Below is a structured extraction and summary of the relevant and actionable financial information from the Allied Blenders and Distillers Limited results filing dated 4 November 2025.
1. Auditor’s Note
- Type: Independent Auditor’s Review Report by Walker Chandiok & Co LLP.
- Qualification: None.
- Emphasis of Matter:
- Customer Dispute:
- Claim of ₹4,210.66 lakhs (net ₹3,398.72 lakhs) from Canteen Stores Department (CSD) related to differential trade rates for sales from 2012-2017.
- Company contests the claim; arbitration initiated; matter sub judice.
- Auditor’s conclusion not modified.
- Income Tax Litigation:
- Search operation by Income Tax Dept. in Dec 2023; demand orders for ₹35,231 lakhs tax + ₹24,914 lakhs interest for AY 2014-15 to 2024-25.
- 90% of demand stayed by CIT(A) as of April 2025; balance payable in 10 installments.
- Management and legal opinion consider demand unlikely to sustain; no adjustments made.
- Auditor’s conclusion not modified.
- Conclusion: No material misstatement; standard review report with emphasis on above matters.
2. Financial Performance
Standalone Financials (₹ Lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|
| Revenue from operations | 1,94,413.61 | 1,77,194.07 | 2,02,910.49 | 3,71,607.68 | 3,79,605.30 | 8,07,296.11 |
| Other income | 545.84 | 737.45 | 228.11 | 1,283.29 | 426.80 | 2,143.99 |
| Total Income | 1,94,959.45 | 1,77,931.52 | 2,03,138.60 | 3,72,890.97 | 3,80,032.10 | 8,09,440.10 |
| Total expenses (excl. finance & dep) | 1,81,189.94 | 1,65,720.60 | 1,92,547.43 | 3,46,910.54 | 3,61,798.36 | 7,64,139.76 |
| EBITDA (PBT before finance & dep) | 13,769.51 | 12,210.92 | 10,591.17 | 25,980.43 | 18,233.74 | 45,300.34 |
| Finance costs | 2,858.38 | 2,626.10 | 2,508.36 | 5,484.48 | 6,920.76 | 12,491.13 |
| Depreciation & amortisation | 1,381.60 | 1,349.77 | 1,580.20 | 2,731.37 | 3,157.06 | 5,727.36 |
| Profit before tax | 9,529.53 | 8,235.05 | 6,502.61 | 17,764.58 | 8,155.92 | 27,081.85 |
| Tax expense (total) | 2,349.39 | 2,143.96 | 1,657.92 | 4,493.35 | 2,092.50 | 7,068.97 |
| Profit after tax | 7,180.14 | 6,091.09 | 4,844.69 | 13,271.23 | 6,063.42 | 20,012.88 |
| Other comprehensive income (net) | 17.52 | 17.10 | (26.47) | 34.62 | (51.57) | 69.25 |
| Total comprehensive income | 7,197.66 | 6,108.19 | 4,818.22 | 13,305.85 | 6,011.85 | 20,082.13 |
| EPS (Basic & Diluted, ₹) | 2.56 | 2.18 | 1.73 | 4.74 | 2.31 | 7.38 |
Consolidated Financials (₹ Lakhs)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|
| Revenue from operations | 1,95,259.44 | 1,77,637.01 | 2,02,910.49 | 3,72,896.45 | 3,79,605.30 | 8,07,315.46 |
| Other income | 475.74 | 708.90 | 201.09 | 1,184.64 | 373.28 | 2,086.81 |
| Total Income | 1,95,735.18 | 1,78,345.91 | 2,03,111.58 | 3,74,081.09 | 3,79,978.58 | 8,09,402.27 |
| Total expenses (excl. finance & dep) | 1,82,717.34 | 1,66,478.21 | 1,92,578.37 | 3,49,195.55 | 3,61,858.92 | 7,64,259.45 |
| EBITDA (PBT before finance & dep) | 13,017.84 | 11,867.70 | 10,533.21 | 24,885.54 | 18,119.66 | 45,142.82 |
| Finance costs | 2,980.88 | 2,748.32 | 2,508.67 | 5,729.20 | 6,921.07 | 12,506.21 |
| Depreciation & amortisation | 1,650.00 | 1,555.16 | 1,610.60 | 3,205.16 | 3,230.29 | 6,064.34 |
| Profit before tax | 8,386.96 | 7,564.22 | 6,413.94 | 15,951.18 | 7,968.30 | 26,572.27 |
| Tax expense (total) | 4,190.50 (net) | 3,961.60 (net) | 3,315.78 (net) | 8,152.10 (net) | 4,185.94 (net) | 14,423.27 (net) |
| Profit after tax | 6,291.71 | 5,583.42 | 4,756.05 | 11,875.13 | 5,875.83 | 19,484.56 |
| Other comprehensive income (net) | 48.82 | 34.99 | (26.47) | 83.81 | (51.57) | 69.25 |
| Total comprehensive income | 6,340.53 | 5,618.41 | 4,729.58 | 11,958.94 | 5,824.26 | 19,553.81 |
| EPS (Basic & Diluted, ₹) | Not explicitly stated | | | | | |
3. Detailed Notes / Management Commentary
- Accounting Standards: Results prepared under Ind AS 34, compliant with SEBI Listing Regulations.
- IPO:
- Completed on 2 July 2024, raising fresh equity and offer for sale shares.
- IPO proceeds fully utilized by March 2025.
- Customer Dispute (CSD):
- Claim of ₹4,210.66 lakhs (net ₹3,398.72 lakhs) for sales from 2012-2017.
- Company contests claim; arbitration ongoing; management believes claim unlikely to succeed.
- Receivable considered good and recoverable.
- Income Tax Litigation:
- Search operation Dec 2023; demands raised for ₹35,231 lakhs tax + ₹24,914 lakhs interest for AY 2014-15 to 2024-25.
- Appeals filed; 90% demand stayed; balance payable in 10 installments.
- Promoter Chairman has assured funding any ultimate liability personally, so no impact on company financials.
- Management and legal opinion consider demand unlikely to sustain; no adjustments made.
- Acquisition:
- 100% acquisition of UTO Asia Pte. Ltd. (Singapore) completed on 10 June 2025 for EUR 1,225,000 (~₹10.5 crores approx).
- Amalgamation Scheme:
- Approved on 4 Nov 2025 for amalgamation of Deccan Star Distilleries India Pvt Ltd and Sarthak Blenders & Bottlers Pvt Ltd into Allied Blenders and Distillers Ltd.
- Subject to regulatory approvals.
- Segment:
- Single operating segment: Alcohol and Alcoholic Beverages.
- No material changes in accounting policies or adjustments reported.
4. Segment Information
- Business is a single operating segment: Alcohol and Alcoholic Beverages.
- No further segmental disclosures provided as per Ind AS 108.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure:
- Standalone Capex for H1 FY26: ₹9,558.92 lakhs (vs ₹3,465.20 lakhs in H1 FY25).
- Consolidated Capex for H1 FY26: ₹12,252.74 lakhs (vs ₹3,469.11 lakhs in H1 FY25).
- Significant increase in capex indicates ongoing expansion or modernization.
- Acquisitions:
- Acquisition of UTO Asia Pte. Ltd. completed on 10 June 2025 for EUR 1,225,000.
- Amalgamation:
- Scheme approved for amalgamation of two subsidiaries into the holding company.
- Provisions / Writebacks:
- No material provisions, write-downs, or impairments reported in the period.
- Restructuring / Cost Cutting:
- No explicit mention of restructuring or cost-cutting measures.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided and reviewed.
- Consolidated results include 11 subsidiaries, including the newly acquired UTO Asia Pte. Ltd.
- Consolidated financials broadly align with standalone trends but include minority interests and additional subsidiaries.
- No qualifications in either standalone or consolidated audit reviews.
Additional Key Financial Position Highlights (As at 30 September 2025)
Standalone Balance Sheet (₹ Lakhs)
| Particulars | 30 Sep 2025 (Unaudited) | 31 Mar 2025 (Audited) |
|---|
| Total Assets | 3,85,245.95 | 3,54,034.46 |
| Total Equity | 1,60,644.32 | 1,57,408.04 |
| Total Liabilities | 2,24,601.63 | 1,96,626.42 |
| Borrowings (Non-current + Current) | 1,04,578.32 | 89,381.41 |
| Inventories | 62,040.93 | 56,600.23 |
| Trade Receivables | 1,76,522.21 | 1,74,671.44 |
| Cash & Cash Equivalents | 11,281.22 | 8,686.51 |
Consolidated Balance Sheet (₹ Lakhs)
| Particulars | 30 Sep 2025 (Unaudited) | 31 Mar 2025 (Audited) |
|---|
| Total Assets | 3,84,313.10 | 3,52,906.29 |
| Total Equity | 1,58,180.92 | 1,56,292.24 |
| Total Liabilities | 2,26,132.18 | 1,96,614.05 |
| Borrowings (Non-current + Current) | 1,05,566.06 | 89,782.98 |
| Inventories | 64,330.57 | 57,329.41 |
| Trade Receivables | 1,77,797.23 | 1,74,683.62 |
| Cash & Cash Equivalents | 12,088.21 | 8,808.92 |
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|
| Auditor’s Opinion | Unqualified review report with emphasis on customer dispute and income tax litigation; no modifications. |
| Revenue Trend | Q2 FY26 revenue ₹1,94,413 lakhs (Standalone), slightly below Q2 FY25 ₹2,02,910 lakhs; H1 FY26 ₹3,71,608 lakhs vs H1 FY25 ₹3,79,605 lakhs. |
| Profitability | Standalone PAT Q2 FY26 ₹7,180 lakhs vs Q2 FY25 ₹4,845 lakhs; H1 FY26 ₹13,271 lakhs vs H1 FY25 ₹6,063 lakhs, showing strong YoY improvement. |
| Margins | EBITDA margin improved QoQ and YoY; PAT margin improved significantly in H1 FY26 vs H1 FY25. |
| EPS | Standalone EPS (Basic) Q2 FY26 ₹2.56 vs Q2 FY25 ₹1.73; H1 FY26 ₹4.74 vs H1 FY25 ₹2.31. |
| Capex | Significant increase in capex in H1 FY26 indicating expansion. |
| Corporate Actions | Acquisition of UTO Asia Pte. Ltd. completed; amalgamation scheme approved for two subsidiaries. |
| Risks | Ongoing customer dispute (₹3,398.72 lakhs) and income tax demand (₹35,231 lakhs + interest) under appeal; management confident of favorable outcome. |
| Balance Sheet Strength | Healthy equity base; borrowings increased moderately; strong inventory and receivables base. |
| Cash Flows | Operating cash flow positive and improved vs prior year; investing cash flow negative due to capex and acquisition; financing cash flow negative due to dividend payment and borrowings repayment. |
| Segment | Single segment - Alcohol and Alcoholic Beverages. |
End of Analysis