Associated Alcohols & Breweries Ltd

Q4 FY25Beverages

Associated Alcohols & Breweries Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY25 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

FY '26 Revenue Growth Guidance: 11% to 15% growth in top line excluding ethanol (Page 14, 17) - Including ethanol, total revenue growth expected to be double-digit (Page 17) - Ethanol sales expect Revenue growth guidance for FY '26 (excluding ethanol) is projected at 11%-15%.

From Associated Alcohols & Breweries Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

FY '26 Revenue Growth Guidance: 11% to 15% growth in top line excluding ethanol (Page 14, 17)
Including ethanol, total revenue growth expected to be double-digit (Page 17)
Ethanol sales expected to see slight growth, though volume may be stable due to capacity (Page 14, 17)
Proprietary IMFL volume grew 15% YoY; Licensed IMFL volume grew 4% YoY; expect growth in line with or above industry (Page 5, 10, 12)
Ready-to-Drink (RTD) launch planned by Q1 FY '26, expected future growth potential in RTD segment (Page 8, 17)
Expansion into large markets like Maharashtra, Uttar Pradesh, Goa from Q1 FY '26 expected to drive volume growth (Page 8, 13, 17)
Premium products share expected to grow from current 10-15% to about 50% over 3-4 years (Page 13, 15)
Marketing spend to increase to 2-3% of revenue to support growth in new markets (Page 16)

Profitability & Margins

Revenue growth guidance for FY '26 (excluding ethanol) is projected at 11%-15%.
Ethanol revenue is expected to remain flattish with slight growth, contributing to overall double-digit total revenue growth.
EBITDA margins are expected to remain stable around 11% to 13%.
IMFL proprietary brand EBITDA margin is targeted at a sustainable range of 15% to 18%.
Ethanol business EBITDA margin expected to hold steady around 7%-8%, influenced by raw material prices.
Marketing spend is projected to increase to 2%-3% of revenue to support expansion in metro markets and premium brands.
The launch of RTD, premium brandy, tequila, and malt plant commissioning are expected to drive earnings growth.
Expansion into larger markets like Maharashtra and Uttar Pradesh, with premium products, is anticipated to fuel long-term growth and margin improvement.

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

Capital Expenditure Plans

Completed capex of around INR 250 crores for ethanol plant and bottling plant.
Planned capex of approximately INR 100 crores in FY '26 primarily for setting up a malt plant maturation facility and operational efficiency improvements.
Additional ongoing investments include commissioning a 6,000 liters per day malt plant, with production targeted to begin by June 2025.
Focus on expanding premium product portfolio with launches planned for premium brandy, tequila, and ready-to-drink (RTD) products (launch now expected June 2025).
Strategic investment in marketing and distribution, particularly in new states like Maharashtra and Uttar Pradesh to drive growth.
Hiring of experienced personnel (ex-Diageo senior professional) to strengthen Maharashtra business operations.

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Ranked on what management guided this quarter

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3₹17.7K Cr

Rev 3Mar 1

4₹12.9K Cr

Rev 3Mar 1

5₹33.2K Cr

Rev 3Mar 3

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 provided transcript.
The company highlights a strong balance sheet and healthy cash flows, suggesting financial stability.
Capex plans include INR100 crores for the malt plant and operational improvements in FY '26, seemingly funded internally.
No direct references to new debt or equity issuance were discussed during the Q&A or management commentary.
The focus appears to be on organic growth, operational efficiencies, and leveraging existing resources rather than external fundraising.

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

Order Book & Pipeline

The transcript does not specifically mention current or expected orderbook or pending orders details. However, some relevant points related to market expansion and product launches include: - Expansion into Maharashtra, Uttar Pradesh, Goa, Karnataka, and Pondicherry with permits expected soon and sales commencing within 15 days to a few months. - Product launches planned: RTD (Ready-to-Drink) in Q1 FY26, premium brandy in Q2 FY26, and tequila in Q3 FY26. - Marketing collaterals for RTD are ready; registration starting in Madhya Pradesh before entering other states. - New distributor partnerships finalized for Maharashtra and UP to support market entry. - Capex of ~INR 100 crores planned for FY26 focused on maturation facility and operational efficiency. - Continuous supply to partnerships with Diageo and Inbrew ongoing. No explicit mention of orderbook or pending sales orders in the 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 Q4 FY25 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?

Completed capex of around INR 250 crores for ethanol plant and bottling plant.

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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.