Allied Blenders & Distillers Ltd

- No explicit mention of any current or future fundraising through equity or debt in the provided transcript. - Alok Gupta emphasized that all investment decisions will respect existing financial KPIs like net debt to equity and other key financial ratios. - The company plans to fund planned capex largely through internal accruals, with possible incremental net debt reduction if Telangana receivables come through. - Even if Telangana payments are delayed, the company intends to proceed with capex due to the standalone merit and expected value accretion within 6 months. - No indication or guidance on issuing new debt or equity has been provided during this call.

- Ongoing projects include a Malt distillery in Telangana and an ENA distillery in Maharashtra, expected to enhance gross margin by 300 bps by FY28. - Phase 2 incremental capex announced in January '26 (~₹110 crore) focused on Uttar Pradesh: - ₹40 crore for a fully automated bottling facility, operational by Q3 FY27. - Bottling unit will save franchise fee of ₹27 per case. - Optional future ENA distillation expansion on site. - Additional ₹54 crore approved for Minakshi (subsidiary) in Maharashtra for expanding bottling capacity at Aurangabad, operational by Q4 FY27. - Capex strategy targets disciplined capital deployment, backward integration, scalable margin-accretive capacity, and balance sheet prudence. - Total capex announced till Q3 FY27 approx. ₹700 crore including new projects. - Capex programs expected to be value accretive within 6 months, funded largely through internal accruals with or without Telangana overdue payments.

- P&A segment currently at ~12-13 million cases, expected to grow to 17-18 million cases in 3-5 years. - Targeting single-digit market share in P&A to significantly impact value and EBITDA. - Post India-U.K. FTA, plan to enter value Scotch segment (~50% of luxury market) which currently yields no profit. - P&A volume growth clocked 19% this quarter; Telangana disruption lowered growth; normalized Q4 expected with double-digit growth. - Mass Premium segment faced ~7% Telangana impact; low single-digit growth expected going forward. - Entry into Andhra Pradesh mass premium brandy segment (~12 million cases) with 15-20% market share anticipated, adding ~2 million cases. - ABD Maestro luxury portfolio to double revenue run rate from ₹40 crore to ₹80 crore+ in Q4 and further next year. - Overall volume growth expected in low to double digits; value growth in mid-double digits.

- Allied Blenders & Distillers (ABD) expects double-digit volume growth in the P&A (Premium & Above) segment, driven by strong performance of brands like ICONiQ White and expansion into new premium segments including value Scotch after India-UK FTA implementation. - Mass premium segment anticipated to deliver low single-digit volume growth with normalization in Telangana and entry into new markets like Andhra Pradesh brandy segment. - Mid-double-digit value growth expected overall, underpinned by premiumization and luxury portfolio growth (ABDM portfolio expected to grow significantly). - EBITDA margins projected to improve to 17%-18% by FY 2028, supported by backward integration and capex projects targeting enhanced gross margins (additional 230 bps from capex and 200 bps post-India-UK FTA). - Capex of roughly ₹700 crore planned over FY 27-28, with focus on efficient capacity utilization ensuring margin accretive growth. - PAT growth expected to reflect strong top-line growth, improving margins, and sustained operational leverage.

The transcript does not provide specific details about the current or expected order book or pending orders for Allied Blenders & Distillers Limited. The discussion primarily focuses on: - Volume growth and market share in various segments (P&A, mass premium, brandy). - Growth strategies including expansion in Telangana, Andhra Pradesh, and other states. - Launch of new premium and mass premium brands. - Impact of regulatory changes such as Telangana license disruptions and Maharashtra made liquor. - Premiumization and portfolio expansion, including international markets and CSD approvals. - Digital distribution and sales strategies. No explicit mention or disclosure about order book size or pending orders is made in the call transcript on page 20 or surrounding pages.