Slides
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May 2025 Q4 and FY25 Earnings Presentation (BSE: 544203 | NSE: ABDL)
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2 Agenda 1 Growth Strategy 3 2 Investment Case 4 3 Financial Performance Highlights 5 4 Management Perspectives 8 5 Financial and Operational Performance 9 6 Future Ready Transformation 13 7 Leadership Team 24 8 Financial Statements 26 9 Key Brand Portfolio Overview 29
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3 Build, Buy and Partner Growth Strategy Officer’s Choice Whisky Launched in 1988 • 6th largest spirits brand in the world • 3rd largest whisky brand in the world • Market leader in Mass Premium category for more than a decade • India’s # 1 exported brand Sterling Reserve B7 Whisky Launched in 2017 • 24th largest spirits brand in the world • 14th largest whisky brand in the world Officer’s Choice Blue Whisky Launched in 2011 • Regional power brand in the Prestige category • Leverages strength of flagship brand Officers Choice Sterling Reserve B10 Whisky Woodburns Whisky Arthaus Blended Malt Whisky Russian Standard Vodka Kyron Brandy 4 Millionaire Brands Prestige / Premium / Luxury Zoya Gin Golden Mist Brandy Srishti Whisky ICONiQ White Whisky Launched in 2022 • Fastest growing spirits and whisky brand in the world No.1 Indian spirits company by volume 1st Whisky, Brandy, Rum, Vodka and Gin Operating across core consumer price points 25 Brands 2 Distilleries in Maharashtra and Telangana Pan India 34 Bottling units 36 90%+ of width of retail distribution across India 79,000+ Largest exporter by volume Sales in 23 Countries #1 Rock Paper Rum Segredo Aldeia Rum Pumori Gin
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4 ABD Investment Case 1 Platform of scale in the attractive, rapidly premiumising Indian consumer market • No.1 Indian spirits company by volume (33.1 Mn cases in FY25) • ABD Maestro established to offer Super-Premium and Luxury brands • Pan India manufacturing and 90%+ of width of retail distribution 2 Successful value creation track record of building 4 Millionaire Brands • Officer’s Choice maintaining market leadership over a decade (19.7 Mn cases in FY25) with ~35% market share • ICONiQ White exponential growth achieving 5.7 Mn cases in FY25 (within 30 months of launch) • High-end research center creating premium products across Whisky, Brandy, Rum, Vodka and Gin categories 3 Officer’s Choice strong cash flow generation core to future growth plans • 40%+ Gross Margins, highest in the Mass Premium industry segment • High Contribution After Promotions (CAAP), given exceptionally strong brand recall and lower trade spend • India’s #1 exported brand, with market leadership in Middle East with growing presence in Africa 4 Prestige & Above brand portfolio well positioned for high growth trajectory • Strong growth in Prestige Millionaire Brand whiskies • Portfolio ready to capitalize on high growth, high margin Super-Premium to Luxury category • Broad range of price points (₹640 to ₹5,000 per bottle) covering consumer preferences • As one of the largest importers of bulk Scotch, UK FTA to be margin accretive and also make Luxury portfolio more accessible to consumers 5 Strategic investments to optimize supply chain and enhance Gross Margins by 300 bps over 2-3 years • Secure key raw material supplies by establishing in-house capabilities – ENA distillery • Reduced availability risks to enable higher growth of Prestige whisky and gearing up for Single Malt product – Malt distillery • Margin enhancement through in-house capabilities – PET bottle facility 6 Continue to deliver long term, sustainable shareholder value • Revenue growth underpinned by increasing P&A contribution, ~50% by volume in 3 years • EBITDA margin of 12.7% on course for 15.0%+, industry best-in-class • Capital structure provides headroom to support future growth plans (FY25 Net Debt / Equity: 0.5x)
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5 Consolidated Financial Year 2025 Highlights YoY • Successful completion of IPO in July 2024 of ₹ 1,500 Cr • Topline growth driven by strong P&A volume • ICONiQ White grew by 151% to 5.7 Mn cases vs 2.3 Mn in FY24 • Established Super-Premium to Luxury portfolio • Significant increase in Gross Margins +512 bps and EBITDA margins +530 bps • EBITDA margin accretive supply chain initiatives resulting in +300 bps upside over 2-3 years • PAT growth driven by EBITDA improvement and reduction in cost of debt • Strengthened balance sheet with proceeds from IPO • Credit rating upgrade from BBB+ to IND A- positive outlook in Oct-24 • ROCE based on FY25 year end capital employed of 16.9% Record financial performance with highest ever annual EBITDA ₹ 451 Cr and PAT ₹ 195 Cr Income from Operations ₹ 3,541 Cr up 6.2% EBITDA ₹ 451 Cr up 81.7% EBITDA Margin 12.7% vs 7.5% in FY24 PAT ₹ 195 Cr vs ₹ 2 Cr in FY24 Dividend of 180% ₹ 3.6 per Equity share ROCE 22.6% vs 16.7% in FY24 Net Debt / Equity 0.5x vs 1.8x in FY24 Net Debt / EBITDA 1.7x vs 3.0x in FY24 Note: The Board of Directors has recommended a final Dividend of 180% which is ₹ 3.6 per Equity share of ₹ 2/- share each (fully paid-up) for the Financial Year FY25
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6 Consolidated Q4 Financial Year 2025 Highlights YoY Income from Operations ₹ 935 Cr +21.4% YoY EBITDA ₹ 150 Cr +141.5% YoY EBITDA Margin Expansion from 8.1% to 16.1% PAT ₹ 79 Cr vs Net Loss of ₹ 2 Cr Highest ever quarterly EBITDA ₹ 150 Cr, PAT ₹ 79 Cr and 16.1% EBITDA Margins Total Volume (Mn Cases) 8.5 +20.8% YoY 48.4% 51.6% Sales Contribution Q4 FY25 57.6% 42.4% Volume Contribution Q4 FY25 Mass Premium Volume (Mn Cases) 4.9 +13.3% YoY P&A Volume (Mn Cases) 3.6 +32.7% YoY Total Realization (Per Case) ₹ 1,028 +3.9% YoY P&A Mass Premium
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7 Standalone Financial Highlights YoY Highest ever recorded annual financial performance with EBITDA ₹ 453 Cr and PAT ₹ 200 Cr Income from Operations ₹ 935 Cr up 21.3% EBITDA ₹ 150 Cr up 139.6% EBITDA Margin 16.1% vs 8.1% in FY24 PAT ₹ 81 Cr vs ₹ 0.57 Cr in FY24 Income from Operations ₹ 3,541 Cr up 6.2% EBITDA ₹ 453 Cr up 81.0% EBITDA Margin 12.8% vs 7.5% in FY24 PAT ₹ 200 Cr vs ₹ 7 Cr in FY24 Earnings Per Share ₹ 7.38 Q4 FY25 FY25
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8 Management Perspectives “With an integrated value chain, prudent capital allocation and increased consumer engagement, ABD is well positioned to deliver profitable growth” Portfolio Premiumization Margin Expansion Alok Gupta Managing Director • FY25 marks the third consecutive quarter and full year of consistent execution of ABD’s four-pillar transformation agenda: premiumisation, backward integration, margin expansion and governance enhancement • P&A portfolio continues to outperform the industry. ICONiQ White scaling rapidly across India and overseas, while the launch of ABD Maestro will expand the company’s presence in Super-Premium to Luxury segment • Officer’s Choice maintains its No. 1 position in India’s Mass Premium category and is India’s #1 exported brand with Gross Margins of 40%+. It remains a key contributor to profitability and cashflows • ABD’s expansion from 14 to 23 international markets during the year complements its strategy to strengthen its consumer franchise across geographies • External environment remains supportive with: - Consumer sentiment remains positive with experience driven consumption to drive significant growth in Super-Premium to Luxury categories. Higher disposable income for consumers with new tax regime in place - Expect grain and ENA costs to stay neutral to soft and stable packaging costs - Major states regulatory policy changes are already implemented, le ading to a stable business environment - UK FTA expected to be margin accretive as ABD is one of the largest importers of bulk Scotch. This agreement will also benefit our Super-Premium and Luxury portfolio by making it more accessible - Key Southern state overdues to industry players expected to normalize progressively • In FY26, ABD will continue to focus on NSV growth, operational execution, portfolio expansion and working capital optimization Backward Integration (Margin and Supply Security) Digitization & Process Optimization Build High Performance Team
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9 Consolidated Quarterly Performance Trend Income from Operations (₹ Cr) EBITDA (₹ Cr) PAT (₹ Cr) Topline growth: • Higher by 21.4% compared with Q4FY24 • Mass Premium volume growth of 13.3% • P&A volume strong growth of 32.7% • Lower by 4.3% compared with Q3FY25 as generally consumer demand in Q3 is higher than Q4 due to festivities and seasonality Profitability driven by: • Continued focus on profitable state brand mix • Neutral to favorable ENA and other commodity price environment • Continued benefits from packaging cost price reset with suppliers (post IPO) • Ongoing operational efficiencies • Optimizing selling & distribution expenses • PAT improvement driven by higher EBITDA and lower interest cost • One time impact: reversal of provision of ₹ 11 Cr. Excluding this reversal, EBITDA to be ₹ 139 Cr and margin at 15.3% in Q4 FY25 EBITDA Margin % 36.8% 21.4% 141.5% 770 977 935 Q4 FY24 Q3 FY25 Q4 FY25 62 120 150 Q4 FY24 Q3 FY25 Q4 FY25 8.1% 12.3% 16.1% Q4 FY24 Q3 FY25 Q4 FY25 (2) 57 79 Q4 FY24 Q3 FY25 Q4 FY25 799 bps
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10 Q4 Financial Year 2025 Brand Portfolio Highlights Sales (₹ Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y P&A 453 482 (6.0%) 331 36.8% Mass Premium 425 444 (4.1%) 369 15.3% Total Sales 878 925 (5.1%) 700 25.5% Others 57 52 9.9% 70 (18.9%) Income from Operations 935 977 (4.3%) 770 21.4% Volume (Mn Cases) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y P&A 3.6 3.7 (3.2%) 2.7 32.7% Mass Premium 4.9 5.2 (5.0%) 4.3 13.3% Total Volume 8.5 8.9 (4.3%) 7.1 20.8% Realization (₹ / Case) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y P&A 1,248 1,286 (2.9%) 1,211 3.0% Mass Premium 864 856 0.9% 849 1.8% Total Realization 1,028 1,036 (0.8%) 989 3.9% Others include Other Income, external ENA sales from distillery, sale of by-products and others • Strong volume growth driven by P&A category and well supported by Mass Premium • ICONiQ White maintains strong growth momentum • Opening up of AP and Delhi market: Q4 FY25 volume 3x+ of Q4 FY24 volume Sales Contribution Volume Contribution 51.6% 48.4% Q4 FY25 47.3% 52.7% Q4 FY24 42.4% 57.6% Q4 FY25 38.6% 61.4% Q4 FY24 P&A Mass Premium P&A Mass Premium
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11 Financial Year 2025 Brand Portfolio Highlights Sales (₹ Cr) FY25 FY24 Y-o-Y P&A 1,665 1,469 13.3% Mass Premium 1,669 1,627 2.6% Total Sales 3,334 3,096 7.7% Others 207 238 (13.5%) Income from Operations 3,541 3,334 6.2% Volume (Mn Cases) FY25 FY24 Y-o-Y P&A 13.4 11.8 13.0% Mass Premium 19.7 19.9 (0.7%) Total Volume 33.1 31.7 4.4% Realization (₹ / Case) FY25 FY24 Y-o-Y P&A 1,247 1,244 0.2% Mass Premium 847 820 3.3% Total Realization 1,008 978 3.0% Others include Other Income, external ENA sales from distillery, sale of by-products and others Sales Contribution Volume Contribution 49.9% 50.1% FY25 47.5% 52.5% FY24 40.4% 59.6% FY25 37.3% 62.7% FY24 • ICONiQ White maintains strong growth momentum • Mass Premium strong focus on profitable state brand SKU mix delivering 40%+ Gross Margin P&A Mass Premium P&A Mass Premium
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12 Financial Year 2025 Cashflow Analysis Improvement in both Net Debt profile and leverage ratios: • Net IPO proceeds of ₹ 976 Cr utilised for repayment of high cost debt and statutory overdues in Jul-24 • Refinanced lower cost debt utilized for payment of balance overdues and working capital requirement • Change in Working Capital includes key Southern state receivable overdue until Sep-24. Regular receipts for Oct-24 onwards billing • Total Operating Cashflows of ₹ 441 Cr • Net Finance Cost reduced from ₹ 69 Cr in H1 to ₹ 56 Cr in H2, with high cost debt refinanced • Capex + Acquisition includes backward integration projects, acquisition of MAILLP and acquisition of Fullarton brands (including Woodburns) ₹ Cr Strengthened Balance Sheet with significant improvement in leverage ratios, providing support for future growth plans Net Debt / EBITDA: 3.0x Net Debt / Equity: 1.8x Net Debt / EBITDA: 1.7x Net Debt / Equity: 0.5x Improved leverage ratios (749) 976 441 (597) (460) (70) (69) (56) (182) (766)
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13 Future Ready Transformation * Board approval –Oct-24 (Capex) # Board approval – Dec-24 (ABD ESOS 2024) Initiatives Where were we? FY24 Where are we now? FY25 Way Forward in 3 years Portfolio Build-up P&A Salience (Volume) 25.0% (FY18) – 37.3% (FY24) FY: 40.4%; Q4: 42.4% ~50% Super-Premium to Luxury Portfolio No presence 1. ZOYA 2. Arthaus 3. Woodburns 4. Russian Standard 5. Segredo Aldeia 6. Pumori Gin Continued range expansion in select Super-Premium and Luxury categories Backward Integration for Margin Expansion ENA 33% captive 60 Mn pa liters 66% captive Project initiated * 100% captive Malt - 100% Captive ~4 Mn liters pa 100% captive Single Malt whisky capability PET - ~70-75% Captive ~615 Mn bottle pa ~70-75% captive Margin Enhancement Gross Margin % 37% FY: 42.1% Q4: 43.4% Industry parity: 42-45% EBITDA % 7.5% FY:12.7% Q4: 16.1% Industry parity: 15% + Governance & Cultural Framework Board & Management Ownership and management roles segregated Processes upgrade digitization -Governance Enterprise Risk • Robust Corporate Governance Framework • GRI Standards (ESG) • Culture of ExcellencePerformance Driven Culture ESOP under due process #
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14 520 640 680 780 970 1000 1350 1500 2000 2200 2400 2600 3000 4800 5000 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 MRP 750 ml SKU (₹) 1340 Portfolio Build Up: Enhancing Presence in Premium and Luxury Category ABD Key Brands 1) In Jan-25, the Board approved the investment in Rock Paper Rum 2) MRP in Maharashtra state for all brands. For Srishti brand West Bengal MRP, for Kyron brand Kerala MRP and for Golden Mist Karnataka MRP 3) Golden Mist launched in Apr-25 and Russian Standard Vodka expected to be launched in Q1 FY26 Recently Launched 3050 3150 Officer’s Choice Blue Whisky Sterling Reserve B7 Whisky Sterling Reserve B10 Whisky Rock Paper Rum Zoya Gin Woodburns Whisky Arthaus Blended Malt Whisky Russian Standard Platinum Vodka Kyron Brandy Officer’s Choice Whisky Golden Mist Brandy ICONiQ White Whisky Srishti Whisky Segredo Aldeia Pumori Gin Russian Standard Gold Vodka Zoya Gin Flavours Russian Standard Original Vodka Mass Premium Prestige Super-Premium to LuxuryPremium
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15 Portfolio Build Up: Increasing Market Share in P&A 62.7% 37.3% FY24 P&A Portfolio Prestige Premium Super-Premium to Luxury Segment Increasing P&A Volumes P&A Contribution (Volume) 59.6% 40.4% FY25 Increase market share in Indian markets Broadening horizons: Expanding exports markets Increasing P&A volume to ~50% over next 3 years 75.0% 25.0% FY18 Strategy Accelerate growth of Prestige whiskies Gain additional market share with the launch of brandy – Golden Mist P&A Mass Premium Initial focus on major urban centres leveraging ABD’s strong distribution network and expanding key accounts and premium on-premise Drive growth in Indian market with sharper focus on both domestic and defense markets
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16 Portfolio Build up: ABD Maestro Offering Super-Premium to Luxury Portfolio ABD holding majority stake (80%) in the subsidiary - ABD Maestro Pvt Ltd Vodka Premium to Luxury BIO Gin Super-Premium and Luxury New Brands Continued range expansion in select Super-Premium and Luxury categories Whisky Blended Malt Scotch and Indian Malt Whisky Rum Super-Premium • Blending world-class products, sourcing and craftmanship • Bollywood Superstar Ranveer Singh as Business and Creative Partner • Ready to scale with two manufacturing facilities to cater to small batches • Dedicated 50 people team in place to drive brands, experiences, drinks strategy, special on-trade accounts and modern off-trade • Initial focus on major urban centres leveraging ABD’s strong distribution network and expanding key accounts and premium on-premise
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17 Strategic Investments: Margin Accretive Backward Integration Projects Distillation Capacity Expansion • As part of the ENA integration strategy, ABD acquired an ~11.0 MLPA distillery in Aurangabad, Maharashtra, for ₹ 72 Cr in Dec-24. • Operations commenced in Feb-25 and it is now operating at full capacity • Expansion plan under regulatory approval process to increase capacity by an additional ~ 50.0 MLPA, taking the total capacity to ~61.0 MLPA Operational Q4 FY27 Investment ~₹ 260 Cr • Advanced stage of commissioning a captive PET bottle manufacturing facility of ~615 Mn bottles p.a. to meet 70% to 75% of current annual PET packaging requirements • The facility is located alongside the ~60 Mn liters distillery at Rangapur, Telangana PET Bottle Manufacturing Operational Q2 FY26 Investment ₹ 115 Cr Total of ~₹525 Cr investments includes ₹ 72 Cr for MAILLP distillery acquisition Balance to be funded through internal accruals and debt Integrated Malt Distillery • Captive ~4.0 Mn liters capacity to meet current requirement of ~2.0 Mn liters for blending and future Single Malt whiskies • Single Malt whiskies will increasingly be a core part of ABD’s luxury brand portfolio • Construction of the distillery in Rangapur, Telangana progressing as per planOperational Q4 FY26 Investment ₹ 75 Cr *MAILLP: Minakshi Agro Industries Limited Liability Partnership
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18 Strategic Investments: Strategically Located Manufacturing Facilities Rangapur Aurangabad # Images include artistic impression of PET and Malt plants ~71 MLPA Annual Distillation Capacity 2 Distilleries Southern India # Rangapur, Telangana Western India Aurangabad, Maharashtra • Acquisition of MAILLP completed in Dec-24. Operations of existing ~11 MLPA facility commenced in Feb-25 • Strategic Investment: Expansion by additional ~50 MLPA expected by Q4 FY27 and address additional 1/3rd of captive requirement • Current Status: Capacity expansion under regulatory approval process • Existing distillery of ~60.0 MLPA addressing 1/3rd captive requirement • Strategic Investment: India’s first Single Malt plant with ~4.0 MLPA capacity. Cater to blending and future Single Malt whiskies. Plant is expected to be operational in Q4 FY26 • Strategic Investment: ~615 Mn bottles pa to cater to southern region requirement. PET plant is expected to be operational in Q2 FY26
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19 Broadening Horizons: Expanding Export Markets Togo UAE Thailan d Democratic Republic of Congo Nigeria Mozambique Republic of Congo Oman Singapor e Ghan a Maldive s Indonesia Mali Gabo n Burkina Faso Kenya Malaysia QatarBahrain Lebano n Haiti Russia Existing Markets New Markets Upcoming Market • Expanded the exports markets to 23 countries from 14 countries in FY24 • Increasing presence in the high growth markets of Africa and now in USA • The latest Millionaire Brand ICONiQ White has already been launched in 5 countries • Zoya gin is the first luxury brand to be exported, with its launch in UAE in Q1 FY26 • Secured approvals for exporting products to Canada and European Union (EU) market Overview Largest exporter by volume from India to 23 Countries US Canada EU 178 206 FY 24 FY 25 Net Revenue From Exports (₹ Cr ) 15.7%
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20 Strategically Located: World Class Manufacturing Facilities Own unit Third Party Non-Exclusive Third Party Exclusive Royalty Naharlagun ~71 Mn liters Annual Distillation Capacity 2 Distilleries* Capacity in cases, Capacity utilization - FY25 34 Bottling Units 25.2 Mn, 70.2% Owned 8.5 Mn, 49% Third Party Exclusive 53.2% of FY25 production from owned bottling facilities Manufacture products locally and at optimum cost without overlaying tariffs associated with inter-state movement In-house ENA manufacturing Majority of own units are ISO 22000:2018 certified 9 Owned 6 Third Party Exclusive 19 Third Party Non Exclusive Bottling Units Baridua Sansarpur Haridwar Aligarh Hapur Guwahati Unakoti Kalyani Hooghly Dhanbad Dhenkanal Rangapur Hyderabad Chittoor Kanchipuram Kochi Bengaluru Udupi Sangli Osmanbad Aurangabad Nagpur Udaipur Jodhpur AmbalaDerabassi Purkhali Jammu and Kashmir Sambalpur Bilaspur Chhindwar a Note: As on 31th March, 2025 Jaipur Distillery *1) Rangapur ~60 MLPA distillation capacity 2) Aurangabad ~11 MLPA distillation capacity. Acquisition of MAILLP completed in Dec-24
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21 Pan-India Distribution Network with Ability to Scale ABD is one of only four spirits companies with pan-India sales and distribution footprint Bhubaneshwar Hyderabad Bengaluru Mumbai Kolkata Guwahati Jaipur Bhopal Gurgaon Ranchi Ludhiana Chandigarh Multiple Route-to-Market capabilities cover channels including: • Open Market • Part Corporation Market • Full Corporation Market ABD Sales Support Office ABD Coverage Alcohol Restricted States 30+ States and UTs 79,329 Retail Reach 12 Sales Support Office Pan India presence: 90%+ of width of retail distribution
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22 2021-23 Key Milestones Entered Mass Premium segment with launch of Officer’s Choice whisky in 1988 Entered into Rum and Brandy category with launch of Officer’s Choice rum and Officer’s Choice brandy Expanded offering to prestige segment with launch of two new brands – Jolly Roger rum and Officer’s Choice Blue whisky in 2010 and 2011 respectively Launched Class 21 vodka in 2010 Officer’s Choice Blue whisky sold one million cases in the first year of its launch in 2011 Launched Kyron to entered into the premium brandy segment Entered Premium and Semi-Premium whisky segments with launch of Sterling Reserve Blend 10 and Blend 7 in 2017 Officer`s Choice Whisky received the Wines Beers and Drinks award in 2018 for World`s Largest Selling whisky Sterling Reserve crossed 1.2 Mn cases, according to the Millionaire`s Club report by Drinks International making it a Millionaire Brand in the first year of launch Sterling Reserve Blend 7 was the 3rd largest selling brand in the Semi-Premium whisky segment in India in FY22 ICONiQ White Whisky the world's fastest growing spirits brand as per Drinks International Magazine, The Millionaire’s Club Report 2024 Sterling Reserve Blend 7, Kyron Premium Brandy and Officer’s Choice Blue were rated as ‘Notable Product’ by International Taste Institute, Brussels in 2021 Launch of ZOYA Gin in Jan-24 2010-14 1988 2001 2017-19 2024 Officer’s Choice Whisky ranked 3rd among the largest selling whisky brands globally in CY2021 IPO in Jul-24 New business venture with Bollywood superstar and pop culture icon Ranveer Singh to offer Premium Portfolio Partnership with Roust Corporation to launch Premium Vodka in Indian Markets Launch of Arthaus blended malt Scotch whisky in Luxury segment Investment in Rock Paper Rum in Q4 FY25 2025 ICONiQ White Whisky becomes India's youth favorite, surges past 5 Mn cases Launch of Golden Mist Brandy in Apr-25Woodburns whisky and other brands acquisition completed in Q4 FY25
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23 Corporate Governance Framework • Independent board oversight - 7 Independent directors out of a total of 14 directors - 2 Global professionals overseeing international best practices - Board Committees driven by independent directors • Segregation of ownership and professional management - Promoter group at non executive board level only • Performance driven culture with long term incentives for leadership team - Board of Directors approved ‘ABD Employee Stock Option Scheme 2024’ in December 2024 Board of Directors and Senior Management Partnerships • DESS: - Board portal for paperless meetings and Directors’ evaluation • ComRisk: - Enterprise-wide compliance management tool • ERM Partner: - Strengthening Enterprise Risk Management (ERM) Framework • CRISIL: - Partnered for enhancing overall governance framework
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24 Board of Directors: Stewardship and Expertise Kishore Rajaram Chhabria Chairman & Non-Executive Director • ABD • Shaw Wallace & Company Ltd Bina Kishore Chhabria Co-Chairperson & Non-Executive Director • ABD Shekhar Ramamurthy Whole-Time Director (Executive Deputy Chairman) • United Spirits Ltd. • United Breweries Ltd. Resham Chhabria Jeetendra Hemdev Whole-Time Director (Vice-Chairperson) • ABD Alok Gupta Managing Director • Dabur • United Spirits • Whyte & MacKay • Café Coffee Day • Essar Retail • Essar Capital Balaji Viswanathan Swaminathan Independent Director • B S R & Co. • ICICI Bank Limited • Westpac Banking Corporation • Standard Charted Bank • SAIML Pte. Ltd. Paul Henry Skipworth Independent Director • Artisanal Spirits Company PLC • LVMH • LEK Consulting • Glenmorangie • Moet Hennessy Rukhshana Jina Mistry Independent Director • Practicing Chartered Accountant for over 32 years Narayanan Sadanandan Independent Director • State Bank of India • SBI Capital Markets Ltd. • SBI Pension Funds Pvt. Ltd. Mehli Maneck Golvala Independent Director • Kalyaniwalla & Mistry LLP Nasser Mukhtar Munjee Independent Director • DCB Bank • HDFC • IDFC Vivek Anilchand Sett Independent Director • Ispat Industries Limited • Tata Teleservices Ltd. • Tata Realty and Infrastructure • Nectar Life Sciences • New Silk Route Advisors Ltd • Hughes Telecom Maneck Navel Mulla Non-Independent, Non-Executive Director • Mulla & Mulla and Craigie Blunt & Caroe • M Mulla Associates • M/s. Wakhariya & Wakhariya Arun Barik Executive Director • Seagram Distilleries (P) Ltd. • Marson & Summers Alcobev Pvt. Ltd. • Shaw & Wallace and Co’s • BDA Ltd • Seagram – Pernod Ricard India Audit Committee Stakeholder Relationship Committee Nomination and Remuneration Committee Corporate Social Responsibility Committee Risk Management Committee
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25 Senior Management Team: Industry and Multi Sector Experience • Whyte & MacKay Ltd • Café Coffee Day • Essar Retail Bikram Basu Managing Director of ABD Maestro Pvt Ltd Associated with ABD 9+ years, work experience 32 years • Pernod Ricard India (P) Ltd. • United Spirits Ltd J. Mukund Head – Investor Relations and Chief Risk Officer Joined ABD In 2023, work experience 22+ years • Raymond Ltd. • Reliance Communications Ltd. • Adventity Global Services Pvt. Ltd. • Vodafone Essar Ltd • Stratcap Securities India Pvt. Ltd. Rajesh Parida Director – Corporate Affairs & CSR Joined ABD In 2023, work experience ~27+ years • Pernnod Ricard India Ltd. • BEML Limited • Goa Shipyard Ltd • Reliance Engineering Associated Ltd • Indian Charge Chrome Ltd Alok Gupta Managing Director Joined ABD In 2023, work experience ~38 years • Dabur Ltd • United Spirts Ltd • Essar Capital Advisory India Pvt Ltd Anil Somani Chief Financial Officer Joined ABD In 2024, work experience ~34 years • Bata India Ltd. • Reliance Retail Ltd. • Infiniti Retail Ltd. (Croma) • Walmart India Private Ltd. • Metro Cash and Carry • C.C. Chokshi & Co Varun Lohia Head – Isupply Chain and Procurement Joined ABD In 2012, work experience 27+ years • Honda Cars India • SABMiller India • Honda Logistics India • United Breweries Ltd Ralin Da Cunha Gomes Chief Human Resources Officer Joined ABD In 2022, work experience ~28+ years • Indian Hotels Company Ltd • IIAS School of Management, Goa • Taj Holiday Village, Goa • The Leela Beach, Goa Ritesh Ramniklal Shah Company Secretary & Chief Legal Officer Joined ABD in 2015, work experience 24+ years • Firestorm Finance & Trading Pvt Ltd. • Shaw Wallace & Company Ltd • United Spirits Ltd. • McDowell Holdings Ltd. • Haria Exports Ltd. Manoj Rai Chief Revenue Officer Joined ABD In 2024, work experience ~25 years • Pernod Ricard • Marico Industries Ltd • Saregama India Ltd. • Sulzer Thermetec- PBG Mithun Kumar Das Head – Manufacturing & Technical Associated with ABD 13+ years, work experience 27+ years • Shaw Wallace Distilleries Ltd • Pampasar Distillery Ltd. • McDowell & Company Ltd • United Spirits Ltd • Diageo India Pvt. Ltd • Lexcel Management Services Ltd Roshni Chatterjee Marketing Director Joined ABD In 2025, work experience 18+ years • Sleek Tech • Unilever • Kraft Heinz Arvind Mohta Marketing Director Joined ABD In 2025, work experience 19+ years • United Spirits Ltd • Jubilant Industries • Pernod Ricard India (P) Ltd • Johnson & Johnson • Mahindra & Mahindra Holidays
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26 Consolidated Income Statement Gross Margin: Excludes Other Income ₹ Cr Q4FY25 Q3FY25 Q-o-Q Q4FY24 Y-o-Y FY25 FY24 Y-o-Y Total Income 1,949 2,346 (16.9%) 1,759 10.7% 8,094 7,675 5.5% Excise Duty 1,014 1,368 (25.9%) 990 2.4% 4,553 4,341 4.9% Income from Operations 935 977 (4.3%) 770 21.4% 3,541 3,334 6.2% Cost of Goods Sold 521 557 (6.5%) 468 11.4% 2,039 2,098 (2.8%) Total Operating Expenses 263 300 (12.1%) 240 9.9% 1,050 988 6.3% EBITDA 150 120 25.1% 62 141.5% 451 248 81.7% Depreciation 16 13 26.6% 19 (15.6%) 61 58 4.8% Interest 28 27 3.7% 45 (36.6%) 125 173 (27.6%) Exceptional items - - - - - - 5 - Profit Before Tax 106 80 32.2% (1) N/A 266 13 N/A Tax 27 23 20.6% 1 - 71 11 - Profit After tax 79 57 36.8% (2) N/A 195 2 N/A EBITDA Margins (%) 16.1% 12.3% 378 bps 8.1% 799 bps 12.7% 7.5% 530 bps Gross Margins (%) 43.4% 42.8% 61 bps 39.0% 436 bps 42.1% 37.0% 512 bps
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27 Consolidated Balance Sheet ₹ Cr FY25 FY24 ASSETS Non-Current Assets Property, Plant & Equipment 506 446 Capital Work in Progress 19 16 Rights of Use Assets 119 122 Goodwill 17 4 Other intangible assets 108 62 Intangible Asset under development 0.3 - Financial Assets (i) Investments 0.0 0.0 (ii)Other financial Assets 63 42 Deferred tax assets (net) 12 10 Non-current tax Assets 23 19 Other non-current assets 46 27 Sub Total Non Current Assets 914 748 Current Assets Inventories 573 419 Financial Assets (i) Trade Receivables 1,747 1,244 (ii) Cash and cash equivalents 88 27 (iii) ) Bank balances other than cash and cash equivalents above 44 48 (iv)Loans 1 1 (v) Others financial assets 23 21 Other Current Assets 146 128 Sub Total Current Assets 2,621 1,888 Total Assets 3,535 2,636 ₹ Cr FY25 FY24 Equity And Liabilities Equity Share Capital 56 49 Other Equity 1,487 358 Non Controlling Interests 20 - Total Equity 1,563 407 Non Current Liabilities Financial Liabilities (i)Borrowings 94 191 (ii)Lease Liabilities 5 8 Provisions 21 23 Sub Total Non Current Liabilities 120 222 Current Liabilities (i)Borrowings 804 633 (ii)Lease Liabilities 3 3 (iii)Trade Payables 607 702 (iv)Other Financial Liabilities 149 182 Other current Liabilities 264 471 Provisions 14 13 Current Tax Liabilities (net) 11 3 Sub Total Current Liabilities 1,852 2,007 Total Liabilities 1,972 2,229 Total Equity And Liabilities 3,535 2,636
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28 Consolidated Cashflows ₹ Cr FY25 FY24 Cash and Cash Equivalents at Beginning of the Year 27 27 Cash Flow From Operating Activities (678) 186 Cash Flow from Investing Activities (182) (54) Cash Flow From Financing Activities 921 (132) Net Inc./(Dec.) in Cash and Cash Equivalent 61 (0) Cash and Cash Equivalents at End of the Year 88 27
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Key Brand Portfolio Overview Officer’s Choice Blue Whisky Sterling Reserve B7 Whisky Sterling Reserve B10 Whisky Rock Paper Rum Zoya Gin Woodburns Whisky Arthaus Blended Malt Whisky Russian Standard Vodka Kyron Brandy Officer’s Choice Whisky Golden Mist Brandy ICONiQ White Whisky Srishti Whisky Segredo Aldeia Pumori Gin
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30 Portfolio of Core Brands 1) *Board approved in Jan-25 investment in Rock Paper Rum brand 2) **Russian Standard Vodka expected to be launched in Q1FY26 2) #Golden Mist launched in Apr-25 Segment To Category Whisky Brandy Rum Vodka Gin Super-Premium To Luxury Premium Prestige Mass Premium * ** ** #
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31 31 Flagship brand continues to maintain market leadership Global Rankings (CY2023) • 6th Rank - Spirits Brand Globally • 3rd Largest Selling Whisky Brand Drinks International Millionaires’ Club Report 2024 Sales: 18.3 Mn cases in FY25 ~35% Market Share Mass Premium Officer’s Choice Category: Whisky • Leading the Mass Premium whisky segment in India for over a decade • India’s #1 exported whisky brand • Market leader in the Middle East; strengthening position across African markets • Major move towards sustainability by moving from glass to food grade PET and aseptic packs in packaging Awards
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32 Prestige Sterling Reserve Blend 7 Category: Whisky Millionaire Brand offering a unique blend of Scotch malts and Indian grain spirits • Amongst the fastest brands to cross the million case mark and reach 5 Mn cases • Ready to re-juvenate the market with its all- new avatar launching in the coming months • Consistently getting awards and recognition for its smooth blend of Scotch malts from different barrel origins and finest Indian grain spirits with 7 distinct tasting notes Officer’s Choice Blue Category: Whisky Millionaire Brand in the prestige segment offering distinguished and appealing choice • Continues to enjoy position as a regional power brand in the P&A segment • Leverages on the strength of flagship brand Officers Choice • Distinctive packaging continues to stand out ICONiQ WHITE Category: Whisky Millionaire Brand achieving global recognition in ~15 Months of launch • Touched 1 Mn cases in Sep’23 – 1 year after it was progressively launched in different states • 2.3 Mn cases milestone in 1st full year of launch (FY24) • 5.7 Mn cases milestone in FY25 • World's fastest growing spirits brand in CY2023 as per Drinks International Magazine, The Millionaire’s Club 2024 • Presently available in 24 states and Union Territories Golden Mist Category: Brandy Entry into fast-growing prestige brandy segment • Crafted for today's discerning consumers who seek tradition with sophistication and elevated taste experiences • Strengthens the non-whisky premium offerings and bolsters our presence in the Prestige and Above segment • Distinctive packaging innovation with its 180 ml Hippy pack, making it the only brand in its segment to offer this option alongside traditional glass bottles • Launched in April 2025 in Karnataka to tap the growing prestige brandy market
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33 Srishti Select Collection Category: Whisky (Prestige) Crafted to elevate the everyday whisky experience • Srishti is a semi-premium Indian whisky infused with India’s golden saffron (Curcumin)—an ancient symbol of trade, tradition, and royalty • Positioned to attract value-conscious yet experience-seeking consumers, Srishti invites super-premium whisky consumers to trade up with a product that feels both indulgent and deeply Indian Prestige and Premium Kyron Premium Category: Brandy (Premium) Uniquely positioned in high margin Premium brandy segment • Premium brandy from ABD, renewed focus to improve brand footprint by extending into more states • Deeper penetration in existing states to gain market share Sterling Reserve Blend 10 Category: Whisky (Premium) Our flagship in Premium whisky segment, poised for powerful growth • Sterling Reserve B10 is a Premium whisky from ABD renowned for its exquisite taste • B10 has strong equity in the CSD and paramilitary channels
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34 Super-Premium to Luxury Zoya Gin Flavours Category: Gin Expanding the gin flavour portfolio • Two new flavors launched in Maharashtra - Watermelon Gin and Espresso Coffee Gin • Additional 7 markets planned in FY’26 Rock Paper Rum Category: Rum Expansion into Premium rum category • Strategic investment in Good Barrel Distillery Private Limited a startup with premium rum brand • Drive growth by leveraging ABD’s pan India distribution, procurement and manufacturing network • In 8 states with 5 variants including white, dark and flavored rums In Jan-25, the Board approved the investment in Rock Paper Rum Zoya Gin Category: Gin Entered into the Super-Premium segment • 1st non whisky super premium brand launched in high growth, high margin category • Available in 8 key states of Haryana, UP, Rajasthan, Chandigarh, Maharashtra, Goa, West Bengal and Karnataka plus UAE exports in Q1 FY26 • Being launched in 3 additional markets in Q1 and Q2 of FY26 Woodburns Whisky Category: Whisky Expansion into Super-Premium whisky segment • Expands into Super-Premium Whisky category through acquisition of Woodburns Contemporary Indian Whisky • Woodburns: A rich Indian peat forward whisky, made with a combination of 3 Indian malts, matured in charred oak casks that gives a unique character to the whisky • Current Market: Present in 7 states and Union territories
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35 Pumori Gin Category: Gin New addition to Premium gin segment • The acquisition of Pumori and Pumori Pink gin marks a new addition to the Premium Gin Family • Pumori Small Batch Gin earns its character from a bouquet of Himalayan juniper and a carefully selected melange of 12 Indian botanicals • Current Market: Present in 3 states and the plan is to strengthen the footprint in the current markets Segredo Aldeia Category: Rum New addition to Premium rum segment • Entered into the Luxury rum category with the acquisition of 2 variants of Segredo Aldeia • Portuguese for ‘Secret Village’- Segredo Aldeia draws from Goa’s rich and diverse history to recreate a spirit from an era gone by • Current Market: Present in 3 states and the plan is to strengthen the footprint in the current markets Super-Premium to Luxury Arthaus Collective Category: Whisky Entered into Luxury Segment • First Blended Malt Scotch whisky • Crafted from a blend of Single Malts from Speyside and the Highlands • Features a perfect balance of depth and sophistication, with rich, distinctive flavor notes • Inspired from the Bauhaus Movement that reflects the unity of all art • Besides Maharashtra, now available in key markets of Delhi, Uttar Pradesh, Haryana, Goa, West Bengal and Karnataka
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36 Super Premium to Luxury Partnership with Roust Corporation • ABD partners with Roust Corporation to introduce the world's No. 1 Russian Premium Vodka to India. Expected to be launched in Q1FY26 • Market Leader: Russian Standard holds a 30% share in Russia's premium vodka market and is exported to over 85 countries. • Strategic Collaboration: Combines ABD's extensive distribution network and marketing expertise with Roust's premium portfolio namely Russian Standard Original, Gold and Platinum. • Market Opportunity: Indian vodka category is more than 13 million cases, growing at over 20% annually. Targeting premium and luxury vodka consumers. Russian Standard Platinum Vodka Category: Vodka Russian Standard Original Category: Vodka Russian Standard Vodka Category: Vodka Russian Standard Vodka expected to be launched in Q1 FY26
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37 Disclaimer This document contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, expectations, plans, outlook and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of changes in interest or exchange rates, the availability or cost of financing to Allied Blenders and Distillers Limited (“ABD”), anticipated cost savings or synergies, expected investments, anticipated tax rates, expected cash payments, outcomes of litigation and general economic conditions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements, including factors that are outside ABD’s control. ABD neither intends, nor assumes any obligation, to update or revise these forward-looking statements in the light of any developments which may differ from those anticipated Also, the presentation includes certain information which is based on management representation. For further details, please feel free to contact our Investor Relations Representatives: Investor Relations Allied Blenders and Distillers Limited Tel: +91-22-4300 1111 Email: abdir@abdindia.com