Associated Alcohols & Breweries Ltd. · NSE:ASALCBR
Associated Alcohols & Breweries — Q1 FY2027 Earnings Presentation
55 slides from Associated Alcohols & Breweries's earnings presentation, Jul 26, 2026
Slide 1: Exchange intimation letter: earnings presentation Q1 FY27
Associated Alcohols & Breweries Limited 26th July 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
Slide 2: Associated Alcohols & Breweries Ltd Q1FY27 Investor Presentation
ASSOCIATED ALCOHOLS & BREWERIES LTD Q1FY27 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 Ja wa r Ba r l ey Other* * Possibilities to use other starch - based Feedstocks Single Location, Fungible Manufact
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: Q1FY27 Earnings, Product Portfolio, Investment Thesis, Industry Tailwinds, Annexure
Q1FY27 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 8: Q1FY27 – Performance Highlights
Q1FY27 – Performance Highlights FINANCIAL HIGHLIGHTS (Q1FY27) Net Revenue Gross Profit EBITDA PAT Rs 2,809 Mn Rs 1,029 Mn Rs 299 Mn Rs 178 Mn (up 5% YoY) (down 3% YoY) Margin: 11% Margin: 6% OPERATIONAL HIGHLIGHTS STRATEGIC UPDATES IMFL Proprietary segment growth momentum Strengthening Distribution
Slide 9: New Product Launch: Kultur Ready-to-Drink
New Product Launch Kultur marks AABL’s entry into the Ready-to-Drink Category Category Expansion: • Entry into the Ready-to-Drink (RTD) category, broadens portfolio • Introduced with 5 distinct flavour variants : Cranberry, Watermelon Mint, MaiTai, Lemon, and Juniper Triple Sec Market Rollout: • Ini
Slide 10: 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 Delhi . • Targeting strategic entry into Karnataka & Andra Pradesh to unlock the next leg of proprietary brand
Slide 11: Focus On IMFL Proprietary Brands
Focus On IMFL Proprietary Brands Revenue & Volume of IMFL (Proprietary) 1.8x Volume Growth; 2.2x Revenue Growth 792 660 567 566 578 469 482 433 413 652 440 503 368 364 413 414 294 307 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Revenue (Mn) Volume '000 Cases Scaling presence of Ne
Slide 12: Financial Highlights
Financial Highlights Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % Q1FY27 Year on Year 14% 9% 11% 6% 2,667 2,809 371 237 299 178 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin
Slide 13: IMFL (Proprietary)
IMFL (Proprietary) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % Q1FY27 Year on Year 20% 823 17% 130 792 652 728 567 69 413 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisat
Slide 14: IMFL (Licensed)
IMFL (Licensed) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % Q1FY27 Year on Year 15% 15% 364 425 1,283 1,168 64 103 132 20 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisat
Slide 15: IMIL
IMIL IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % Q1FY27 Year on Year 18% 18% 130 129 1,175 1,172 730 734 626 621 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/C
Slide 16: Merchant ENA
Merchant ENA ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % Q1FY27 Year on Year 14% 10% 51 456 46 7.3 364 67 63 5.4 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA
Slide 17: Ethanol
ETHANOL Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % Q1FY27 Year on Year 6% 34 571 550 Q1FY27 10 8 72 51 Q1FY26 -47 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs
Slide 18: Quarterly Income Statement
Quarterly Income Statement Particulars (Rs Million) Q1FY27 Q1FY26 Y-o-Y Q4FY26 Q-o-Q Gross Revenues 2,863 2,702 6% 2,416 19% Excise duty 54 35 55% 31 75% Net Revenue from Operations 2,809 2,667 5% 2,385 18% Total Operating Expenses 2,510 2,296 9% 1,982 27% EBITDA 299 371 (20%) 403 (26%) EBITDA Margi
Slide 19: 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 20: Q1FY27 Earnings, Product Portfolio, Investment Thesis, Industry Tailwinds, Annexure
Q1FY27 – Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 21: AABL Proprietary Brands – Gaining Traction
AABL Proprietary Brands – Gaining TRACTION Economy Popul ar Prestig e & Above Rea dy –t o- Dr i nk Mo od H il lf o rt K u lt u r L e m ou n t S up e r m a n Ma r k e r P r e m iu m Fi ne B ra n d y b le n d e d W h i sk y Ce n tr a l Ma l t B om b ay P r ov i n ce W h i sk y Vo d ka N i c ob ar – S
Slide 22: 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 21
Slide 23: Licensed Brands - Preferred Partner
Licensed Brands - Preferred Partner McDowell’s 22
Slide 24: 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 23
Slide 25: Distinctive Competitive Edge
Distinctive Competitive Edge Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation 4 Decades of Expertise with Integrated Business Model 01 • Core focus on liquor manufacturing and bottling • Ensuring exceptional quality • Presence across the entire L
Slide 26: 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 27: 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 28: 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 29: Levers for a Strong Growth Outlook
Levers for a Strong Growth Outlook B2C Business B2B Business IMFL (Proprietary) : B2B segment expected to progress steadily REVEN UE 25%- 30% YoY Growth GU IDANC E in congruence with inflation rate Increasing the sale of Proprietary Brands by entering new markets and rolling out new products Strengt
Slide 30: Compelling Investment Thesis
Compelling Investment Thesis Diversified Product Portfolio with a Focus on Volume-Led Growth Progressing towards Premiumization 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
Slide 31: Q4 & FY26 Earnings, Product Portfolio, Investment Thesis, Industry Tailwinds, Annexure
Q4 & FY26 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 32: 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 33: 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 (%) 7,008 7,598 10,759 10,194 2,809 624 767 1,280 1,429
Slide 34: 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 35: 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% 13% 11% 12% 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 36: 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 AABL’s strong cash flows guarantee that the company is well-positioned to comfortably meet its debt repayment obligations. 35
Slide 37: 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 38: Q1FY27 Earnings, Product Portfolio, Investment Thesis, Industry Tailwinds, Annexure
Q1FY27 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 39: 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 40: 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 41: 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 42: 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 43: Indian Alco-Bev Industry Poised for Growth
Indian ALCO - BEV INDUSTRY POISED FOR GROWTH Alco - Bev Volume in India (Mn Cases) Indian Alco - Beverage market (INR Bn) 1,012 1,157 1,205 1,465 2,211 3,255 3,550 5,763 2019 2024 2025E 2030P 2019 2024 2025E 2030P CAGR India's alcohol market surging with urbanization, lifestyle shifts, and a burgeon
Slide 44: Rapid Growth in Premium Whiskey Segment
Rapid Growth in Premium Whiskey Segment Whiskey Sales Breakdown by Segment (Mn Cases) Whiskey Sales Breakdown by Segment (INR Bn) 213 262 275 370 1,092 1,610 1,761 2,836 2% 2.3% 2.5% 2.7% 10% 11% 12% 12% 9% 11.3% 11.5% 12.4% 21% 24% 24% 25% 49% 52% 52.3% 54.9% 53% 53% 54% 55% 40% 35% 34% 30% 16% 11%
Slide 45: Product Wise Break Up
Product Wise Break Up Product Wise Volume CAGR (2024-2030) Product Wise Volume Split (2028P) 3% 5.9% 6.0% 12% 5.6% 4.7% 4.7% 20% 520 Mn Cases 65% Whisky Brandy Rum Gin Vodka Whisky Brandy Rum Wine Spirits AABL Segments Sources : Industry Report September 2025 44
Slide 46: Q1FY27 Earnings, Product Portfolio, Investment Thesis, Industry Tailwinds, Annexure
Q1FY27 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure
Slide 47: Our Milestones
Our Milestones Launched “CP Increased the bottling Vodka” in line capacity to 12.4 Q1FY26 Million cases Launched Launched Commissioned RTD Kultur Achieved “Hillfort” Single Malt Plant Increased 1 Million cases of Whiskey in Facility capacity of the sales in Kerala Q1FY25 ENA plant to 45 Increased EN
Slide 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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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