Q1 FY27 performance
• Q1FY27 Net sales of ~₹1,015 crore, helped by better realisations and customers shifting toward branded players amid uncertainty
• Higher beverage consumption supported demand.
• EBITDA margin of ~16%, aided by a favourable product and customer mix
FY26 (estimated)
• Revenue up ~5% to ~₹2,725 crore (In the May 2026 Credit Rating, Revenue was estimated at ₹2,716 Cr)
• PAT moderated sharply to ~₹47 crore, against the FY25 figure that carried an exceptional gain of ₹184 crore on conversion of CCDs into equity. crore (In the May 2026 Credit Rating, PAT was estimated at ₹76 Cr)
• Net cash accrual depressed by the ~₹250 crore dividend payout to the parent
Balance sheet and liquidity
• All the CCDs outstanding were converted to equity in the fiscal 2026 post the change in ownership. Due to this conversion, interest costs are expected to be reduced as CCDs had coupon of 9%.
• Interest cover expected at a modest ~5x over the medium term
• Cash accrual of ₹200–300 crore expected annually over FY27–29 against repayments of ₹80–160 crore (This is lower than the guidance provided in the May rating of ₹290-320 Cr)
• ₹250 crore preference-share infusion from PIPL supporting liquidity
Implications
• Q1 FY27 at ~₹1,015 crore revenue and ~16% EBITDA margin, against an FY26 full-year run-rate of ~₹2,725 crore, implies a strong start, but Q1 is the summer beverage peak, so it is the seasonally best quarter and shouldn’t be annualised
• Cutting medium-term margin guidance to 14–15% and cash accrual to ₹200–300 crore, while widening the debt/EBITDA band to 1.2–2.0x, is Crisil making room for a more leveraged post-merger entity. These look like pre-positioning for the merged balance sheet rather than a comment on standalone performance
• The ₹47 crore PAT is not a business-quality signal: FY25’s ₹248 crore was flattered by a ₹184 crore non-cash CCD-conversion gain, so the year-on-year “collapse” is largely optical.
Credit Rating: https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/AlternicqLimited_August%2017_%202026_RR_401988.html
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