Associated Alcohols & Breweries Ltd. · NSE:ASALCBR
Associated Alcohols & Breweries — Q2 FY2026 Earnings Presentation
54 slides from Associated Alcohols & Breweries's earnings presentation, Nov 10, 2025
Slide 1: Associated Alcohols & Breweries Limited exchange filing letter
Associated Alcohols & Breweries Limited 10th November 2025 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 –
Slide 2: Q2 & H1FY26 Investor Presentation
ASSOCIATED ALCOHOLS & BREWERIES LTD Q2 & H1FY26 INVESTOR PRESENTATION
Slide 3: AABL: At a Glance
AABL : AT A GLANCE Largest integrated manufacturing facility FY16-FY25: Growth Trajectory situated at a singular location Present throughout the entire liquor value chain 14% 15% 21% • 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 Other* Barley * 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 IMFL – Gaining Traction
AABL IMFL – Gaining TRACTION Economy Popular Prestige & Above Hillfort Superman Lemount Premium Fine blended Whisky Malt Whisky Central Nicobar – Bombay Central Province Titanium H a n d c ra f t e d Special Province Vo d k a Vo d k a Gin Whisky Whisky 5
Slide 7: 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 6
Slide 8: Licensed Brands - Preferred Partner
Licensed Brands - Preferred Partner Director’s McDowell’s Special 7
Slide 9: Contract Manufacturing – Long Term Relations
Contract Manufacturing – Long Term Relations Black & Blue Riband White Smirnoff VAT 69 Black Dog Bagpiper White Gin Mischief 8
Slide 10: 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 FY25 Interest Coverage Ratio as on FY25 0.16 22.5 18.5 0.04 Associated Alcohols & Breweries Ltd. Peer Group Associated Alcohols and B
Slide 11: 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 12: Case Study – Kerala Cheers
Case Study – KERALA CHEERS Fastest to achieve a million cases sale <4 years Market Entry and Remarkable Revenue Emerged as a Strategic Vision Focus on Premium Innovative Product Growth and Sales Major Player for Future Segment and Revenue Launch (2018) Milestone (FY22-23) (FY22-23) Growth Enhancemen
Slide 13: Growing Product Business
Growing Product Business IMFL Proprietary Revenue (Rs Mn) IMFL Licensed Revenue (Rs Mn) IMIL Revenue (Rs Mn) 2,367 1,376 2,182 2,401 1,982 2,336 1,069 1,099 1,915 1,588 1,082 640 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 IMFL Proprietary Volume Cases (‘000) IMFL Licensed Volume Cas
Slide 14: Growing Product Business
Growing Product Business Merchant ENA & Ethanol Volume (MLPA) Merchant ENA & Ethanol Revenue (Rs Mn) 34 2,477 26 24 1,559 19 18 1,314 1,146 1,187 6 431 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Merchant Volume ENA (MLPA) Ethanol ENA Ethanol 01 AABL plays a crucial role as a primary provider of high qu
Slide 15: Levers for a Strong Growth Outlook
Levers for a Strong Growth Outlook B2C Business B2B Business IMFL (Proprietary): B2B segment expected to progress steadily 15%-18% YoY Growth in congruence with inflation rate REVENUE IMFL (Licensed): GUIDANCE 8%-10% YoY Growth Ethanol segment is operating at 85% Premium Line of Products : capacity
Slide 16: 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 15
Slide 17: Strong Investment Thesis
Strong Investment Thesis Strong Industry Tailwinds Q2 & H1FY26 - Earnings Annexure
Slide 18: Diversified Product Portfolio
Diversified product portfolio Moving Towards Premiumisation Q3FY24 Q1FY25 Second Half of End of FY26 End of FY26 Launched Super Launched FY26 Premium Tequila Premium Crafted Premium Premium Brandy Gin “Nicobar” Blended Malt Ready to Drink Whiskey “Hillfort” 17
Slide 19: 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 5,205 822 624 767 1,280 61
Slide 20: 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: Significant presence in Madhya Pradesh. 01 With 20-25% Market share in IMIL and IMFL Products. Integrated Operations: All essen
Slide 21: 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 FY25 : Rs 1,319 Mn and 0.74 x FY24: Rs 1,016 Mn 739 0.58 x 792 0.37 x 667 AABL's strategic goal is to secure a 0.11 x 284 position among the top 10 IMIL 02 and IMFL com
Slide 22: Strong Balance Sheet with Minimal Debt
Strong Balance Sheet with Minimal Debt Gross Block (Rs Mn) ROCE & ROE 4,572 26% 3,425 22% 19% 16% 14% 1,868 12% 11% 12% 1,822 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Gross Block ROCE ROE Net Debt / Equity & Interest Coverage Ratio Net Working Capital (Days) -0.07 0.04 0.04 41 42 31 29 103 67 60 FY22
Slide 23: 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 24: 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 25: Strong Industry Tailwinds
Strong Investment Thesis Strong Industry Tailwinds Q2 & H1FY26 - Earnings Annexure
Slide 26: Growth Catalysts
Growth Catalysts Young Premiumisation Population Influence Trends More than 88% of Urbanisation individuals in India India's alcohol market aged below 25 either among fastest-growing buy or consume globally. alcoholic beverages Rising urban India is home to one of population, disposable the largest
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 31
Slide 33: Q2 & H1FY26 - Earnings
Strong Investment Thesis Strong Industry Tailwinds Q2 & H1FY26 - Earnings Annexure
Slide 34: Q2FY26 – Performance Highlight
Q2FY26 – Performance HIGHLIGHT • IMFL Proprietary Volumes grew 37% YoY, driven by the strong brand demand across IMFL Proprietary portfolio Operational • IMFL Licensed had decrease of 38% YoY, largely attributed to realignment of Business pattern with Inbrew Update • Grain prices remained flat durin
Slide 35: Financial Highlights Q2FY26 H1FY26
Financial Highlights Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % 6% 10% Q2FY26 2,546 2,538 9% 153 5.5% 250 240 140 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % 7% 7% 12%
Slide 36: IMFL (Proprietary)
IMFL (Proprietary) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % 16% Q2FY26 48 566 59 413 414 743 731 307 14% Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases)
Slide 37: IMFL (Licensed)
IMFL (Licensed) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % 14% Q2FY26 483 1,250 1,191 12% 387 66 241 287 36 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases
Slide 38: IMIL
IMIL IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % 17% 12% Q2FY26 94 917 560 567 625 896 61 520 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn
Slide 39: Merchant ENA
Merchant ENA ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % 8% Q1FY26 372 5 5.4 334 67 69 7% 29 24 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA
Slide 40: Ethanol
ETHANOL Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % Q1FY26 Year on Year 3% 5% 5% 10 10 688 706 67 69 33 32 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisati
Slide 41: Quarterly Income Statement
Quarterly Income Statement Particulars (Rs Million) Q2FY26 Q2FY25 Y-o-Y Q1FY26 Q-o-Q Gross Revenues 2,569 2,583 (0.5)% 2,702 (5)% Excise duty 31 37 (16)% 35 (12)% Net Revenue from Operations 2,538 2,546 - 2,667 (5)% Total Operating Expenses 2,298 2,296 - 2,296 EBITDA 240 250 (4)% 371 (35)% EBITDA Ma
Slide 42: H1FY26 Income Statement
FY25 - Income Statement Particulars (Rs Million) H1FY26 H1FY25 Y-o-Y Gross Revenues 5,271 5,138 3% Excise duty 66 74 (11)% Net Revenue from Operations 5,205 5,064 3% Total Operating Expenses 4,594 4,534 1% EBITDA 611 530 15% EBITDA Margins (%) 12% 10% 200 bps Other Income 29 28 3% Depreciation 113 8
Slide 43: H1FY26 - Balance Sheet
H1FY26 - Balance Sheet Particulars (Rs Mn) H1FY26 FY25 Particulars (Rs Mn) H1FY26 FY25 ASSETS EQUITY & LIABILITIES Non-current Assets Equity Property, Plant & Equipment 3,348 3,473 Equity Share Capital 190 181 Capital Work in progress 673 320 Other Equity 5,681 5,022 Intangible Assets 1 1 Total Equi
Slide 44: H1FY26 - Cash Flow Statement
H1FY26 - Cash Flow Statement Particulars (Rs Mn) H1FY26 H1FY25 Particulars (Rs Mn) H1FY26 H1FY25 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property Plant & Equipment, CWIP Profit Before Tax 502 448 (292) (396) and Intangible Assets Adjustments for: Proceed f
Slide 45: Annexure
Strong Investment Thesis Strong Industry Tailwinds Q2 & H1FY26 - Earnings 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) FY25 FY24 FY23 Gross Revenues 10,966 7,645 7,028 Excise duty 207 47 20 Net Revenue from Operations 10,759 7,598 7,008 Total Operating Expenses 9,479 6,831 6,384 EBITDA 1,280 767 624 EBITDA Margins (%) 12% 10% 9% Other Income 47 96 89 Depreciation
Slide 50: Historical Balance Sheet
Historical Balance Sheet Particulars (Rs Mn) FY25 FY24 FY23 Particulars (Rs Mn) FY25 FY24 FY23 ASSETS EQUITY & LIABILITIES Non-current Assets Equity Property, Plant & Equipment 3,473 2,480 1,055 Equity Share Capital 181 181 181 Capital Work in progress 320 633 1,105 Other Equity 5022 4,048 3,453 Int
Slide 51: Historical Cash Flow Statement
Historical Cash Flow Statement Particulars (Rs Mn) FY25 FY24 FY23 Particulars (Rs Mn) FY25 FY24 FY23 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Profit Before Tax 1,096 683 555 Purchase of Property Plant & Equipment, CWIP and (861) (1,039) (929) Intangible Assets Adjustme
Slide 52: Financial Overview
Financial Overview Net Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % PAT (Rs Mn) & PAT Margin % 8% 10,759 6% 7% 7,598 10% 7,008 9% 12% 814 1,280 506 416 624 768 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 ROCE & ROE Shareholders’ Equity (Rs Mn) Net Debt to Equity Ratio (X) 22% 5,203 16% 4,229 14
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 Ankit Nagori Deputy General Manager Associated Alcohols and Breweries Ltd E : anagori@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 - 7303
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