ABDL — an alco-bev distribution giant playing the long game

Initiating coverage

20 May 2025·ABDL·Buy·ConsumerFront Wave desk · Mumbai

Since we called it

₹633 at close

Called ₹351 · 20 May 2025

The thesis

ABDL is among the largest IMFL players in the country, with distribution depth that took decades to build and a premiumisation push that is finally credible. Initiating Buy with a multi-year horizon.

The three legs

Distribution nobody can replicate quickly
Premium mix shifting from promise to print
Operating leverage as premium volumes scale over a largely fixed route-to-market

Subscribers only

The rest of this note is for subscribers.

What follows is the argument in full, the numbers behind it, and where we think we could be wrong. ₹10,000 a quarter, or a year for the price of three.

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Front Wave Research LLP · SEBI Registered Research Analyst · INH000018407. This note is research, not investment advice. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.

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