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Oct 2026 Q2 and H1 FY27 Earnings Presentation (BSE: 544203 | NSE: ABDL)
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THE INDIAN EDIT is a premium whisky born from the spirit of modern India - rooted in heritage yet fearlessly reimagined for a new generation. Born of superior Indian grains. Elevated with Scotch malts. Raised as THE INDIAN. The Scotch malts impart notes of vanilla, caramel, and gentle oak while the Indian malts bring warmth, richness and long finish. It is an edit of craft, love, flair, and modern Indian swag - refined into something timeless. Bold yet sophisticated, every sip reveals depth, authenticity, and a distinctly Indian soul.
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3 Agenda 1 ABD Overview 4 2 Investment Case 5 3 Performance Highlights 6 4 ABD Maestro Update 14 5 Management Perspectives 21 6 Future Ready Transformation 28 7 Financial Statements 33 8 Key Brand Portfolio Overview 37 9 5 Year Consolidated Financial Summary 45
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4 ABD Overview Officer’s Choice Whisky Launched in 1988 • Among top 10 global spirits brands • 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 • Among top 25 global whisky brands • 5th largest brand in the Semi- Premium whisky category nationally • Ranked 12th among Indian whisky brands globally 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 whisky brand in the world for three consecutive years CY23, CY24 and CY25 • Among top 15 global whisky brands in the world • Crossed 10 Million cases in FY26 Largest Indian spirits company by volume 2nd Whisky, Brandy, Rum, Vodka and Gin Expanded portfolio operating across multiple price points 32 Brands 2 ENA Distilleries 1 Malt Distillery 1 PET Bottle Manufacturing Unit Pan India 36 Bottling units International: 1 Bottling unit 41 90%+ of width of retail distribution across India 80,000+ Largest exporter by volume Presence in 42 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 since FY26 Woodburns Whisky The Indian Edit Whisky
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5 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 • High-end research center with infrastructure to support premium products development across categories • 90%+ of width of retail distribution domestic market 2 Successful value creation track record of building 4 Millionaire Brands • Officer’s Choice maintaining market leadership over a decade (16.9 Mn cases in FY26) with 40%+ market share • ICONiQ White growing exponentially to 10.7 Mn cases in FY26 vs 5.7 Mn cases in full year FY25 • Sterling Reserve is amongst the top 5 brands in India’s semi- premium whisky segment • Officer’s Choice Blue continues to enjoy its position as a regional power brand in the Prestige & Above segment 3 Officer’s Choice strong cash flow generation core to future growth plans • 45%+ 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 (P&A) brand portfolio well positioned for high growth trajectory • Driving aggregated market share in P&A whisky category • Portfolio ready to capitalize on high growth and high margin Super-Premium to Luxury category (ABD Maestro) • Broad range of price points (₹840 to ₹5,300 per bottle) covering consumer preferences • One of the largest bulk Scotch importers, margin accretive UK FTA , improving luxury portfolio accessibility 5 Strategic investments to optimize supply chain and enhance EBITDA Margins by ~300 bps by FY28 and incremental ~150 bps by FY29 • Secure key raw material supplies by establishing in-house ENA distilleries in key states in India • Reduced availability risks to enable high growth Prestige whisky and setting up Single Malt distillery • In-house PET bottle manufacturing facility and malt distillery now operational & EBITDA accretive • Scaling in-house bottling capabilities across key markets to support growth and improve operational efficiencies 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 14.4% (FY26) on track for ~18.0% by FY28 • Capital structure provides headroom to support future growth plans (FY26 Net Debt / Equity: 0.6x) • Driving ROCE from 19.7% (FY26) to 23% – 25% by FY28
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6 Consolidated Q2FY27 Highlights YoY • Topline driven by volume growth across portfolio • Reported Highest Ever Quarterly Sales Volumes of 10.0 million cases in Q2FY27 driven by growth across all 4 millionaire brands on q-o-q basis • ICONiQ White grew by 20.6% to 3.2 Mn cases vs 2.6 Mn in Q2FY26 • Gross Margin expanded by 90 bps to 45.3% from 44.4% in Q2FY26, driven by premiumization and benefits from backward integration, despite ongoing global supply chain disruptions • EBITDA margin moderated by 66 bps as Gross Margin gains were more than offset by planned investments in people, core brands and newly established luxury portfolio • Excluding the ₹29 Cr impact of global supply chain disruptions, like-to- like (LTL) EBITDA would have been ₹172 Cr (+32.3%), with LTL EBITDA margin at 14.9% (+186 bps) and LTL PAT of ₹91 Cr (+44.3%) in Q2FY27 • Sustained profitability and effective NWC optimisation drove operating cashflow generation of ₹ 269 Cr in H1FY27 • India Ratings & Research upgraded ABD’s rating by two notches to ‘IND AA-’ with Stable Outlook ABD Delivers Strong Topline Growth in Q2FY27 EBITDA Margin 12.4% vs 13.1% Q2FY26 Net Debt / EBITDA 2.2x in Sep-26 vs 1.7x in Mar-26 Income from Operations ₹ 1,152 Cr up 15.8% PAT ₹ 69 Cr Up 9.7% Net Debt / Equity 0.8x in Sep-26 vs 0.6x in Mar-26 EBITDA ₹ 143 Cr up 10.0% ROCE 18.4% in Sep-26 vs 19.7% in Mar-26 Notes: Net Debt/ EBITDA is calculated with EBITDA on Trailing Twelve Months (TTM) basis, ROCE calculated on EBIT (TTM ) and average Capital Employed basis
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7 Consolidated H1FY27 Highlights YoY Income from Operations ₹ 2,135 Cr +10.9% YoY EBITDA ₹ 263 Cr +5.8% YoY EBITDA Margin 12.3% vs 12.9% PAT ₹ 114 Cr vs ₹ 119 Cr Delivers Strong Topline Performance Total Volume (Mn Cases) 19.1 +8.7% YoY 42.2%57.8% Sales Contribution H1 FY27 53.5% 46.5% Volume Contribution H1 FY27 Mass Premium & Others Volume (Mn Cases) 10.2 +9.0% YoY P&A Volume (Mn Cases) 8.9 +8.3% YoY Total Realization (Per Case) ₹ 1,060 +3.0% YoY P&A Mass Premium & Others In H1FY27, excluding the impact of global supply chain disruptions of ₹ 53 Cr, LTL EBITDA would have been ₹316 Cr, up 27.1% YoY and PAT would have been ₹ 154 Cr, up 29.8%
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8 Consolidated Quarterly Performance Trend Income from Operations (₹ Cr) EBITDA (₹ Cr) PAT (₹ Cr) 63 45 69 Q2 FY26 Q1 FY27 Q2 FY27 Topline growth: • Volume growth driven across the portfolio with growth across all 4 millionaire brands on q-o-q basis • Increase in realisation per case driven by premiumisation and state brand SKU mix • Strong growth in key domestic markets including defence and international markets Profitability driven by: • Maintaining a strategic focus on a profitable brand mix across states • Higher realisation per case, complemented by backward integration benefits, led to a 90 bps Y-o-Y expansion in Gross Margin despite global supply chain disruptions • Continued investments in core brands & newly established luxury portfolio offset Gross Margin gains, resulting in EBITDA margin lower by 66 bps Y-o-Y • Excluding the ₹29 Cr impact of global supply chain disruptions, like-to-like (LTL) EBITDA would have been ₹172 Cr (+32.3%), with LTL EBITDA margin at 14.9% (+186 bps) and LTL PAT of ₹91 Cr (+44.3%) in Q2FY27 vs Q2FY26 EBITDA Margin % 15.8% 10.0% 995 984 1,152 Q2 FY26 Q1 FY27 Q2 FY27 130 120 143 Q2 FY26 Q1 FY27 Q2 FY27 13.1% 12.2% 12.4% Q2 FY26 Q1 FY27 Q2 FY27 -66 bps9.7%
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9 Q2FY27 Brand Portfolio Highlights Sales (₹ Cr) Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y P&A 605 563 7.5% 533 13.4% Mass Premium & Others 468 386 21.1% 403 15.9% Total Sales 1,073 949 13.0% 937 14.5% Others 79 35 127.8% 58 36.6% Income from Operations 1,152 984 17.1% 995 15.8% Volume (Mn Cases) Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y P&A 4.5 4.4 3.8% 4.3 6.1% Mass Premium & Others 5.5 4.7 17.7% 4.8 15.5% Total Volume 10.0 9.0 11.0% 9.0 11.1% Realization (₹ / Case) Q2FY27 Q1FY27 Q-o-Q Q2FY26 Y-o-Y P&A 1,339 1,293 3.6% 1,252 6.9% Mass Premium & Others 848 824 2.9% 845 0.4% Total Realization 1,069 1,050 1.8% 1,037 3.1% Others include Other Income, external ENA sales from distillery, sale of by-products and others • Mass Premium & Others: Strong volume growth led by brandy and whisky categories in key southern states and well supported by export market • P&A: Volume growth driven by demand across Pan India and in Defence category • Growth across 4 millionaire brands on q-o-q basis • ICONiQ White grew 20.6% y-o-y to 3.2 Mn cases, continuing its strong growth momentum across channels in India and export markets Sales Contribution Volume Contribution 47.1% 52.9% Q2FY26 45.0% 55.0% Q2FY27 P&A Mass Premium & Others P&A Mass Premium & Others 56.9% 43.1% Q2FY26 56.4% 43.6% Q2FY27
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10 H1FY27 Brand Portfolio Highlights Sales (₹ Cr) H1FY27 H1FY26 Y-o-Y P&A 1,168 1,018 14.7% Mass Premium & Others 854 788 8.3% Total Sales 2,021 1,806 11.9% Others 114 119 -3.7% Income from Operations 2,135 1,925 10.9% Volume (Mn Cases) H1FY27 H1FY26 Y-o-Y P&A 8.9 8.2 8.3% Mass Premium & Others 10.2 9.4 9.0% Total Volume 19.1 17.5 8.7% Realization (₹ / Case) H1FY27 H1FY26 Y-o-Y P&A 1,316 1,243 5.9% Mass Premium & Others 837 842 -0.6% Total Realization 1,060 1,029 3.0% Others include Other Income, external ENA sales from distillery, sale of by-products and others Sales Contribution Volume Contribution 57.8% 42.2% H1FY27 56.4% 43.6% H1FY26 46.5% 53.5% H1FY27 46.7% 53.3% H1FY26 • P&A: Growth across all regions led by ICONiQ White • Mass Premium & Others: Growth across regions. Continue d focus on profitable state brand SKU mix • Super Premium to Luxury portfolio brands expanding presence in ~80% addressable markets P&A Mass Premium & Others P&A Mass Premium & Others
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11 Global Ambition: Expanding Our Export Footprint Overview Largest exporter by volume from India to 42 Countries • Asset light high profit export model • Profitability ~1.3x of domestic • Working capital ~1/3rd of domestic • Expanded reach from 36 to 42 countries in H1FY27 • 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 10 countries • Launched local production of Officer’s Choice Blue in Malaysia through an asset-light co-bottling model • Expanded ABD Maestro portfolio presence - 7 international markets: Australia, Canada, Ivory Coast, New Zealand, Rwanda, Sierra Leone and UAE - Arthaus Blended Malt Whisky, Zoya Gin, Woodburns Whisky, Rangeela Vodka, AODH Irish Whiskey, Yello Designer Whisky 206 235 FY 25 FY 26 Net Revenue From Exports (₹ Cr ) 14.1% Togo UAE Thailand Democratic Republic of Congo Oman Maldives Indonesia Mali Gabon Burkina Faso Kenya Malaysia Qatar Bahrain Lebanon Singapore Sierra Leone Ukraine Mozambique Haiti Russia USA Canada South Sudan Benin Chile Rwanda South Africa Dominican Republic New Zealand Spain Namibia Niger Guinea Conakry Angola Existing Markets New Markets in FY27 Bottling Unit Republic of Congo Nigeria Ivory Coast Ghana Australia Portugal Italy
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12 Officer’s Choice Blue: Relaunched with Premium Packaging and a Refreshed Identity A New Chapter for a Trusted Whisky Brand with ‘Badal Ke Toh Dekho’ Strategic Significance: • Elevating the consumer experience in the P&A segment through premium packaging and a refreshed identity • Responds to the evolving modern Indian consumer, aiming to strengthen brand relevance and support its next phase of growth Premium Product Proposition: • Crafted with imported Scotch malts and matured in bourbon barrels, with a blend trusted by millions • Continues the brand’s core promise of quality and consistency Packaging Innovation: • Sleeker, more sophisticated bottle structure • Transparent label with elegant matte gold foiling brings a contemporary, premium look • Prominently embossed “Trusted Since 1988” marker celebrates the brand’s legacy Market Rollout: • Sep-26 onwards: Rollout in Uttar Pradesh, Maharashtra, Haryana and West Bengal, has received encouraging response from customers in these markets. More markets to follow in phased manner.
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13 The Indian Edit: A Premium Whisky Celebrating Modern Indian Identity Strengthening ABD’s Premium Whisky Portfolio Strategic Significance: • Expands ABD’s premium whisky portfolio • Positioned for the contemporary, global Indian consumer, celebrating Indian roots and a modern outlook • Addresses the growing preference for quality, distinctiveness and a more evolved drinking experience Premium Product Proposition: • Blends Indian malt and grain spirits with fine Scotch malts • Features notes of vanilla, caramel and gentle oak, with malts adding warmth, richness and a long finish Packaging & Market Expansion: • Packaging features embossed regional languages inspired by Indian currency notes, a vintage label motif reminiscent of classic Indian travelling circuses and a cap evoking a Maharaja crown • Launched in Sep-26. Available across Maharashtra, Haryana, Uttar Pradesh, Assam, Tripura, Rajasthan and Goa, with further expansion to other markets. Encouraging response from trade partners and consumers • Offered in 180 ml, 500 ml and 750 ml SKUs Price: • ₹1,550 (750 ml) – Maharashtra
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14 ABD Maestro Update
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15 ABD Maestro: Unlocking the Luxury Opportunity Through Product Portfolio Approach Whisky Vodka Rum * ABD: Acquired brands including Woodburns, Pumori Gin & Segredo Aldeia. Partnered with Roust Corporation for Russian Vodka Portfolio # Bollywood Superstar Business & Creative Partner. ABD holding majority stake (80%) in the subsidiary – ABD Maestro Pvt. Ltd. Gin Truly Small Batch Live. Love. Rejoice. Art. Bottled. Made of Stories Born To Stand Out For The Bold Explorer Portfolio with unique flavour price points through ‘Build, Buy & Partner’ Model* Leverage star power & creative vision of Bollywood Superstar Ranveer Singh# to drive market appeal Enhanced consumer experience through unique blending and craftsmanship Vodka As It Should Be Bann Jao Rangeela Crafted Premium Rum Ultra Luxury Whisky The Collective Limited Edition Market Positioning
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16 ABD Maestro: Unlocking the Luxury Opportunity Through Product Portfolio Approach Established Accelerated Presence within the First Year of Operations ~80% Addressable market presence ~6,000 Premium Touchpoints 7 Countries Presence 5 Travel Retail Presence Defence business channel supply initiated Expanding Presence • Differentiated luxury portfolio • Multiple flavours and price-point offerings • Enhancing premium consumer experience Manufacturing Readiness • 3 Strategically located manufacturing facilities • Positioned to enable small-batch production at optimal cost • Built to support the growing premium portfolio Expanding Portfolio Manufacturing Readiness Enhance Brand Engagement • Experience-led consumer activations • AI-led personalized campaigns • Faster data-driven marketing execution Specialized Execution Team • Dedicated 25+ member special accounts team • Focus on key accounts and on-premise • Strengthening mixology and social visibility Enhance Brand Engagement Specialized Execution team Global Recognition • 35+ global awards and recognitions • Reflecting quality and craftsmanship • Strengthening luxury brand credentials Global Recognition since FY26
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17 Bar Maestro: Pan-India Multi-City Bartenders’ Championship ABD Maestro Celebrates Craftsmanship and Elevates India's Cocktail Community ABD Maestro’s National Bartending Platform Created to showcase India’s rising mixology talent and celebrate creativity, craft and bar culture at scale A three stage competition that progressively evaluated bartenders on originality, technical expertise, and performance Meet Ranveer Singh Bollywood Superstar About the Championship 68.4M+ Impressions 14M Engagements 2.5K+ Followers 350+ Entries Overview Cities Delhi Gurgaon Mumbai Pune Goa Bangalore Kolkata Cocktail Entries & Winners
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18 ABD Maestro as Celebration Partner Grazia Indie Beauty Superstars 2026 India Today Woman Summit 2026 Fortune India 40 Under 40 2026 BMW X1 Long Wheelbase Launch Delicious Dining Award 2026 Manifest ‘Wed In India’ 2026 Strategic Sponsorships Strengthen ABD Maestro's Brand Visibility
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19 Awards & Global Recognitions A Testament to ABD’s Excellence South Asia Sabre Awards • Rangeela received “Certificate of Excellence” for the Food and Beverage segment • Recognised at 2026 South Asia Sabre Awards • Recognised in blind tasting categories at Spiritz Conclave & Achiever’s Awards: ▪ RANGEELA received 'Grand Gold' in the Vodka category ▪ YELLO and AODH each won ‘Gold’ in the Indian Whisky - Blended and Irish Whiskey - Blended categories ▪ ZOYA Premium Mixed Berries Gin received ‘Silver’ in the Gin category. • Recognised for Excellence Awards at Spiritz Conclave & Achiever’s Awards 2026 • ABD Maestro Named ‘Company of the Year 2026 (Domestic)’ • RANGEELA Contemporary Indian Vodka winning Gold for 'Product Launch 2026 - Vodka’ • AODH Irish Whiskey sharing the Gold for 'Product Launch 2026 - Whisky Premium’ Spiritz Conclave & Achievers’ Awards
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20 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) 51 147 215 269 H1 FY25 H2 FY25 H1 FY26 H2 FY26 H1FY27 • Generated OCF (₹269 Cr in H1 FY27) driven by profitability and sustained working capital discipline • Ongoing EBITDA accretive capex program funded by internal accruals and debt • Net Debt higher by ₹292 Cr at ₹1,273 Cr in Sep-26 from ₹981 Cr in Mar-26 predominantly utilized for capex of ₹351 Cr • Key metrics marginally higher than stated financial framework due to milestone based payments related to certain capex projects. Expected to be within stated framework by year end • India Ratings & Research upgrades ABD’s rating by two notches to ‘IND AA-’ with Stable Outlook H1 FY27 Stated framework Net Debt / EBITDA 2.2x < 2.0x Net Debt / Equity 0.8x < 0.75x 1.8x 0.5x 0.6x 0.6x 0.8x 3.0x 1.7x 1.7x 1.7x 2.2x H1 FY25 H2 FY25 H1 FY26 H2 FY26 H1FY27 Net Debt / Equity Net Debt / EBITDA Improving Operating Cashflows & Disciplined Capital Deployment
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21 Management Perspectives “Along with the portfolio expansion, ABD is now focused on scaling key brands through execution and delivering margin accretive topline growth” Portfolio Premiumisation Led Growth Margin Expansion Amar Sinha Managing Director Backward Integration (Margin and Supply Security) Digitization & Process Optimization Build High Performance Team • Q2FY27 marked an important milestone for ABD, with quarterly volumes crossing 10 million cases for the first time ever, supported by growth across segments and growth in all 4 millionaire brands on sequential basis • Mass Premium & Others segment: Growth driven in brandy & whisky categories in key Southern markets and well supported by export markets • Officer’s Choice retains its No. 1 position in India’s Mass Premium category & leads as India’s #1 exported brand, delivering 45%+ Gross Margins & serving as a key driver of profitability, cash flow generation, and market share gains • ABD Maestro: Established a Super-Premium to Luxury portfolio with fast-track expansion in key markets in India and progressively in International markets & travel retail. Continued investment in brand-building & distribution initiatives in Q2FY27 • Exports: We witnessed strong growth in export markets. The continued expansion from 36 to 42 international markets in H1FY27 reflects broad based distribution expansion, supported by a highly profitable, asset light model with superior capital efficiency • External environment: - Supportive Regulatory Landscape: Regulatory environment remains supportive, with most key state policy updates in place; further momentum expected from the Telangana policy & anticipated price revisions - Global Supply Chain: Continued near-term impact from global supply chain disruptions during H1FY27, with underlying business fundamentals remaining resilient; global inflationary trends being closely monitored - UK FTA: Expected to support margin improvement while strengthening the premium and luxury portfolio through greater sourcing flexibility - Telangana Receivables: Improving sentiment around the gradual clearance of outstanding dues • FY27 outlook: - Topline: With the start of festive season in Q3FY27, we expect the topline growth momentum to maintain with growth across categories • Margin focus & Capex execution: Sustained emphasis on margin improvement driven by premiumisation, capex benefits, UK FTA and operating leverage with sustained investment in people & brands, Continued disciplined execution of capex program
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22 Portfolio In Place Across Growth Categories 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 21 MRP 750 ml SKU (₹) ABD Key Brands Note: MRP in Maharashtra state for all brands. Srishti, Kyron and Golden Mist brands illustrative Maharashtra MRP New Brands launched since CY2024 Sterling Reserve B7 Whisky Sterling Reserve B10 Whisky Zoya Gin Pumori Gin Arthaus Blended Malt Whisky Russian Standard Platinum Vodka Kyron Brandy Golden Mist Brandy ICONiQ White Whisky Russian Standard Gold Vodka Mass Premium & Others Prestige & Semi-Premium Super-Premium to LuxuryPremium Russian Standard Original Vodka Segredo Aldeia Aodh Irish Whiskey Rangeela Vodka Yello Designer Whisky Woodburns Whisky Zoya Gin Flavours Officer’s Choice Whisky The Indian Edit Srishti Whisky 1,200 840 900 920 920 1,050 1,500 1,500 1,550 2,400 2,400 2,400 2,500 2,650 2,700 3,200 3,200 3,200 3,950 5,200 5,300 Officer’s Choice Blue Whisky
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23 Portfolio Build Up: Increasing P&A Play while Retaining Market Leadership in Mass Premium 52.8% 47.2% FY26 Portfolio Mass Premium & Others Premium Super-Premium to Luxury Segments Topline growth with Portfolio Build-up (FY28) Increasing P&A Contribution (Volume) ~50.0% ~50.0% FY28E • Revenue Growth in mid-teens (Value) • Increase market share in Indian markets • Broadening horizons: Expanding export markets 62.7% 37.3% FY24 Strategy Maintain market leadership with increasing market share in whisky category Expand market share in brandy category P&A Mass Premium & Others Establish presence with a multi-brand portfolio. Focus on key markets leveraging ABD’s strong distribution network and expanding key accounts and premium on-premise Drive growth with sharper focus through existing and new brands & categories Prestige & Semi-Premium Accelerate aggregate market share of whisky category Expand presence in white spaces (vodka & brandy)
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24 Route to Margin Enhancement # With revenue growth in mid-teens Gross Margin % EBITDA Margin % ●—————————————●——————————————● FY24 37.0% 7.5% FY26 45.6% 14.4% Way Forward (FY28) # ~48% ~18% Structural margin gains support growth investment, while external cost pressures may limit near -term expansion FTA Benefits Backward Integration Cost Efficiencies Growth & Premiumization Structural Margin Drivers External Headwinds Margin Enhancement Strategic Investments Invest in existing brands to drive growth, to establish Super-Premium to Luxury brands and in people Input & operating cost inflation, exacerbated by West-Asia related Supply chain disruptions, adverse foreign exchange movements
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25 Capex Program: Driving Efficiency, Security and Returns 1. Multi year capex program focused on key markets: • Deepening backward integration • Strengthening supply chain security 2. Current and pipeline investments to: • Expand distillation and bottling capacities • Drive structural cost efficiencies 3. Prudent capital allocation framework: • Build | Buy | Partner approach • Funded through internal accruals & debt Building Core Capacities in Key Markets 1. Enhance EBITDA Margins# by • ~300 bps by FY28 • Incremental ~150 bps by FY29 2. Disciplined framework of peak capex ratios: • Net Debt / EBITDA: < 2x (FY26: 1.7x) • Net Debt / Equity: < 0.75x (FY26: 0.6x) 3. ROCE (Pre-Tax) trajectory: • 18.5% FY26 → 23% – 25% by FY28 Value Accretive Capex Program Financial Benefits Telangana Unit Timeline PET Bottles Manufacturing Sep-25* Malt Distillery Oct-26* Total Investment: ₹190 Cr Uttar Pradesh Unit Timeline Bottling Unit 1 Oct-26* Botting Unit 2 Q3 FY28 Molasses Distillery Q3 FY28 Dual Mode Distillery Q1 FY29 Total Investment: ₹605.5 Cr Maharashtra Unit Timeline Bottling Unit Q4 FY27 ENA Distillery H1 FY28 Malt Distillery Q3 FY28 Total Investment: ₹519 Cr *Project Commissioned # on FY26 cost base Andhra Pradesh Unit Timeline Dual-mode Distillery H1 FY29 Total Investment: ₹300 Cr
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26 Capex Program: Compelling Strategic Rationale 1 MAILLP : Minakshi Agro Industries Limited Liability Partnership To be commercialised by • Investment (incl acquisition): ₹350 Cr (incl. infra) • Acquired in Dec-24 in MAILLP • To expand capacity to 61.0 MLPA from current ~11 MLPA ENA Distillery1 61.0 MLPA H1 FY28 Aurangabad, Maharashtra • Investment: ₹115 Cr • Secures 70–75% of total PET packaging requirements • Enables supply-chain efficiency and margin support • Within stated timelines • EBITDA accretive from Q3FY26 onwards PET Bottle Manufacturing 600 Mn bottles PA Project Commissioned in Sept-25 Rangapur, Telangana • Investment: ₹75 Cr • Malt distillery • Cater to requirement of fresh malt blending and matured malt blending for premium whiskies • Platform for future Single Malt whiskies Malt Distillery 4.0 MLPA Project Commissioned in Oct-26 Rangapur Telangana • Investment: ₹54 Cr • Bottling capacity expansion in MAILLP facility, Aurangabad • Cater to growing markets in western region and international Bottling Unit1 Q4 FY27 Aurangabad, Maharashtra • Investment: ₹115 Cr • Malt distillery with maturation warehouse • Expanding and strengthening premium spirits portfolio through entry into provenance-led Single Malt Whisky segment Malt Distillery1 3.0 MLPA Q3 FY28 Aurangabad, Maharashtra
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27 Capex Program: Compelling Strategic Rationale To be commercialised by 1 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 Cr 2 KION -Kion Blenders Industries Private Limited. Acquisition announced in Mar-26 • Investment: ₹300 Cr • Acquisition of up to 50% stake in KION* • ₹90 Cr equity (ABD and existing shareholder ₹45 Cr each) • Setting up dual-mode distillery` Dual-mode Distillery2 66.0 MLPA Vizianagaram Andhra PradeshH1 FY29 • Investment: ~₹110 Cr (incl ~₹ 70 Cr acquisition cost) • UP amongst top 3 key markets for growth • ~₹40 Cr for bottling unit (1) upgradation. • Expected to improve service efficiency, deliver cost benefits through increased in-house bottling and savings on franchise fees Assets Acquisition1 and Upgradation of Bottling Unit Project Commissioned in Oct-26 Moradabad, Uttar Pradesh • Investment: ~₹202 Cr • New automated bottling unit (2) expanding capacity from ~6 Mn cases PA to ~13 Mn cases PA • Refurbishment of existing molasses distillery ~13 MLPA and acquisition of additional land • Supports future backward integration and meets growing regional demand Expansion of Bottling Capacity & Refurbishment of the Molasses Distillery1 Q3 FY28 Moradabad, Uttar Pradesh • Investment: ~₹293.5 Cr • Setting-up dual-mode distillery • Improves operational and commercial flexibility • Strengthens supply security and is expected to support margins Dual Mode Distillery1 66 MLPA Q1 FY29 Moradabad, Uttar Pradesh
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28 Transformation Roadmap Value Accretive Profitable Growth Note: ROCE calculated on EBIT (TTM) and average Capital Employed basis. Backward Integration/ Operational synergies ROCE (pre-tax) Margin Enhancement Topline growth with Portfolio Build - up Initiative ENA Malt PET Prudent Capital Allocation Gross Margin % EBITDA % P&A Salience (Volume) Super-Premium to Luxury Portfolio Revenue growth (YoY) Way forward FY28 100% captive with growth 100% captive Single Malt whisky capability ~70-75% captive 23% - 25% ~48% ~18% Continued range expansion in select categories ~50% Revenue growth in mid-teens Where were we? FY24 33% captive 60 Mn pa liters - - 33% captive 60 Mn pa liters - - 16.5%16.7% 37% 7.5% 37% 7.5% 37.3% No presence 5.6% 37.3% No presence 5.6% Where are we now? 100% captive projects initiated 100% Captive 70-75% Captive; over 600 Mn bottles pa 19.7% 45.6% 14.4% 47.2% Built 10 brand portfolio with unique flavour price points through ‘Build, Buy & Partner’ Model 11.5% FY26 H1FY27 18.4% 45.6% 12.3% 46.5% 10.9%
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29 Strategically Positioned Production Facilities Rangapur, Telangana • ENA distillery of 60 MLPA • Owned bottling unit • PET bottles manufacturing unit production commenced in Sep-25 • Malt distillery commenced operations in Oct-26 * 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 # KION -Kion Blenders Industries Private Limited. Acquisition announced in Mar-26 Aurangabad, Maharashtra • ENA distillery of 11 MLPA • Additional 50 MLPA under construction • Expansion of bottling unit • Setting up of Malt distillery • R&D Centre • Addressing the state and export requirement 1 Moradabad, UP* • Company announced acquisition of distillery cum bottling facility* • Setting up 66 MLPA dual-mode distillery expected to be commissioned by Q1 FY29 • Bottling unit of 6 Mn cases commercialized in Oct-26 • Further expanding bottling unit upto 13 Mn cases & refurbishment of the existing 13 MN BLPA Molasses Distillery 4 Vizianagaram, AP • Acquired 50% stake in KION # • To set up 66 MLPA dual-mode distillery expected to be commissioned by H1 FY29 • To support margin improvement and supply security 3 2 Distilleries (4) 1. Aurangabad: 11 MLPA + 50 MLPA* 2. Moradabad: 66 MLPA* (Dual-mode) 3. Rangapur: 60 MLPA 4. Vizianagaram: 66 MLPA* (Dual-mode) Total ~253 MLPA India: 36 Bottling Units International Markets: 1 in Malaysia * Projects under progress
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30 Distribution Depth That Enables Premium Scale Maharashtra West Bengal Odisha Telangana ABD Coverage Alcohol Restricted States 30+ States and UTs 80,000+ Retail Reach 12 Sales Support Offices 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 and Luxury portfolio presence across ~6,000 key Premium on-premise and off-premise touchpoints Goa ABD & ABD Maestro Coverage Uttar Pradesh Chandigarh Uttar Pradesh Delhi Haryana Karnataka Rajasthan Punjab Daman
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31 Board of Directors: Stewardship and Expertise Bina Kishore Chhabria Co-Chairperson & Non-Executive Director • ABD 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 Mehli Maneck Golvala Independent Director • Kalyaniwalla & Mistry LLP Nasser Mukhtar Munjee Independent Director • DCB Bank • HDFC • IDFC Kishore Rajaram Chhabria Chairman & Non-Executive Director • ABD • Shaw Wallace & Company Maneck Navel Mulla Non-Independent, Non-Executive Director • Mulla & Mulla and Craigie Blunt & Caroe • M Mulla Associates • M/s. Wakhariya & Wakhariya Balaji Viswanathan Swaminathan Independent Director • B S R & Co. • ICICI Bank • Westpac Banking Corporation • Standard Chartered Bank • SAIML Resham Chhabria Jeetendra Hemdev Whole-Time Director (Vice-Chairperson) • ABD Vivek Anilchand Sett Independent Director • Ispat Industries • Tata Teleservices • Tata Realty and Infrastructure • Nectar Life Sciences • New Silk Route Advisors • Hughes Telecom Narayanan Sadanandan Independent Director • State Bank of India • SBI Capital Markets • SBI Pension Funds Arun Barik Executive Director • Seagram Distilleries • Marson & Summers Alcobev • Shaw Wallace & Company • BDA • Seagram – Pernod Ricard India Shekhar Ramamurthy Whole-Time Director (Executive Deputy Chairman) • United Spirits • United Breweries Amar Sinha Managing Director • Radico Khaitan • Herbertsons (UB Group) • Whyte & Mackay India Audit Committee Stakeholder Relationship Committee Nomination and Remuneration Committee Corporate Social Responsibility Committee Risk Management Committee ESG Committee Management Committee
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32 Senior Management Team: Industry and Multi Sector Experience Amar Sinha Managing Director Joined ABD In 2026, work experience +30 years • Radico Khaitan • Herbertsons (UB Group) • Whyte & Mackay India Ramakrishnan Ramaswamy Chief Financial Officer Associated with ABD 14+ years, work experience 37+ years • Essel Propack Ltd • Jubilant Oil & Gas Pvt Ltd • Hindustan Hardy Spicer Limited • JBF Industries 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 and CSR Joined ABD In 2023, work experience 28+ years • Pernod Ricard India • BEML • Goa Shipyard • Reliance Engineering Associated • Indian Charge Chrome Ralin Da Cunha Gomes Chief Human Resources Officer Joined ABD In 2022, work experience 30+ years • Indian Hotels Company • IIAS School of Management, Goa • The Leela Beach, Goa 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 Varun Lohia Chief Procurement Officer* Joined ABD In 2012, work experience 28+ years • Honda Cars India • SABMiller India • Honda Logistics India Monish Bhasin Chief Revenue Officer Joined ABD In 2026, work experience ~28 years • United Spirits Ltd • Mahindra & Mahindra • Godrej & Boyce Sumeet Maheshwari Company Secretary and Compliance Officer Joined ABD In 2025, work experience 24+ years • Reliance Industries • Tata Motors • Mahindra & Mahindra Bikram Basu Group Chief Marketing and Innovation Officer Associated with ABD 10+ years, work experience 33 years • Pernod Ricard India • United Spirits Jayant Manmadkar Group Finance Director and Strategy Joined ABD In 2025, work experience ~32 years • Seagram India • Brigade Enterprises • Mahindra Lifespace Developers • Sai Life Sciences • Cohance Lifesciences • Wockhardt Dr. Pradipta Basu Chief Marketing Officer Joined ABD In 2026, work experience 25 years • Radico Khaitan • United Spirits • ITC • Godfrey Phillips • Alcobrew Distilleries • HJ Heinz
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33 Consolidated Income Statement ₹ Cr Q2 FY27 Q1 FY27 Q-o-Q Q2 FY26 Y-o-Y H1FY27 H1FY26 Y-o-Y Total Income 2,089 1,814 15.2% 1,957 6.7% 3,903 3,741 4.3% Excise Duty 938 830 12.9% 963 -2.6% 1,768 1,816 -2.7% Income from Operations 1,152 984 17.1% 995 15.8% 2,135 1,925 10.9% Cost of Goods Sold 627 529 18.6% 550 14.1% 1,156 1,074 7.6% Total Operating Expenses 381 335 13.9% 315 21.2% 716 602 19.0% EBITDA 143 120 19.2% 130 10.0% 263 249 5.8% Depreciation 18 23 -19.2% 17 11.7% 41 32 28.6% Interest 28 29 -6.4% 30 -7.5% 57 57 -0.4% Profit Before Tax 97 68 43.2% 84 15.8% 165 160 3.4% Tax 28 22 25.5% 21 34.3% 51 41 24.0% Profit After tax 69 45 52.0% 63 9.7% 114 119 -3.6% EBITDA Margins (%) 12.4% 12.2% 22 Bps 13.1% -66 Bps 12.3% 12.9% -60 Bps Gross Margins (%) 45.3% 46.0% -64 Bps 44.4% 90 Bps 45.6% 43.8% 178 Bps Gross Margin: Excludes Other Income EBITDA Margins (%) (LTL) 14.9% 14.7% 30 Bps 13.1% 186 Bps 14.8% 12.9% 188 Bps Gross Margins (%) (LTL) 47.9% 48.4% -57 Bps 44.4% 342 Bps 48.1% 43.8% 427 Bps • In Q2FY27, excluding the ₹29 Cr impact of global supply chain disruptions, like-to-like (LTL) EBITDA would have been ₹172 Cr (higher by 32.3% on Y-o-Y basis), LTL EBITDA margin 14.9% (up 186 bps on Y-o-Y basis) and LTL PAT of ₹91 Cr (higher by 44.3% on Y-o-Y basis) • In H1FY27, excluding the impact of global supply chain disruptions of ₹ 53 Cr, LTL EBITDA would have been ₹316 Cr, up 27.1% YoY and PAT would have been ₹ 154 Cr, up 29.8%
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34 Consolidated Balance Sheet ₹ Cr H1FY27 FY26 ASSETS Non-Current Assets Property, Plant & Equipment 625 638 Capital Work in Progress 330 109 Rights of Use Assets 117 116 Goodwill 17 17 Other intangible Assets 114 118 Intangible Asset under development 1 1 Financial Assets (i) Investments 0 0 (ii)Other financial Assets 77 73 Deferred tax Assets (net) 19 17 Income tax Assets (net) 4 32 Other non-current Assets 222 102 Sub Total Non Current Assets 1,526 1,223 Current Assets Inventories 743 748 Financial Assets (i) Trade Receivables 1,875 1,802 (ii) Cash and cash equivalents 81 129 (iii) Bank balances other than cash and cash equivalents above 34 36 (iv) Loans 0 1 (v) Others financial Assets 31 46 Other Current Assets 205 169 Sub Total Current Assets 2,969 2,931 Total Assets 4,495 4,154 ₹ Cr H1FY27 FY26 Equity And Liabilities Equity Share Capital 56 56 Other Equity 1,586 1,607 Non Controlling Interests 17 23 Total Equity 1,658 1,686 Non Current Liabilities Financial Liabilities (i)Borrowings 437 260 (ii)Lease Liabilities 4 3 Provisions 25 25 Sub Total Non Current Liabilities 466 288 Current Liabilities (i)Borrowings 951 886 (ii)Lease Liabilities 2 2 (iii)Trade Payables 877 804 (iv)Other Financial Liabilities 207 180 Other current Liabilities 307 283 Provisions 17 16 Current Tax Liabilities (net) 10 10 Sub Total Current Liabilities 2,370 2,180 Total Liabilities 2,837 2,468 Total Equity And Liabilities 4,495 4,154
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35 Consolidated Cashflows ₹ Cr H1FY27 H1FY26 Cash Flow From Operating Activities 269 147 Cash Flow from Investing Activities -350 -106 Cash Flow From Financing Activities 33 -8 Net Increase in Cash and Cash Equivalent -48 33 Cash and Cash Equivalents at Beginning of the Period 129 88 Cash and Cash Equivalents at End of the Period 81 121
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36 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 enter 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 2024Officer’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 Feb-25 Launch of Russian Standard Vodka in Indian markets in Jun-25 Commissioned PET bottling unit in Rangapur, Telangana in Sep-25 Yello Designer Whisky and Aodh Irish Whiskey launched in Dec-25 Zoya Pink launched in April-26 ICONIQ White Whisky crossed 10 Mn Cases Milestone in Mar-26 2026 Acquisition of Distillery cum Bottling Facility in Uttar Pradesh from NICOL in Jan-26 Rangeela Vodka launched in Nov-25 Acquisition of Kion Blenders in Mar-26 and Dual-mode Distillery to be set-up in Andhra Pradesh The Collective launched in Feb-26 The Indian Edit premium whisky launched in Sep-26 Telangana Malt distillery commercialised in Oct-26
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Key Brand Portfolio Overview Sterling Reserve B10 Whisky Zoya Gin Arthaus Blended Malt Whisky Russian Standard Vodka Golden Mist Brandy ICONiQ White Whisky Srishti Whisky Segredo Aldeia Pumori Gin Aodh Irish Whiskey Rangeela Vodka Yello Designer Whisky Officer’s Choice Whisky Officer’s Choice Blue Whisky Woodburns Whisky Kyron Brandy Sterling Reserve B7 Whisky The Indian Edit Whisky
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38 ABD Portfolio Crafted for Growth Mass Premium (~104 Mn Cases) Prestige & Semi-Premium (~171 Mn Cases) Premium (~33 Mn Cases) Super-Premium to Luxury (~12 Mn Cases) Whisky Non-Whisky Sterling Reserve B10 Whisky Srishti Whisky Zoya Gin Pumori Gin Arthaus Blended Malt Whisky Segredo Aldeia Rum Russian Standard Vodka Kyron Brandy Indian Spirits Industry – 440 Mn cases Accelerate aggregate 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 CY2024Note: Excludes Cheap spirit category ~120 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 Zoya Gin Flavours Officer’s Choice Whisky Whisky Non-Whisky Officer’s Choice Brandy Whisky Non-Whisky Officer’s Choice Blue Whisky Sterling Reserve B7 Whisky ICONiQ White Whisky Golden Mist Brandy Launch Vodka in this segment The Indian Edit
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39 39 Flagship brand continues to maintain market leadership in Mass Premium whisky segment Global Rankings (CY2025) • Among top 10 global spirits brands • 3rd largest whisky brand in the world *Drinks International Millionaires’ Club Report 2026 Sales: 16.9 Mn cases in FY26, 40%+ Market Share Mass Premium & Others 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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40 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 Whisky Brand in the world for the third year in a row in CY2025 and among the top 15 global whisky brands as listed by Drinks International* • 10.7 Mn cases milestone in FY26 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 • Available in Karnataka, Telangana, Kerala & Goa Sterling Reserve Blend 7 Category: Whisky Millionaire Brand Offering a Unique Blend of Scotch Malts and Indian Grain Spirits • Among top 25 global whisky brands in the world (CY2025)* • 5th largest brand in the semi-premium whisky segment nationally • Ranked 12th among Indian whisky brands globally • 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 2026
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41 Prestige and Premium Srishti Select Collection Category: Whisky (Premium) 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 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 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 The Indian Edit Category: Whisky (Premium) A Premium Whisky Celebrating Modern Indian Identity • Blends Indian malt and grain spirits with fine Scotch malts • Distinctive packaging inspired by Indian heritage and culture • Launched in Sep-26. Available in Maharashtra, Haryana, Uttar Pradesh, Assam, Tripura, Rajasthan and Goa, with planned expansion to other markets
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42 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, New Zealand and Rwanda and Canada Zoya Gin Flavours Category: Gin Expanding our Gin Flavour Portfolio • Three new flavors - Watermelon Gin, Espresso Coffee Gin and Mix berry Gin (launched in April 2026) • 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 Silver at IWS Awards 2025 • Current Market: Present in 5 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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43 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: Gold – India Wine & Spirits awards 2025 and Silver – Spirits Selection by Concours Mondial de Bruxelles • Current Market: Present in 11 states and expanding in Travel Retail and in key international markets – UAE, Ivory Coast, New Zealand and Rwanda 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: Present in 10 states and expanding in Travel Retail and international expansion in process 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: Present in 12 states and with expansion planned across key 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 by CMB, Brussels 2025 alongside a Grand Gold. • Current Market: Present in 13 states, expanding in Travel Retail and international expansion in process. Started supplying to Paramilitary in September.
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44 Super-Premium to Luxury Russian Standard Vodka Category: Vodka Entry into Luxury Vodka Segment • Introduced 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: Present in 11 states and with expansion planned across key Indian markets, international markets and in Travel Retail The Collective Category: Whisky Entry into Ultra-Luxury Whisky Segment • Launched "The Collective", ABD Maestro’s first ultra-luxury whisky • Crafted from Speyside and Highlands malts, distilled in 1991 at Macallan Distillery • Matured over three decades, with a complex profile of florals, citrus, malty notes, and a sherry influence • Limited to 60 individually numbered decanters with handcrafted detailing, offering an exclusive and premium experience • Current Market: Debuted in Maharashtra and now available in Goa, Haryana and in Travel Retail
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45 Consolidated Annual Financial Summary Income from Operations (₹ Cr) Gross Margin (₹ Cr) Gross Margin (%) 2,697 3,158 3,334 3,541 3,949 FY22 FY23 FY24 FY25 FY26 1,057 1,173 1,230 1,481 1,788 39.4% 37.3% 37.0% 42.1% 45.6% FY22 FY23 FY24 FY25 FY26 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) 13.4 16.9 19.7 18.9 FY25 FY26 Prestige & Above Mass Premium & Others 33.1 Total 35.9 Total Sales Value (₹ Cr) 1,665 2,136 1,669 1,589 FY25 FY26 Prestige & Above Mass Premium & Others 3,334 Total 3,725 Total EBITDA (₹ Cr) EBITDA Margin (%) 208 196 248 451 568 7.7% 6.2% 7.5% 12.7% 14.4% FY22 FY23 FY24 FY25 FY26 Net Profit (₹ Cr) 1.5 1.6 1.8 195 220 FY22 FY23 FY24 FY25 FY26 Income from Operations (%) 54.140.3 5.7 Prestige & Above Mass Premium Others ROCE (%) 4.8 4.7 16.7 22.6 19.7 FY22 FY23 FY24 FY25 FY26 *On average capital employed basis FY25: ROCE 16.9% based on year end capital employed basis FY26
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46 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 73032 11037 Email: abd@churchgatepartners.com