Associated Alcohols & Breweries Ltd

Q2 FY26Beverages

Associated Alcohols & Breweries Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹726

Market cap₹1.4K Cr

P/E17.3

Updated23 Aug 2026

Read4 min read

The short version

The company targets around 30% to 35% year-on-year growth in its own IMFL Proprietary brands, building on the 35% increase seen recently. The company targets around 30% to 35% growth in its proprietary IMFL brands, which is expected to continue in the coming years.

From Associated Alcohols & Breweries Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

The company targets around 30% to 35% year-on-year growth in its own IMFL Proprietary brands, building on the 35% increase seen recently.
Revenue guidance expects approximately 10% overall growth.
The focus is on expanding proprietary IMFL brands, premium offerings, and entering new geographies like Maharashtra and Uttar Pradesh.
Initial sales in Maharashtra and UP are positive but volumes are currently low, expected to stabilize in about one quarter.
Growth in segments like gin (Nicobar Gin) is around 15%, while tequila is a fast-growing category with plans for aggressive expansion following regulatory approvals.
Long-term vision is to be a one-stop shop in the alcobev industry by offering a full portfolio across categories and price points.
Margins are expected to improve after initial entry costs stabilize, with EBITDA margins anticipated between 9% to 11% in the near term.

Profitability & Margins

The company targets around 30% to 35% growth in its proprietary IMFL brands, which is expected to continue in the coming years.
EBITDA margin guidance is currently between 9% to 11%, with expectations to return to historic levels in about two quarters.
The IMFL proprietary brands are expected to deliver 13% to 16% EBITDA margins at steady-state.
Initial expansion into new states involves higher marketing and establishment costs, causing temporarily lower margins which should improve as brands mature.
Revenue growth overall is targeted at approximately 10%, factoring in new state entries and premium product growth.
The company expects margin improvements from premium product mix, improved byproduct price realization, and value engineering initiatives on packaging.
Long-term focus is on building a strong proprietary brand portfolio, creating a one-stop shop in the alcobev sector to drive smarter growth and sustainable profits.

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

Capital Expenditure Plans

Commissioned malt plant in Barwaha with a capacity of 6,000 liters per day, a key milestone in backward integration ensuring quality and cost optimization.
Capex of INR 55 crores incurred for malt plant; an additional INR 55-60 crores expected in casks over next 2-3 years to support premium whisky portfolio.
Bidding for SDF Industries manufacturing unit in Palakkad to gain greater control over manufacturing, increase sales capacity, and bridge gap with top competitors.
Focus on expanding proprietary IMFL portfolio and own brand building, reducing reliance on contract manufacturing.
Strategic expansion into new states (Maharashtra, Uttar Pradesh, Rajasthan, Jharkhand, Goa, Mahe, Assam, Odisha) requiring investment in distribution and marketing infrastructure.
Investment in talent acquisition and strengthening sales/distribution teams across new regions.
Upcoming launches in tequila and ready-to-drink (RTD) products with focus on market share gains.

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Ranked on what management guided this quarter

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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

There is no explicit mention of any current or planned fundraising through debt or equity in the transcript.
The management emphasizes maintaining a healthy balance sheet with disciplined working capital management.
They highlight focusing on organic growth by expanding proprietary IMFL brands and entering new markets.
The company is investing in manufacturing capacity (e.g., bidding for SDF Industries unit) primarily through internal accruals rather than external funding.
Securing funds is mentioned as important, but no active fundraising is stated; growth is targeted through existing resources and brand building.
Overall, the focus is on financial discipline and incremental growth, with no discussion about fresh debt or equity issuance.

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

Order Book & Pipeline

The transcript does not explicitly mention specific details about the current or expected order book or pending orders for Associated Alcohols & Breweries Limited. However, some relevant insights include: - Company is focusing on growth of proprietary IMFL brands, targeting around 30% quarter-on-quarter growth. - Expansion in new states like Maharashtra, Uttar Pradesh, Rajasthan, Jharkhand, Goa, Mahe, Assam, and Odisha is underway, which could lead to incremental orders. - Initial sales in Maharashtra and UP show positive consumer response but stabilization is still in process. - There is a strategic focus on strengthening premium offerings and expanding the portfolio to capture a larger market share. - Expectation of revenue growth around 10% as per management guidance. No explicit numbers or detailed order book information are provided on pending or confirmed orders in the available transcript.

Associated Alcohols & Breweries Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

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

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What Associated Alcohols & Breweries Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Associated Alcohols & Breweries Ltd Q2 FY26 results?

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?

Commissioned malt plant in Barwaha with a capacity of 6,000 liters per day, a key milestone in backward integration ensuring quality and cost optimization.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.