Any current/future new fundraising through debt or equity?

The company plans a capital expenditure (capex) of INR150 to INR200 crores for setting up a 100 KL plant and bottling unit in Uttar Pradesh. This capex is expected to be funded mostly through internal accruals. No explicit mention of raising new funds through debt or equity was made in the discussion. The company currently has surplus cash and is managing raw material procurement and other expenses internally. No additional updates on future fundraising through debt or equity were stated.

Any current/future capex/capital investment/strategic investment?

Planned Greenfield project in Uttar Pradesh with a 100KL ENA plant and bottling unit targeting northern states and the northeastern market. Expected capex for the UP plant is INR 150-200 crores, funded mostly from internal accruals. Initial plan to set up the bottling plant quickly and purchase ENA externally; subsequently, utilize internally produced ENA once the plant is operational. Expansion into new states: Goa and Maharashtra finalized bottling arrangements; plans to enter Karnataka, Pondicherry, and Assam in the current financial year. Focus on growing premium IMFL products, inc

Future growth expectations in sales/revenue/volumes?

Expansion into new states (Goa, Maharashtra, Karnataka, Pondicherry, Assam) planned from April FY25 to drive topline growth. Focus on premiumization of IMFL products with new premium launches each quarter, expected to boost realizations and margins. IMFL proprietary brand sales projected to grow 15%-18% YoY; licensed IMFL segment expected to grow 12%-15% YoY; premium lines targeted at 18%-20% YoY growth. Ethanol plant operating at full capacity from February 2024, expected revenue INR250-300 crores in FY25, enhancing margins and overall EBITDA. IMIL segment volume expected to remain stable due

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets double-digit EBITDA margins post-ethanol production, with FY25 margins expected in the lower double digits and higher margins anticipated in FY26. EBITDA margin expanded by 200 bps recently due to increased sales of premium products and is expected to grow further with premiumization strategies. IMFL proprietary brands are projected to grow 15%-18% YOY; licensed IMFL brands 12%-15% YOY; premium products 18%-20% YOY. Ethanol plant commercialization is expected to scale to 100% capacity by February 2024, generating INR250-300 crores turnover in FY25, improving operation

Current/ Expected Orderbook/ Pending Orders?

The ethanol plant has already received orders booked for 100% of its capacity. The company is in the process of stabilizing the ethanol plant and expects to operate it at full capacity within 1-2 weeks from the call date. There is no concern about capacity utilization as full capacity contracts have been signed with Oil Marketing Companies (OMCs). The company is leveraging existing capacities and orders to ensure full utilization and sales post-stabilization.

Assoc.AlcoholsQ3 FY24Beverages

Assoc.Alcohols Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹581.45P/E: 14.1Market Cap: ₹1.2K CrSector: Beverages

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

N/A

Order

N/A

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Expansion into new states (Goa, Maharashtra, Karnataka, Pondicherry, Assam) planned from April FY25 to drive topline growth.
Focus on premiumization of IMFL products with new premium launches each quarter, expected to boost realizations and margins.
IMFL proprietary brand sales projected to grow 15%-18% YoY; licensed IMFL segment expected to grow 12%-15% YoY; premium lines targeted at 18%-20% YoY growth.
Ethanol plant operating at full capacity from February 2024, expected revenue INR250-300 crores in FY25, enhancing margins and overall EBITDA.
IMIL segment volume expected to remain stable due to policy constraints, with focus shifting towards premium and IMFL products for growth.
Merchant ENA sales showing significant growth (+29% YoY), contributing positively to revenue.
Overall EBITDA margin expected to improve over time as premium product mix grows and ethanol business stabilizes.

Margin guidance

Category 1

The company targets double-digit EBITDA margins post-ethanol production, with FY25 margins expected in the lower double digits and higher margins anticipated in FY26.
EBITDA margin expanded by 200 bps recently due to increased sales of premium products and is expected to grow further with premiumization strategies.
IMFL proprietary brands are projected to grow 15%-18% YOY; licensed IMFL brands 12%-15% YOY; premium products 18%-20% YOY.
Ethanol plant commercialization is expected to scale to 100% capacity by February 2024, generating INR250-300 crores turnover in FY25, improving operational efficiency and margins.
The company anticipates sustained PAT growth with recent quarters showing 16%-21% YOY increases.
Premiumization and cost controls, including shift to PET bottles and multi-feedstock strategy, aim to enhance profitability and EPS growth.
Margins to benefit from economies of scale due to ethanol integration and favorable government policies supporting ethanol blending expansion.

See what Assoc.Alcohols management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company plans a capital expenditure (capex) of INR150 to INR200 crores for setting up a 100 KL plant and bottling unit in Uttar Pradesh.
This capex is expected to be funded mostly through internal accruals.
No explicit mention of raising new funds through debt or equity was made in the discussion.
The company currently has surplus cash and is managing raw material procurement and other expenses internally.
No additional updates on future fundraising through debt or equity were stated.

Order book

The ethanol plant has already received orders booked for 100% of its capacity.
The company is in the process of stabilizing the ethanol plant and expects to operate it at full capacity within 1-2 weeks from the call date.
There is no concern about capacity utilization as full capacity contracts have been signed with Oil Marketing Companies (OMCs).
The company is leveraging existing capacities and orders to ensure full utilization and sales post-stabilization.

See what Assoc.Alcohols management said on order book — free account, 30 seconds.

Capex plans

Yes

Planned Greenfield project in Uttar Pradesh with a 100KL ENA plant and bottling unit targeting northern states and the northeastern market.
Expected capex for the UP plant is INR 150-200 crores, funded mostly from internal accruals.
Initial plan to set up the bottling plant quickly and purchase ENA externally; subsequently, utilize internally produced ENA once the plant is operational.
Expansion into new states: Goa and Maharashtra finalized bottling arrangements; plans to enter Karnataka, Pondicherry, and Assam in the current financial year.
Focus on growing premium IMFL products, including newly launched Nicobar Gin and Central Province Rum, with more premium product launches planned quarterly.
Ethanol plant commercialized recently, with capacity utilization expected to reach 100% soon, contributing to margin expansion and revenue growth.

Track Assoc.Alcohols — get its next earnings analysis in your feed

How does Assoc.Alcohols rank vs peers in Beverages?

Pro feature

ThisAssoc.Alcohols

Rev 3Mar 1

See where Assoc.Alcohols sits in BeveragesSee which companies these are, and every other name in the sector.Open rankings

How does Assoc.Alcohols rank in Beverages?

Compare Assoc.Alcohols against every Beverages company (Q3 FY24) on revenue, margins and earnings-call signals.

View Beverages leaderboard →

What Assoc.Alcohols's management said in earlier quarters

Others in Beverages this season

Tilaknagar Industries Ltd (Q2 FY26)
PAT adjusted for subsidy saw 10% YoY growth in Q2 and 24.5% growth for H1 FY26, indicating profitability momentum. Key concall takeaways from Tilaknagar…
Piccadily Agro Industries Ltd (Q2 FY26)
Q2 FY2025-26 Revenue from operations: ₹232.7 crore, up 16.1% YoY . Key investor presentation takeaways from Piccadily Agro Industries Ltd's Q2 FY26 investor pre
United Spirits Ltd (Q2 FY26)
. Key concall takeaways from United Spirits Ltd's Q2 FY26 earnings call — and how it ranks against sector peers.
Radico Khaitan Ltd (Q2 FY26)
400-425 crore per quarter with continued double-digit growth in country liquor segment. Key concall takeaways from Radico Khaitan's Q2 FY26 earnings call — and…

Compare:vs Varun Beverages vs United Spirits Ltd vs Radico Khaitan Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →