9.70% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 27, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 2,085.46 Cr (+6.80% YoY) |
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| PAT (Q2) | Rs. 69.02 Cr (+9.70% YoY) |
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| EBITDA margin | 12.47% (-68 bps YoY) |
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| EPS (Q2) | Rs. 2.56 (+14.80% YoY) |
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| Market cap | Rs. 19,367.91 Cr |
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| CMP | Rs. 693.15 |
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Quarter Snapshot
ABDL delivered 15.94% net revenue growth on state tax-driven realisation gains, with PAT to owners up 11.21% YoY and H1 operating cash flow at 2.35x PAT. However, EBITDA margin fell 68 bps YoY to 12.47% and H1's 12.38% tracks ~209 bps below the FY26 level management guided FY27 to match, making both margin and mid-teens top-line guidance a Stretch. Key watch items are the CSD Rs.33.99 Cr receivable after arbitration was terminated against the company, a widening subsidiary drag of Rs.13.12 Cr, and a Rs.292 Cr net-debt build funding a tripling of CWIP.
Key Investment Insights
Key Positives
- Net revenue grew 15.94% YoY to Rs.1,147.85 Cr as excise duty fell 2.59% YoY on 6.80% gross revenue growth, indicating state tax-driven price increases passing through to net realisation
- Consolidated PAT to owners grew 11.21% YoY to Rs.71.52 Cr; standalone PAT grew 17.87% YoY to Rs.84.63 Cr
- H1 net cash from operations of Rs.268.56 Cr was 2.35x consolidated PAT, up from 1.24x in H1 FY26
- EBITDA margin on net revenue improved 20 bps QoQ to 12.47% from 12.27% in Q1 FY27
- Finance costs fell 7.45% YoY to Rs.27.59 Cr
- Employee costs improved 68 bps as a share of net revenue YoY (5.78% vs 6.46%)
- Income-tax search matter settled: refund received, penalty proceedings dropped, no Q2 FY27 P&L impact
Risk Factors
- EBITDA margin on net revenue fell 68 bps YoY to 12.47%; H1 margin of 12.38% is ~209 bps below FY26's 14.47%, putting the FY27 'broadly in line with FY26' margin guidance at Stretch
- Other expenses rose 25.66% YoY (258 bps of net revenue) and cost of materials rose 18.48% YoY (120 bps)
- Effective tax rate rose 398 bps YoY to 28.96%, the largest reason PAT growth (+9.70%) trailed PBT growth (+15.84%)
- Subsidiaries cost owners Rs.13.12 Cr in Q2, widening from Rs.7.49 Cr a year ago; NCI loss widened to Rs.2.50 Cr from Rs.1.39 Cr
- CSD arbitration terminated against the company over the Rs.4,210.66 L claim; the Rs.33.99 Cr receivable remains carried as recoverable with auditor emphasis-of-matter
- Net debt rose Rs.292 Cr in six months to Rs.1,272.84 Cr (2.42x annualised H1 PBDIT) with FCF negative at Rs.(83.14) Cr