Any current/future new fundraising through debt or equity?

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.

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

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 IMF

Future growth expectations in sales/revenue/volumes?

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.

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

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. M

Current/ Expected Orderbook/ Pending Orders?

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 et

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Associated Alcohols & Breweries LtdQ4 FY26Beverages

Associated Alcohols & Breweries Ltd Q4 FY26 Earnings Call Analysis

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

Price: ₹842P/E: 19.4Market Cap: ₹1.7K CrSector: Beverages

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

→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

→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.

Capex plans

Yes

→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.

How does Associated Alcohols & Breweries Ltd rank vs peers in Beverages?

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1Associated Alcohols & Breweries Ltd

Rev 3Mar 3

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