Allied Blenders and Distillers (ABD) is the third largest Spirits company in India. Incorporated in 2008, Allied Blenders and Distillers is an Indian-made foreign liquor (IMFL) company, headquartered in Mumbai, India. The company has established itself as a major player in the Indian alcoholic beverages market with a strong presence across multiple spirit categories.
Allied Blenders and Distillers Ltd is an Indian-owned Indian-made foreign liquor (IMFL) company that manufactures, purchases, and sells alcoholic beverages. Its product range includes five categories of IMFL, i.e., whisky, brandy, rum, vodka, and gin, and it also sells packaged drinking water. The company has built a comprehensive portfolio catering to different market segments, ranging from mass premium to luxury categories.
Allied Blenders has a Market Capitalization of ₹12,109 Crore (up 25.8% in 1 year), a Revenue of ₹3,520 Crore, and a Profit of ₹195 Crore. The stock is trading at 7.85 times its book value. The company has delivered a poor sales growth of 3.28% over the past five years. Despite historical challenges, the company has shown remarkable improvement in recent quarters.
For the quarter ended March 2025, Allied Blenders & Distillers Ltd's net profit jumped 3363.07% since last year same period to ₹78.64 Crore in Q4 FY2024-2025. Sales rose 19.94% to ₹920.65 Crore in the quarter ended March 2025, as against ₹767.57 Crore during the previous quarter ended March 2024. This dramatic turnaround in profitability showcases the company's strategic focus on premiumization and operational efficiency.
The company's financial metrics for FY25 include:
- Revenue: ₹3,520 Crore
- Net Profit: ₹195 Crore (Q4 FY25: ₹78.64 Crore)
- Market Cap: ₹12,109 Crore (as of recent data)
- Dividend: ₹3.6 per equity Share (i.e., 180%)
Allied Blenders boasts an impressive portfolio of brands across different price segments. It has a presence in five main Flavors, i.e., whisky, brandy, rum, vodka, and gin, with 'millionaire' brands like Officer's Choice Whisky, Officer's Choice Blue Whisky, Sterling Reserve Premium Whiskies, and ICONiQ White Whisky.
The company's flagship brand, Officer's Choice, has achieved remarkable global recognition. Officer's Choice is the 6th largest spirits brand in the world and 3rd largest whisky brand in the world according to The Millionaire's Club Global Rankings 2024.
ICONiQ White, launched in September 2023, has emerged as a standout performer. Allied Blenders and Distillers (ABD), the 3rd largest spirits company in India and the maker of ICONiQ White International Grain Whisky, reports a significant milestone that its flagship brand has surpassed 50 Lakh or 5 million cases in FY24-25 with a good three weeks remaining in financial year, reinforcing its position as one of the fastest-growing whisky brands globally. In FY23-24, sales surged to 22.7 Lakh cases, earning recognition as the fastest-growing spirits brand in the world for 2023, as per Drinks International's Millionaire's Club Report 2024.
The company operates an extensive manufacturing network across India. ABD currently has 9 owned bottling units, 1 distilling unit, and 22 non-owned manufacturing units with sales across 30 States and Union Territories. The manufacturing network includes 32 bottling units and one distillery. This widespread infrastructure enables Allied Blenders to effectively serve the diverse Indian market and maintain competitive pricing.
Allied Blenders went public in July 2024 with a successful IPO listing. Allied Blenders' listing valued the company at 77.38 billion rupees (nearly $927 million). The stock listed at 320 rupees on the National Stock Exchange, a 14% premium to its offer price of 281 rupees, before surrendering some gains.
The company has been actively expanding its premium portfolio. In 2024, the company entered the Gin space with Zoya Special Batch Gin in its new premium brands vertical. It is made from 100% grain and natural spirits, with delicate Juniper and 12 fine botanicals. Post the successful launch in Haryana, ABDL expands Zoya into Maharashtra and is now available in key markets of Mumbai, Thane, Pune, Nashik, and Nagpur.
Promoter holding in Allied Blenders & Distillers Ltd has remained stable at 80.91% as of March 2025 (unchanged from June 2024). The stable and high promoter holding demonstrates strong management confidence in the company's future prospects.
The company was founded by Kishore Rajaram Chhabria in 1988 in Kolkata. The founders of Allied Blenders and Distillers are Kishore Rajaram Chhabria and Bina K Chhabria. The leadership team brings extensive experience in the spirits industry, with a track record of building successful brands.
Allied Blenders is well-positioned for continued growth in the expanding Indian spirits market. India's $33 billion spirits market is crowded, currently dominated by Diageo-owned United Spirits and France's Pernod Ricard, but ABD has carved out a significant position as the third-largest player.
DAM Capital has given a Buy rating to Allied Blenders and Distillers (ABDL) with a target price of ₹525, citing strong growth potential, premiumization strategy, and significant supply chain improvements post-IPO. The company expects a 14% annual growth in premium brands and plans to enhance production capacity significantly.
The company's strategic focus on premiumization, brand expansion, and operational efficiency positions it well to capitalize on the growing demand for quality spirits in India. With a strong brand portfolio, extensive distribution network, and improved financial performance, Allied Blenders & Distillers continues to strengthen its position in the competitive Indian spirits market.
