Allied Blenders Q2 FY27 Results (NSE: ABDL)
Signal: Growth reaccelerated
The read
The trajectory remains volume-positive but margin-sensitive: Q2FY27 sales volumes reached a record 10.0 million cases, up 11.1% YoY, while income from operations grew 15.8% to ₹1,152 crore; however, EBITDA margin declined 66bps YoY to 12.4% and reported PAT grew only 9.7% to ₹69 crore because the ₹29 crore supply-chain disruption absorbed much of the topline benefit. Like-to-like EBITDA margin of 14.9%, up 186bps YoY excluding the disruption, indicates the underlying premiumisation and operating trend was stronger than reported.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,152 Cr | 15.8% | 17.1% |
| Net profit | ₹69 Cr | 9.7% | |
| EBIT margin | 12.4% |
P&L walk
Income from operations grew 15.8% YoY to ₹1,152 crore, led by 11.1% volume growth and premiumisation; EBITDA rose 10.0% to ₹143 crore but margin fell 66bps to 12.4% because the ₹29 crore supply-chain disruption more than offset operating momentum, while PAT increased 9.7% to ₹69 crore.
Key positives
- Income from operations rose 15.8% YoY and 17.1% QoQ to ₹1,152 crore, with record quarterly sales volume of 10.0 million cases, up 11.1% YoY.
- P&A value salience increased to 58% in H1FY27 from 56% in H1FY26, supporting premiumisation despite P&A volume salience declining to 46% from 47%.
- ICONiQ White volumes rose 20.6% YoY to 3.2 million cases, outpacing the company’s overall 11.1% volume growth.
- Excluding the ₹29 crore supply-chain disruption, like-to-like EBITDA would have been ₹172 crore, up 32.3% YoY, with a 14.9% margin, up 186bps YoY.
- Commissioning of the Moradabad bottling unit and Rangapur malt distillery adds 6 million cases per annum and approximately 4.0 million bulk litres of annual malt capacity, respectively.
Key concerns
- Reported EBITDA margin declined 66bps YoY to 12.4% even as revenue grew 15.8%, showing that supply-chain execution can still absorb premiumisation gains.
- The ₹29 crore disruption reduced like-to-like EBITDA of ₹172 crore to reported EBITDA of ₹143 crore and like-to-like PAT of ₹91 crore to reported PAT of ₹69 crore.
- EBITDA growth of 10.0% lagged revenue growth of 15.8%, while PAT growth was only 9.7%; the current quarter therefore did not convert topline momentum proportionately into earnings.
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