whisky, brandy, rum, vodka and gin. ALLIED BLENDERS

Strengths Established national spirits portfolio with multiple categories. Strong brands including Officer’s Choice, Officer’s Choice Blue, Sterling Reserve and ICONiQ. Broad manufacturing and bottling network supports distribution across markets. Presence across whisky, brandy, rum, vodka and gin provides product diversification. FY26 revenue reached approximately ₹3,923 Cr, up 11.45% YoY, while earnings increased about 17.17%. Export presence provides an additional growth avenue. Weaknesses Business is highly dependent on the alcoholic-beverage consumption cycle and brand strength. Significant dependence on whisky and mass-market brands. Input costs such as extra-neutral alcohol, packaging and glass can affect margins. State-level taxation and regulations create a fragmented operating environment. Premiumisation requires continued brand investment and marketing expenditure. Opportunities Rising premium and prestige spirits consumption in India. Premiumisation of whisky and other categories. Expansion of Sterling Reserve, ICONiQ and newer premium brands. Growth in international markets and exports. Greater penetration in underdeveloped Indian markets. Product innovation across gin, vodka, rum and premium whisky. Threats Strong competition from United Spirits, Radico Khaitan and other regional players. Changes in state excise duties and alcohol regulations. Raw-material and packaging-cost inflation. Consumer preference changes and competition from premium/imported spirits. Regulatory restrictions on alcohol advertising and distribution. Economic or consumption slowdown could affect discretionary premium-spirit demand.