Archive · 1 Sep 2026
Jefferies Sees 28% Upside in Allied Blenders Stock
Jefferies, a brokerage firm, thinks Allied Blenders and Distillers could perform well.
It kept its Buy rating and set a target price of Rs 780.
The company’s ICONiQ White whisky is expected to keep growing quickly.
Allied Blenders also plans to relaunch three older brands in FY27.
It is adding more premium whisky and vodka products.
The company is investing in supplies, bottling and other parts of production to reduce costs and improve control.
Jefferies expects margins to improve more clearly in FY28 than in FY27.
Investors will watch whether ICONiQ White keeps growing and whether the relaunched brands become successful.
Jefferies retained its Buy rating on Allied Blenders and Distillers with a target price of Rs 780, implying about 28% upside.
ICONiQ White is expected to sustain more than 20% medium-term growth and continue gaining market share.
Allied Blenders plans to relaunch Officer’s Choice, Officer’s Choice Blue and Sterling Reserve B7 in FY27.
Premiumisation, backward integration and operating leverage are expected to support stronger margin improvement in FY28.
Jefferies expects limited FY27 margin expansion, while an India-United Kingdom FTA could gradually reduce Scotch procurement costs.
- Who
- Jefferies and Allied Blenders and Distillers.
- What
- Jefferies retained a Buy rating and forecast about 28% upside for Allied Blenders and Distillers, citing growth, premiumisation and future margin improvement.
- When
- The outlook covers FY27 and FY28, with three brand relaunches planned for FY27.
- Where
- The business operates in India, with Karnataka and Telangana specifically mentioned.
- Why
- Jefferies expects ICONiQ White growth, premium products, legacy-brand relaunches, backward integration and operating leverage to support earnings and margins.
- Brokerage view
- Jefferies retained its Buy rating on Allied Blenders and Distillers.
- Target price
- Rs 780
- Implied upside
- Around 28% from the current market price
- Main growth brand
- ICONiQ White is expected to maintain more than 20% medium-term growth.
- Planned relaunches
- Officer’s Choice, Officer’s Choice Blue and Sterling Reserve B7 in FY27
- Announced capex
- Rs 1,500 crore, with around Rs 5 billion already incurred, according to the article.
- Margin outlook
- Jefferies expects limited improvement in FY27 and more visible gains in FY28.