Associated Alcohols & Breweries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Potable Alcohol: 75.0% • Ethanol: 25.0%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 21.3%
- Promoters have been increasing their shareholding - up 3.1pp over 2 years
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.95x)
CONS
- Recent results are weak - TTM profit is down 10.1% versus prior year
- Working capital days have increased from 33 to 68 days
- Inventory has been piling up - inventory days up from 27 to 51
- Though reporting repeated profits, the company pays out little dividend (4.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UNITDSPR | 1398.90 | 54.01 | 101749.11 | 1.22 | 463.00 | 11.03 | 6122.00 | -2.75 | 27.86 | 7.01 |
| RADICO | 4449.90 | 84.74 | 59620.83 | 0.20 | 229.60 | 75.91 | 5867.69 | 10.43 | 22.64 | 6.07 |
| UBL | 1257.00 | 84.01 | 33235.73 | 0.80 | 166.28 | -9.65 | 5919.44 | 10.01 | 11.92 | 4.77 |
| ABDL | 611.40 | 77.39 | 17101.48 | 0.88 | 45.42 | -18.65 | 1809.15 | 1.85 | 18.53 | 6.38 |
| TI | 537.00 | 0.00 | 13312.12 | 0.19 | 31.59 | -64.31 | 2252.43 | 160.74 | 4.31 | 7.50 |
| PICCADIL | 600.35 | 42.11 | 5917.78 | 0.17 | 214.35 | 1063.05 | 2705.03 | 1081.24 | 18.01 | 16.20 |
| TRUALT | 418.70 | 24.19 | 3590.46 | 0.00 | 592.71 | 12444.13 | 6268.83 | 1962.85 | 10.57 | 21.18 |
| GLOBUSSPR | 837.00 | 26.19 | 2633.31 | 0.78 | 26.48 | 49.69 | 1151.88 | 21.05 | 11.34 | 6.66 |
| GMBREW | 912.45 | 13.29 | 2084.67 | 0.99 | 377.40 | 524.21 | 8029.00 | 1110.77 | 20.40 | 5.79 |
| SDBL | 70.82 | 0.00 | 1472.36 | 0.00 | 1.56 | -96.29 | 609.19 | -31.13 | 18.52 | 2.46 |
| ASALCBR | 696.95 | 16.93 | 1399.42 | 0.29 | 17.83 | -24.60 | 286.30 | 5.96 | 18.06 | 10.43 |
| SULA | 138.40 | 47.18 | 1168.75 | 1.45 | 1.06 | -45.36 | 120.79 | 2.11 | 7.57 | 13.74 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 256 | 258 | 334 | 248 | 270 | 257 | 265 | 242 | 286 | |
| 227 | 233 | 295 | 213 | 233 | 233 | 223 | 201 | 265 | |
| Operating Profit | 28 | 25 | 40 | 35 | 37 | 24 | 42 | 40 | 21 |
| OPM % | 11.00% | 9.66% | 11.83% | 14.28% | 13.74% | 9.35% | 15.69% | 16.68% | 7.32% |
| 1 | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 3 | |
| Interest | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 3 | 2 |
| Depreciation | 4 | 4 | 4 | 5 | 6 | 6 | 7 | 7 | 7 |
| Profit before Tax | 24 | 21 | 35 | 30 | 32 | 18 | 36 | 32 | 24 |
| Tax % | 25.66% | 26.70% | 25.68% | 25.13% | 25.56% | 24.02% | 23.41% | 27.54% | 25.87% |
| Net Profit | 18 | 15 | 26 | 22 | 24 | 14 | 27 | 24 | 18 |
| 9.79 | 8.50 | 14.43 | 12.23 | 13.08 | 7.69 | 14.38 | 12.33 | 8.88 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 157 | 213 | 298 | 1,076 | 1,019 | 1,049 | |
| 145 | 195 | 268 | 948 | 876 | 923 | |
| Operating Profit | 12 | 18 | 31 | 128 | 143 | 127 |
| OPM % | 7.48% | 8.55% | 10.37% | 11.90% | 14.02% | 12.08% |
| 3 | 5 | 4 | 5 | 6 | 7 | |
| Interest | 4 | 7 | 7 | 6 | 6 | 7 |
| Depreciation | 5 | 7 | 10 | 17 | 24 | 26 |
| Profit before Tax | 6 | 10 | 18 | 110 | 118 | 111 |
| Tax % | 39.89% | 40.31% | 33.06% | 25.72% | 25.21% | 25.26% |
| Net Profit | 3 | 6 | 12 | 81 | 88 | 83 |
| EPS | 3.66 | 6.46 | 13.65 | 45.03 | 44.05 | — |
| Dividend Payout % | 0.00% | 0.00% | 3.66% | 4.44% | 4.54% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 68%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 147%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 9%
- 3 Years:
- 16%
- 1 Year:
- -35%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 17%
- 3 Years:
- 21%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 18 | 20 |
| Minority Interest | 1 | 1 | 1 | 0 | 0 |
| 42 | 48 | 59 | 473 | 675 | |
| 68 | 94 | 46 | 80 | 48 | |
| Trade Payables | 23 | 15 | 27 | 45 | 38 |
| 22 | 24 | 29 | 137 | 113 | |
| Total Liabilities | 165 | 191 | 170 | 753 | 893 |
| 89 | 98 | 94 | 351 | 395 | |
| Capital Work in Progress | 8 | 0 | 2 | 32 | 19 |
| 4 | 4 | 3 | 64 | 109 | |
| 23 | 26 | 32 | 137 | 157 | |
| 0 | 0 | 0 | 39 | 42 | |
| Cash & Bank | 11 | 17 | 12 | 15 | 19 |
| 31 | 45 | 27 | 114 | 152 | |
| Total Assets | 165 | 191 | 170 | 753 | 893 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 22 | -5 | 56 | 74 | 52 | |
| Cash from Investing | -37 | -9 | -6 | -83 | -88 |
| Cash from Financing | 22 | 28 | -47 | 1 | 46 |
| 2 | 5 | -5 | -8 | 10 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Associated Alcohols & Breweries Ltd. has informed the Exchange about Schedule of meet
2026-08-21 - Associated Alcohols & Breweries Ltd. has informed the Exchange about Copy of Newspaper Publication
2026-08-20 - Associated Alcohols & Breweries Ltd. has informed the Exchange regarding 'Submission of letter containing weblink of Annual Report 2025-26 to shareholders pursuant to Regulation 36(1)(b) of SEBI(LODR) Regulations 2015'.
2026-08-19 - Associated Alcohols & Breweries Ltd. has informed the Exchange regarding 'letter containing weblink of 37th Annual Report 2025-26 '.
2026-08-19 - Associated Alcohols & Breweries Ltd. has informed the Exchange that Record date for the purpose of Dividend is 09-Sep-2026.
2026-08-19 - Associated Alcohols & Breweries Ltd. has informed the Exchange about Notice of 37th Annual General meeting
2026-08-18 - Associated Alcohols & Breweries Ltd. has informed the Exchange about Copy of Newspaper Publication Regarding Pre Dispatch of Notice and Annual Report for AGM
2026-08-17 - Associated Alcohols & Breweries Ltd. has informed the Exchange about additional allocation of ethanol
2026-08-12 - Associated Alcohols & Breweries Ltd. has informed the Exchange about stay on FSSAI order by Hon'ble High Court of Madhya Pradesh, Indore
News
Recent coverage and analyst commentary for ASALCBR
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