What is the status of the ICONiQ White brand?

It is currently the fastest-growing brand in the portfolio, moving at a 12 million case annual run rate.

What is driving the higher EBITDA margin target for FY28?

The target increase to 18% is driven by backward integration and a continued shift toward premium brand portfolios.

Earnings · Alcoholic Beverages · Mid cap

Allied Blenders nudges up FY28 margin target to 18%

Management forecasts mid-teens revenue growth for FY27, with earnings upside pinned to a potential UK free-trade deal.

— 1 earlier story on Allied Blenders And Distillers Ltd. →

ABDL By Tipsheet Editorial 21 May 2026 · 7:29 PM IST Verify on BSE · NSE

Mkt cap₹17,440 cr

P/E76.38×

ROE13.73%

Debt / eq.0.69

Div yld0.86%

18% Revised EBITDA margin target for FY28, up from 17%.

What's new

Management guides for mid-teens revenue growth in FY27.
FY26 record EBITDA margins of 14.4% are the benchmark for FY27.
ICONiQ White hits an annual run rate of 12 million cases.

Why this matters

Raising long-term margin targets signals confidence in the premiumisation strategy. Success depends on realizing price hikes and favorable trade outcomes to maintain the current trajectory.

What we're watching

Impact of potential UK free-trade agreement in Q2.
Execution of the ₹100 crore revenue target for the ABD Maestro portfolio.
Effect of backward integration on future margins.

The full read

Allied Blenders and Distillers is betting on premiumisation to lift its profitability. Management raised its FY28 EBITDA margin target to 18% from 17%, citing plans for backward integration and brand-mix upgrades. For the current fiscal year, the company guides for mid-teens revenue growth and aims to match the 14.4% EBITDA margin reached in FY26.

Potential tailwinds include a pending UK free-trade agreement slated for the second quarter and anticipated price increases in Telangana. Commercial momentum is concentrated in the ICONiQ White brand, now moving 12 million cases annually. Meanwhile, the luxury ABD Maestro portfolio is set to cross ₹100 crore in revenue this year. The company must now deliver on these internal goals. Whether these targets hold depends on external factors like regional pricing policy and the timing of trade agreements. Ambition is clear.

Questions answered

What is the status of the ICONiQ White brand?: It is currently the fastest-growing brand in the portfolio, moving at a 12 million case annual run rate.
What is driving the higher EBITDA margin target for FY28?: The target increase to 18% is driven by backward integration and a continued shift toward premium brand portfolios.

Mentioned: ICONiQ White · ABD Maestro · FY27

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

Allied Blenders And Distillers Ltd.

Alcoholic Beverages

₹17,401 cr

P/E 76.21×

Latest quarter · Mar 2026

Sales₹1,909 cr

Net profit₹38 cr

Op. margin+8.9%

EPS₹1.46

Strength & growth

Debt / equity0.69×

Current ratio1.33×

Story so far

All notes on ABDL →

21 May 2026 · 7:29 PM IST Allied Blenders nudges up FY28 margin target to 18%
18d ago Allied Blenders taps United Spirits veteran as new CRO