<ul data-eligibleForWebStory="true"><li>ICICI Securities maintains a 'Buy' rating on Allied Blenders shares citing a 25% potential upside.</li><li>Backward integration, UK India FTA, and operating leverage are expected to drive margin improvement for Allied Blenders, according to the brokerage.</li><li>Allied Blenders' ICONiQ White has shown strong traction in FY25, reaching a volume of 5.7 million cases, with double-digit volume growth expected to continue in FY26.</li><li>The company is focusing on premiumization in the super-premium and luxury segments of the Indian made foreign liquor industry, which contribute significantly to industry profitability.</li><li>Despite representing only 3% of volume, these segments contribute nearly 20% of industry profitability.</li></ul>

'Buy' Allied Blenders Shares Maintains ICICI Securities, Sees 25% Upside — Here's Why

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