P&A products currently account for about 47% of the company’s total sales volume and around 55% of its revenue.
“The portfolio that we built in ABD Maestro, which is our luxury subsidiary, is doing exceedingly well, and the growth that will come on our luxury portfolio is unlikely to impact the volume mix, but the value mix will significantly change,” he said.
The earnings before interest, tax, depreciation, and amortisation (EBITDA) margins are expected reach 18% by the end of FY28.
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The company is also preparing to enter the Indian single malt category in FY29, one of the highest price-point segments in domestic spirits, and is already building maturation warehousing capacity.
To protect and expand margins, ABD is investing in owning more of its own supply chain. The centrepiece is a new 200,000-litre-per-day plant in Andhra Pradesh, operating through a subsidiary called Keyan Blenders. The facility is designed to run in dual mode — producing Extra Neutral Alcohol (ENA) for its own whisky manufacturing, and fuel-grade ethanol for external sale. A new bottling unit in the same state is being built alongside it.
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Further capital spending is planned for bottling capacity in Punjab, automation across plants, and malt procurement. Gupta said the broader programme is focused on productivity and supply chain security.
To fund this pipeline, ABD has passed an enabling resolution for a Qualified Institutional Placement (QIP). Gupta did not set a timeline, framing the raise as contingent on how the capex programme progresses over the next few quarters. The final funding mix could be equity, debt, or a combination of the two.
In Andhra Pradesh, it has received regulatory approval for a brandy product under the Officer’s Choice label — a market Gupta said could yield another million-case brand.
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Bihar adds a separate variable. The state, which banned alcohol sales in 2016, previously contributed roughly 10% of ABD’s volumes, and has been the subject of recurring speculation about a policy reversal. Gupta confirmed the company is preparing logistics in advance, should the prohibition be lifted.
“Bihar was operating — nearly 10% of our volume was coming from Bihar. So, if Bihar does open, I think it’s definitely a big positive for ABD,” he said.
No timeline was given for Bihar. Any return to the market, Gupta said, would depend on the final shape of any new state policy.
Allied Blenders closed financial year 2025-26 (FY26) with revenue of ₹3,540.75 crore and net profit of ₹194.85 crore. Its shares have gained more than 32% over the past year, giving it a market capitalisation of approximately ₹15,104 crore.
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