Associated Alcohols & Breweries Ltd. · NSE:ASALCBR
Associated Alcohols & Breweries — Q4 FY2026 Earnings Presentation
54 slides from Associated Alcohols & Breweries's earnings presentation, May 20, 2026
Slide 1: Associated Alcohols & Breweries Limited exchange filing letter
Associated Alcohols & Breweries Limited 20h May 2026 To, To, The Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited PJ Tower, Dalal Street, Exchange Plaza, C-1, G Block Mumbai – 400 001 Bandra Kurla Complex, Scrip Code: 507526 Mumbai – 400 05
Slide 2: Q4 & FY26 Investor Presentation
ASSOCIATED ALCOHOLS & BREWERIES LTD Q4 & FY26 INVESTOR PRESENTATION
Slide 3: AABL: At a Glance
AABL : AT A GLANCE Largest integrated manufacturing facility FY17-FY26: Growth Trajectory situated at a singular location Present throughout the entire liquor value chain 13% 14% 20% • IMFL Proprietary 10 Years Revenue 10 Years EBITDA 10 Years PAT • IMFL Licensed CAGR CAGR CAGR • IMIL • Merchant ENA
Slide 4: Fully Integrated Business Model
Fully Integrated Business Model Varied Feedstock processing Capabilities Raw materials are directly sourced from mandis or manufacturers IMFL (Proprietary) Products Offerings Rice Maize Jawar Barley Other* * Possibilities to use other starch - based Feedstocks Single Location, Fungible Manufacturing
Slide 5: Present Across Liquor Value Chain
Present Across Liquor Value Chain Adaptability and Flexibility in using On Ground Intelligence for Raw varied grains as Feedstock Material Sourcing Proprietary Brands IMFL Contract ENA Manufacturing - For Captive Ethanol Manufacturing By Products - IMFL - IMIL Licensed Manufacturing Cattle Feed Cons
Slide 6: AABL's Integrated Facility
AABL’S Integrated Facility
Slide 7: Q4 & FY26 Earnings, Product Portfolio, Investment Thesis
Q4 & FY26 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 8: Q4 FY26 Performance Highlight - IMFL(P) grew by 37% YoY
Q4 FY26 – Performance HIGHLIGHT- IMFL(P) grew by 37% YoY • Robust IMFL Proprietary Volume growth of 37% YoY, driven by strong demand across category Operational Update • ENA operating at full capacity utilization with sales volume increased by 129% YoY to 7 Mn Ltrs in Q4FY26 • Net Revenues from oper
Slide 9: Strategic Goals & Objective
Strategic Goals & Objective • Solidifying position in Madhya Pradesh & Keralam To become Pan- • Increasing market share in fast-growing states like Chhattisgarh India Player Maharashtra and Uttar Pradesh • Targeting strategic entry into Odisha, Andra Pradesh & Karnataka to unlock the next leg of pro
Slide 10: Focus On IMFL Proprietary Brands
Focus On IMFL Proprietary Brands Revenue & Volume of IMFL (Proprietary) 1.5x Volume Growth; 1.7x Revenue Growth 660 567 566 578 469 482 433 413 503 413 414 440 368 364 294 307 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Revenue (Mn) Volume '000 Cases Scaling presence of New product Targe
Slide 11: Financial Highlights Q4FY26
Financial Highlights Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % 17% 15% 10% Q4FY26 403 2,425 2,385 355 223 235 9% Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % 14% 9% FY
Slide 12: IMFL (Proprietary)
IMFL (Proprietary) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % 22% Q4FY26 17% 111 660 62 503 755 763 482 364 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases
Slide 13: IMFL (Licensed)
IMFL (Licensed) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % 18% Q4FY26 100 1,250 1,219 501 626 16% 252 307 54 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Case
Slide 14: IMIL
IMIL IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % 20% Q4FY26 17% 1,017 618 567 627 120 985 98 577 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs
Slide 15: Merchant ENA
Merchant ENA ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % 14% 14% Q4FY26 65 465 6.9 68 68 29 204 3 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBIT
Slide 16: Ethanol
ETHANOL Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % 10% Q4FY26 36 6 451 75 8% 4 239 58 23 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITD
Slide 17: Quarterly Income Statement
Quarterly Income Statement Particulars (Rs Million) Q4FY26 Q4FY25 Y-o-Y Q3FY26 Q-o-Q Gross Revenues 2,416 2,485 (3%) 2,645 (9%) Excise duty 31 60 (48%) 42 (25%) Net Revenue from Operations 2,385 2,425 (2%) 2,604 (8%) Total Operating Expenses 1,982 2,070 (4%) 2,189 (9%) EBITDA 403 355 13% 415 (3%) EB
Slide 18: FY26 - Income Statement
FY26 - Income Statement Particulars (Rs Million) FY26 FY25 Y-o-Y Gross Revenues 10,333 10,966 (6%) Excise duty 139 207 (33%) Net Revenue from Operations 10,194 10,759 (5%) Total Operating Expenses 8,765 9,479 (8%) EBITDA 1,429 1,280 12% EBITDA Margins (%) 14% 12% 200 bps Other Income 61 47 29% Depre
Slide 19: Q4 & FY26 Earnings, Product Portfolio, Investment Thesis
Q4 & FY26 – Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 20: AABL Proprietary Brands - Gaining Traction
AABL Proprietary Brands – Gaining TRACTION Economy Popular Prestige & Above Ready –to- Drink Mood Hillfort Kultur Lemount Superman Marker Premium Fine Brandy blended Whisky Central Malt Bombay Province Whisky Vodka Nicobar – Special Central Titanium Handcrafted Whisky Province Vodka Gin Whisky 19
Slide 21: AABL's Brand Portfolio
AABL’s BRAND PORTFOLIO Whisky Vodka Gin Brandy Rum Prestige & Above MRP: Rs 1,000 and above Popular MRP: Rs 680 - 1,000 Economy MRP: Rs 500 - 560 Ready To Drink MRP: Rs 130 20
Slide 22: Licensed Brands - Preferred Partner
Licensed Brands - Preferred Partner Director’s McDowell’s Special 21
Slide 23: Contract Manufacturing - Long Term Relations
Contract Manufacturing – Long Term Relations Black & Smirnoff VAT 69 Black Dog Green Label Bagpiper White Blue Riband White Mischief Gin 22
Slide 24: Distinctive Competitive Edge
Distinctive Competitive Edge Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation 4 Decades of Expertise 01 • Core focus on liquor manufacturing and bottling. • Ensuring exceptional quality. Advantageous Location 02 • Largest single - location facili
Slide 25: Case Study - Keralam Cheers
Case Study – KERALAM CHEERS Fastest to achieve a million cases sale <4 years Market Entry and Remarkable Revenue Emerged as a Strategic Vision Focus on volume Innovative Product Growth and Sales Major Player for Future growth and Revenue Launch (2018) Milestone (FY22-23) (FY26) Growth Enhancement Su
Slide 26: Further Strengthening Position In Keralam: Acquires SDF Industries
Further Strengthening Position In Keralam: Acquires SDF Industries Location Production Capacity o Thrissur, Keralam, o IMFL Bottling: 4.3 Mn cases p.a Border of Thrissur & o ENA Distillery Licensed Palakkad o Land Parcel: ~10 acres Acquisition Cost Operational leverage o Total Acquisition cost Rs 30
Slide 27: Industry Leading Financial Position
Industry Leading Financial Position Robust Financial Position: Low Gearing and Adequate Interest Coverage Ratio Setting Industry Standards Net Debt/Equity Ratio as on FY26 Interest Coverage Ratio as on FY26 0.13 23 11 -0.09 Associated Alcohols & Breweries Ltd. Peer Group Associated Alcohols and Brew
Slide 28: Levers for a Strong Growth Outlook
Levers for a Strong Growth Outlook B2C Business B2B Business IMFL (Proprietary) : B2B segment expected to progress steadily REVENUE 25%- 30% YoY Growth GUIDANCE in congruence with inflation rate Increasing the sale of Proprietary Brands by entering new markets and rolling out new products Steady pro
Slide 29: Compelling Investment Thesis
Compelling Investment Thesis Diversified Product Portfolio Progressing towards Premiumisation Becoming a Pan India Player Expansion driven by internal accruals , supported by a strong balance sheet with minimal debt Fungibility of Raw Materials and Finished Product 28
Slide 30: Q4 & FY26 Earnings, Product Portfolio, Investment Thesis
Q4 & FY26 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 31: Becoming a Pan India Player
Becoming a Pan India Player In the next 1-2 Years Associated Alcohols is set to spread across key regions of India Current Presence Targeted Geographies Dominant Footprint: Strong presence in the IMFL market across Madhya 01 Pradesh and Keralam Integrated Operations: All essential facilities - ENA ,
Slide 32: Increasing Focus on IMFL Business
Increasing Focus on IMFL Business The primary emphasis is on premium IMFL products, with an anticipated increase in working capital offset by improved margins Total Revenue (Rs Mn) & Revenue Contribution (%) EBITDA (Rs Mn) & EBITDA Contribution (%) 5,126 7,008 7,598 10,759 10,194 822 624 767 1,280 1
Slide 33: Expansion Enabled through Internal Accruals
Expansion Enabled through Internal Accruals CFO (Rs Mn) & Cash Conversion Ratio (x) Working Capital for the company 0.97 x 01 as on FY26 : Rs 1,614 Mn and FY25: Rs 1,319 Mn 739 0.58 x 518 792 0.37 x 0.36 x AABL's strategic goal is to secure a 0.11 x 284 position among the top 10 IMFL 02 companies in
Slide 34: Strong Balance Sheet with Minimal Debt
Strong Balance Sheet with Minimal Debt Gross Block (Rs Mn) ROCE & ROE 5,507 22% 22% 4,572 19% 3,425 16% 14% 12% 13% 11% 1,868 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Gross Block ROCE ROE Net Debt / Equity & Interest Coverage Ratio Net Working Capital (Days) 0.04 0.04 42 31 29 41 44 67 60 -0.07 52 -0
Slide 35: Comfortable Debt Level: Financial Strength
Comfortable Debt Level: Financial Strength Debt Repayment Schedule (Rs Mn) for Debt Funding of Ethanol Plant 200 200 200 96 FY24-25 FY25-26 FY26-27 FY27-28 01 Ethanol Plant expansion was funded by Loan taken out under Interest Subvention Scheme. 02 AABL’s strong cash flows guarantee that the company
Slide 36: Fungibility of Raw Materials and Finished Products
Fungibility of Raw Materials and Finished Products Diverse Grain Usage State of the art Manufacturing Flexible Product as Feedstock Facility & Flexible Energy Source Offerings IMFL (Proprietary) Rice IMFL (Licensed) 1 1 Maize IMIL 2 2 Single Manufacturing ENA for Captive Consumption Jawar Facility a
Slide 37: Q4 & FY26 Earnings, Product Portfolio, Investment Thesis
Q4 & FY26 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 38: Growth Catalysts
Growth Catalysts Young Premiumisation Population Influence Trends Urbanisation India's alcohol market among fastest-growing India is home to one of globally. the largest young populations globally, Rising urban with 67.45% falling population, disposable within the age range of income, premium 15 to
Slide 39: Low per capita alcohol consumption India
Low per capita alcohol consumption India Per Capita Alcohol Consumption (in Ltr): India vs World; India remains relatively at lower level 11.9 142 112 101 116 44 52 25.5 3.5 11.7 14.3 28.9 53 111.4 78.1 8.4 69.9 1.7 5.5 49.8 33.5 32.6 5 6.9 5.1 5.8 8.5 5.9 7.5 5.5 India Germany France USA UK China R
Slide 40: Urban Population Growth and Rising Disposable Income
Urban Population Growth and Rising Disposable Income Growing Proportion of Urban Population Growing Disposable Income (In Trillion USD) Growing Proportion of Young Population 4.2 52% 3.9 9.9% 10.1% 10.2% 10.5% 10.8% 11.1% 11.4% 11.7% 3.4 3.5 40% 3.2 3.2 2.9 29% 2.7 28% 63.8% 64.1% 64.3% 64.4% 64.6%
Slide 41: Industry Growth and Shift Towards Premiumisation
Industry Growth and Shift Towards Premiumisation Growing Premium Liquor Market in India (USD Bn) Indian Premium & Luxury Alco-Bev Market (INR Cr) 36 32 33 31 30 28 21 19 20 18 17 17 50,000 1.5 1.4 0.4 1.3 1.2 1.2 6 28,751 5.2 5.5 5.7 6.3 5 2 2.1 2.2 1.6 1.7 1.8 12,291 4 4 4 4 4 4 2023 2024 2025 2026
Slide 42: Rapid Growth in Premium Whiskey Segment
Rapid Growth in Premium Whiskey Segment Whiskey Sales Breakdown by Segment (Mn Cases) Whiskey Sales Breakdown by Segment (Rs. Lac Cr ) 190 205 183 252 338 190 205 183 252 338 2% 3% 3% 4% 2% 7% 9% 10% 10% 10% 10% 10% 11% 11% 12% 16% 21% 21% 23% 24% 42% 50% 50% 51% 54% 50% 53% 53% 53% 55% 49% 37% 37%
Slide 43: Indian Alco-Bev Industry Poised for Growth
Indian ALCO - BEV INDUSTRY POISED FOR GROWTH Alco - Bev Volume in India (Mn Cases) and CAGR Indian Alco - Beverage market (Rs. Lac Cr) 960 1,018 1,078 1,451 520 CAGR:6.9 % CAGR: 1.9% CAGR : 1.2 % 355 395 325 5 445 330 340 350 3.2 3 480 2 300 320 330 2015 2020 2023 2028P 2015 2020 2023 2028P Beer Cou
Slide 44: Product Wise Break Up
Product Wise Break Up Product Wise Volume CAGR (2023-2028) Product Wise Volume Split (2023-2028) 14.7% 3% 12% 7.8% 20% 520 Mn Cases 4.9% 65% 4.1% Whisky Brandy Rum Wine Spirits Whisky Brandy Rum Wine Spirits AABL Segments Sources : Industry Report May 2024 43
Slide 45: Q4 & FY26 Earnings, Product Portfolio, Investment Thesis
Q4 & FY26 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 46: Our Milestones
Our Milestones Launched “CP Launched “Nicobar” Vodka” in Launched Q1FY26 -Set up 40 MLPA ethanol plants with “Hillfort” Commissioned Achieved co-generation Whiskey in Single Malt Plant 1 Million cases of Facility Increased sales in Kerala IMFL sales : 43% of Q1FY25 capacity of the sales, 3 Mn cases
Slide 47: Board of Directors
Board of Directors Mr. Prasann Kumar Mr. Anshuman Mr. Tushar Debashis Dr. Swaraj Ms. Apurva Kedia, Kedia, Whole Time Bhandari, Whole Das, Independent Puri, Independent Joshi, Independent Managing Director Director & CEO Time Director Director Director Director With over three A Regent's An MBA A gra
Slide 48: Leadership Team
Leadership Team Mr. Dilip Kumar Inani Mr. S.R. Dubey, Mr. Abhinav Mathur, Mr. Rajeev Nema, Mr. Sanjeev Kumar Tulsyan CFO Group Sales Head Company Secretary Head Human Resources Head of Marketing A Chartered Accountant With over 30 years He is a seasoned A seasoned A qualified having a 30+ years of v
Slide 49: Historical Income Statement
Historical Income Statement Particulars (Rs Million) FY26 FY25 FY24 Gross Revenues 10,333 10,966 7,645 Excise duty 139 207 47 Net Revenue from Operations 10,194 10,759 7,598 Total Operating Expenses 8,765 9,479 6,831 EBITDA 1,429 1,280 767 EBITDA Margins (%) 14% 12% 10% Other Income 61 47 96 Depreci
Slide 50: Historical Balance Sheet
Historical Balance Sheet Particulars (Rs Mn) FY26 FY25 FY24 Particulars (Rs Mn) FY26 FY25 FY24 ASSETS EQUITY & LIABILITIES Non-current Assets Equity Property, Plant & Equipment 3,922 3,473 2,480 Equity Share Capital 201 181 181 Capital Work in progress 187 320 633 Other Equity 6,745 5,022 4,048 Inta
Slide 51: Historical Cash Flow Statement
Historical Cash Flow Statement Particulars (Rs Mn) FY26 FY25 FY24 Particulars (Rs Mn) FY26 FY25 FY24 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Profit Before Tax 1,183 1,096 683 Purchase of Property Plant & Equipment, CWIP and (572) (861) (1,039) Intangible Assets Adjust
Slide 52: Financial Overview
Financial Overview Net Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % PAT (Rs Mn) & PAT Margin % 10,759 10,194 9% 7% 8% 14% 7,598 10% 12% 814 885 1,280 1,429 506 768 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 ROCE & ROE Shareholders’ Equity (Rs Mn) Net Debt to Equity Ratio (X) 22% 19% 6,946 16%
Slide 53: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the d
Slide 54: Thank You
Company Contact Dilip Kumar Inani Chief Financial Officer Associated Alcohols and Breweries Ltd E : cfo@aabl.in INVESTOR RELATION CONTACT Priya Sen Go India Advisors E : priya@goindiaadvisors.com M : +91 – 8334841047 THANK Riddhi Shah Go India Advisors YOU E : riddhi@goindiaadvisors.com M : +91 - 73
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