Associated Alcohols & Breweries Ltd(ASALCBR)

NSE: ASALCBRBSE: 507526

₹ 540.05-3.61%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,084 crWebsite: www.associatedalcohols.comUpdated: 24 Oct 2026

About

Associated Alcohols & Breweries Ltd (AABL) manufactures and sells Indian Made Foreign Liquor (IMFL), Extra Neutral Alcohol (ENA) and ethanol from its distillery in Barwaha, Madhya Pradesh. It reported revenue of ₹1,033.28 crore in FY26. The company is the third-largest private player in the Kerala IMFL market with a 7.3% share as of FY26.^[1]

Business segments

Potable Alcohol Division: 75% of FY26 segment revenue (₹797.93 cr) with EBIT margin of 16.4%; covers proprietary IMFL brands, licensed IMFL manufacturing and merchant ENA sales.^[2]
Ethanol Division: 25% of FY26 segment revenue (₹265.97 cr) with EBIT margin of -0.8% in FY26.^[2]
Within Potable Alcohol, proprietary IMFL rose to 23% of total company revenue in Q1 FY27, up from 17% in FY26.^[3]

Products and brands

Proprietary IMFL portfolio includes Central Province Whiskey, Hillfort Whiskey, Nicobar Gin, Titanium Vodka and the CP Series; CP Series reached 73,000 cases in Q1 FY27 (+260% YoY from 20,300 cases).^[3]
Central Province Orange Vodka, launched in mid-FY26, captured 15 - 20% market share in Madhya Pradesh within three months of launch.^[4]
RTD brand Kultur (330 ml can, 8% ABV, 5 flavours, MRP ₹120) launched in Madhya Pradesh in June 2026; registration underway in 8 more states including Delhi, Karnataka and Goa.^[3]
Licensed IMFL now limited to CLR and DSP Black (Inbrew brands) after Bagpiper moved from franchisee to job-work in FY26, removing ~₹100 crores of annual top-line from that segment.^[5]
AABL has Mexican government approval to import, bottle and sell tequila under its own brand; premium tequila at MRP ₹5,000 - 7,000 was targeted for Q2 FY27.^[5]

Operations and capacity

Primary manufacturing is at Barwaha, Madhya Pradesh; ENA capacity is 50 million litres per annum, up from 47 mn litres through operational improvements in FY26.^[6]
A 6,000 litres-per-day malt plant was commissioned at Barwaha in H1 FY26 with total capex of ~₹100 crores; malt maturation is underway.^[5]
SDF Industries (Palakkad/Thrissur, Kerala), a distillery-cum-bottling unit with 4.3 mn cases per annum capacity, acquired in April 2026; initial operations expected December 2026.^[6]
Ethanol plant utilisation was ~83% for 9M FY26; OMC quota allocation fell to ~30% of capacity in Q1 FY27 due to industry oversupply.^[4]

Key operating numbers

IMFL proprietary volume: 0.79 mn cases in Q1 FY27 (+40% YoY); FY26 volume grew 32% YoY; Q4 FY26 volume was 6.6 lakh cases (+37% YoY).^[3]
IMFL proprietary realisation: ₹823/case in Q1 FY27, up 13% YoY, on favourable product mix.^[3]
IMFL proprietary EBITDA margin: 20% in Q1 FY27 vs 17% in Q1 FY26; highest quarterly level was 22% in Q4 FY26.^[3]
Ethanol EBITDA: -₹47 mn in Q1 FY27 vs +₹34 mn in Q1 FY26; private OMC realisations of ~₹51 - 54/litre were below stated breakeven of ₹57 - 60/litre.^[3]
Merchant ENA volume: 6.9 million litres in Q4 FY26 (+129% YoY); captive ENA use rose to 59% of total ENA requirement in Q1 FY27 from 50% in FY26.^[6]
Ethanol volumes fell to 2.9 crore litres in FY26 from 3.4 crore litres in FY25, as excess industry supply limited OMC purchase orders.^[6]

Customers and distribution

AABL held 7.3% market share in Kerala as of FY26 (+1.5 percentage points during FY26), third-largest private IMFL player in the state.^[6]
Core markets are Madhya Pradesh and Kerala; FY26 expansion added Maharashtra, Uttar Pradesh and Jharkhand; Odisha entered in Q1 FY27; Karnataka entry planned for Q2 FY27.^[5]
Inbrew (Bagpiper, DSP Black, CLR) is a major contract-manufacturing customer; Bagpiper's move to job-work in FY26 reduced reported revenue by ~₹52 crores per quarter.^[4]

Expansion and capex

SDF Industries Kerala plant: total acquisition-related capex ₹400 mn (acquisition cost ₹308.5 mn) plus ₹100 mn on bottling automation; target 3.5 - 4 lakh cases/month; full operations from April 2027.^[6]
Malt casks: ₹150 mn additional spend planned in FY27 to expand maturation inventory for the single malt programme.^[3]
Single malt whisky (entry-level and super-premium variants) is maturing at Barwaha; first revenue expected from Q3 FY28.^[3]
Land acquired in Uttar Pradesh and a distillery licence applied for, as part of a stated plan to acquire 2 - 3 more distilleries across India.^[4]

Recent developments

FY26: Board recommended a dividend of ₹2 per equity share of ₹10; record date 9 September 2026.^[7]
Statutory auditor Singhi & Co.'s second five-year term ends at the 38th AGM (2027), when a new statutory auditor must be appointed.^[7]
Whole-time director Anshuman Kedia, holding 1,966,300 shares, retires by rotation and is up for reappointment; M.P. Turakhia & Associates reappointed cost auditor for FY27.^[7]
April 2026: acquisition of SDF Industries (Palakkad, Kerala) completed under IBC-NCLT for ₹30.85 crores, AABL's first owned unit in Kerala.^[6]
Q1 FY27: IMFL proprietary segment posted its highest quarterly revenue of ₹792 mn, up 58% YoY in value and 40% YoY in volume.^[3]
Ethanol: new OMC annual tender from October 2026 expected to reset realisations; company plans to tender directly with private OMCs Reliance and Nayara.^[3]
FY26: Dilip Kumar Inani (CA, 30+ years finance experience) joined as Chief Financial Officer.^[5]

Market Cap

₹1,084 Cr

High / Low

₹1,275 / 525

Stock P/E

12.8

Price / Book

1.6

Book Value

₹346

EPS

₹44.0

No. of Shares

2.01 Cr

ROCE

18.0%

ROE

14.6%

OPM

12.0%

Debt / Equity

0.10

Sales

₹1,033 Cr

Net Profit

₹88 Cr

Promoter holding

62.4%

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Associated Alcohols & Breweries Ltd(ASALCBR)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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