JEFFERIES ON ALLIED BLENDERS
ACCUMULATE TP ₹780
• Transitioning from a turnaround story to a premiumisation-led growth story.
• ICONiQ White momentum expected to remain strong.
• Legacy brand relaunches and new premium whisky & Deluxe Vodka launches to support growth.
• P&A volumes expected to grow in strong double digits over the medium term.
• Meaningful margin expansion expected over FY26–28E, driven by premiumisation and backward integration benefits.
September 2, 2026 959 2
