Associated Alcohols & Breweries Ltd. · NSE:ASALCBR
Associated Alcohols & Breweries — Q1 FY2026 Earnings Presentation
53 slides from Associated Alcohols & Breweries's earnings presentation, Aug 8, 2025
Slide 1: Associated Alcohols & Breweries Ltd Q1FY26 Investor Presentation
ASSOCIATED ALCOHOLS & BREWERIES LTD Q1FY26 INVESTOR PRESENTATION
Slide 2: 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 3: 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* * Possibilities to use other starch - based Feedstocks Single Location, Fungible Manufacturing Plant
Slide 4: 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 5: AABL IMFL – Gaining Traction
AABL IMFL – Gaining TRACTION Economy Popular Prestige & Above Superman Lemount Hillfort Fine Premium Whisky blended Malt Whisky Bombay Central Titanium Nicobar – Special Province Vo d k a Ha nd crafted Whisky Whisky Gin 5
Slide 6: AABL's Brand Portfolio
AABL’s BRAND PORTFOLIO Whisky Vodka Gin Brandy Rum Prestige & Above MRP: Rs 1,400 - 2,600 Popular MRP: Rs 680 - 1,000 Economy MRP: Rs 500 - 560 6
Slide 7: Licensed Brands - Preferred Partners
Licensed Brands - Preferred Partners Blue Riband Bagpiper White Director’s McDowell’s Gin Mischief Special 7
Slide 8: Contract Manufacturing – Long Term Relations
Contract Manufacturing – Long Term Relations BLACK & WHITE SMIRNOFF VAT 6 9 BLACK DOG 8
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 Premium Line of Products : Ethanol segment, a recent addition, is 18%-20
Slide 15: 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 16: Strong Investment Thesis
Strong Investment Thesis Strong Industry Tailwinds Q1FY26 - Earnings Annexure
Slide 17: 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 18: 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 (%) 4,358 5,126 7,008 7,598 2,667 895 822 624 767 371 3
Slide 19: 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 20: 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 21: 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 67 103 60 46 45 43 40 FY22
Slide 22: 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 23: 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 Rice IMFL (Proprietary) IMFL (Licensed) 1 1 Maize IMIL 2 2 Single Manufacturing Facility ENA for Captive Consumption Jawar 3
Slide 24: Strong Industry Tailwinds
Strong Investment Thesis Strong Industry Tailwinds Q1FY26 - Earnings Annexure
Slide 25: 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 26: 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 27: Young Population Growth and Rising Disposable Income
Young Population Growth and Rising Disposable Income Growing Proportion of Young Population Growing Disposable Income (In Trillion USD) 4.2 3.9 3.5 9.4% 9.7% 9.9% 10.1% 10.2% 10.5% 10.8% 11.1% 11.4% 11.7% 3.4 3.2 3.2 2.9 2.9 2.7 2.7 63.3% 63.5% 63.8% 64.1% 64.3% 64.4% 64.6% 64.7% 64.8% 65.0% 27.3% 2
Slide 28: Urbanization and Shift Towards Premiumisation
Urbanization and Shift Towards Premiumisation Growing Proportion of Urban Population Growing Premium Liquor Market in India (USD Bn) 36 52% 32 33 31 30 40% 28 21 29% 19 20 18 17 28% 17 23% 19% 1.5 1.4 0.4 1.3 1.2 1.2 6 5.2 5.5 5.7 6.3 5 2 2.1 2.2 1.6 1.7 1.8 4 4 4 4 4 4 1960 1980 2000 2025 2030 E 20
Slide 29: Rapid Growth in Premium Alcohol Segment
Rapid Growth in Premium Alcohol 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 30: 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 31: Product Wise Break Up
Product Wise Break Up Product Wise Volume CAGR (2023-2028) Product Wise Volume Split (2023-2028) 14.7% 3% 12% 5 7.8% 20% C 4.9% 65% 4.1% Whisky Brandy Rum Wine Spirits Whisky Brandy Rum Wine Spirits AABL Segments Sources : Industry Report May 2024 31
Slide 32: Q1FY26 - Earnings
Strong Investment Thesis Strong Industry Tailwinds Q1FY26 - Earnings Annexure
Slide 33: Q1FY26 – Performance Highlight
Q1FY26 – Performance HIGHLIGHT • IMFL Proprietary Volumes grew 31% YoY, driven by the strong performance of the brands, robust consumer traction for premium offerings and expansion into new strategic markets. Operational • IMFL Licensed had slight decrease of 6% YoY. This is Attributed to Degrowth i
Slide 34: Financial Highlights
Financial Highlights Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % Q1FY26 Year on Year 6% 11% 14% 9% 371 7% 281 2,518 2,667 177 237 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Mar
Slide 35: IMFL (Proprietary)
IMFL (Proprietary) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % Q1FY26 Year on Year 17% 47 69 567 413 433 679 728 294 16% Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisati
Slide 36: IMFL (Licensed)
IMFL (Licensed) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % Q1FY26 Year on Year 15% 15% 483 1,248 1,168 387 364 425 72 64 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisat
Slide 37: IMIL
IMIL IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % Q1FY26 Year on Year 18% 13% 130 1,175 730 565 621 81 1,102 623 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Ca
Slide 38: Merchant ENA
Merchant ENA ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % Q1FY26 Year on Year 14% 8% 51 5 364 4 256 66 67 20 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs
Slide 39: Ethanol
ETHANOL Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % Q1FY26 Year on Year 6% 6% 9 619 571 72 69 39 34 8 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (R
Slide 40: Quarterly Income Statement
Quarterly Income Statement Particulars (Rs Million) Q1FY26 Q1FY25 Y-o-Y Q4FY25 Q-o-Q Gross Revenues 2,702 2,555 6% 2,485 9% Excise duty 35 37 (5)% 60 (42)% Net Revenue from Operations 2,667 2,518 6% 2,425 10% Total Operating Expenses 2,296 2,237 3% 2,070 11% EBITDA 371 281 32% 355 5% EBITDA Margins
Slide 41: FY25 - Income Statement
FY25 - Income Statement Particulars (Rs Million) FY25 FY24 Y-o-Y Gross Revenues 10,966 7,645 43% Excise duty 207 47 340% Net Revenue from Operations 10,759 7,598 42% Total Operating Expenses 9,479 6,830 39% EBITDA 1,280 768 67% EBITDA Margins (%) 12% 10% 200 bps Other Income 47 96 (51)% Depreciation
Slide 42: FY25 - Balance Sheet
FY25 - Balance Sheet Particulars (Rs Mn) FY25 FY24 Particulars (Rs Mn) FY25 FY24 ASSETS EQUITY & LIABILITIES Non-current Assets Equity Property, Plant & Equipment 3,473 2,480 Equity Share Capital 181 181 Capital Work in progress 320 633 Other Equity 5022 4,048 Intangible Assets 1 2 Total Equity 5203
Slide 43: FY25 - Cash Flow Statement
FY25 - Cash Flow Statement Particulars (Rs Mn) FY25 FY24 Particulars (Rs Mn) FY25 FY24 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property Plant & Equipment, CWIP Profit Before Tax 1,096 683 (861) (1,039) and Intangible Assets Adjustments for: Proceed from th
Slide 44: Annexure
Strong Investment Thesis Strong Industry Tailwinds Q1FY26 - Earnings Annexure
Slide 45: Our Milestones
Our Milestones Launched “Nicobar” -Set up 40 MLPA ethanol plants with Launched co-generation “Hillfort” Achieved IMFL sales : 43% of Whiskey in 1 Million cases of sales, 3 Mn cases Increased sales in Kerala Q1FY25 capacity of the sold of IMFL Increased the Achieved the 5th ENA plant to 45 highest ma
Slide 46: Board of Directors
Board of Directors Mr. Prasann Kumar Mr. Anshuman Mr. Tushar Bhandari, Debashis Dr. Swaraj Ms. Apurva Kedia, Kedia, Whole Time Whole Time Director & Das, Independent Puri, Independent Joshi, Independent Managing Director Director & CEO Chief Financial Officer Director Director Director With over thr
Slide 47: Leadership Team
Leadership Team Mr. S.R. Dubey, Mr. Abhinav Mathur, Mr. Rajeev Nema, Mr. Sanjeev Kumar Tulsyan Group Sales Head Company Secretary Head Human Resources Head of Marketing With over 30 years A qualified He is a seasoned A seasoned of experience at Company Secretary professional with marketing veteran,
Slide 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 Sheetal Khanduja Go India Advisors E : sheetal@goindiaadvisors.com YOU M : +91
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