Associated Alcohols & Breweries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,079 Cr
- P/E
- 13.06
- ROE
- 14.57%
- PEG
- 0.46
- Price to sales
- 1.03
- Debt to equity
- 0.10
- 52W high / low
- ₹1,228 / ₹538
- Sales growth (5Y)
- 18.54%
- EBITDA margin
- 13.14%
- Net profit margin
- 8.68%
- Promoter holding
- 62.35%
- Sales (last year)
- ₹1,034 Cr
Associated Alcohols & Breweries Ltd is in business of manufacturing and trading of ENA, Indian Made Indian Liquor (Country Liquor), Indian Made Foreign Liquor and Hand sanitizer.[1]
Guidance scorecard · Q1 FY27 call
What Associated Alcohols & Breweries Ltd's management guided
and where it ranks in Beverages
RevenueQ4 FY26 call
10–20%- IMFL proprietary brands expected to grow 25-30% year-on-year in coming years.
- Overall revenue growth target is double-digit, around 10% plus for FY27.
- IMFL business to contribute 50% of total revenue in next 3-5 years, implying IMFL sales could grow from INR177 crores to INR350-500 crores as total revenue crosses INR1000 crores.
- Introduction of premium products (tequila, single malt whiskey, RTD) will substantially add to topline in 3-4 years; single malt launching FY28-FY29 with 15-20% growth anticipated from FY28 onwards.
- Volume growth expected for IMFL brands about 25-30% Y-o-Y.
2 more points from Associated Alcohols & Breweries Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ4 FY26 call
FlatSee what Associated Alcohols & Breweries Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- The company has completed an acquisition of SDF Industries for INR 30 crores.
- An additional INR 10 crores capex is planned for uplifment, modernization, and automation of the SDF plant.
- The acquisition and capex aim to gain control over production (previously reliant on third-party bottling), improve efficiency, ensure stable supply, and support volume growth in Kerala.
- Overall, this investment supports the strategic goal of expanding presence in Kerala and increasing market share.
FundraisingQ4 FY26 call
See what Associated Alcohols & Breweries Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Ask what Associated Alcohols & Breweries Ltd said on the order book →
Full Q4 FY26 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Beverages
on management's own guidance
- Varun BeveragesGood growth2
- Strong growth1
- FratelliVineyardGood growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Beverages companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹5,815 Cr | 41.4 | |
| 2 | Varun Beverages | 20–40% | Flat | ₹1.46L Cr | 43.0 |
| 3 | FratelliVineyard | 20–40% | Flat | ₹537 Cr | — |
| 4 | 10–20% | Up 2%+ | ₹19,866 Cr | 89.0 | |
| 5 | 10–20% | Up 2%+ | ₹13,672 Cr | 60.5 | |
| 6 | 10–20% | Flat | ₹31,771 Cr | 91.9 |
Sign up free to see every company in the sector ranking and track Associated Alcohols & Breweries Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Beverages rankingFinancials of Associated Alcohols & Breweries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Associated Alcohols & Breweries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 185 | 156 | 170 | 191 | 242 | 252 | 255 | 327 | 242 | 267 | 254 | 260 | 238 |
| Expenses + | 170 | 138 | 151 | 171 | 224 | 224 | 230 | 287 | 207 | 230 | 230 | 219 | 198 |
| Operating Profit | 15 | 18 | 19 | 20 | 18 | 28 | 25 | 40 | 35 | 37 | 24 | 42 | 40 |
| OPM % | 8% | 12% | 11% | 11% | 8% | 11% | 10% | 12% | 15% | 14% | 9% | 16% | 17% |
| Other Income + | 2 | 2 | 2 | 2 | 3 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 1 |
| Interest | 1 | 1 | 0 | 1 | 2 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 3 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 6 | 6 | 7 | 7 |
| Profit before tax | 13 | 17 | 18 | 18 | 16 | 24 | 21 | 35 | 30 | 32 | 18 | 36 | 32 |
| Tax % | 24% | 26% | 25% | 29% | 23% | 26% | 27% | 26% | 25% | 26% | 24% | 23% | 28% |
| Net Profit + | 10 | 12 | 13 | 13 | 12 | 18 | 15 | 26 | 22 | 24 | 14 | 27 | 24 |
| EPS in Rs | 5.42 | 6.83 | 7.44 | 6.95 | 6.78 | 9.80 | 8.47 | 14.43 | 12.35 | 13.09 | 7.38 | 14.38 | 11.71 |
Financials of Associated Alcohols & Breweries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 298 | 288 | 291 | 324 | 399 | 523 | 436 | 513 | 701 | 759 | 1,075 | 1,019 |
| Expenses + | 268 | 249 | 250 | 272 | 341 | 445 | 346 | 431 | 638 | 683 | 947 | 876 |
| Operating Profit | 31 | 38 | 41 | 52 | 58 | 78 | 89 | 82 | 63 | 77 | 128 | 143 |
| OPM % | 10% | 13% | 14% | 16% | 14% | 15% | 21% | 16% | 9% | 10% | 12% | 14% |
| Other Income + | 4 | 1 | 2 | 2 | 4 | 2 | 5 | 14 | 8 | 10 | 5 | 6 |
| Interest | 7 | 5 | 4 | 4 | 2 | 2 | 1 | 1 | 1 | 4 | 6 | 6 |
| Depreciation | 10 | 10 | 11 | 11 | 12 | 14 | 14 | 14 | 14 | 14 | 17 | 24 |
| Profit before tax | 18 | 23 | 27 | 39 | 47 | 64 | 78 | 81 | 55 | 68 | 110 | 118 |
| Tax % | 33% | 38% | 38% | 36% | 36% | 23% | 26% | 25% | 25% | 26% | 26% | 25% |
| Net Profit + | 12 | 14 | 17 | 25 | 30 | 49 | 58 | 61 | 42 | 51 | 81 | 88 |
| EPS in Rs | 6.82 | 7.90 | 9.35 | 13.93 | 16.74 | 27.29 | 32.06 | 33.64 | 22.99 | 28.00 | 45.06 | 44.07 |
| Dividend Payout % | 4% | 6% | 11% | 7% | 6% | 4% | 3% | 3% | 4% | 7% | 4% | 5% |
Financials of Associated Alcohols & Breweries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 20 |
| Reserves | 59 | 63 | 79 | 103 | 131 | 177 | 234 | 295 | 345 | 405 | 502 | 675 |
| Borrowings + | 45 | 39 | 32 | 21 | 28 | 11 | 11 | 5 | 100 | 108 | 102 | 69 |
| Other Liabilities + | 57 | 51 | 41 | 59 | 67 | 67 | 67 | 82 | 75 | 88 | 96 | 92 |
| Total Liabilities | 170 | 170 | 169 | 201 | 244 | 274 | 330 | 400 | 538 | 619 | 718 | 856 |
| Fixed Assets + | 93 | 93 | 86 | 80 | 116 | 110 | 111 | 113 | 110 | 252 | 351 | 395 |
| CWIP | 2 | 2 | 5 | 23 | 2 | 11 | 9 | 24 | 110 | 63 | 32 | 19 |
| Investments | 3 | 2 | 2 | 3 | 3 | 2 | 3 | 25 | 60 | 46 | 64 | 109 |
| Other Assets + | 71 | 74 | 76 | 96 | 123 | 151 | 207 | 239 | 257 | 257 | 271 | 333 |
| Total Assets | 170 | 170 | 169 | 201 | 244 | 274 | 330 | 400 | 538 | 619 | 718 | 856 |
Financials of Associated Alcohols & Breweries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 47 | 10 | 25 | 39 | 25 | 58 | 67 | 79 | 7 | 28 | 74 | 52 |
| Cash from Investing Activity + | -6 | -9 | -13 | -23 | -28 | -33 | -65 | -70 | -94 | -32 | -83 | -88 |
| Cash from Financing Activity + | -47 | -7 | -12 | -16 | 3 | -25 | -3 | -9 | 86 | 13 | 1 | 46 |
| Net Cash Flow | -5 | -6 | -0 | -1 | -1 | 1 | -1 | 1 | -1 | 9 | -8 | 10 |
| Free Cash Flow | 42 | 0 | 14 | 24 | -8 | 42 | 54 | 40 | -86 | -75 | -12 | -0 |
| CFO/OP | 160% | 44% | 86% | 100% | 80% | 101% | 96% | 124% | 34% | 59% | 76% | 52% |
Financials of Associated Alcohols & Breweries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 10 | 15 | 22 | 21 | 28 | 27 | 33 | 17 | 10 | 17 | 13 | 15 |
| Inventory Days | 77 | 66 | 80 | 135 | 163 | 110 | 170 | 152 | 146 | 117 | 98 | 98 |
| Days Payable | 64 | 56 | 47 | 69 | 89 | 68 | 97 | 111 | 45 | 42 | 32 | 24 |
| Cash Conversion Cycle | 22 | 25 | 55 | 87 | 102 | 69 | 106 | 58 | 111 | 92 | 80 | 89 |
| Working Capital Days | -11 | 4 | 11 | 16 | 29 | 40 | 46 | 24 | 35 | 27 | 29 | 64 |
| ROCE % | 17% | 25% | 26% | 32% | 31% | 35% | 34% | 28% | 15% | 14% | 20% | 18% |
Guidance history
How Associated Alcohols & Breweries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
2 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −56.2% | 2% |
| Last 6 months | −39.6% | 3% |
| Last 3 months | −29.6% | 6% |
The price is 62.3% below its all-time high of ₹1,427.2 (21 Mar 2025). Stocks more than 20% below their peak have their score halved, so 3 became 2.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Associated Alcohols & Breweries Ltd: 0.4 × 2 + 0.4 × 3 + 0.2 × 6 = 3, halved to 2 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Associated Alcohols & Breweries Ltd's management said in earlier quarters
Others in Beverages this season
- Tilaknagar Industries Ltd (Q2 FY27)
Q2 FY27 Revenue from Operations (Net) was INR 1,035 crore, a 172.8% year-on-year (YoY) increase (Page 8). Key investor presentation takeaways from Tilaknagar In
- Globus Spirits Ltd (Q2 FY27)
Q2 FY27 Revenue from Operations: INR 7,624 Mn, up 15% YoY (Page 9, Page 6) . Key investor presentation takeaways from Globus Spirits Ltd's Q2 FY27 investor pres
- Varun Beverages Ltd (Q2 FY27)
Q3 CY2026 consolidated sales volume: 354.4 million cases, up 28.7% YoY (Q3 CY2025: 275.3 million cases) . Key investor presentation takeaways from Varun Beverag
- Allied Blenders (Q3 FY26)
Post UK FTA**: Opportunity to enter and profitably participate in the value Scotch segment (about 50% of luxury segment volumes), currently untapped. Key…