AB
ClosedMainboardConsumer Staples · Alcoholic Beverages / Indian Made Foreign Liquor (IMFL)
Allied Blenders and Distillers Limited
ABDL·₹267 – ₹281·Opens 2024-06-25
★★★☆☆3/5
🔗 Official WebsitePrice Band: ₹267 – ₹281
Min. Investment: 14893
Issue Size: 1500
About the Company
What does this company do?
Allied Blenders and Distillers Limited is one of India's largest Indian Made Foreign Liquor (IMFL) companies, primarily manufacturing and selling whisky, brandy, rum, vodka and gin. The company's flagship brand is Officer's Choice whisky. It operates through own manufacturing units and an extensive network of contract…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
1500
53391667
Fresh Issue
1000
35598074
Proceeds go to company
OFS
500
17793593
Proceeds to selling shareholders
Reservation Structure
QIB (Qualified Institutional Buyers)
50%
26637010
Not more than 50% of Net Offer; up to 60% of QIB portion allocated to Anchor Investors
NII / HNI (Non-Institutional Investors)
15%
7991103
Not less than 15% of Net Offer
RII (Retail Individual Investors)
35%
18645907
Not less than 35% of Net Offer
Market Maker Reservation
0.04%
117647
Employee Reservation Portion
Products & Brands
Key offerings and brand portfolio of the company.
Officer's Choice Whisky: India's one of the largest-selling whisky brands, available across value and semi-premium segments
Scroll to see all 5 products/brands
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | 9M FY2024 (Apr-Dec 2023) | 9M FY2023 (Apr-Dec 2022) | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue from Operations | 59111.44 | 53890.41 | 71056.80 | 71969.20 | 63787.76 |
| Other Income | 38.34 | 104.13 | 110.69 | 112.45 | 190.36 |
| EBITDA | 1862.01 | 1458.09 | 1960.61 | 2075.51 | 2129.96 |
| EBITDA Margin | 3.1% | 2.7% | 2.8% | 2.9% | 3.3% |
| Depreciation & Amortisation | 390.88 | 414.10 | 551.43 | 586.36 | 587.41 |
| EBIT | 1471.13 | 1043.99 | 1409.18 | 1489.15 | 1542.55 |
| Finance Costs (Interest) | 1279.32 | 982.97 | 1349.72 | 1450.93 | 1415.10 |
| PBT (Profit Before Tax) | 141.95 | 61.02 | 59.46 | 38.22 | 127.45 |
| Tax | 99.66 | 32.21 | 43.45 | 23.46 | 102.37 |
| PAT (Net Profit) | 42.29 | 28.81 | 16.01 | 14.76 | 25.08 |
| PAT Margin | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% |
| EPS — Basic (₹) | 0.17 | 0.12 | 0.07 | 0.06 | 0.10 |
| EPS — Diluted (₹) | 0.17 | 0.12 | 0.07 | 0.06 | 0.10 |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
0.07
FY2023
EPS — Diluted (₹)
0.07
FY2023
P/E Ratio
4014.29
At upper band ₹281 / EPS FY2023 ₹0.07
RoNW (%)
0.39%
FY2023 PAT/Net Worth
NAV per Share (₹)
16.64
Pre-issue FY2023
Debt/Equity
1.92
FY2023 Total Debt/Net Worth
EBITDA Margin (%)
2.76%
FY2023 EBITDA/Revenue from Operations
PAT Margin (%)
0.02%
FY2023 PAT/Revenue from Operations
Revenue CAGR
5.6%
2-yr FY2021–FY2023
Peer Comparison
Listed peers in the same industry — compare valuation and scale.
| Company | Exchange | Market Cap | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|---|---|
| United Spirits Limited | NSE/BSE | — | — | — | — | — |
| United Breweries Limited | NSE/BSE | — | — | — | — | — |
| Radico Khaitan Limited | NSE/BSE | — | — | — | — | — |
* Peer data extracted from DRHP. All figures in ₹ Crores unless stated. P/E based on latest available earnings.
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company
1
General corporate purposes
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Market leader in value whisky segment with Officer's Choice brand
Pan-India distribution network and brand recognition
Asset-light contract bottling model reduces capex requirements
Experienced promoter-driven management team
⚠️Weaknesses
Extremely thin profit margins despite large revenue scale
High debt burden with significant finance costs eroding profitability
Over-dependence on whisky segment (>97% revenue)
Complex regulatory environment across multiple states
🚀Opportunities
Premiumisation trend in Indian spirits market
Growing per-capita alcohol consumption in India
Expansion into premium and super-premium segments
Export market development
🔥Threats
Frequent state-level excise policy changes impacting pricing and distribution
Increasing competition from multinational and domestic players
Raw material price volatility (ENA, glass, packaging)
Health and wellness trends reducing alcohol consumption
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Leading position in the Indian IMFL market with Officer's Choice being one of the largest-selling whisky brands in India
✓
Diversified product portfolio across whisky, brandy, rum, vodka and gin price segments
✓
Extensive pan-India distribution network with strong presence across states
✓
Asset-light manufacturing model using a mix of owned facilities and contract bottling partners
✓
Experienced promoter family with decades of industry expertise in the Indian spirits sector
✓
Strong brand equity built over years in the value and semi-premium whisky segments
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
100%80.91%
0%19.09%
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Revenue highly concentrated in whisky segment (>97% of IMFL revenue), making it vulnerable to segment-specific demand shifts
⚠
High excise duty burden (over 55% of revenue from operations) constraining profitability
⚠
Regulatory risks given alcohol is a state subject with frequent changes in excise policies, pricing and distribution
⚠
Thin profit margins with PAT of only ₹16 million on revenue of ₹71,057 million in FY2023
⚠
Significant debt on balance sheet (₹7,808 million as at March 31, 2023) with high finance costs
⚠
Outstanding litigation including 72 tax proceedings and 58 statutory/regulatory proceedings against the company
◆ Neutral
Should You Apply?
Allied Blenders and Distillers Limited is one of India's largest IMFL companies, known for its flagship Officer's Choice whisky brand, with revenues of ₹71,057 million in FY2023. Despite its large scale, the company operates on extremely thin margins, with PAT of just ₹16 million in FY2023, heavily burdened by excise duties (~55% of revenues) and finance costs on ₹7,808 million of debt. At the upper price band of ₹281, the stock is priced at an extraordinarily high P/E multiple given negligible earnings, and the NAV per share of ₹16.64 implies significant premium to book. While the IPO proceeds will be used largely for debt repayment which should improve profitability, the near-term earnings visibility remains weak and valuations appear stretched, warranting a Neutral stance for long-term investors.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
IPO Opens
2024-06-25
🔒
IPO Closes
2024-06-27
🎯
Allotment
02 Jul 2024
🏛️
Listing
2024-07-02
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (3)
ICICI Securities
Nuvama
ITI Capital
Registrar to the Issue
📋
Link Intime India Private Limited
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Allied Blenders and Distillers Limited
CIN
U15511MH2008PLC187368
Registered Office
394-C Lamington Chambers, Lamington Road, Mumbai – 400 004, Maharashtra, India
Contact Person
Ritesh Ramniklal Shah
Phone
+91 22 43001111
Website
www.abdindia.com