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Associated Alcohols & Breweries Ltd

Q1 FY26Beverages

Associated Alcohols & Breweries Q1 FY26 earnings call: Revenue & Margins

Q1 FY26 earnings call: what management said on revenue, margins and capex.

Price₹726
Market cap₹1.4K Cr
P/E17.3
Updated23 Aug 2026
Read4 min read

The short version

Expecting 25% to 30% volume growth over the next 2-3 years in proprietary IMFL brands. Proprietary IMFL segment expected to grow at a CAGR of around 25-30% over the next 2-3 years. - EBITDA margin of approximately 14% seen as sustainable if grain prices stabilize; margins depend on raw material costs and marketing investments. - Gross margins improved due to stabilized raw material costs and efficiency gains; operational expenses reduced by ~50 basis points, expected to sustain. - Growth driven by premiumization strategy, geographic expansion into Maharashtra, Uttar Pradesh, and Goa, and new product launches (RTDs, malt, tequila). - CapEx of about Rs.

From Associated Alcohols & Breweries Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Expecting 25% to 30% volume growth over the next 2-3 years in proprietary IMFL brands.
  • Targeted volume growth for Hillfort and Nicobar Gin brands: 15,000 to 20,000 cases for the current year (FY '26).
  • RTD brand "Culture" launch planned starting in Madhya Pradesh with subsequent expansion to metro markets, aiming to tap the $72 million RTD market growing at 20% CAGR.
  • Planned expansion in key states including Maharashtra, Uttar Pradesh, Goa, and future entry into Odisha.
  • Marketing spend expected to increase from current 1% of revenue to around 5% during initial expansion phases.
  • Continued premiumization with new product launches like Central Province vodka, single malt and tequila expected to enhance sales.

2 more points from Associated Alcohols & Breweries Ltd's call on revenue

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Profitability & Margins

See what Associated Alcohols & Breweries Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Planned CapEx of about Rs. 100 crores for FY '26, primarily supporting the maturation project and operational upgrades across facilities (Page 5).
  • Malt maturity plant is almost commissioned; will start initial revenue in about 1.5 years, enabling in-house aging for long-term brand building (Page 10).
  • Potential increase in ENA manufacturing capacity planned if own product consumption grows; licenses and pollution approvals already taken for this (Page 14-15).

2 more points from Associated Alcohols & Breweries Ltd's call on capex

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Top-ranked in Beverages

Ranked on what management guided this quarter

Guidance-ranked
1Piccadily Agro
Rev 1Mar 3
2Varun Beverages
Rev 2Mar 3
3
Rev 2Mar 3
4
Rev 3Mar 1
5
Rev 3Mar 1
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what Associated Alcohols & Breweries Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Relevant information from the call includes: - The company is expanding distribution in key states like Maharashtra, Uttar Pradesh, and Goa, indicating potential order growth. - Distributor onboarding is progressing well, especially in Maharashtra (Thane, Mumbai, Pune, Nagpur) and Goa (finalizing distributor). - Ongoing investment in manpower and marketing to support scaling sales in new states. - The company is leveraging contract manufacturing agreements (like with Inbrew) to support sales growth.

2 more points from Associated Alcohols & Breweries Ltd's call on order book

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Associated Alcohols & Breweries Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹238 Cr, net profit ₹24 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Assoc.Alcohols's management said in earlier quarters

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Frequently Asked Questions

What were Associated Alcohols & Breweries Ltd Q1 FY26 results?

Expecting 25% to 30% volume growth over the next 2-3 years in proprietary IMFL brands. Proprietary IMFL segment expected to grow at a CAGR of around 25-30% over the next 2-3 years. - EBITDA margin of approximately 14% seen as sustainable if grain prices stabilize; margins depend on raw material costs and marketing investments. - Gross margins improved due to stabilized raw material costs and efficiency gains; operational expenses reduced by ~50 basis points, expected to sustain. - Growth driven by premiumization strategy, geographic expansion into Maharashtra, Uttar Pradesh, and Goa, and new product launches (RTDs, malt, tequila). - CapEx of about Rs.

What is Associated Alcohols & Breweries Ltd share price analysis?

Associated Alcohols & Breweries Ltd currently shows a neutral. The stock trades at a P/E of 17.3 with a market cap of ₹1,434 Cr. Investors should review the full earnings analysis for detailed insights.

Is Associated Alcohols & Breweries Ltd planning capital expenditure?

Planned CapEx of about Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.