India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Allied Blenders & Distillers / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> 's Q3 FY25 results showed robust growth in revenue at Rs. 2,346 crores (up 15.5% sequentially, 12.9% YoY) and strong premiumisation with expanded export reach.</li>
<li>Enhanced margins driven by effective cost optimization and profitable state brand mix highlight ABDL’s resilience and ability to capture premium market trends, strengthening its competitive position in India's spirits industry.</li>
<li>The company aims to grow the aggregate market share of its four millionaire brands and consolidate its position in the P&amp;A whisky segment through its three millionaire brands</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) 's Q3 FY25 results showed robust growth in revenue at Rs. 2,346 crores (up 15.5% sequentially, 12.9% YoY) and strong premiumisation with expanded export reach.
Enhanced margins driven by effective cost optimization and profitable state brand mix highlight ABDL’s resilience and ability to capture premium market trends, strengthening its competitive position in India's spirits industry.
The company aims to grow the aggregate market share of its four millionaire brands and consolidate its position in the P&amp;A whisky segment through its three millionaire brands


Allied Blenders & Distillers Ltd Q3FY25 Update: Volume Growth, Premiumization

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is shifting from mass-market spirits to premium offerings, leveraging IPO funds to reduce debt and boost margins amidst rising alco-beverage demand.</li>
<li>This pivot could enhance profitability, thanks to stronger pricing power, higher brand recall, and sustained ROCE above capital costs within India’s highly regulated but fast-growing alcoholic beverage industry.</li>
<li>Despite regulatory hurdles and stretched valuations, ABD’s balance sheet cleanup, premiumization strategy, and dominant mass-market presence suggest considerable long-term potential in India’s expanding alcohol sector.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is shifting from mass-market spirits to premium offerings, leveraging IPO funds to reduce debt and boost margins amidst rising alco-beverage demand.
This pivot could enhance profitability, thanks to stronger pricing power, higher brand recall, and sustained ROCE above capital costs within India’s highly regulated but fast-growing alcoholic beverage industry.
Despite regulatory hurdles and stretched valuations, ABD’s balance sheet cleanup, premiumization strategy, and dominant mass-market presence suggest considerable long-term potential in India’s expanding alcohol sector.


The Beat Ideas: Allied Blenders & Distillers- Liquor Premiumization Play

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Allied Blenders & Distillers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is looking to raise about US$180m in its upcoming India IPO.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.</li>
<li>In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.


Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is looking to raise about US$180m in its upcoming India IPO.  </li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.</li>
<li>In this note, we provide a summary of its refiling updates, undertake a quick peer comparison and share our initial thoughts on valuation.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.  
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
In this note, we provide a summary of its refiling updates, undertake a quick peer comparison and share our initial thoughts on valuation.


Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Housing and Urban Development Corporation Limited / Equity Bottom-Up

Housing and Urban Development Corporation Limited

<ul>
<li>The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.</li>
<li>We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.</li>
<li>Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.</li>
</ul>


The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.
We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.
Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.


Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

India

Allied Blenders and Distillers Private Limited manufactures alcoholic beverages. The Company produces whiskey, brandy, rum, blended liquors, spirits, wine, and vodka. Allied Blenders and Distillers serves customers worldwide.

Allied Blenders & Distillers (9844250Z IN)

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Allied Blenders & Distillers (9844250Z IN)

Allied Blenders & Distillers Ltd Q3FY25 Update: Volume Growth, Premiumization

Allied Blenders & Distillers reports strong Q3 FY25 results with revenue growth, premiumisation, and focus on market share expansion in India's...

Sudarshan Bhandari

The Beat Ideas: Allied Blenders & Distillers- Liquor Premiumization Play

Allied Blenders & Distillers is transitioning to premium spirits, using IPO funds to lower debt and increase margins in response to growing demand...

Sudarshan Bhandari

Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we talk about its RHP updates...

Ethan Aw

Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we share our initial thoughts...

Ethan Aw

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Allied Blenders & Distillers Ltd Q3FY25 Update: Volume Growth, Premiumization

​Allied Blenders & Distillers reports strong Q3 FY25 results with revenue growth, premiumisation, and focus on market share expansion in India's...

Sudarshan Bhandari

The Beat Ideas: Allied Blenders & Distillers- Liquor Premiumization Play

​Allied Blenders & Distillers is transitioning to premium spirits, using IPO funds to lower debt and increase margins in response to growing demand...

Sudarshan Bhandari

Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we talk about its RHP updates...

Ethan Aw

Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we share our initial thoughts...

Ethan Aw

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

​Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Allied Blenders & Distillers reports strong Q3 FY25 results with revenue growth, premiumisation, and focus on market share expansion in India's...

Allied Blenders & Distillers is transitioning to premium spirits, using IPO funds to lower debt and increase margins in response to growing demand...

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...