Allied Blenders Q2: Consol PAT ₹69 Cr, +9.7% YoY (~4% adjusted), shy of guidance

Allied Blenders and Distillers' consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹69.02 Cr, up 9.7% YoY from ₹62.92 Cr and up 51.96% QoQ from ₹45.42 Cr, on consolidated revenue from operations of ₹2,085.46 Cr (+6.8% YoY, +15.3% QoQ). Standalone (parent-only) numbers were stronger — PAT of ₹84.63 Cr, up 17.9% YoY — because loss-making subsidiaries pulled the non-controlling interest line to -₹2.50 Cr this quarter (vs -₹1.39 Cr a year ago), widening the standalone-consolidated gap; readers tracking the standalone print alone would see a materially better quarter than the group actually reports. A chunk of the YoY PAT growth is not organic. Effective July 1, 2026 the company switched depreciation on plant & machinery from written-down value to straight-line, cutting Q2 D&A by ₹4.97 Cr at the consolidated level (₹4.35 Cr standalone) — a one-time comparability item that doesn't recur in the WDV-based year-ago quarter. Adjusting for this, consolidated PAT growth is closer to +4% YoY rather than the reported +9.7%, with the underlying operating picture closer to flat. Consolidated EBITDA margin improved modestly to ~6.9% of revenue from ~6.4-6.7% in the comparison quarters, and reported net margin was 3.31% vs 3.21% a year ago, though on an adjusted basis net margin is roughly flat YoY near 3.1%. No exceptional items were booked in either the current or year-ago quarter, so the comparison is otherwise clean. Management's prior concall guided FY27 revenue growth of "mid-to-high teens," but H1 FY27 consolidated revenue is up only ~4.4% YoY (Q1 was +1.8%, Q2 +6.8%) — running well short of that pace and extending the Q1 shortfall rather than reversing it. No management press release was available for this result to cross-check their own framing. On the Street side, no Q2 FY27-specific consensus estimate turned up in search; the pre-result preview flagged a Buy-leaning analyst consensus (target ₹699-708 as of June 2026) without a numeric quarterly estimate, so vsStreet is unknown rather than graded. The quarter's other developments — the Moradabad bottling facility (commissioned October 19) and the Telangana malt distillery (commenced October 22) — came online just after quarter-end and form the capacity base for the FY28 EBITDA margin target of 17-18% (300bps from backward integration, 130-140bps from the India-UK FTA); against a current run-rate EBITDA margin near 6.9%, that target implies a long runway still ahead. Separately, the DRI visited company offices on October 22 over an HSN code classification matter — disclosed as a corporate development with no financial impact quantified in this filing.