Associated Alcohols & Breweries Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 May 2026 | Beverages | Market Cap: ₹1.4K Cr
Proprietary IMFL brand sales expected to constitute around 50%-60% of top-line over the long term. IMFL proprietary brand volume is expected to grow sustainably at 12%-15%, supporting revenue growth.
From Associated Alcohols & Breweries Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹726
Market Cap
₹1.4K Cr
P/E Ratio
17.3
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Associated Alcohols & Breweries Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹238 Cr, net profit ₹24 Cr.
Full financials →📊 Revenue & Sales Performance
- →Proprietary IMFL brand sales expected to constitute around 50%-60% of top-line over the long term.
- →New premium products (Nicobar gin and Hillfort whiskey) showing steady growth; volumes currently ~3,000 cases, expected to scale fast.
- →Expansion into large states like UP, Maharashtra, and Goa underway, with market-share gains anticipated, especially in Kerala and similar markets.
- →Ethanol plant running at optimum capacity; revenues around INR68-70 crores expected to sustain.
- →Contract manufacturing business growing substantially, with projected revenue exceeding INR1,200 crores by FY '26.
- →RTD and tequila segments expected to grow quickly with RTD forecasted market growth of 17%-20% and tequila 30%-40%.
- →Country liquor business (IMIL) expected to grow only at industry pace due to tender constraints; market stable around INR120-130 crores.
- →Overall revenue growth supported by premiumization, market expansion, and operational efficiency.
📈 Profitability & Margins
- →IMFL proprietary brand volume is expected to grow sustainably at 12%-15%, supporting revenue growth.
- →IMIL (Indian Made Indian Liquor) is expected to remain stable, growing in line with industry/tender volumes.
- →Ethanol segment currently running at full capacity with revenues around INR68-70 crores; revenue expected to sustain.
- →Margin improvement guided to reach 13%-15% over next 1-2 years, driven by premiumization and operational efficiencies.
- →Premium products (e.g., Nicobar gin, Hillfort whiskey) expected to increase contribution to 50%-60% of topline in longer term, aiding margin expansion.
- →Marketing spend to increase moderately (from current 3%-5% to possibly 5%-7%) to support brand building for new premium launches.
- →Capex for FY25 and FY26 around INR100 crores each, funding expansions including malt plant (6,000 liters/day capacity).
- →Overall, management targets revenue growth beyond INR1,200 crores by FY26 and sustainable margin expansion through premiumization and operational excellence.
🏗️ Capital Expenditure Plans
- →Capex of around INR 100 crores planned each for FY '25 and FY '26, funded through internal accruals and preferential allotment.
- →New state-of-the-art bottling hall established with 10 automated lines, involving approximately INR 50 crores capex, primarily for contract manufacturing growth.
- →Malt plant expected to start production in April with a capacity of 6,000 liters per day.
- →Ongoing investment in a single malt plant aligns with long-term vision for premium, high-quality products.
- →Additional bottling lines installed, now a total of 41 lines, enhancing capacity for proprietary and licensed IMFL products.
- →Strategic investment focused on premiumization, operational excellence, and geographic expansion.
💰 Fundraising & Capital Structure
- →For FY '25 and '26, the company plans a capital expenditure (capex) of around INR 100 crores each year.
- →This capex will mainly be financed through internal accruals and the preferential money already raised.
- →There is no explicit mention of any new fundraising through debt or equity beyond the preferential funding already secured.
- →Hence, no immediate or future new fundraising plans via additional debt or equity have been indicated.
📋 Order Book & Pipeline
- →The company operates on a yearly tender basis for supplying Country Liquor (IMIL) in specific districts.
- →They are the sole supplier in those districts and supply volumes as per tender wins.
- →The IMIL segment is expected to stabilize and grow only at the pace of the tender volumes in those districts.
- →For ethanol, the company has secured tenders from OMCs with an allocation of 29,724 kiloliters for the supply year 2024-25.
- →The ethanol plant is running at optimum capacity currently, indicating full utilization of current orders.
- →There is mention of government planning to release new tenders for ethanol supply, but details and clarity on allocation remain uncertain.
- →No explicit mention of an order backlog or pending orders beyond current annual tenders and ethanol supply agreements.
Key Metrics
Frequently Asked Questions
What were Associated Alcohols & Breweries Ltd Q3 FY25 results?
Proprietary IMFL brand sales expected to constitute around 50%-60% of top-line over the long term. IMFL proprietary brand volume is expected to grow sustainably at 12%-15%, supporting revenue growth.
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?
Capex of around INR 100 crores planned each for FY '25 and FY '26, funded through internal accruals and preferential allotment.
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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.