ABDL, a company promoted by the Chhabria family that is expanding its international presence, forecasts revenue and volume growth in the middle of the decade in the 2027 financial year. This growth will be driven by premiumization, exports, and expansion of production capacities, despite uncertainties related to geopolitical tensions and supply chain disruptions, stated Managing Director Amar Sinha.
Allied Blenders and Distillers Ltd (ABDL), which owns brands such as Officer's Choice and ICONiQ, is implementing a three-year transformation strategy. The main pillars of this strategy include enhancing product quality (premiumization), strengthening margins, and expanding international presence. The company expects to increase its presence to 60–70 countries over the next three years, leveraging its portfolio of premium and mass-premium products.
According to Sinha, in the 2027 financial year, the company will achieve volume and revenue growth in the middle of the decade, while the EBITDA margin will remain stable and comparable to the figures of the 2026 financial year. The company noted that its push towards premiumization remains a key driver of growth. In the June quarter, compared to the previous year, operating income grew by 5.8 percent, reaching 984 crore rupees on a volume of 9 million cases (at 9 liters each), which is 6.2 percent higher.
Sinha emphasized that 'prestige and above' (P&A) category brands accounted for 48.2 percent of volumes and 59.3 percent of sales value in the June quarter of the 2027 financial year. The company's goal is to increase these metrics: to raise P&A sales volume above 50 percent and P&A sales value to 60–65 percent, as premiumization will continue to contribute to profitability.
The company reported that the ICONiQ White brand is already selling over one million cases monthly. Despite ongoing volatility due to the geopolitical crisis, management remains 'cautiously optimistic.' It is expected that the EBITDA margin will remain stable compared to the 2026 financial year. Sinha noted that soft prices for ENA grain and extra-neutral alcohol (ENA) helped mitigate the impact of the crisis in the first quarter, and this trend is likely to continue throughout the year, while packaging costs for glass bottles and PET are also set to decrease.
He speculated that the situation should improve within the next three months, which should positively affect the alcoholic sector in the last two quarters of the year. Sinha also mentioned losses of 24 crore rupees due to global supply chain issues, including higher costs for glass bottles, rising prices for PET and PET resin, as well as the loss of 100 thousand export cases to the Persian Gulf region. Excluding this impact, EBITDA would have been 144 crore rupees, and PAT 63 crore rupees. However, he believes that in the 2027 financial year, the company will easily surpass the 600 crore rupee mark for EBITDA.
Domestically, the company is focused on strengthening its position in Uttar Pradesh, which Sinha called the fastest-growing hard liquor market in India. After acquiring distillery and bottling assets in this state, ABDL became the second-largest IMFL company in Uttar Pradesh and aims to become the market leader within the next two years.
Furthermore, the company is strengthening backward integration. Its maltings plant in Rangapur, Telangana, has been commissioned and is expected to start operations in the second half of the 2027 financial year. Initially, this facility will supply malt spirit for ABDL's premium brands, and later it will support the company's plans to launch its own Indian single malt whisky.
ABDL is also increasing its international ambitions. The company has increased its presence from 23 to 39 countries compared to the previous year and plans further expansion of its global reach. Sinha confirmed that exports remain a strategic pillar of the company's growth, and over the next three years, they are easily targeting 60–70 countries thanks to their premium and mass-premium portfolio.
Cement manufacturer Nuvoco Vistas Corp forecasts that its revenue will exceed 13,000 crore rupees in the fiscal year 2026–2027 (FY27). This projection is based on the company's plans to achieve a 7–8 percent growth in cement production volumes, stable pricing, demand recovery in key markets, and ongoing expansion of production capacity.
According to Managing Director Jayakumar Krishnaswamy, the company's revenue increased by 9.47 percent year-over-year (YoY) in the previous fiscal year (FY26), reaching 11,338.29 crore rupees. Krishnaswamy stated that for FY27, the company aims for approximately 7–8 percent volume growth. If about 20.4 million metric tons (MT) were sold last year, volumes are expected to exceed 22 million tons this year, with turnover reaching over 13,000 crore rupees.
To support future development, Nuvoco plans to invest approximately 1,850 crore rupees during FY27 and FY28. These funds will be directed towards expanding cement production capacity to 35 MT per annum (mtpa). The company plans to spend around 900 crore rupees in FY27 and another 950 crore rupees in FY28, following capital expenditures of 712 crore rupees in FY26.
Krishnaswamy noted that current internal accruals are sufficient to finance expansion plans until FY28. He added that by the time FY28 is reached, sales volumes will also increase significantly, allowing for sufficient cash flow generation to fund the next stage of growth.
The expansion will be driven by the integration of Vadraj Cement assets and bottleneck resolution projects in Eastern India. After FY28, Nuvoco, which belongs to the Nirma group, intends to consider either expanding at the existing facility in Chittorgarh, Rajasthan, or establishing a new project in Gulbarga, Karnataka, depending on market conditions.
Regarding operations, Krishnaswamy explained that the volume growth in the first quarter of FY27 by about 5 percent (at 5.3 MT) was negatively affected by logistical disruptions in Eastern India. A shortage of railway wagons diverted to power plants, as well as a lack of diesel fuel in Chhattisgarh, impacted shipments and led to lost sales.
The company anticipates that costs will increase by 100–120 rupees per ton in the current second quarter due to furnace maintenance shutdowns related to monsoons, rising fixed costs, and general inflation in raw materials and diesel. However, the company does not forecast a significant increase in fuel costs during the quarter as it has already secured petcoke supplies.
Krishnaswamy emphasized that the cement industry has restored pricing discipline after a prolonged period of pressure caused by sector consolidation. Manufacturers have been able to pass on increased raw material costs, spurred by geopolitical tensions in West Asia, to consumers, while prices remained stable despite the start of the monsoon season. He added that if fuel or raw material costs rise further, the company will respond with price increases, as done in April and May, while maintaining commitment to margin protection.
The company forecasts that the domestic cement market will grow by 7–8 percent in FY27 and does not plan to enter South India in the next five to seven years due to lower capacity utilization and less anticipated return prospects in that region.
Nuvoco's main objectives include strengthening the premium product portfolio, improving the structure of sales, and maintaining a capacity utilization rate of around 80 percent. The head also noted that maintaining a disciplined cost structure remains critically important. As volumes increase and costs are controlled, the company's goal is to steadily increase EBITDA per ton in the coming years.
Currently, premium products account for about 44 percent of Nuvoco's total portfolio, and the company aims to increase this share to over 50 percent during FY27 to improve margins and profitability. Regarding sales structure, Nuvoco currently operates with a non-trading to trading sales ratio of approximately 75:25. Although business integration in Gujarat will temporarily increase the proportion of non-trading sales, the company intends to restore the ratio to approximately 75:25 within the next 24–36 months.
Previously, the net profit after tax of the consolidated firm promoted by the Nirma group for the April-June FY27 quarter (Q1 FY27) grew by 19.97 percent year-over-year to 159.76 crore rupees. The growth was attributed to increased revenue, operating efficiency, and reduced interest expenses. Nuvoco's operating revenue in Q1 FY27 was 3,128.71 crore rupees, an 8.91 percent increase year-over-year. The company reported a record EBITDA of 572 crore rupees in Q1 FY27, which is 7 percent higher year-over-year.
JSC National Investment Fund of the Republic of Uzbekistan (UzNIF) has announced a forecast of a substantial increase in its Net Asset Value (NAV) as of June 30, 2026, compared to the data published on May 31.
According to the company's information, the independent semi-annual valuation of UzNIF's portfolio assets is largely complete. Subject to final approval of the report, the June NAV indicator is expected to significantly exceed the previous figure.
The main factor contributing to this growth is the update of the fair value of certain unlisted and illiquid listed assets included in the fund's investment portfolio. The new valuations were prepared with the assistance of an independent appraiser.
The company emphasized that the asset valuation methodologies used remain unchanged; only the underlying data and assumptions within the standard revaluation procedure have been adjusted. The full Net Asset Value report for June 30, 2026, is scheduled for publication on July 21, 2026. Additional details regarding the key reasons for the NAV change will be presented in the June report and during the upcoming semi-annual investor call.
Furthermore, the company stated that this notification contains insider information in accordance with Article 7 of the UK EU Market Abuse Regulation. After the publication of this announcement, the information will be considered publicly disclosed.
