Slides
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Jan 2026 Q3 and 9MFY26 Earnings Presentation (BSE: 544203 | NSE: ABDL)
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2 Agenda 1 ABD Overview 3 2 Investment Case 4 3 Q3FY26 Performance Highlights 5 4 ABD Maestro Update 11 5 Consolidated Financial Statements 17 6 Management Perspectives 19 7 Future Ready Transformation 20 8 Key Brand Portfolio Overview 29 9 5 Year Consolidated Financial Summary 37
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3 ABD Overview Officer’s Choice Whisky Launched in 1988 • Among top 10 global spirits brands • 5th 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 • Among top 20 global whisky brands • 4th largest brand in the Semi- Premium whisky category nationally Officer’s Choice Blue Whisky Launched in 2011 • Regional power brand in the Prestige category • Leverages strength of flagship brand Officers Choice 4 Millionaire Brands Prestige / Premium / Luxury Sterling Reserve B10 Whisky Kyron Brandy Golden Mist Brandy Srishti Whisky ICONiQ White Whisky Launched in 2022 • Fastest growing millionaire spirits brand in the world for the 2nd year in a row • Among top 20 global whisky brands in the world No.1 Indian spirits company by volume 1st Whisky, Brandy, Rum, Vodka and Gin Expanded portfolio operating across multiple price points 28 Brands 2 Distilleries in Maharashtra and Telangana 1 PET Bottle Manufacturing Unit Pan India 35 Bottling units 38 90%+ of width of retail distribution across India 80,000+ Largest exporter by volume Presence in 31 Countries #1 Zoya Gin Rangeela Vodka Yello Designer Whisky Segredo Aldeia Rum Arthaus Blended Malt Whisky Pumori Gin Aodh Irish Whiskey Russian Standard Platinum Vodka New Brands launched in Q3FY26 Woodburns Whisky
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4 ABD Investment Case 1 Platform of scale in the attractive, rapidly premiumising Indian consumer market • Expanded portfolio from Mass Premium to Super-Premium and Luxury • Strategically located pan India manufacturing network • 90%+ of width of retail distribution domestic market 2 Successful value creation track record of building 4 Millionaire Brands • Officer’s Choice whisky maintaining market leadership over a decade (18.3 Mn cases in FY25) with 35%+ market share • ICONiQ White growing exponentially to 7.7 Mn cases in 9MFY26 vs 5.7 Mn cases in full year FY25 • High-end research center with infrastructure to support premium products development across categories 3 Officer’s Choice strong cash flow generation core to future growth plans • 40%+ Gross Margins, highest in the Mass Premium category • High Contribution After Promotions (CAAP), given exceptionally strong brand recall and lower trade spend • India’s #1 exported brand, with market leadership in the 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 (₹840 to ₹5,300 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 by FY28 • Secure key raw material supplies by establishing in-house capabilities – ENA distillery • Reduced availability risks to enable high growth Prestige whisky and gearing up for Single Malt production – Malt distillery • Margin enhancement through in-house capabilities – PET bottle facility now operational, producing to capacity and EBITDA accretive 6 Continue to deliver long term, sustainable shareholder value • Revenue growth in mid-teens underpinned by increasing P&A contribution, ~50% by volume by FY28 • EBITDA margin of 13.2% (9MFY26) on track for ~17.0%, industry best-in-class by FY28 • Capital structure provides headroom to support future growth plans (9MFY26 Net Debt / Equity: 0.48x)
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5 Consolidated Q3FY26 Highlights YoY • Topline driven by strong P&A volume expansion of 16.9% • Improvement in Gross Margins +351 bps led by softening of input costs and benefits of backward integration • Increase in EBITDA margins by +135 bps on the back of higher gross margins partially offset by planned increase in A&P investments for core brands and luxury portfolio • Strong profitability and effective NWC optimisation drove operating cashflow generation of ₹ 173 Cr • Free cashflow led Net Debt Reduction by ₹ 108 Cr (₹ 785 Cr in Dec-25 vs ₹ 893 Cr in Sep-25) ABD Continues to Deliver Strong Profit Performance Led by Robust Premiumization Income from Operations ₹ 1,004 Cr up 2.8% EBITDA Margin 13.6% up 135 bps Total Volume (Mn Cases) 9.0 up 1.3% EBITDA ₹ 137 Cr up 14.1% PAT ₹ 64 Cr up 10.9% Total Realization (Per Case) ₹ 1,044 up 0.7% Net Debt / EBITDA 1.5x in Dec-25 vs 1.7x in Mar-25 Note: Net Debt/ EBITDA is calculated with EBITDA on Trailing Twelve Months (TTM) basis
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6 Consolidated 9MFY26 Highlights YoY Income from Operations ₹ 2,929 Cr +12.4% YoY EBITDA ₹ 386 Cr +28.1% YoY EBITDA Margin Expansion from 11.6% to 13.2% PAT ₹ 182 Cr vs ₹ 116 Cr +57.0% YoY Delivers Strong Performance EBITDA ₹ 386 Cr, PAT ₹ 182 Cr and 13.2% EBITDA Margins Total Volume (Mn Cases) 26.6 +8.4% YoY 42.8%57.2% Sales Contribution 9M FY26 52.7% 47.3% Volume Contribution 9M FY26 Mass Premium Volume (Mn Cases) 14.0 -5.3% YoY P&A Volume (Mn Cases) 12.6 +29.2% YoY Total Realization (Per Case) ₹ 1,034 +3.3% YoY P&A Mass Premium
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7 Consolidated Quarterly Performance Trend Income from Operations (₹ Cr) EBITDA (₹ Cr) PAT (₹ Cr) 57 63 64 Q3 FY25 Q2 FY26 Q3 FY26 Topline growth: • Y-o-Y growth driven by: •Strong volume growth of 16.9% in P&A category offset by the de-growth of 10.0% in mass premium • Q-o-Q growth led by: • Volume growth of 2.8% in P&A category Profitability driven by: • Maintaining a strategic focus on a profitable brand mix across states • Softening of commodity and packaging prices along with benefits from backward integration leading to Gross Margin improvement by 351 bps Y-o-Y • However, planned higher A&P investments in core brands & luxury portfolio partially offset Gross Margin benefits leading to EBITDA margin improvement by 135 bps Y-o-Y EBITDA Margin % 2.8% 14.1% 977 995 1,004 Q3 FY25 Q2 FY26 Q3 FY26 120 130 137 Q3 FY25 Q2 FY26 Q3 FY26 12.3% 13.1% 13.6% Q3 FY25 Q2 FY26 Q3 FY26 135 bps10.9%
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8 Q3FY26 Brand Portfolio Highlights Sales (₹ Cr) Q3FY26 Q2FY26 Q-o-Q Q3FY25 Y-o-Y P&A 555 533 4.1% 482 15.2% Mass Premium 388 403 -3.7% 444 -12.4% Total Sales 944 937 0.7% 925 2.0% Others 60 58 4.3% 52 16.7% Income from Operations 1,004 995 0.9% 977 2.8% Volume (Mn Cases) Q3FY26 Q2FY26 Q-o-Q Q3FY25 Y-o-Y P&A 4.4 4.3 2.8% 3.7 16.9% Mass Premium 4.7 4.8 -2.4% 5.2 -10.0% Total Volume 9.0 9.0 0.1% 8.9 1.3% Realization (₹ / Case) Q3FY26 Q2FY26 Q-o-Q Q3FY25 Y-o-Y P&A 1,268 1,252 1.2% 1,286 -1.4% Mass Premium 833 845 -1.3% 856 -2.7% Total Realization 1,044 1,037 0.7% 1,036 0.7% Others include Other Income, external ENA sales from distillery, sale of by-products and others • P&A: Overall sales value growth driven by strong volume growth • Mass Premium: Stocking norms were impacted due to retail license auction in Telangana and policy driven price changes in Maharashtra leading to lower consumer offtake across the industry • ICONiQ White continues its strong momentum, with growth across regions and increasing international presence • Volume growth driven by Northern markets Sales Contribution Volume Contribution 52.1% 47.9% Q3FY25 58.8% 41.2% Q3FY26 42.0% 58.0% Q3FY25 48.5% 51.5% Q3FY26 P&A Mass Premium P&A Mass Premium
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9 9MFY26 Brand Portfolio Highlights Sales (₹ Cr) 9MFY26 9MFY25 Y-o-Y P&A 1,574 1,212 29.8% Mass Premium 1,176 1,244 -5.5% Total Sales 2,750 2,456 12.0% Others 179 150 19.7% Income from Operations 2,929 2,606 12.4% Volume (Mn Cases) 9MFY26 9MFY25 Y-o-Y P&A 12.6 9.7 29.2% Mass Premium 14.0 14.8 -5.3% Total Volume 26.6 24.5 8.4% Realization (₹ / Case) 9MFY26 9MFY25 Y-o-Y P&A 1,252 1,245 0.5% Mass Premium 839 841 -0.2% Total Realization 1,034 1,002 3.3% Others include Other Income, external ENA sales from distillery, sale of by-products and others Sales Contribution Volume Contribution 57.2% 42.8% 9MFY26 49.3% 50.7% 9MFY25 47.3% 52.7% 9MFY26 39.7% 60.3% 9MFY25 • P&A: Strong growth in North and South regions • Mass Premium: Strong focus on profitable state brand SKU mix delivering 40%+ Gross Margin • Super Premium to Luxury portfolio expands presence in ~85% addressable markets P&A Mass Premium P&A Mass Premium
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10 Global Ambition: Expanding Our Export Footprint Overview Togo UAE Thailand Democratic Republic of Congo Nigeria Republic of Congo Oman Singapore Ghana Maldives Indonesia Mali Gabon Burkina Faso Kenya Malaysia QatarBahrain Lebanon Haiti Russia USA Canada EU South Sudan Benin Chile Rwanda South Africa Dominican Republic New Zealand Largest exporter by volume from India to 31 Countries Existing Markets New Markets Upcoming Market • Asset light high profit export model • Profitability ~1.3x of domestic • Working capital ~1/3rd of domestic • Expanded reach by over ~2x in 18 months to 31 countries in Q3FY26, 35 countries by Mar-26 • Maintain market share in GCC • Continue distribution expansion in Africa - Reach ~1 Mn cases by FY28 • Distribution expansion in LatAm • Expand in EU, North America and South East • Latest Millionaire Brand ICONiQ White available in 9 countries • Expansion of Arthaus and Zoya gin, key luxury portfolio brands (available in UAE, Ivory Coast and New Zealand) Spain Namibia Niger Guinea Conakry Anglo
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11 ABD Maestro Update
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12 Unlocking the Luxury Opportunity through Portfolio Approach Gin Truly Small Batch Whisky Vodka Vodka As It Should Be Rum Crafted Premium Rum Key Overview • Blending world-class products, sourcing and craftmanship • Ready to scale with two manufacturing facilities to cater to small batches in the pipeline • Leverage star power & creative vision of Bollywood Superstar Ranveer Singh* to drive market appeal • Dedicated ~70 people team to sharpen focus on key accounts, on-premise, mixology, and enhancing social media appeal • Strategically located manufacturing facilities enabling efficient small-batch production at optimal cost * Bollywood Superstar Business & Creative Partner. ABD holding majority stake (80%) in the subsidiary – ABD Maestro Pvt. Ltd. Live. Love. Rejoice.Art. Bottled. For The Bold Explorer • Established presence in ~85% of addressable markets • Launched 3 brands – Rangeela Vodka, YELLO Designer Whisky, AODH Irish Whiskey • Continuous expansion into duty free travel retail (Delhi, Bengaluru and now in Mumbai) • High consumer engagements across markets • Global recognition and awards Key Q3 Highlights Bann Jao Rangeela Born To Stand Out Made of Stories
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13 Rangeela Vodka: A Contemporary Indian Vodka Co-created with Ranveer Singh to Accelerate ABD Maestro’s Premium Vodka Strategy Strategic Significance: • Strengthens presence in the fast-growing premium vodka segment, aligning with rapid premiumization • Driven by young adult audience, exposure to international trends and the boom in cocktail culture Premium Product Proposition: • Triple distilled and platinum chill-filtered for exceptional smoothness • Delivers the best quality standards for vodka with a smooth, versatile character • Bold and expressive spirit Market Opportunity, Packaging Innovation & Expansion: • Set to redefine how contemporary India experiences vodka along with innovative packaging • Debuted in Maharashtra and now available in Goa, Haryana, West Bengal, Karnataka and Delhi with expansion planned across key North Indian markets, international markets and in Travel Retail Price Range: • ₹2,400 (750 ml) – Maharashtra
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14 YELLO Designer Whisky: A Whisky custom-made for modern India A Bold Fusion of Scotch and Indian Malts Strategic Significance: • New-age consumers increasingly value self-expression and strong identity • Introduces a breakthrough packaging that mirrors the pulse of modern India Premium Product Proposition: • Fuses the best of Speyside and Highland Scotches with the richness of Indian Malts • Scotch malts, matured in ex-bourbon oak, infuse notes of vanilla caramel and gentle oak • Indian malts add warmth, richness, and a bold, lingering finish Market Opportunity, Packaging Innovation & Expansion: • Grabs the spotlight for its colour, sleek lines, and the ‘whisky window’ • Debuted in Maharashtra and now available in Goa, Haryana, West Bengal and Karnataka with expansion planned across key North Indian markets, international markets and in Travel Retail Price Range: • ₹2,700 (750 ml) – Maharashtra
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15 AODH IRISH Whiskey: A Truly Authentic Irish Expression Focused on creating world-class brands for both Indian and global audiences Strategic Significance: • Entering one of the fastest growing segments in India- Irish Whiskey, a category served by only few established brands • AODH strengthens ABD Maestro’s premium portfolio and reinforces the company’s commitment to world-class, globally relevant offerings Premium Product Proposition: • Crafted using signature triple distillation • Reveals notes of vanilla cream, light honey, and toffee from ex-bourbon cask maturation • Smooth and silky palate with an elegant, lasting finish Market Opportunity, Packaging Innovation & Expansion: • India’s emergence as the world’s fifth-largest Irish whiskey market, presents a strong premiumisation opportunity • Debuted in Haryana and now available in Maharashtra, Delhi and Goa with phased expansion planned across West Bengal, Karnataka, Uttar Pradesh and in Travel Retail Price Range: • ₹3,950 (750 ml) – Maharashtra
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16 Rewards & Global Recognitions A Testament to ABD’s Excellence Spiritz Conclave & Achievers’ Awards 2025 ➢ ABD named ‘Company of the Year-Domestic’ ➢ Arthaus Blended Malt Scotch Whisky won Grand Gold for excellence in the Super- Premium Scotch category ➢ Woodburns Contemporary Indian Malt Whisky won Grand Gold for its bold Indian craftsmanship ➢ Pumori Small Batch Gin won Grand Gold for quality and innovation in craft gin ➢ Segredo Aldeia Café Rum won Gold for its artisanal café rum expression ➢ Zoya Special Batch Gin won Gold for its premium small-batch distillation ➢ Russian Standard Vodka (Original & Platinum) won Gold for purity and smoothness ABD Maestro portfolio brands global recogntion: ➢ Pumori Small Batch Gin received the Taste Institute’s highest rating of 3 Stars (Exceptional product) ➢ Rangeela Contemporary Indian Vodka received the Taste Institute’s highest rating of 3 Stars (Exceptional product) ➢ Woodburns Contemporary Indian Malt Whisky received the Taste Institute’s rating of Remarkable product Global Recognition at Superior Taste Awards 2026
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17 Consolidated Income Statement Gross Margin: Excludes Other Income Exceptional Item includes ₹3.19 Cr on account of impact of New Labour Code ₹ Cr Q3FY26 Q2FY26 Q-o-Q Q3FY25 Y-o-Y 9MFY26 9MFY25 Y-o-Y Total Income 1,934 1,957 -1.2% 2,346 -17.5% 5,676 6,145 -7.6% Excise Duty 931 963 -3.3% 1,368 -32.0% 2,747 3,539 -22.4% Income from Operations 1,004 995 0.9% 977 2.8% 2,929 2,606 12.4% Cost of Goods Sold 539 550 -2.0% 557 -3.3% 1,613 1,517 6.3% Total Operating Expenses 328 315 4.4% 300 9.6% 930 787 18.2% EBITDA 137 130 5.2% 120 14.1% 386 301 28.1% Depreciation 18 17 11.8% 13 47.6% 51 45 12.7% Interest 26 30 -12.2% 27 -4.5% 83 97 -13.6% Profit Before Exceptional Item & Tax 92 84 10.0% 80 15.2% 252 160 57.6% Exceptional Item 3 - - - - 3 - - Profit Before Tax 89 84 6.2% 80 11.2% 249 160 55.6% Tax 25 21 21.0% 23 12.0% 66 44 51.7% Profit After tax 64 63 1.3% 57 10.9% 182 116 57.0% EBITDA Margins (%) 13.6% 13.1% 54 bps 12.3% 135 bps 13.2% 11.6% 161 bps Gross Margins (%) 46.3% 44.4% 183 bps 42.8% 351 bps 44.7% 41.6% 306 bps
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18 Improving Operating Cashflows (OCF) and Financial KPIs ₹ Cr Telangana overdues & payment of statutory arrears Note: 1) Net IPO proceeds utilised for repayment of high cost debt and statutory arrears in Jul -24 2) Net Debt/ EBITDA is calculated with EBITDA on Trailing Twelve Months (TTM) basis (729) 51 147 173 H1 FY25 H2 FY25 H1 FY26 Q3 FY26 Improving Operating Cashflows & Disciplined Capital Deployment Driving Net Debt Reduction • Continued strong OCF generation driven by improved profitability and sustained working capital discipline • Planned capex investment in stated ongoing EBITDA accretive capex program • Free cashflow led Net Debt Reduction by ₹ 108 Cr (₹ 785 Cr in Dec-25 vs ₹ 893 Cr in Sep-25) • Key metrics remain well within the stated financial framework during the CAPEX phase Q3 FY26 Stated framework Net Debt / EBITDA 1.5x < 2.0x Net Debt / Equity 0.5x < 0.75x 1.8x 0.5x 0.6x 0.5x 3.0x 1.7x 1.7x 1.5x H1 FY25 H2 FY25 H1 FY26 Q3 FY26 Net Debt / Equity Net Debt / EBITDA
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19 Management Perspectives “With an integrated value chain, prudent capital allocation and increased consumer engagement, ABD is well positioned to deliver long-term profitable growth” Portfolio Premiumization Margin Expansion Alok Gupta Managing Director • Q3FY26 marks our 6th consecutive quarter of strong profit performance post-listing, with consistent improvement in portfolio premiumization • Our P&A segment continues to deliver accelerated momentum, with strengthening volume and value salience across regions • Mass Premium segment: Stocking norms were impacted due to retail license auction in Telangana and policy driven price changes in Maharashtra leading to lower consumer offtake across the industry • Officer’s Choice maintains its No. 1 position in India’s Mass Premium category and remains India’s #1 exported brand with Gross Margins of 40%+. It continues to be a significant driver of profitability and cashflows with increasing market share • The Super-Premium to Luxury portfolio continues fast-track expansion, launches 3 brands in the quarter and progressively expands in key Indian & International markets and travel retail • ABD’s expansion from 23 to 31 international markets since within 9 months reflects strong distribution expansion and on track to have presence in 35 countries by Mar-26 • External environment remains supportive with: - With the normalisation in the key southern states, we expect strong topline growth in 4th quarter, underpinned by our focus on consumer-centric growth and disciplined cost management - Expect stable to neutral commodity and packaging prices - Positive momentum on receipt of long overdue payment in Telangana market. Industry optimistic about progressive clearance of remaining overdues. • We expect FY26 performance to sustain profitable growth momentum, driven by premiumization, progressive gross margin expansion, and EBITDA improvement. We will maintain capital discipline with a continued focus on optimizing working capital and ensuring on-time project execution Backward Integration (Margin and Supply Security) Digitization & Process Optimization Build High Performance Team
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20 Transformation Roadmap FY25 FY28 Value Accretive Profitable Growth Backward Integration/ Operational synergies ENA Malt PET 100% captive with growth 100% captive Single Malt whisky capability ~70-75% captive 66% captive project initiated 100% Captive; ~4 Mn litres pa ~70-75% Captive; over 600 Mn bottles pa Commissioned in Sept-25 33% captive 60 Mn pa liters - - ROCE (pre-tax) Prudent Capital Allocation 23% - 25%16.9% 18.5% H1 FY26 16.5% Margin Enhancement Gross Margin % EBITDA % > 45% ~17% 42.1% 12.7% 44.7% 13.2% 37% 7.5% Topline growth with Portfolio Build - up Initiative P&A Salience (Volume) Super-Premium to Luxury Portfolio Revenue growth (YoY) Way forward Continued range expansion in select categories Overall growth in mid-teens (value) with P&A salience increasing to 50% Revenue growth in mid-teens Where are we now? FY25 9MFY26 40.4% Built 9 brand portfolio with unique flavour price points through ‘Build, Buy & Partner’ Model 47.3% 6.2% 12.4% Where were we? FY24 37.3% No presence 5.6% Note: ROCE calculated on EBIT (TTM) and closing Capital Employed basis.
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21 Portfolio In Place Across Growth Categories 840 900 920 1050970 1400 1500 2400 2400 2400 2500 2650 2700 3200 3200 3200 3950 5200 5300 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 MRP 750 ml SKU (₹) Srishti Whisky 1200 ABD Key Brands Note: MRP in Maharashtra state for all brands. Srishti brand illustrative Maharashtra MRP, for Kyron brand Kerala MRP and for Golden Mist brand Karnataka MRP New Brands launched since CY2024Officer’s Choice Blue Whisky Sterling Reserve B7 Whisky Sterling Reserve B10 Whisky Zoya Gin Woodburns Whisky Pumori Gin Arthaus Blended Malt Whisky Russian Standard Platinum Vodka Kyron Brandy Officer’s Choice Whisky Golden Mist Brandy ICONiQ White Whisky Russian Standard Gold Vodka Zoya Gin Flavours Rangeela Vodka Mass Premium Prestige & Semi-Premium Super-Premium to LuxuryPremium Russian Standard Original Vodka Yello Designer Whisky Aodh Irish Whiskey Segredo Aldeia
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22 Backward Integration: Driving Efficiency and Control (Phase I) Strategic Investments to Optimize Supply Chain and Enhance Gross Margins by ~300 bps by FY28 Investment ∼ ₹260 Cr Acquired * ~11.0 MLPA distillery in Dec-24, began full operations in Feb-25, and plans to expand capacity to ~61.0 MLPA (incl. infra) On track Expected to be operational in Q4 FY27 ENA Distillation Capacity Expansion Investment ~ ₹75 Cr ~4.0 MLPA capacity to meet current requirement of ~2.0 MLPA for blending and future Single Malt whiskies On track Expected to be operational in Q4 FY26 India’s First Single Malt Distillery * MAILLP – Minakshi Agro Industries Limited Liability Partnership Investment ~ ₹115 Cr 600+ Mn bottles p.a., meeting 70–75% of total PET packaging requirements, enabling supply- chain efficiency and margin support Commissioned in Q2 FY26 PET Bottle Manufacturing Within Stated Timelines, EBITDA Accretive from Q3FY26 onwards
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23 Backward Integration: Driving Efficiency and Control (Phase II) MAILLP – Minakshi Agro Industries Limited Liability Partnership Investment ∼ ₹110 Cr* 1) UP amongst top 3 key markets for growth 2) ~₹40 crore for bottling unit upgradation. To significantly benefit from own vs. outsource arbitrage 3) Future expansion of ENA distillation facility Bottling Capacity Expansion, Uttar Pradesh Investment ∼ ₹54 Cr 1) Bottling capacity expansion in MAILLP facility, Aurangabad 2) The unit will cater to growing markets in western region and international markets 3) Unit to improve efficiency and optimize costs 4) To benefit from own vs. outsource arbitrage Bottling Capacity Expansion, Maharashtra EBITDA & ROCE Accretive Strategic Investments • Stated Framework of Key Ratios (peak capex phase): • Net Debt / EBITDA: < 2x • Net Debt / Equity: < 0.75x • Multi-year CAPEX program focused on deepening backward integration and strengthening supply-chain security in key identified markets • Current and pipeline investments to expand distillation and bottling capacities and drive structural cost efficiencies • Prudent capital allocation framework • Build | Buy | Partner approach • Funded through internal accruals, equity and calibrated leverage • ROCE (Pre-Tax) trajectory: 16.9% (FY25) progressing towards 23%–25%+ by FY28 Initiated Phase II of Strategic Investments in-line with Growth Strategy & Margin Enhancement *In Jan-26, Company announced acquisition of assets relating to non-operational distillery and bottling facility from National Industrial Corporation Private Limited (‘NICOL’)in Moradabad, UP.for aggregate consideration of ₹70 crore Bottling unit expected to be operational by Q3 FY27 Bottling unit expected to be operational by Q4 FY27
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24 Pan India Manufacturing Backbone Rangapur, Telangana Hooghly • ENA distillery of ~60 MLPA • Owned bottling unit • PET bottling unit production commenced in Sep-25 • Malt distillery expected to be operational in Q4 FY26 Aurangabad, Maharashtra • ENA distillery of ~11 MLPA • Additional 50 MLPA under approval • Expansion of bottling unit • R&D Centre • Addressing the state & exports requirement Bottling Units (35) Own Units (9) Third Party Exclusive (4) Royalty (1) Third Party Non-Exclusive (21) Key Features 2 large integrated facilities strategically located in in key states of Telangana & Maharashtra catering to Southern and Western regions with high growth exports market 1 PET bottle manufacturing plant commissioned in Sep-25 35 bottling units spread across India Manufacture products locally and at optimum cost without overlaying tariffs associated with inter-state movement Majority of own units are ISO 22000:2018 certified Moradabad, UP • Company announced acquisition of distillery cum bottling facility* • Facilitates backward integration • To be developed as 3rd integrated facility * Assets relating to a Non-operational Distillery cum Bottling Facility in Uttar Pradesh (Land, Building, Plant, Machinery & Licenses) from National Industrial Corporation Private Limited (‘NICOL’) announced in January, 2026 Baran Jodhpur Jaipur Ambala Derabassi Purkhali Jammu and Kashmir Chhindwara Bilaspur Nalagarh Haridwar Hapur Aligarh Guwahati Naharlagun Unakoti Kalyani Nagpur Osmanbad HyderabadSangli Kanchipuram ChittoorUdupi Bengaluru Kochi Ponda Sambalpur Dhenkanal Cuttack Baridua Dhanbad
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25 Distribution Depth That Enables Premium Scale Maharashtra West Bengal ABD Coverage Alcohol Restricted States 30+ States and UTs 80,000+ Retail Reach 12 Sales Support Office Unique Proposition Expertise in tariffs, distribution, and cost structures across diverse Route-To-Market channels: • Open Market • Government Market / Corporation Market • Wholesale Market • Defence • Exports Driving initiatives through associations on policy advocacy Pan India presence through 80,000+ touchpoints, 90%+ of width of retail distribution Establish Super-Premium to Luxury portfolio presence in Premium on-Premise 2,000+ key touchpoints Goa ABD & ABD Maestro Coverage Uttar Pradesh Chandigarh Uttar Pradesh Delhi Haryana Karnataka Rajasthan Punjab Daman
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26 Board of Directors: Stewardship and Expertise Kishore Rajaram Chhabria Chairman & Non-Executive Director • ABD • Shaw Wallace & Company Bina Kishore Chhabria Co-Chairperson & Non-Executive Director • ABD Shekhar Ramamurthy Whole-Time Director (Executive Deputy Chairman) • United Spirits • United Breweries 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 • Westpac Banking Corporation • Standard Chartered Bank • SAIML 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 • SBI Pension Funds Mehli Maneck Golvala Independent Director • Kalyaniwalla & Mistry LLP Nasser Mukhtar Munjee Independent Director • DCB Bank • HDFC • IDFC Vivek Anilchand Sett Independent Director • Ispat Industries • Tata Teleservices • Tata Realty and Infrastructure • Nectar Life Sciences • New Silk Route Advisors • 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 • Marson & Summers Alcobev • Shaw Wallace & Company • BDA • Seagram – Pernod Ricard India Audit Committee Stakeholder Relationship Committee Nomination and Remuneration Committee Corporate Social Responsibility Committee Risk Management Committee
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27 Senior Management Team: Industry and Multi Sector Experience • Whyte & MacKay Ltd • Café Coffee Day • Essar Retail Alok Gupta Managing Director Joined ABD In 2023, work experience ~35 years • Dabur • United Spirits • Whyte & MacKay Varun Lohia Head – Supply Chain and Procurement Joined ABD In 2012, work experience 28+ years • Honda Cars India • SABMiller India • Honda Logistics India • United Breweries Mithun Kumar Das Head – Manufacturing & Technical Associated with ABD 14+ years, work experience 28+ years • Shaw Wallace Distilleries • Pampasar Distillery • McDowell & Company • United Spirits • Diageo India • Lexcel Management Services Ramesh Sawant Chief Legal Officer Joined ABD In 2025, work experience ~20 years • Bluestar • Tata Chemicals • Godrej Industries • Juris Corp • Desai & Diwanji • Clasis Law Jayant Manmadkar Chief Financial Officer Joined ABD In 2025, work experience ~32 years • Seagram India • Brigade Enterprises • Mahindra Lifespace Developers • Sai Life Sciences • Cohance Lifesciences • Wockhardt Bikram Basu Managing Director of ABD Maestro Pvt Ltd Associated with ABD 10+ years, work experience 33 years • Pernod Ricard India • United Spirits Manoj Rai Chief Revenue Officer Joined ABD In 2024, work experience ~25 years • Pernod Ricard India • Marico Industries • Saregama India • Sulzer Thermetec- PBG J. Mukund Head – Investor Relations and Chief Risk Officer Joined ABD In 2023, work experience 23+ years • Raymond • Reliance Communications • Adventity Global Services • Vodafone Essar • Stratcap Securities India Rajesh Parida Director – Corporate Affairs & CSR Joined ABD In 2023, work experience 28+ years • Pernod Ricard India • BEML • Goa Shipyard • Reliance Engineering Associated • Indian Charge Chrome 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 • Jubilant Industries • Pernod Ricard India • Johnson & Johnson • Mahindra & Mahindra Holidays Ralin Da Cunha Gomes Chief Human Resources Officer Joined ABD In 2022, work experience 28+ years • Indian Hotels Company • IIAS School of Management, Goa • The Leela Beach, Goa Sumeet Maheshwari Company Secretary & Compliance Officer Joined ABD In 2025, work experience 24+ years • Reliance Industries • Tata Motors • Mahindra & Mahindra • Café Coffee Day • Essar Retail • Essar Capital • Taj Holiday Village, Goa
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28 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 2025 ICONiQ White Whisky becomes India's youth favorite, surges past 5 Mn cases Launch of Golden Mist Brandy in Apr-25 Woodburns whisky and other brands acquisition completed in Q4FY25 Launch of Russian Standard Vodka in Indian markets in Jun-25 Commissioned PET bottling unit in Rangapur, Telangana in Sep-25 Rangeela Vodka, Yello Designer Whisky and Aodh Irish Whiskey launched in Q3FY26
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Key Brand Portfolio Overview Officer’s Choice Blue Whisky Sterling Reserve B7 Whisky Sterling Reserve B10 Whisky Zoya Gin 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 Rangeela Vodka Yello Designer Whisky Aodh Irish Whiskey Woodburns Whisky
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30 ABD Portfolio Crafted for Growth Mass Premium (~105 Mn Cases) Prestige & Semi-Premium (~160 Mn Cases) Premium (~28 Mn Cases) Super-Premium to Luxury (~12 Mn Cases) Officer’s Choice Whisky Whisky Non-Whisky Whisky Non-Whisky Officer’s Choice Blue Whisky Sterling Reserve B7 Whisky ICONiQ White Whisky Golden Mist Brandy Sterling Reserve B10 Whisky Srishti Whisky Zoya Gin Zoya Gin Flavours Pumori Gin Arthaus Blended Malt Whisky Segredo Aldeia Russian Standard Vodka Kyron Brandy Indian Spirits Industry – 420 Mn cases Accelerate market shares internationally + New products in available white spaces Accelerate growth with sharp focus on key markets and high headroom defence channel Maintain gross margin discipline + Expand Market share : Global footprint New Brands launched since CY2024 Launch Vodka in this segment Note: Excludes Cheap spirit category ~115 Mn Cases Multi flavour portfolio under build with “Right to Win” approach + New team with new skills for premium on premise and key account channel Aodh Irish Whiskey Rangeela Vodka Yello Designer Whisky Woodburns Whisky
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31 31 Flagship brand continues to maintain market leadership in Mass Premium whisky segment Global Rankings (CY2024) • Among top 10 global spirits brands • 5th largest whisky brand in the world *Drinks International Millionaires’ Club Report 2025 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 and footprints in North America 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 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 Officer’s Choice • Launch cutting edge ‘International’ packaging to gain new consumers ICONiQ WHITE Category: Whisky Millionaire Brand Achieving Global Recognition in ~15 Months of Launch • The Fastest Growing Millionaire Spirits Brand in the world for the 2nd year in a row in CY2024 and among the top 20 global whisky brands as listed by Drinks International* • 5.7 Mn cases milestone in FY25 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 • 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 Karnataka (Apr-25), in Telangana (Jul-25) & in Kerala (Aug-25) to tap the growing prestige brandy market Sterling Reserve Blend 7 Category: Whisky Millionaire Brand Offering a Unique Blend of Scotch Malts and Indian Grain Spirits • Among top 20 global whisky brands in the world (CY2024)* • 4th largest brand in the semi-premium whisky segment nationally • 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 *Drinks International Millionaires’ Club Report 2025
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33 Prestige and Premium Srishti Select Collection Category: Whisky (Prestige) Crafted to elevate the everyday whisky experience • Srishti is an 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 whisky consumers to trade up with a product that feels both indulgent and deeply Indian • Presently available in Haryana, Uttar Pradesh & Punjab 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 • Induce ‘fresh appeal’ to its packaging Sterling Reserve Blend 10 Category: Whisky (Premium) Our Flagship in Premium Whisky Segment, Poised for Powerful Growth • Sterling Reserve B10 is a Premium whisky renowned for its exquisite taste • The brand has strong equity in the CSD and paramilitary channels
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34 Super-Premium to Luxury Zoya Gin Category: Gin Strengthening the footprint in Super-Premium Segment • 1st non whisky Super Premium brand launched in high growth, high margin category • Current Market: Present in 11 states, expanding in Travel Retail and in key international markets – UAE, Ivory Coast and New Zealand • 2 additional markets in the plan. Zoya Gin Flavours Category: Gin Expanding our Gin Flavour Portfolio • Two new flavors - Watermelon Gin and Espresso Coffee Gin launched • Current Market: Present in 7 states and international expansion in process Pumori Gin Category: Gin Strengthening the Premium Gin segment • Crafted with Himalayan juniper and 12 handpicked Indian botanicals • Award Wins: Gold Medal Winner – Spirits Selection by Concours Mondial de Bruxelles (CMB) and Siver at IWS Awards 2025 • Current Market: Present in 4 states and Travel Retail Segredo Aldeia Category: Rum Expanding into Luxury Rum segment • Entered into the Luxury rum category with the acquisition of 2 variants of Segredo Aldeia in Q4FY25 • 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 2 states and the plan is to strengthen the footprint in the current markets
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35 Super-Premium to Luxury Arthaus Collective Category: Whisky Entry into Luxury Segment • Blended Malt Scotch whisky - crafted from a blend of Single Malts from Speyside and the Highlands • Inspired by the Bauhaus Movement, reflecting the unity of art and craftsmanship • Award Wins: Silver – Spirits Selection by Concours Mondial de Bruxelles and Gold – India Wine & Spirits awards 2025 • Current Market: Present in 11 states and expanding in Travel Retail and in key international markets – UAE, Ivory Coast and New Zealand Aodh Irish Whiskey Category: Whisky Entry into Super-Premium Irish Whiskey Segment • Launched AODH Irish Whiskey, marking entry into the super- premium Irish whiskey category • Crafted using a signature triple distillation process and matured in ex- bourbon casks • Anchored in Irish distilling heritage with a contemporary brand identity • Current Market: Debuted in Haryana and now available in Maharashtra, Delhi and Goa with phased expansion planned across West Bengal, Karnataka, Uttar Pradesh and in Travel Retail Yello Designer Whisky Category: Whisky Addition to Super-Premium Whisky Segment • Launched Yello Designer Whisky, strengthening the super-premium whisky portfolio • Crafted as a fusion of Scotch malts and Indian malts, combining global provenance with local character • Design-led brand with distinctive, contemporary packaging • Current Market: Debuted in Maharashtra and now available in Goa, Haryana, West Bengal and Karnataka with expansion planned across key North Indian markets, international markets and in Travel Retail Woodburns Whisky Category: Whisky Expansion into Super-Premium Whisky Segment • Expanded into Super-Premium Whisky category through acquisition of Woodburns Contemporary Indian Whisky • A rich Indian peat forward whisky, made with a combination of 3 Indian malts, matured in charred oak barrels that gives a unique character to the whisky. • Woodburns is the first Indian brand to win the Revelation Blended Whisky Award at Spirits Selection, Brussels 2025 alongside a Grand Gold. • Current Market: Present in 11 states, expanding in Travel Retail and international expansion in process.
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36 Super-Premium to Luxury Russian Standard Vodka Category: Vodka Entry into Luxury Vodka Segment • Introduce the world's No. 1 Russian Premium Vodka to India • Crafted using glacial water from Lake Ladoga and winter wheat from the Russian Steppes, Russian Standard offers consumers unmatched purity, smoothness, and unique taste • Being rolled out across premium retail outlets, hotels, bars, and lounges in major Indian markets • Award Wins: Gold – India Wine & Spirits 2025 • Current Market: Present in 9 states and expanding in Travel Retail Rangeela Vodka Category: Vodka Addition to Luxury Vodka Segment • Introduced Rangeela Contemporary Indian Vodka as a homegrown brand within the premium vodka portfolio • Crafted using a triple distillation process and platinum chill- filtration for a smooth and versatile profile • Positioned for contemporary Indian consumers, with a focus on design-led branding and cultural identity • Current Market: Debuted in Maharashtra and now available in Goa, Haryana, West Bengal, Karnataka and Delhi with expansion planned across key North Indian markets, international markets and in Travel Retail
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37 Consolidated Annual Financial Summary Income from Operations (₹ Cr) Gross Margin (₹ Cr) Gross Margin (%) 2,697 3,158 3,334 3,541 FY22 FY23 FY24 FY25 1,057 1,173 1,230 1,481 39.4% 37.3% 37.0% 42.1% FY22 FY23 FY24 FY25 Note: Gross Margin defined as Revenue from Operations less (Excise Duty & Cost of Goods Sold) Income from Operations is calculated as Total Income less Excise Duty Sales Volume (Mn cases) 11.8 13.4 19.9 19.7 FY24 FY25 Prestige & Above Mass Premium 31.7 Total 33.1 Total Sales Value (₹ Cr) 1,469 1,6651,627 1,669 FY24 FY25 Prestige & Above Mass Premium 3,096 Total 3,334 Total EBITDA (₹ Cr) EBITDA Margin (%) 208 196 248 451 7.7% 6.2% 7.5% 12.7% FY22 FY23 FY24 FY25 Net Profit (₹ Cr) 1.5 1.6 1.8 195 FY22 FY23 FY24 FY25 Income from Operations (%) 47.0 47.1 5.9 Prestige & Above Mass Premium Others ROCE (%) 4.8 4.7 16.7 22.6 FY22 FY23 FY24 FY25 *On average capital employed basis FY25: ROCE 16.9% based on year end capital employed basis FY25
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38 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 ABD Support Team Tel: +91 22 6169 5988 Email: abd@churchgatepartners.com