ASALCBR

Associated Alcohols & Breweries share price & financials

Price
₹843.85
Market cap
₹1.5k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 27 Jul 2026

Associated Alcohols & Breweries Ltd. Q1 FY27

Consolidated EBITDA 299 million Consolidated EBITDA Margin 11% PAT 178 million PAT Margin 6%

What went well

  • IMFL proprietary revenue of INR729 million, up 58% year-on-year, reflecting favorable product mix and improved realizations.
  • IMFL proprietary volume grew 40% year-on-year to 0.79 million cases, exceeding earlier guidance.
  • The CP series delivered an impressive 260% year-on-year volume growth, from 20,300 cases to 73,000 cases.

What to watch

  • Consolidated EBITDA margin fell from 14% to 11% year-on-year.
  • Ethanol segment reported negative EBITDA margin, with realizations at INR54 per liter against a breakeven of INR57-60.
Read the full call →

What Associated Alcohols & Breweries Ltd. does

Associated Alcohols & Breweries, established in 1989, manufactures alcoholic beverages across the full liquor value chain from a single vertically integrated facility at Khodigram (Barwaha), Madhya Pradesh. It processes grains such as rice, maize, jowar and barley into Extra Neutral Alcohol (ENA) and grain-based ethanol, which feed its own IMFL (Indian Made Foreign Liquor) and IMIL (Indian Made Indian Liquor) bottling lines as well as third-party sales. It earns through several channels: its own proprietary IMFL brands, licensed IMFL brands, contract/franchise bottling for players including United Spirits (Diageo) and Inbrew, bulk ENA sales to other liquor makers and bottlers, and ethanol sales to oil marketing companies and private buyers. A captive malt plant supports in-house whisky (including an upcoming single malt) and captive power generation supports the site's energy needs.

Segments

  • IMFL Proprietary
  • IMFL Licensed
  • IMIL
  • Merchant ENA
  • Ethanol
Manufacturing model
Single-location, vertically integrated facility at Khodigram (Barwaha), Madhya Pradesh, covering ENA, ethanol, malt and bottling on one site
Bottling lines
41 bottling lines with combined annual capacity of 16 million cases
ENA manufacturing capacity
Licensed capacity of 180 million litres per annum (MLPA); installed capacity of 160 KLPD
Ethanol manufacturing capacity
130 KLPD installed capacity
Malt plant capacity
6,000 litres per day (LPD)
Proprietary brand portfolio
16 proprietary brands spanning economy to prestige & above, across whisky, vodka, gin, brandy, rum and RTD
Founded 1989Headquarters Indore, Madhya Pradesh, IndiaEmployees 1,350 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 5 delivered 2 missed 15 open
  • Premium Brandy Launch went quiet said Q4 FY25 Promised: Q2 FY26 Q1 FY27: Brandy launch not mentioned in Q1 FY27 call, despite previous joint timeline with Tequila for H1 FY27.
  • Overall Revenue Growth at risk said Q4 FY26 Promised: 10%+ Q1 FY27: Q1 FY27 revenue grew 5% YoY, below the full-year target of 10%+.
  • Overall Top Line Growth delivered, diluted said Q4 FY25 Promised: Double-digit Q4 FY26: FY26 top-line remained flattish, in line with revised guidance

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 5.2%, net profit down 25.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue255 327 242 267 254 −0%260 −20%238 −2%281 +5%
EBITDA25 40 35 37 24 −4%42 +5%40 +14%30 −19%
Net profit15 26 22 24 14 −7%27 +4%24 +9%18 −25%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −33.9% 1Y

₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 20 May 2026Q1 FY27 — 27 Jul 2026

1Y: ₹1,024.1 on 10 Sept 2025 → ₹676.7. High ₹1,228.5 (30 Oct 2025), low ₹666 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−3.6%
27 Jul
Q4 FY26
+1.8%
20 May
Q3 FY26
−3.7%
5 Feb
Q2 FY26
+2.0%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.3% a year over 3 years, FY23 to FY26. Operating margin widened to 14.0%.

Year endingFY23FY24FY25FY26
Revenue₹701 Cr₹759 Cr₹1.1k Cr₹1.0k Cr
Operating profit₹63 Cr₹75 Cr₹128 Cr₹143 Cr
Operating margin9.0%9.9%11.9%14.0%
Interest₹1 Cr₹4 Cr₹5 Cr₹7 Cr
Depreciation₹15 Cr₹13 Cr₹17 Cr₹26 Cr
Net profit₹42 Cr₹50 Cr₹81 Cr₹89 Cr
Net margin6.0%6.6%7.5%8.7%
Cash from operations₹7 Cr₹28 Cr₹74 Cr₹52 Cr
Free cash flow₹-86 Cr₹-75 Cr₹-12 Cr₹0 Cr
ROCE———18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹18 Cr₹18 Cr₹18 Cr₹18 Cr₹19 Cr₹20 Cr
Reserves₹234 Cr₹295 Cr₹345 Cr₹405 Cr₹568 Cr₹675 Cr
Borrowings₹11 Cr₹5 Cr₹100 Cr₹108 Cr₹75 Cr₹69 Cr
Other liabilities₹67 Cr₹82 Cr₹75 Cr₹88 Cr₹114 Cr₹92 Cr
Total liabilities₹330 Cr₹400 Cr₹538 Cr₹619 Cr₹776 Cr₹856 Cr
Fixed assets₹111 Cr₹113 Cr₹110 Cr₹252 Cr₹338 Cr₹395 Cr
Capital work in progress₹9 Cr₹24 Cr₹110 Cr₹63 Cr₹67 Cr₹19 Cr
Investments₹3 Cr₹25 Cr₹60 Cr₹46 Cr₹97 Cr₹108 Cr
Other assets₹207 Cr₹239 Cr₹257 Cr₹257 Cr₹274 Cr₹333 Cr
Total assets₹330 Cr₹400 Cr₹538 Cr₹619 Cr₹776 Cr₹856 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Attractive

To justify its price of ₹677, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹1678 — upside of 148%.

Growth the price implies
9.0% a year
for 7 years, fading to 4%
It has actually compounded at
28.4% a year
net profit, FY23–FY26 · EPS 26.5%
The gap
-0.2 pp
148% downside if it only repeats history
Price today ₹676.7 Value at the reference growth ₹1,678.17

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Associated Alcohols & Breweries Ltd.

Guides on how to read this kind of business and the numbers that matter.