ABD Q1: consolidated PAT down 18.7% to ₹45 Cr on ₹24 Cr supply-chain hit; net sales +6%

Allied Blenders' consolidated net profit fell 18.7% YoY to ₹45.4 Cr even as net sales (excise-excluded) rose 5.8% to ₹984 Cr — the profit drop is a one-off story, not an operating one. Management attributes it to roughly ₹24 Cr of supply-chain disruption costs (glass and packaging); adjusting that pre-tax cost, underlying consolidated PAT was about +10% YoY. Reported gross revenue from operations was ₹1,809 Cr (+1.9%). Notably, standalone PAT actually rose 11.9% to ₹68.2 Cr — the >20-point divergence from the consolidated decline comes from widening subsidiary losses (nine subs, ₹3.7 Cr net loss) and a larger non-controlling-interest loss (₹3.8 Cr); consolidated owners' PAT was ₹49.2 Cr (−13%). Readers will see both figures, so neither is wrong.

The premiumisation thesis is visible in mix and gross margin — Prestige & Above is now 59.3% of value (from 55.8%) and gross margin expanded 277 bps to 46.0% — but it did not reach the bottom line. EBITDA was ₹120 Cr, roughly flat at ~12% of net sales, and below EBITDA the group carried a ~47% jump in depreciation (₹22.8 Cr) and ₹29.5 Cr of finance costs from its capex cycle, pulling PBT down 10.3% to ₹67.8 Cr and NPM to 2.5% from 3.1%. The quarter is clean at the exceptional line, unlike Q4 FY26 whose ₹26 Cr earlier-years tax charge depressed the base — so the headline +21% QoQ PAT is a base-and-seasonality artifact (Q1 is the summer peak) and should not be read as momentum.

The stock went into the print at ₹597.85, down 0.8% over the past month of trading.

No pre-result consensus was on record and management gives no formal quarterly guidance; on the last concall (Jan 2026) it guided double-digit topline momentum and a ~300 bps EBITDA-margin build by FY28 led by ICONiQ White and the ABD Maestro portfolio. Net sales +5.8% falls short of the double-digit ambition, though the mix shift is on track. Concurrent corporate actions: the NCLT order for the Deccan Star/Sarthak merger, a ₹500 Cr Moradabad capacity expansion, and an SES ESG score of 58.70. The CSD arbitration (₹34 Cr claim) and the settled income-tax search matter remain in the notes with no P&L impact this quarter.