India Ratings & Research Upgrades ABD’s Rating by Two Notches to ‘IND AA-‘ with Stable Outlook

India Ratings & Research Upgrades ABD's Rating by Two Notches to 'IND AA-' with Stable Outlook Updated – August 20, 2026 05: 56 pm IST.

Key points

• Allied Blenders and Distillers Limited (ABD) is one of the leading spirits firms in India and the largest exporter in terms of volume with presence in 39 international markets.
• The Stable Outlook reflects Ind-Ra's expectation that ABD's improved profitability is projected to sustain, led by a better sales-mix through premiumization, leading to enhanced gross margins.
• The upgrade reflects ABD's continued expansion in consolidated scale of operations in FY26.
• The rating action additionally factors in ABD's robust market position in the IMFL industry, pan-India diversification and the expanding size of the industry.
• This is a firm press release that is not part of editorial content.

Allied Blenders and Distillers Limited (ABD), one of India's leading spirits firms and the country's largest exporter by volume, today unveiled that India Ratings & Research (Ind-Ra) has upgraded the rating on the company's bank facilities by two notches from 'IND A' to 'IND AA-' with a Stable Outlook.

For context, the upgrade reflects ABD's continued expansion in consolidated scale of operations in FY26. It ind-Ra expects to sustain with scale and grow further over the medium term.

Notably, the Stable Outlook reflects Ind-Ra's expectation that ABD's improved profitability is projected to sustain, led by a better sales-mix through premiumization, leading to enhanced gross margins. Progress in ongoing backward integration projects is due to backing EBITDA margins in the medium term. Furthermore, the agency expects ABD's consolidated net leverage to remain comfortable over medium term, despite ongoing capex.

For context, the rating action additionally factors in ABD's robust market position in the IMFL industry, pan-India diversification and the expanding size of the industry. It backing the sustainability of scale and steady improvement over the medium to long term.

Commenting on the rating upgrade, Amar Sinha, Managing Director of ABD, stated, " This two-notch upgrade to IND AA- with a Stable Outlook is an significant affirmation of ABD's evolving financial profile and the sustained progress we are making throughout scale, profitability and balance-sheet strength. It reflects the discipline with which we are executing our premiumization agenda, improving operating resilience and investing in long-term capabilities, including backward integration. We remain focused on building a stronger, more agile and future-ready ABD while continuing to pursue expansion with financial prudence. ". Regarding Allied Blenders and Distillers Limited (.

Allied Blenders and Distillers Limited (ABD) is one of the leading spirits firms in India and the largest exporter in terms of volume with presence in 39 international markets. The firm operates throughout five main categories: whisky, brandy, rum, vodka, and gin. Its portfolio is anchored by "millionaire" brands, including the flagship Officer's Choice. It remains among the largest-selling whiskies globally. This is complemented by Sterling Reserve and the rapidly scaling ICONiQ White. It is at present the world's fastest-growing millionaire whisky brand. As part of its premiumization journey, ABD has expanded into the super-premium and luxury segments through its subsidiary- ABD Maestro Pvt Ltd. The firm maintains a robust manufacturing footprint of 40 units including 9 owned bottling facilities, 2 owned distilleries, 1 owned PET bottle plant and 28 non-owned manufacturing units, backed by a pan-India distribution network that ensures scale and supply chain flexibility.

"This is a firm press release that is not part of editorial content. No journalist of The Hindu was involved in the publication of this release."

Taken together, the developments around india Ratings & Research Upgrades ABD's Rating by Two Notches to 'IND point to a situation that is still moving, and the coming days should bring more clarity.