ALLIED BLENDERS & DISTILLERS LTD Q2 CONCALL: MID-TEENS FY27 REVENUE GROWTH GUIDANCE, 300 BPS MARGIN IMPROVEMENT EXPECTED IN FY28, ADDITIONAL 150 BPS IN FY29 & ICONIC WHITE VOLUME TARGET OF 14 MILLION CASES

• MANAGEMENT REITERATED MID-TEENS REVENUE GROWTH GUIDANCE FOR FY27, SUPPORTED BY HIGHER SALES VOLUMES, PREMIUMIZATION & EXPANSION INTO NEW MARKETS • MANAGEMENT EXPECTS FY27 EBITDA MARGINS TO REMAIN BROADLY SIMILAR TO FY26 LEVELS, DESPITE NEAR-TERM INPUT-COST INFLATION & SUPPLY-CHAIN DISRUPTIONS • MANAGEMENT EXPECTS APPROXIMATELY 300 BPS EBITDA MARGIN IMPROVEMENT IN FY28 FROM BACKWARD INTEGRATION, CAPACITY EXPANSION & OPERATING EFFICIENCIES • MANAGEMENT EXPECTS AN ADDITIONAL APPROXIMATELY 150 BPS EBITDA MARGIN IMPROVEMENT IN FY29, TAKING THE INDICATED CUMULATIVE POTENTIAL BENEFIT TO AROUND 450 BPS • MANAGEMENT CLARIFIED THAT THE FY28–FY29 MARGIN IMPROVEMENTS ARE FORWARD-LOOKING EXPECTATIONS, DEPENDENT ON PROJECT EXECUTION & SUCCESSFUL CAPACITY RAMP-UP • MANAGEMENT EXPECTS APPROXIMATELY 100 BPS GROSS MARGIN IMPROVEMENT DURING H2 FY27, SUPPORTED BY PREMIUM PRODUCT MIX & COST OPTIMIZATION • MANAGEMENT TARGETS APPROXIMATELY 14 MILLION CASES OF ICONIC WHITE SALES IN FY27, COMPARED WITH 10.7 MILLION CASES IN FY26 • MANAGEMENT ASPIRES TO SCALE ICONIC WHITE TO APPROXIMATELY 20 MILLION CASES OVER THE NEXT TWO YEARS, SUPPORTED BY DISTRIBUTION EXPANSION & BRAND INVESTMENTS • MANAGEMENT AIMS TO EXCEED 50 MILLION CASES OF TOTAL COMPANY SALES VOLUME BY FY29, SUBJECT TO MARKET DEMAND & EXECUTION • MANAGEMENT EXPECTS THE PRESTIGE & ABOVE PORTFOLIO TO CONTRIBUTE MORE THAN 50% OF TOTAL SALES VOLUME & APPROXIMATELY 60% OF VALUE SALES WITHIN ONE YEAR • MANAGEMENT EXPECTS PREMIUMIZATION TO SUPPORT HIGHER REALIZATIONS, BETTER PRODUCT MIX & SUSTAINABLE LONG-TERM PROFITABILITY • MANAGEMENT PLANS TO EXPAND ITS INTERNATIONAL PRESENCE TO MORE THAN 50 COUNTRIES WITHIN APPROXIMATELY 12 MONTHS, SUPPORTED BY PREMIUM & LUXURY BRAND DISTRIBUTION • MANAGEMENT EXPECTS STRONGER H2 FY27 ICONIC WHITE SALES, SUPPORTED BY FESTIVE DEMAND, MARKETING CAMPAIGNS & WIDER DISTRIBUTION • MANAGEMENT EXPECTS THE OFFICER'S CHOICE BLUE PACKAGING REFRESH, INTRODUCED IN SEPTEMBER 2026, TO SUPPORT GRADUAL BRAND RECOVERY • MANAGEMENT TARGETS THE STERLING RESERVE B7 PACKAGING RELAUNCH DURING Q4 FY27 TO STRENGTHEN PREMIUM POSITIONING & IMPROVE SALES MOMENTUM • MANAGEMENT PLANS TO EXPAND THE INDIAN EDIT PREMIUM WHISKY BEYOND ITS INITIAL SEVEN-STATE PRESENCE, WHILE INTRODUCING A NEW VODKA PRODUCT BEFORE FY27-END • MANAGEMENT EXPECTS THE ABD MAESTRO SUPER-PREMIUM & LUXURY PORTFOLIO TO BENEFIT FROM WIDER DOMESTIC DISTRIBUTION & INTERNATIONAL MARKET EXPANSION • MANAGEMENT IS EXECUTING AN APPROXIMATELY ₹1,600 CR INVESTMENT PROGRAMME FOCUSED ON DISTILLERIES, BOTTLING CAPACITY & BACKWARD INTEGRATION • MANAGEMENT EXPECTS ANNUAL MAINTENANCE CAPITAL EXPENDITURE OF APPROXIMATELY ₹75–100 CR, SEPARATE FROM MAJOR GROWTH PROJECTS • MANAGEMENT EXPECTS THE MAHARASHTRA BOTTLING PROJECT TO BECOME OPERATIONAL WITHIN THE NEXT FEW MONTHS, SUPPORTING IN-HOUSE PRODUCTION CAPACITY • MANAGEMENT TARGETS COMMISSIONING OF THE MAHARASHTRA DISTILLERY EXPANSION DURING H1 FY28, SUBJECT TO PROJECT EXECUTION • MANAGEMENT TARGETS EXPANSION OF UTTAR PRADESH BOTTLING CAPACITY FROM 6 MILLION TO 13 MILLION CASES ANNUALLY BY Q4 FY27 • MANAGEMENT EXPECTS APPROXIMATELY ₹27 PER CASE IN FRANCHISE-FEE SAVINGS ON APPLICABLE IN-HOUSE VOLUMES FROM THE UTTAR PRADESH BOTTLING FACILITY • MANAGEMENT PLANS A 66 MILLION BULK LITRES PER YEAR DUAL-MODE DISTILLERY IN UTTAR PRADESH AS PART OF ITS BACKWARD INTEGRATION STRATEGY • MANAGEMENT CONFIRMED THAT THE TELANGANA PET BOTTLE PLANT IS OPERATIONAL & CONTRIBUTING POSITIVELY TO EBITDA • MANAGEMENT CONFIRMED COMMISSIONING OF THE TELANGANA MALT DISTILLERY IN OCTOBER 2026, WITH ANNUAL CAPACITY OF APPROXIMATELY 4 MILLION BULK LITRES • MANAGEMENT EXPECTS INITIAL SOURCING BENEFITS FROM THE TELANGANA MALT DISTILLERY IN APPROXIMATELY 12–15 MONTHS, WHILE MATURED MALT BENEFITS MAY TAKE AROUND THREE YEARS • MANAGEMENT AIMS TO MAINTAIN NET DEBT TO EBITDA BELOW 2.0X & NET DEBT TO EQUITY BELOW 0.75X UNDER ITS CAPITAL STRUCTURE FRAMEWORK • MANAGEMENT EXPECTS LEVERAGE TO RETURN WITHIN ITS STATED FRAMEWORK ON A FULL-YEAR BASIS, SUBJECT TO CASH GENERATION & CAPITAL EXPENDITURE • Q2 FY27 REVENUE INCREASED 15.8% YOY TO ₹1,152 CR, SUPPORTED BY STRONG VOLUME GROWTH & PREMIUM BRAND CONTRIBUTIONS • Q2 SALES VOLUME REACHED A RECORD 10 MILLION CASES, REPRESENTING 11.1% YOY GROWTH • Q2 EBITDA INCREASED 10% YOY TO ₹143 CR, WHILE EBITDA MARGIN STOOD AT 12.4%, DECLINING APPROXIMATELY 66 BPS YOY • Q2 PAT INCREASED 9.7% YOY TO ₹69 CR, REFLECTING PROFIT GROWTH DESPITE SUPPLY-CHAIN & INPUT-COST PRESSURES • Q2 GROSS MARGIN STOOD AT 45.3%, SUPPORTED BY THE COMPANY'S PREMIUMIZATION STRATEGY • MANAGEMENT ESTIMATED THAT GLOBAL SUPPLY-CHAIN DISRUPTIONS REDUCED Q2 EBITDA BY APPROXIMATELY ₹29 CR • EXCLUDING THE ESTIMATED DISRUPTION IMPACT, Q2 ADJUSTED EBITDA WOULD HAVE BEEN APPROXIMATELY ₹172 CR, IMPLYING AN ADJUSTED EBITDA MARGIN OF 14.9% • H1 FY27 REVENUE INCREASED 10.9% YOY TO ₹2,135 CR, WHILE EBITDA GREW 5.8% TO ₹263 CR • H1 FY27 PAT STOOD AT ₹114 CR, COMPARED WITH ₹119 CR IN THE PREVIOUS YEAR • H1 OPERATING CASH FLOW IMPROVED TO ₹269 CR FROM ₹147 CR, REFLECTING STRONGER CASH GENERATION • MASS PREMIUM & OTHER SEGMENT REVENUE INCREASED 15.9% YOY TO ₹468 CR, WITH VOLUMES OF APPROXIMATELY 5.5 MILLION CASES • MASS PREMIUM & OTHER SEGMENT VOLUMES GREW 15.5% YOY, SUPPORTED BY OFFICER'S CHOICE WHISKY & STRONG BRANDY DEMAND IN ANDHRA PRADESH • PRESTIGE & ABOVE SEGMENT REVENUE INCREASED 13.4% YOY TO ₹605 CR, WITH VOLUMES OF APPROXIMATELY 4.5 MILLION CASES • PRESTIGE & ABOVE VOLUMES GREW 6.1% YOY, WHILE REALIZATION PER CASE INCREASED 6.9% TO APPROXIMATELY ₹1,339 • PRESTIGE & ABOVE PRODUCTS CONTRIBUTED APPROXIMATELY 56.2% OF REPORTED SEGMENT VALUE SALES, REFLECTING A HIGHER PREMIUM PORTFOLIO CONTRIBUTION • ICONIC WHITE SALES REACHED APPROXIMATELY 3.2 MILLION CASES IN Q2, INCREASING 20.6% YOY • H1 ICONIC WHITE VOLUMES INCREASED 26.8% YOY TO APPROXIMATELY 6.2 MILLION CASES, SUPPORTING MANAGEMENT'S FY27 GROWTH AMBITION • NET DEBT INCREASED TO ₹1,273 CR AS OF SEPTEMBER 2026 FROM ₹981 CR IN MARCH 2026, PRIMARILY DUE TO THE ONGOING INVESTMENT PROGRAMME • NET DEBT TO EBITDA STOOD AT APPROXIMATELY 2.2X, WHILE NET DEBT TO EQUITY REACHED 0.8X, BOTH ABOVE MANAGEMENT'S STATED LEVERAGE THRESHOLDS • H1 FY27 CAPITAL EXPENDITURE REACHED APPROXIMATELY ₹351 CR, REFLECTING INVESTMENTS IN BACKWARD INTEGRATION & PRODUCTION INFRASTRUCTURE • THE COMPANY'S CREDIT RATING STOOD AT IND AA− WITH A STABLE OUTLOOK, SUPPORTING ACCESS TO FUNDING FOR ITS EXPANSION PROGRAMME • MANAGEMENT ESTIMATED THE H1 FY27 EBITDA IMPACT FROM GLOBAL SUPPLY-CHAIN DISRUPTIONS AT APPROXIMATELY ₹53 CR, WITH SOME COST PRESSURE EXPECTED TO CONTINUE INTO Q3 • KEY RISKS INCLUDE INPUT-COST INFLATION, SUPPLY-CHAIN DISRUPTIONS, HIGHER DEBT, DELAYS IN PROJECT COMMISSIONING, PREMIUM BRAND RECOVERY & STATE-LEVEL REGULATORY UNCERTAINTY • OVERALL OUTLOOK REMAINS POSITIVE ON VOLUME GROWTH & MEDIUM-TERM PROFITABILITY, WITH KEY MONITORABLES INCLUDING MID-TEENS FY27 REVENUE GROWTH, 14 MILLION ICONIC WHITE CASES, FY28–FY29 MARGIN EXPANSION, ₹1,600 CR PROJECT EXECUTION & LEVERAGE NORMALIZATION

ALLIED BLEND N DISTILS L

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