Associated Alcohols & Breweries Ltd.

•

associatedalcohols.comBSE: 507526NSE: ASALCBR

Market Cap₹ 1,399 Cr.

Current Price

High / Low₹ 1,277 / 661

Stock P/E16.9

Book Value₹ 355

Price to Book1.92

Dividend Yield0.29 %

ROCE18.1 %

ROE14.9 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Potable Alcohol: 75.0% • Ethanol: 25.0%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

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.

Confidence

62%

View full sector analysis →

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

Fast Moving Consumer GoodsAlcoholBreweries & Distilleries

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	UNITDSPR	1398.90	54.01	101749.11	1.22	463.00	11.03	6122.00	-2.75	27.86	7.01
2.	RADICO	4449.90	84.74	59620.83	0.20	229.60	75.91	5867.69	10.43	22.64	6.07
3.	UBL	1257.00	84.01	33235.73	0.80	166.28	-9.65	5919.44	10.01	11.92	4.77
4.	ABDL	611.40	77.39	17101.48	0.88	45.42	-18.65	1809.15	1.85	18.53	6.38
5.	TI	537.00	0.00	13312.12	0.19	31.59	-64.31	2252.43	160.74	4.31	7.50
6.	PICCADIL	600.35	42.11	5917.78	0.17	214.35	1063.05	2705.03	1081.24	18.01	16.20
7.	TRUALT	418.70	24.19	3590.46	0.00	592.71	12444.13	6268.83	1962.85	10.57	21.18
8.	GLOBUSSPR	837.00	26.19	2633.31	0.78	26.48	49.69	1151.88	21.05	11.34	6.66
9.	GMBREW	912.45	13.29	2084.67	0.99	377.40	524.21	8029.00	1110.77	20.40	5.79
10.	SDBL	70.82	0.00	1472.36	0.00	1.56	-96.29	609.19	-31.13	18.52	2.46
11.	ASALCBR	696.95	16.93	1399.42	0.29	17.83	-24.60	286.30	5.96	18.06	10.43
12.	SULA	138.40	47.18	1168.75	1.45	1.06	-45.36	120.79	2.11	7.57	13.74

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.29	59.29	59.29	59.29	59.29	61.22	61.22	62.35	62.35
	1.11	0.91	1.20	1.06	0.63	0.48	0.32	0.33	0.68
	0.00	0.00	0.00	0.00	0.03	0.03	0.00	0.87	1.19
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	39.60	39.80	39.50	39.65	40.05	38.27	38.46	36.37	35.71

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-08 - Associated Alcohols & Breweries Ltd. has informed the Exchange about Schedule of meet

2026-08-21

Copy of Newspaper Publication

2026-08-21 - Associated Alcohols & Breweries Ltd. has informed the Exchange about Copy of Newspaper Publication

2026-08-20

Updates

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

Updates

2026-08-19 - Associated Alcohols & Breweries Ltd. has informed the Exchange regarding 'letter containing weblink of 37th Annual Report 2025-26 '.

2026-08-19

Record Date

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

Shareholders meeting

2026-08-19 - Associated Alcohols & Breweries Ltd. has informed the Exchange about Notice of 37th Annual General meeting

2026-08-18

Copy of Newspaper Publication

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

General Updates

2026-08-17 - Associated Alcohols & Breweries Ltd. has informed the Exchange about additional allocation of ethanol

2026-08-12

General Updates

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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Associated Alcohols & Breweries Ltd.

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Free 5nance Account

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

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

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

223

201

265

Operating Profit

OPM %

11.00%

9.66%

11.83%

14.28%

13.74%

9.35%

15.69%

16.68%

7.32%

Interest

Depreciation

Profit before Tax

Tax %

25.66%

26.70%

25.68%

25.13%

25.56%

24.02%

23.41%

27.54%

25.87%

Net Profit

9.79

8.50

14.43

12.23

13.08

7.69

14.38

12.33

8.88

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

128

143

127

OPM %

7.48%

8.55%

10.37%

11.90%

14.02%

12.08%

Interest

Depreciation

Profit before Tax

110

118

111

Tax %

39.89%

40.31%

33.06%

25.72%

25.21%

25.26%

Net Profit

EPS

3.66

6.46

13.65

45.03

44.05

—

Dividend Payout %

0.00%

3.66%

4.44%

4.54%

—

Mar 2013

Mar 2014

Mar 2015

Mar 2025

Mar 2026

Equity Capital

Minority Interest

473

675

Trade Payables

137

113

Total Liabilities

165

191

170

753

893

351

395

Capital Work in Progress

109

137

157

Cash & Bank

114

152

Total Assets

165

191

170

753

893

Mar 2013

Mar 2014

Mar 2015

Mar 2025

Mar 2026

-5

Cash from Investing

-37

-9

-6

-83

-88

Cash from Financing

-47

-5

-8

Mar 2013

Mar 2014

Mar 2015

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

59.29

61.22

62.35

1.11

0.91

1.20

1.06

0.63

0.48

0.32

0.33

0.68

0.00

0.03

0.00

0.87

1.19

Government

0.00

39.60

39.80

39.50

39.65

40.05

38.27

38.46

36.37

35.71

Associated Alcohols & Breweries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Associated Alcohols & Breweries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI