What’s new

• Monish Bhasin appointed Chief Revenue Officer effective July 1, 2026.
• Manoj Kumar Rai resigned as CRO due to parents' deteriorating health.
• Bhasin previously served as VP Sales – Southern Region at United Spirits (Diageo).

Why it matters

A change at the revenue chief can shift go-to-market strategy. Bhasin's deep spirits industry experience, especially at United Spirits, may strengthen ABDL's distribution. But the resignation is voluntary and personal, limiting the surprise factor.

What we’re watching

• ABDL's sales traction in coming quarters, especially after a trailing revenue decline of 1.3%.
• Any changes in sales strategy or channel focus under Bhasin.
• Management's ability to retain other key executives post Rai's exit.

The full read

Allied Blenders appointed Monish Bhasin as Chief Revenue Officer, effective July 1, 2026. He replaces Manoj Kumar Rai, who resigned due to his parents' deteriorating health. Bhasin brings 28 years of experience, most recently as VP Sales at United Spirits, a Diageo unit. A routine change. But it comes as ABDL's trailing revenue has declined 1.3%, and the company recently raised its FY28 EBITDA margin target to 18%, putting pressure on the new revenue chief to deliver on growth expectations that the stock, with a market cap of ₹17,692 cr and a P/E of 77.5, already prices in.

Primary source: BSE · NSE

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 it 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.

Primary source: BSE · NSE