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

Initiating coverage

20 May 2025·ABDL·Buy·Consumer

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

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

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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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