Transcript of Conference Call to discuss Q2FY27 Earnings of the Company

November 4, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G, Dalal Street Bandra Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Scrip Code (BSE): 544203 Symbol: ABDL Our Reference No. 93/2026-27 Sub: Transcript of the Conference Call to discuss Q2FY27 Earnings of the Company Ref: Our letters dated October 19, 2026 & October 28, 2026 Dear Sir/Ma’am, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Transcript of the Conference Call to discuss Q2FY27 Earnings of the Company held on Wednesday, October 28, 2026. This intimation is also being uploaded on Company’s website and can be accessed at https://www.abdindia.com/. The above is for your information and record. Thanking you. Yours sincerely, For Allied Blenders and Distillers Limited Sumeet Maheshwari Company Secretary & Compliance Officer Membership No. ACS – 15145 Encl.: a/a Allied Blenders and Distillers Limited Corporate Office: Ashford Centre, 3rd Floor, 4th Floor & 7th Floor, Shankarrao Naram Marg, Lower Parel (W), Mumbai – 400013. Tel: +91 22 4300 1111 Registered Office: 394-C, Ground Floor, Lamington Chambers, Lamington Road, Mumbai – 400004, India. T.: +91-22 6777 9777 CIN No: L15511MH2008PLC187368 | E.: info@abdindia.com| www.abdindia.com “Allied Blenders and Distillers Limited Q2 FY27 Results Conference Call” October 28, 2026 MANAGEMENT: MR. SHEKHAR RAMAMURTHY – EXECUTIVE DEPUTY CHAIRMAN MR. AMAR SINHA – MANAGING DIRECTOR MR. RAMAKRISHNAN RAMASWAMY – CHIEF FINANCIAL OFFICER MR. J MUKUND – HEAD, INVESTOR RELATIONS AND CHIEF RISK OFFICER MODERATOR: MR. ABHIJEET KUNDU – ANTIQUE STOCK BROKING LIMITED Page 1 of 17 Allied Blenders and Distillers Limited October 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Allied Blenders and Distillers Limited Q2 FY27 Results Conference Call hosted by Antique Stock Broking Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Abhijeet Kundu. Thank you, and over to you, sir. Abhijeet Kundu: Thank you. It is our absolute pleasure to host the management of Allied Blenders and Distillers Limited for the Q2 FY27 results con call. Over to Mr. Mukund, Head of Investor Relations and Chief Risk Officer for further proceedings. Thank you. J. Mukund: Thanks, Abhijeet. Good evening, everyone. Thank you for joining our Q2 FY27 results conference call. I hope you have received a copy of our results presentation. I would like to urge you to go through this along with the disclaimer slides. Today, we have with us from the management of ABD, Mr. Shekhar Ramamurthy, Executive Deputy Chairman; Mr. Amar Sinha, Managing Director; Mr. Ramakrishnan Ramaswamy, Chief Financial Officer. Now I would like to hand over the call to our MD, Mr. Amar Sinha, who will give you the summary of the company's quarterly performance before we open up for Q&A. Over to you, Amar. Amar Sinha: Thank you, Mukund. Good evening, everyone, and thank you for joining us today for ABD’s Q2 and H1 FY27 earnings call. In the first half of FY27, ABD has continued to build a stronger portfolio, a sharper operating model, and a clear focus on building a future-ready spirits’ company. Our priorities remain consistent: premiumisation-led growth, stronger consumer engagement, disciplined execution in backward integration, and prudent capital allocation. Q2 FY27 performance overview. On a consolidated basis, Income from Operations stood at ₹1,152 crore, reflecting growth of 15.8% year-on-year and 17.1% quarter-on-quarter. Q2FY27 marked an important milestone for ABD, with quarterly volumes crossing 10 million cases for the first time. Total volumes stood at 10 million cases, compared to 9.0 million cases in Q2FY26, representing growth of 11.1% year-on-year. The growth was broad-based across both Mass Premium & Others and Prestige & Above, with all four millionaire brands also growing on a sequential basis, complemented by growth across key domestic and international markets, including the defence channel. This strong momentum was visible through the first half of FY27, during which we achieved record monthly sales on three occasions, culminating in our highest-ever monthly volume of over 3.5 million cases in September 2026. Page 2 of 17 Allied Blenders and Distillers Limited October 28, 2026 Gross margin stood at 45.3%, an expansion of 90 basis points year-on-year, driven by a profitable brand mix across states and higher realisation per case, complemented by backward integration benefits from PET bottle manufacturing, despite the impact of global supply chain disruptions. Reported EBITDA stood at ₹143 crore, up 10.0% year-on-year and 19.2% quarter-on-quarter, with EBITDA margin at 12.4%. The margin was lower by 66 basis points year-on-year, reflecting our continued investments in core brands and the newly established super-premium to luxury portfolio. PAT stood at ₹69 crore, up 9.7% year-on-year and 52.0% quarter-on-quarter. Profitability continued to be impacted by global supply chain disruptions, with an estimated impact of ₹29 crore during the quarter. On a like-to-like basis, excluding this impact, gross margin would have been 47.9%, an expansion of 342 basis points on year-on-year basis. EBITDA would have been ₹172 crore, higher by 32.3% on year-on-year basis, with EBITDA margin at 14.9%, an expansion of 186 basis points. Like-to-like PAT would have been ₹91 crore, higher by 44.3% on year-on-year basis. This reflects the underlying strength of our operating performance, supported by premium mix improvement and disciplined execution. For H1 FY27, Income from Operations stood at ₹2,135 crore, up 10.9% year-on-year, and EBITDA at ₹263 crore, up 5.8%. Reported PAT for the half-year stood at ₹114 crore, compared to ₹119 crore in H1 FY26. Excluding the ₹53 crore impact of global supply chain disruptions during the half-year, like-to-like EBITDA would have been ₹316 crore, higher by 27.1%, and like-to-like PAT would have been ₹154 crore, higher by 29.8% year-on-year. Now let me discuss the performance of the Mass Premium and Others and Prestige & Above segments. Mass Premium and Others, we delivered a strong quarterly performance in Q2 FY27 in the Mass Premium & Others category. The net sales value was ₹468 crore, up 15.9% year- on-year and 21.1% quarter-on-quarter. The volumes grew 15.5% year-on-year and 17.7% quarter-on-quarter to 5.5 million cases. Realisation per case improved to ₹848, up 0.4% year-on-year and 2.9% quarter-on-quarter. The overall volume growth was driven by strong growth in the brandy category in the state of Andhra Pradesh. Post receipt of relevant approvals in Q4 FY26, we have aggressively rolled out the brand in Andhra Pradesh, which is one of the largest brandy markets in India. With strong consumer response, we have been able to achieve near double digit market share in the state in the Mass Premium category. We witnessed robust growth in the whisky category as well led by strong bounce back of our flagship brand Officer’s Choice Whisky. The growth was driven in Southern region which was well supported by Eastern regions and exports market. Officer’s Choice remains a strong cash flow generator, retaining its leadership in India’s Mass Premium whisky category and its position as India’s number one exported whisky brand. Page 3 of 17 Allied Blenders and Distillers Limited October 28, 2026 Portfolio premiumization and brand momentum. Premiumisation remains central to ABD’s growth strategy. During Q2 FY27, Prestige & Above sales grew 13.4% year-on-year and 7.5% quarter-on-quarter to ₹605 crore. Volumes stood at 4.5 million cases, up [Showing first 8,000 characters — download PDF for full document]