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ASALCBR - Assoc.Alcohols

📊 NSE: ASALCBR 🏢 Breweries & Distilleries 📅 Last Updated: 12/13/2025 18:39

📢 Recent Corporate Announcements

ASALCBR Allots 11 Lakh Shares on Warrant Conversion, Raising Rs 56.02 Crore

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 12 Mar 2026, 05:47 PM

Associated Alcohols & Breweries Ltd. has completed the allotment of 11,00,000 equity shares at a price of Rs 679 per share. This follows the exercise of conversion options by warrant holders, resulting in a capital infusion of Rs 56.02 crore representing the 75% balance payment. The promoter group, including Anand Kumar Kedia and Prasann Kumar Kedia, subscribed to 9,00,000 shares, while the remaining 2,00,000 were allotted to non-promoters. This transaction concludes the warrant issuance from October 2024, leaving no warrants outstanding.

Allotment of 11,00,000 equity shares at an issue price of Rs 679 per share (Rs 10 face value + Rs 669 premium).
Total capital raised through this conversion amounts to Rs 56.0175 crore.
Promoters subscribed to 81.8% of the current allotment, totaling 9,00,000 shares.
The conversion marks the completion of the warrant exercise initiated in October 2024, with zero warrants now outstanding.

💡 The significant capital infusion and increased promoter stake are positive indicators of management confidence. Investors should monitor the company's upcoming quarterly results to see how this capital is deployed for growth.

Associated Alcohols to Meet Monarch Networth Capital on February 17, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 10:27 PM

Associated Alcohols & Breweries Ltd. has scheduled a one-on-one virtual meeting with Monarch Networth Capital Limited on February 17, 2026. This interaction is part of the company's routine investor relations activities to discuss business performance and outlook. The meeting is conducted under Regulation 30 of the SEBI (LODR) Regulations, 2015. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction.

One-on-one virtual meeting scheduled for February 17, 2026
Interaction participant is Monarch Networth Capital Limited
Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Company confirms no unpublished price sensitive information will be disclosed
Meeting schedule is subject to change based on exigencies

💡 Investors should monitor the company's website or exchange filings for any investor presentations or transcripts that may be released following the meeting. No immediate trading action is required as this is a routine institutional interaction.

Associated Alcohols Q3 EBITDA Surges 73% QoQ; Proprietary IMFL Volumes Up 32%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 01:03 PM

Associated Alcohols & Breweries reported a strong Q3 FY26 with EBITDA jumping 73% sequentially to INR 42 crores, driven by a 700 bps margin expansion to 16%. Proprietary IMFL volumes grew 32% YoY to 1.7 million cases for 9M FY26, offsetting a 27% decline in licensed volumes following a shift to contract manufacturing for Inbrew. Revenue for the quarter stood at INR 260 crores, while PAT nearly doubled QoQ to INR 27 crores. The company is aggressively pursuing premiumization with upcoming launches in Tequila and RTD segments.

EBITDA margins expanded to 16% from 9% in Q2 FY26 due to lower raw material costs and better product mix.
Proprietary IMFL revenue grew 30% YoY to INR 127 crores for the 9-month period ended December.
Gross margins improved significantly to 46% in Q3 from 36% in the preceding quarter.
Management targets 30-35% YoY volume growth for core brands despite current ethanol oversupply in the market.
New premium launches including Tequila and Brandy are scheduled for Q1 FY27 to align with excise cycles.

💡 The company shows strong operational recovery and a successful pivot toward high-margin proprietary brands. Investors should monitor the execution of new premium launches in FY27 and the scale-up in new markets like Maharashtra and UP.

Associated Alcohols & Breweries Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 05 Feb 2026, 07:17 PM

Associated Alcohols & Breweries Ltd. has made the audio recording of its Q3 FY26 earnings call available to the public. The call, held on February 5, 2026, discussed the company's unaudited financial results for the quarter ended December 31, 2025. This disclosure follows SEBI's Regulation 30 requirements for transparency. Investors can access the recording on the company's website to hear management's detailed commentary on business performance and future growth strategies.

Audio recording of the Q3 FY26 investor call is now accessible on the company's website.
The call was conducted on February 5, 2026, following the release of December 2025 quarter results.
The filing complies with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.
Provides a platform for investors to understand management's perspective on the alcohol and brewery sector's current dynamics.

💡 Investors should review the audio recording to understand management's outlook on raw material costs and volume growth for the remainder of the fiscal year.

Associated Alcohols Q3 PAT Rises 5% to ₹273 Mn; EBITDA Margins Expand to 16%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 11:04 AM

Associated Alcohols & Breweries Ltd. reported a mixed Q3FY26 with net revenue declining 20% YoY to ₹2,604 million, largely due to a 33% drop in licensed IMFL volumes and subdued ethanol sales. However, the company saw a significant 400 bps expansion in EBITDA margins to 16%, driven by softening raw material prices and a 23% volume growth in high-margin proprietary IMFL brands. Profit After Tax (PAT) grew 5% YoY to ₹273 million, supported by improved gross margins of 46%. The company remains focused on premiumization with upcoming launches in the RTD and Tequila segments.

Proprietary IMFL volumes grew 23% YoY, reaching 578k cases in Q3FY26.
EBITDA margins expanded to 16% from 12% YoY, despite a 20% decline in net revenue.
Gross Profit margin improved to 46% due to lower feedstock costs during the quarter.
Maintains a robust balance sheet with a very low Net Debt/Equity ratio of 0.04x.
New product pipeline includes RTD launch in H2 FY26 and Tequila/Premium Brandy in Q1 FY27.

💡 Investors should monitor the company's successful transition toward high-margin proprietary brands which is effectively offsetting the volatility in the ethanol and licensed segments. The significant margin expansion and low debt levels provide a strong cushion for future premiumization-led growth.

Associated Alcohols Reports Zero Deviation in Fund Utilization for Q3 FY26

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Feb 2026, 05:19 PM

Associated Alcohols & Breweries Limited (ASALCBR) has submitted its statement regarding the utilization of funds raised via convertible warrants on a preferential basis. For the quarter ending December 31, 2025, the company confirmed that there were no deviations or variations in the use of proceeds. The Audit Committee has reviewed and approved this statement, ensuring that funds are being used as per the objects stated in the offer document. This transparency reflects good corporate governance and adherence to SEBI regulations.

Confirmed zero deviation or variation in the utilization of funds for the quarter ended December 31, 2025
Funds were raised through the issue of convertible warrants on a preferential basis
The statement was duly approved by the Audit Committee as per Regulation 32 of SEBI
Adherence to the objects stated in the original Offer Document for the preferential issue

💡 Investors should view this as a positive sign of transparency and regulatory compliance. No immediate action is required as the funds are being deployed as per the previously disclosed strategy.

Associated Alcohols & Breweries Approves Q3 FY26 Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 04:22 PM

Associated Alcohols & Breweries Limited (ASALCBR) has officially approved its standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. The Board of Directors met on February 4, 2026, to review the performance and accepted the Limited Review Report from statutory auditors. This announcement confirms the completion of the quarterly audit process for the period. Investors should now focus on the detailed financial statements to evaluate the company's operational efficiency and revenue trends.

Board approved standalone and consolidated unaudited financial results for Q3 FY26.
Statutory auditors provided a Limited Review Report for the period ending December 31, 2025.
The board meeting was conducted on February 4, 2026, between 1:00 P.M. and 4:05 P.M.

💡 Review the full financial disclosure to check for improvements in EBITDA margins and volume growth. Monitor the company's performance relative to its peers in the distillery sector.

ASALCBR to Host Q3 FY26 Earnings Conference Call on February 5, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 01 Feb 2026, 04:04 PM

Associated Alcohols & Breweries Ltd. has scheduled its earnings conference call for the third quarter and nine months of FY 2025-26 on February 5, 2026, at 4:00 PM IST. The management team, including the CEO and CFO, will discuss the company's financial performance and future outlook. This interaction is hosted by Go India Advisors and follows the disclosure of quarterly results. Investors can participate via universal dial-in numbers or pre-register through the provided Diamond Pass link.

Earnings conference call for Q3 and 9M FY26 scheduled for February 5, 2026, at 4:00 PM IST.
Management representation includes CEO Anshuman Kedia, WTD Tushar Bhandari, and CFO Dilip Kumar Inani.
The session is organized by Go India Advisors with universal dial-in numbers +91 22 6280 1557 and +91 22 7115 8383.
The call aims to provide insights into the company's operational performance for the period ending December 2025.

💡 Investors should monitor the call for management commentary on raw material costs and growth in the IMFL segment. No immediate trading action is required based solely on this scheduling announcement.

ASALCBR to Hold Investor Meetings with SBI Mutual Fund and Ageless Capital on Jan 16

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Jan 2026, 06:57 PM

Associated Alcohols & Breweries Ltd. (ASALCBR) has scheduled virtual one-on-one meetings with institutional investors on January 16, 2026. The company will be interacting with SBI Mutual Fund and Ageless Capital and Finance. These meetings are part of the company's regular investor relations program to discuss business outlook and performance. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions.

One-on-one virtual meetings scheduled for Friday, January 16, 2026.
Key participants include SBI Mutual Fund and Ageless Capital and Finance.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Company confirmed that no unpublished price sensitive information will be disclosed.

💡 No immediate action is required as this is a routine disclosure; however, investors should monitor the exchange for any post-meeting presentations or transcripts for potential business insights.

Associated Alcohols to Meet Nippon Life India Asset Management on Jan 14

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Jan 2026, 07:28 PM

Associated Alcohols & Breweries Ltd. has scheduled a one-on-one virtual meeting with Nippon Life India Asset Management on January 14, 2026. This interaction is part of the company's regular investor engagement process to discuss business updates. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this meeting. Such meetings often indicate growing institutional interest in the company's growth trajectory.

One-on-one virtual meeting scheduled for January 14, 2026.
Interaction is specifically with Nippon Life India Asset Management.
Compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
Company confirms no unpublished price sensitive information will be disclosed.

💡 Investors should monitor for any post-meeting presentations or transcripts that the company might upload to the stock exchanges. The interest from a major fund house like Nippon Life is a positive sign of institutional visibility.

Associated Alcohols Targets 15-20% Growth in Premium Segments; Plans Pan-India Expansion

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 08 Jan 2026, 10:51 AM

Associated Alcohols & Breweries Ltd. (AABL) is transitioning from a regional player to a pan-India entity, targeting new markets like Karnataka and Goa within 1-2 years. The company maintains a robust financial profile with a 10-year PAT CAGR of 21% and a very low Net Debt/Equity ratio of 0.04x as of FY25. Management has provided a growth guidance of 15-18% for proprietary IMFL and 18-20% for the premium segment. Significant investments include a recently commissioned 6,000 LPD malt plant and a planned capex of Rs. 55-60 Cr for maturation casks over the next 2-3 years.

10-year PAT CAGR of 21% with FY25 ROE at 16% and Interest Coverage at 22x
Revenue guidance of 15-18% for proprietary IMFL and 18-20% for premium products
Commissioned 6,000 LPD Malt plant with Rs. 55 Cr capex and additional Rs. 55-60 Cr planned for casks
Expansion plans targeting 5 new states including Karnataka, Goa, and Odisha within 1-2 years
Ethanol segment operating at 85% capacity utilization in H1FY26 following 40 MLPA capacity setup

💡 Investors should monitor the company's execution in new markets and the ramp-up of the premium portfolio, which offers higher margins. The low leverage and integrated model provide a strong margin of safety for long-term growth.

Associated Alcohols & Breweries Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 06:13 PM

Associated Alcohols & Breweries Ltd. has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar Ankit Consultancy Pvt. Ltd., confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that security certificates were mutilated, cancelled, and the names of depositories were updated in the register within the required 15-day period. This is a standard administrative filing ensuring the company's adherence to depository regulations.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar Ankit Consultancy Pvt. Ltd. confirmed all dematerialization requests were processed.
Physical security certificates were mutilated and cancelled within the mandated 15-day timeframe.
Confirmed that securities comprised in the certificates are listed on relevant stock exchanges.

💡 No action is required from investors as this is a routine regulatory filing confirming standard administrative compliance.

Associated Alcohols to Attend Go India Top Ideas For 2026 Conference on January 8

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Jan 2026, 04:18 PM

Associated Alcohols & Breweries Ltd. (ASALCBR) has scheduled an interaction with analysts and institutional investors on January 8, 2026. The company will be participating in the 'Go India Top Ideas For 2026 Conference' held in Mumbai. The engagement will consist of both group and one-on-one physical meetings. As per regulatory requirements, the company has confirmed that no unpublished price sensitive information will be shared during these interactions.

Meeting scheduled for January 8, 2026, at the Go India Top Ideas For 2026 Conference
Interaction mode is physical, involving both group and one-on-one sessions in Mumbai
Compliance disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
Company confirms no unpublished price sensitive information (UPSI) will be disclosed

💡 This is a routine investor engagement activity; shareholders should monitor for any investor presentations or transcripts released post-conference for insights into the company's 2026 strategy.

ASALCBR Amends MOA to Enter Power Generation and Distribution Business

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 29 Dec 2025, 07:19 PM

Associated Alcohols & Breweries Ltd. has received shareholder approval to amend its Memorandum and Articles of Association to include power generation and distribution as a business objective. The company plans to explore various energy sources, including solar, wind, hydrogen, and biomass, for both captive consumption and commercial sale. This strategic move allows the company to enter into Power Purchase Agreements (PPAs) with government and private entities. The resolution was passed with a requisite majority on December 28, 2025, signaling a potential diversification beyond its core alcohol business.

Amendment of MOA to include Clause No. 5 for power generation, transmission, and distribution activities.
Scope includes renewable energy sources like solar (rooftop/ground-mounted), wind, tidal, and green hydrogen.
Provision for both captive consumption to reduce internal costs and commercial sale to third parties.
Insertion of Article 157 in AOA to define Power Purchase Agreements (PPA) and Wheeling Agreements (WA).
Shareholder approval finalized on December 28, 2025, via e-voting with more than the requisite majority.

💡 Investors should view this as a positive long-term strategic shift that could lower energy costs and diversify revenue streams. Monitor upcoming capital expenditure announcements related to specific power projects or solar plant installations.

Associated Alcohols Shareholders Approve MOA and AOA Alterations via Postal Ballot

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 29 Dec 2025, 06:50 PM

Associated Alcohols & Breweries Limited (ASALCBR) has successfully passed two special resolutions through a postal ballot process. Shareholders approved the alteration of Clause III(A) of the Memorandum of Association (MOA) and the Articles of Association (AOA). The e-voting period concluded on December 28, 2025, with the resolutions receiving more than the requisite majority. These changes are administrative in nature but are essential for aligning the company's constitutional documents with current regulatory requirements or future strategic goals.

Special resolution passed for the alteration of Clause III(A) of the Memorandum of Association
Special resolution passed for the alteration of the company's Articles of Association
E-voting period conducted from November 29, 2025, to December 28, 2025
Both resolutions were passed with more than the requisite majority as per the Scrutinizer's report

💡 This is a routine regulatory update regarding corporate governance documents. No immediate action is required, though investors may want to review the specific MOA changes in the original notice to see if they signal new business directions.

View All ASALCBR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

FY25 Net Revenue reached INR 1,096.58 Cr, growing 43.4% YoY. IMFL Proprietary segment grew 35% YoY in Q2FY26 (INR 41 Cr) with volume growth of 37% (5.66 lakh cases). IMIL revenue grew 8% YoY to INR 56 Cr in Q2FY26. Ethanol revenue was INR 71 Cr and Merchant ENA contributed INR 37 Cr in Q2FY26.

Geographic Revenue Split

Primary revenue concentration is in Madhya Pradesh (MP), though the company is expanding into Kerala and other states. Realization in MP dropped 2% due to pricing policy changes, necessitating geographic diversification to reduce dependence.

Profitability Margins

FY25 Net Profit Margin was 7.4% (up 12% from 6.6% in FY24). Operating Profit Margin was 12.1% (up 7% from 11.3%). Q2FY26 Gross Margin stood at 36%, impacted by lower byproduct realization and raw material mix changes.

EBITDA Margin

FY25 EBITDA Margin was 12% (INR 128.09 Cr), up from 10% in FY24. However, Q2FY26 EBITDA margin dipped to 9% (INR 24 Cr) due to increased marketing costs for new state entries and lower byproduct prices.

Capital Expenditure

Property, Plant & Equipment (PPE) stood at INR 347.3 Cr in FY25, compared to INR 248.0 Cr in FY24. Capital Work in Progress (CWIP) was INR 32.0 Cr as of March 31, 2025.

Credit Rating & Borrowing

CRISIL monitors operating profitability sustaining at 12-13% for upward rating factors. Interest expense for FY25 was INR 5.7 Cr on total borrowings of INR 71.9 Cr (INR 19.6 Cr non-current and INR 52.3 Cr current).

⚙️ Operational Drivers

Raw Materials

Key raw materials include Grains (Maize and Rice), Coal for power/steam, Glass Bottles, and PET Resin. Grains and coal are the primary cost drivers for the distillery and ethanol operations.

Import Sources

Primarily domestic sourcing from Madhya Pradesh and surrounding regions for grains to support the integrated distillery operations.

Key Suppliers

Not disclosed in available documents, though the company maintains long-term strategic contracts for major inputs to stabilize costs.

Capacity Expansion

Current ENA manufacturing capacity is 40 MLPA. The facility houses 41 bottling lines with a collective annual capacity of 16 million cases. A new Ethanol plant became operational in February 2024.

Raw Material Costs

Total operating expenses for FY25 were INR 947.9 Cr. ENA production costs were impacted by a drastic drop in byproduct (DDGS) sale prices due to an increase in the number of ethanol plants nationally.

Manufacturing Efficiency

Inventory turnover ratio improved by 20% to 5.45x in FY25. Debtor turnover improved 3% to 29.5x, reflecting efficient working capital management.

Logistics & Distribution

Selling and distribution expenses are targeted at approximately 5% of the IMFL proprietary brand top line.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be driven by a 30-35% target in proprietary IMFL brands, premiumization (targeting 20%+ margins), and expansion into new geographies like Kerala. The company is launching new products in Brandy, Tequila, and Ready-to-Drink (RTD) segments.

Products & Services

Proprietary IMFL (Whisky, Brandy, Tequila, RTD), Licensed IMFL, India Made Indian Liquor (IMIL), Merchant ENA, and Ethanol.

Brand Portfolio

London Bridge (Proprietary), Bagpiper (Licensed), White Mischief (Licensed), CLR (Licensed), and DSP Black (Licensed). The company owns a total of 14 proprietary brands.

New Products/Services

Upcoming launches include Brandy, Tequila, and Ready-to-Drink (RTD) products, with premium offerings expected to attract 20%+ EBITDA margins.

Market Expansion

Expanding presence in premium segments and entering additional geographies like Kerala to reduce dependence on the Madhya Pradesh market.

Market Share & Ranking

Flagship company of the Kedia Group with a strong established market position in Madhya Pradesh over four decades.

Strategic Alliances

Contract manufacturing and licensing alliances with Diageo-USL and Inbrew. The merger with Mount Everest Breweries was called off due to regulatory delays.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward premiumization and a government-led push for Ethanol blending (E20). However, it remains burdened by high state-level excise duties and marketing restrictions.

Competitive Landscape

Highly competitive market with national players and local distilleries; competition risk is mitigated through a diversified product portfolio (ENA to Premium IMFL).

Competitive Moat

Durable advantages include 40+ years of industry experience, an integrated manufacturing model (distillery to bottling), and long-standing relationships with global majors like Diageo for licensed manufacturing.

Macro Economic Sensitivity

Highly sensitive to grain (maize/rice) and coal inflation, which directly impacts the cost of ENA and Ethanol production.

Consumer Behavior

Increasing consumer preference for premium and above segments in alcoholic beverages, supporting the company's 30-35% growth target for proprietary brands.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to continually evolving state marketing regulations, product duties, and the risk of state-wide prohibition (e.g., Bihar's INR 40,000 Cr revenue loss over 7 years).