Allied Blenders and Distillers Limited (ABD) has announced its audited financial results for the fiscal year 2025.
A snapshot of consolidated financial results
Performance highlights of the year:
- Income from Operations at ₹ 3,541 crore, higher by 6.2% vs ₹ 3,334 crore in FY24
- Highest-ever annual EBITDA at ₹ 451 crore, higher by 81.7% vs ₹ 248 crore in FY24
- Highest-ever annual PAT at ₹ 195 crore vs ₹ 2 crore in FY24
Performance highlights of Q4FY25:
- Post IPO in July-24, 3rd consecutive quarter of strong profitable performance
- Income from Operations at ₹ 935 crore, up 21.4% vs ₹ 770 crore in Q4FY24
- Highest-ever quarterly EBITDA of ₹ 150 crore, up 141.5% vs ₹ 62 crore in Q4FY24
- Highest-ever quarterly PAT at ₹ 79 crore vs a loss of ₹ 2 crore in Q4FY24
Commenting on the results, Alok Gupta, Managing Director of Allied Blenders and Distillers Limited, stated, “We are pleased to report a third consecutive quarter of robust performance following our IPO. The consistent positive outcome of our four-point transformation agenda – premiumisation, supply chain security, margin enhancement, and enhanced governance framework – is demonstrated in these results, validating both our strategic direction and its effective execution. With this solid foundation, we are confident in sustaining our profitable growth as we continue to focus on delivering enhanced and innovative offerings to our valued consumers.”
Board recommends dividend payout
The Board of Directors has recommended a final dividend of 180%, which is ₹ 3.6 per equity share of ₹ 2/- each (fully paid-up), for the financial year FY25. This is subject to approval by the shareholders at the ensuing Annual General Meeting of the Company.
Performance review for Q4FY25
In their stated future-ready transformation journey, significant progress has been made across all four pillars: prestige & above portfolio build-up, margin-accretive backward integration capex programs, margin enhancement initiatives, and cultural & governance framework.
A) Prestige & Above Portfolio Build-up
Strong volume growth
Overall, we delivered 8.5 million cases in Q4FY25, a strong growth of 20.8% vs 7.1 million cases in Q4FY24 across mass premium and Prestige & Above categories, driven by high consumer demand.
Accelerated premiumisation of the portfolio
- Continued increase in Prestige & Above (P&A) volume salience to 42.4% in Q4FY25 vs 42.0% in Q3FY25 and 38.6% in Q4FY24.
- The P&A value salience was 51.6% in Q4FY25 vs 52.1% in Q3FY25 and 47.3% in Q4FY24.
ICONiQ White: Achieving unprecedented growth
ICONiQ White, surpassed the 5 million cases milestone in Mar-25 and achieved 5.7 million cases in FY25, a growth of 151% from 2.3 million cases in FY24. This accomplishment highlights the brand’s growing popularity and strong market presence in 24 states and union territories.
New business ventures and expansions
- ABD Maestro Pvt Ltd, a strategic venture in collaboration with Bollywood icon Ranveer Singh, aimed at redefining India’s super-premium and luxury spirits markets, started operations from April 2025.
- Arthaus Blended Malt Scotch Whisky, launched in Maharashtra in Nov-24, is now available in Delhi, Uttar Pradesh, Haryana, Goa, West Bengal, and Karnataka.
- Zoya expanded with two new flavours – Watermelon Gin and Espresso Coffee Gin – in Maharashtra in Jan-25 and is now available in 8 states and UTs.
- Acquisition of Woodburns Contemporary Indian Whisky and related brands was completed in Jan-25; currently available in 7 states and UTs.
B) Margin Accretive Backward Integration Capex Program on Track
- The recently acquired ENA distillery in Maharashtra is fully operational and running at 100% capacity; expansion is on track.
- Construction of the PET bottling unit and malt facility in Telangana is progressing as per plan and is expected to be operational by Q3FY26 and Q4FY26 respectively.
C) Third Consecutive Quarter of Margin Enhancement
- EBITDA at ₹ 150 crore grew by 25.1% compared to ₹ 120 crore in Q3FY25, and by 141.5% compared to ₹ 62 crore in Q4FY24.
- EBITDA margin in Q4FY25 was 16.1%, which is 378 bps higher than Q3FY25 and 799 bps higher than Q4FY24.
- The strong EBITDA performance was driven by a profitable state brand mix and cost optimization initiatives.
- PAT was ₹ 79 crore, compared to a net loss of ₹ 2 crore in Q4FY24, led by EBITDA growth and interest cost savings.
D) Continued Focus on Enhancing Governance Framework
ABD has partnered with CRISIL Ltd. to further enhance its governance framework and embed sustainability. The Governance and Value Creation (GVC) assessment by CRISIL reviews governance practices and evaluates sustainable and inclusive value creation, aiming to align ABD’s model with global best practices.
India-UK Free Trade Agreement: Unlocking opportunities
The India-UK FTA marks a significant milestone for the Indian spirits industry. ABD, as one of India’s largest importers of bulk scotch, stands to benefit from lower import duties, which are expected to be margin-accretive. The agreement will also support the accessibility of ABD’s super-premium to luxury portfolio, offering Indian consumers greater variety in high-quality spirits.
Broadening horizons: Expanding exports markets
ABD expanded its exports footprint to 23 countries in FY25, up from 14 in FY24. Key growth markets include Africa and the USA. ICONiQ White has launched in 5 countries, while Zoya Gin is scheduled for UAE launch in Q1FY26. Export approvals have also been secured for Canada and the European Union.
