Allied Blenders & Distillers logo

Allied Blenders & Distillers

ABDL NSE

Key Fundamentals

SmallcapBreweries & DistilleriesBeverages
Market Cap
₹19,736 Cr
Volatility
High Risk
P/E Ratio
86.01
EBITDA
₹568 Cr
Return on Equity
13.06%
Debt to Equity
0.69
Book Value
₹59.44
EPS
₹0.7
52W High
₹753.8
52W Low
₹382.1

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has delivered good profit growth of 147% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 39.3%

Weaknesses

3
  • Stock is trading at 11.4 times its book value
  • The company has delivered a poor sales growth of 10.8% over past five years.
  • Company has high debtors of 168 days.

Growth Rate

Revenue Growth
11.52% higher than 3Y
Net Income Growth
12.99% lower than 3Y
Cash Flow Change
153% higher than 3Y
ROE
4.73% lower than 3Y
ROCE
6.03% higher than 3Y
EBITDA Margin (Avg.)
12.78% lower than 3Y

AI Analysis — Bull vs Bear

7d ago
AI opinion · based on fundamentals
Risk high

Allied Blenders & Distillers (ABDL) has a market capitalisation of about ₹20,791 crore and trades at 95.1x earnings and 12.0x book value. Profits have compounded at 147% over 5 years and 422% over 3 years, largely because they started from a low base. Sales growth has been slower, at 8% over 3 years and 10.8% over 5 years, and TTM profit is down 7%. Return on equity is 14% for the last year, 14% over 3 years and 11% over 5 years, the dividend payout is 39.3%, and receivables are high at 168 debtor days.

Bull Case 7
  • Profit has compounded at 147% a year over 5 years and 422% a year over 3 years, which points to a sharp operating turnaround and better margins.
  • ROE has risen from a 5-year average of 11% to 14% over both the last year and 3 years, so capital efficiency is improving as profitability recovers.
  • The company pays out 39.3% of profits as dividends, which suggests management is confident in cash generation and shares earnings with shareholders.
  • The stock has returned 39% over the past year, which reflects market confidence in the company's premiumisation and earnings recovery.
  • Sales have compounded at 11% over 5 years and 8% over 3 years. That is steady top-line growth in a regulated category with high entry barriers, where volumes are the base for margin expansion.
  • With a market cap of about ₹20,791 crore, ABDL is one of the few listed large-scale Indian spirits companies, which gives investors a scarce way to invest in India's alcoholic beverage consumption.
  • A 0.76% dividend yield alongside a 39.3% payout adds some cash return while investors wait for earnings growth to catch up with valuation.
Bear Case 8
  • A P/E of 95.1x prices in sustained high earnings growth, but TTM profit growth is -7%. That gap between valuation and recent earnings is large.
  • A price-to-book of 12.0x is steep for a business earning 14% ROE, so there is little room for error if returns do not improve meaningfully.
  • Debtor days of 168 are high. Working capital is tied up in receivables, which can squeeze operating cash flow and increases counterparty risk, especially with state-run distribution corporations.
  • Sales growth of 8% over both TTM and 3 years, and 10.8% over 5 years, is modest compared with a 95.1x earnings multiple.
  • The 422% 3-year and 147% 5-year profit CAGRs come off a very low base, so they overstate how durable growth is. The -7% TTM profit figure suggests the pace is normalising.
  • The 5-year average ROE of 11% is only moderate for a consumer brand company, and the recent 14% has not yet shown a sustained record of high returns.
  • A dividend yield of 0.76% offers little valuation support if earnings disappoint, because most of the investment case rests on future growth.
  • After a 39% one-year stock return with falling TTM profit (-7%), the valuation has expanded faster than fundamentals, which raises the risk of the multiple contracting.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago
Headwinds 2
  • Promoter selldown for MPS compliance Sep 22

    Promoter Bina Kishore Chhabria plans to sell up to 55 lakh shares (1.97% stake) in the open market to meet SEBI minimum public shareholding norms. Two large BSE trades worth ₹358.72 crore at about ₹650 on Sep 23 match that size (55 lakh × ₹650 ≈ ₹357.5 crore), so the sale was likely executed, but more MPS-driven supply could still weigh on the stock.

  • Cost overruns in existing projects Sep 15

    The board approved an extra ₹10 crore to cover cost overruns in existing bottling and distillery projects at subsidiary Minakshi Agro. The amount is small, but it shows some slippage in project execution.

Positives 4
  • Suntory eyes up to 15% stake Sep 28

    A newspaper report says Suntory is in talks to buy up to 15% of ABDL, with distribution and manufacturing synergies also under discussion. A global spirits major taking a stake would endorse the business strategically, though the talks are still exploratory.

  • 4.4 mn litre malt licence Sep 15

    ABDL received a licence to make malt spirits at its Rangapur facility, with annual capacity of 4.4 million litres. This supports backward integration for its push into premium brands.

  • ₹115 crore Aurangabad malt distillery Sep 15

    ABDL approved ₹115 crore of a ₹125 crore capital contribution to Minakshi Agro for a new 3 MN BL malt distillery in Aurangabad, Maharashtra. Completion is targeted for Q3 FY28.

  • Premium whisky 'The Indian Edit' launched Sep 11

    ABDL launched 'The Indian Edit' on Sep 11, priced at ₹1,550 for 750 ml in Maharashtra, in 750/500/180 ml packs. The blend uses Indian malt and grain spirits with Scotch malts, and international expansion is planned later.

Neutral 2
  • Back-to-back investor conferences Sep 10

    Management presented Q1FY27 earnings at the Jefferies 5th India Forum in Gurugram on Sep 18 and the Nuvama Emerging India CEO Forum in Mumbai on Sep 28. No unpublished price-sensitive information was to be shared.

  • 'Performer' ESG rating, score 62 Sep 21

    NICHE NINETY NINE gave ABDL an ESG score of 62 on Sep 21 and classed it as a 'Performer' based on public disclosures. This helps the company's ESG profile but is unlikely to move the stock much.

TL;DR: ABDL is building a stronger premium story through in-house malt capacity (4.4 mn litre Rangapur licence and a ₹115 crore Aurangabad distillery), the new 'The Indian Edit' launch, and possible strategic validation from Suntory's reported interest in up to 15%. The main near-term risk is supply from promoters selling to meet MPS norms: about ₹358.72 crore changed hands near ₹650, and more selldowns may follow, while minor cost overruns point to some project slippage. Overall the trend is improving, and the next triggers are whether the Suntory talks become a firm deal and how quickly the new malt capacity lifts premium mix and margins through FY28.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
814
851
895
768
758
868
974
921
923
990
1,003
1,007
979
Expenses
762
780
836
708
683
764
857
785
811
865
867
838
863
Operating Profit
52
71
59
60
74
103
117
136
112
125
136
169
115
OPM %
6%
8%
7%
8%
10%
12%
12%
15%
12%
13%
14%
17%
12%
Other Income
1
1
-2
2
2
2
3
14
7
5
-2
13
5
Interest
39
43
46
45
44
25
27
28
27
30
26
51
29
Depreciation
13
12
14
19
16
16
13
16
16
16
18
29
23
PBT
1
16
-3
-1
16
64
80
106
76
84
89
103
68
Tax %
286%
29%
33%
70%
28%
26%
28%
26%
26%
25%
28%
63%
33%
Net Profit
-3
11
-4
-2
11
48
57
79
56
63
64
38
45
EPS in Rs
-0.11
0.46
-0.18
-0.1
0.4
1.7
2.05
2.81
2.02
2.3
2.38
1.46
1.76
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,996
2,348
2,686
3,147
3,328
3,520
3,923
3,979
Expenses
2,762
2,154
2,488
2,961
3,085
3,089
3,380
3,433
Operating Profit
234
195
197
186
243
431
542
546
OPM %
8%
8%
7%
6%
7%
12%
14%
14%
Other Income
16
19
11
11
1
21
23
21
Interest
180
142
146
136
173
126
135
137
Depreciation
69
59
59
55
58
61
79
86
PBT
0
13
4
6
13
266
351
343
Tax %
-2948%
80%
62%
73%
86%
27%
37%
—
Net Profit
13
3
1
2
2
195
220
210
EPS in Rs
0.54
0.11
0.06
0.07
0.07
6.97
8.16
7.9
Div. Payout %
0%
0%
0%
0%
0%
52%
66%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
47
47
47
49
49
56
56
Reserves
326
328
357
357
358
1,487
1,607
Borrowings
1,058
981
863
793
835
905
1,151
Other Liabilities
983
952
988
1,301
1,403
1,086
1,350
Total Liabilities
2,414
2,308
2,255
2,500
2,645
3,534
4,163
Fixed Assets
636
649
692
575
635
749
889
CWIP
48
17
15
14
16
19
110
Investments
0
22
0
0
0
0
0
Other Assets
1,730
1,620
1,548
1,910
1,995
2,765
3,164
Total Assets
2,414
2,308
2,255
2,500
2,645
3,534
4,163
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
595
247
179
230
186
-678
362
Investing
-45
-59
53
-19
-54
-182
-331
Financing
-496
-216
-256
-203
-132
922
10
Net Cash Flow
53
-29
-24
8
0
61
41
Free Cash Flow
548
212
124
210
141
-806
16
CFO/OP
255
128
93
126
80
-141
94
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
114
135
130
111
136
181
168
Inventory Days
151
196
153
190
124
196
221
Days Payable
172
267
228
189
204
206
235
Cash Conversion Cycle
93
64
54
113
57
172
154
Working Capital Days
-39
-52
-30
-18
-20
67
55
ROCE %
—
11%
11%
12%
16%
21%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY09–FY27.

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Shareholding Pattern

Others2.33%Promot.80.91%FIIs3.24%DIIs5.07%Public8.45%As ofJun 2026

Documents

Frequently Asked Questions about Allied Blenders & Distillers

What does Allied Blenders & Distillers Ltd do?
Incorporated in 2008, Allied Blenders and Distillers Ltd manufactures, purchase and sells Alcoholic Beverages /liquids[1]
Where is Allied Blenders & Distillers Ltd (ABDL) listed?
Allied Blenders & Distillers Ltd trades as ABDL on the NSE and under code 544203 on the BSE.
Which sector does Allied Blenders & Distillers Ltd belong to?
Allied Blenders & Distillers Ltd is classified under the Fast Moving Consumer Goods sector, in the Beverages industry.
What is the market capitalisation of Allied Blenders & Distillers Ltd?
Allied Blenders & Distillers Ltd has a market capitalisation of ₹19,736 Cr, which places it in the Mid Cap band.
What is the PE ratio of Allied Blenders & Distillers Ltd?
Allied Blenders & Distillers Ltd trades at a PE ratio of 86.01, on earnings per share of ₹0.7, against a book value of ₹59.44 per share.
What is the 52-week high and low of Allied Blenders & Distillers Ltd?
Over the last 52 weeks Allied Blenders & Distillers Ltd has traded between ₹382.1 and ₹753.8.
Does Allied Blenders & Distillers Ltd pay dividends?
Allied Blenders & Distillers Ltd has a dividend yield of 0.75%.
What is the Return on Equity (ROE) of Allied Blenders & Distillers Ltd?
Allied Blenders & Distillers Ltd reported a return on equity of 13.06%. Its debt-to-equity ratio is 0.69.

Company Information

Incorporated in 2008, Allied Blenders and Distillers Ltd manufactures, purchase and sells Alcoholic Beverages /liquids[1]

Website abdindia.com
CEO Mr. Alok Gupta
Employees 902
Listed 2024-07-02
Face Value ₹ 2
Issued Size 27,97,10,151

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