Associated Alcohols & Breweries Ltd.

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associatedalcohols.comBSE: 507526NSE: ASALCBR

Market Cap₹ 1,377 Cr.

Current Price

High / Low₹ 1,277 / 661

Stock P/E16.6

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 • Packed 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
Promoters have been increasing their shareholding - up 3.1pp over 2 years
Company has delivered good sales growth of 18.5% CAGR over last 5 years
Operating margins have improved to 13.4% from 9.8%
Company comfortably covers its interest (20.0x coverage)
Company has a consistent dividend-paying track record

CONS

Recent results are weak - TTM profit is down 10.0% versus prior year
Free cash flow has been persistently negative
Working capital days have increased from 33 to 68 days
Company has delivered a poor profit growth of 8.8% over past five years
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	1404.25	54.21	102138.24	1.21	463.00	11.03	6122.00	-2.75	27.86	7.01
2.	RADICO	4429.50	84.35	59347.50	0.20	229.60	75.91	5867.69	10.43	22.64	6.07
3.	UBL	1267.45	84.71	33512.03	0.79	166.28	-9.65	5919.44	10.01	11.92	4.77
4.	ABDL	603.15	76.34	16870.72	0.90	45.42	-18.65	1809.15	1.85	18.53	6.38
5.	TI	529.60	0.00	13128.67	0.19	31.59	-64.31	2252.43	160.74	4.31	7.50
6.	PICCADIL	599.85	42.07	5912.85	0.17	214.35	1063.05	2705.03	1081.24	18.01	16.20
7.	TRUALT	420.50	24.29	3605.90	0.00	592.71	12444.13	6268.83	1962.85	10.57	21.18
8.	GLOBUSSPR	849.70	26.59	2673.27	0.77	26.48	49.69	1151.88	21.05	11.34	6.66
9.	GMBREW	917.40	13.36	2095.98	0.98	377.40	524.21	8029.00	1110.77	20.40	5.79
10.	SDBL	71.77	0.00	1492.11	0.00	1.56	-96.29	609.19	-31.13	18.52	2.46
11.	ASALCBR	685.90	16.67	1377.23	0.29	17.83	-24.60	286.30	5.96	18.06	10.43
12.	SULA	139.85	47.68	1180.99	1.43	1.06	-45.36	120.79	2.11	7.57	13.74

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	156	171	193	244	256	258	334	248	270	257	265	242	286
	138	152	172	226	227	233	295	213	233	233	223	201	265
Operating Profit	18	19	20	18	28	25	40	35	37	24	42	40	21
OPM %	11.82%	11.35%	10.56%	7.55%	11.01%	9.66%	11.83%	14.28%	13.74%	9.35%	15.69%	16.68%	7.37%
	2	2	2	3	1	1	1	1	2	1	2	1	3
Interest	1	0	1	2	2	1	1	1	2	1	1	3	2
Depreciation	3	3	3	4	4	4	4	5	6	6	7	7	7
Profit before Tax	17	18	18	16	24	21	35	30	32	18	36	32	24
Tax %	25.96%	25.48%	29.10%	22.62%	25.67%	26.70%	25.67%	25.08%	25.55%	24.02%	23.40%	27.53%	25.77%
Net Profit	12	13	13	12	18	15	26	22	24	14	27	24	18
	6.83	7.44	6.95	6.78	9.80	8.51	14.43	12.23	13.09	7.69	14.38	12.34	8.93

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	291	324	399	523	436	513	701	760	1,076	1,019	1,049
	251	273	341	450	346	430	638	683	948	876	922
Operating Profit	40	52	57	73	89	82	62	77	128	143	127
OPM %	13.61%	15.89%	14.42%	13.95%	20.52%	16.04%	8.90%	10.10%	11.91%	14.02%	12.09%
	3	3	4	7	5	14	9	10	5	6	7
Interest	4	4	2	2	1	1	1	4	6	6	7
Depreciation	11	11	12	14	14	14	14	14	17	24	26
Profit before Tax	27	39	47	64	78	81	55	68	110	118	111
Tax %	37.82%	36.11%	36.04%	22.57%	26.15%	25.08%	25.10%	25.87%	25.71%	25.20%	25.23%
Net Profit	17	25	30	49	58	61	42	51	81	88	83
EPS	9.35	13.93	16.74	27.29	32.06	33.63	22.99	28.00	45.06	44.07	—
Dividend Payout %	10.69%	7.18%	5.97%	3.66%	3.12%	2.97%	4.35%	7.14%	4.44%	4.54%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 19%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: 20%
5 Years:: 9%
3 Years:: 29%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 10%
3 Years:: 16%
1 Year:: -32%

RETURN ON EQUITY

10 Years:: 20%
5 Years:: 16%
3 Years:: 15%
Last Year:: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	18	18	18	18	18	18	18	18	18	20
	79	103	131	177	234	295	345	394	473	675
	32	21	28	11	11	5	100	87	80	48
Trade Payables	17	20	31	36	33	47	26	37	45	38
	30	48	50	32	54	56	64	97	137	113
Total Liabilities	176	210	259	274	349	422	553	633	753	893
	86	80	116	110	111	113	110	252	351	395
Capital Work in Progress	5	23	2	11	9	24	110	63	32	19
	2	3	3	2	3	25	60	46	64	109
	29	38	56	57	58	65	84	104	137	157
	0	0	0	0	0	0	0	35	39	42
Cash & Bank	4	4	5	22	78	81	62	41	15	19
	50	63	76	71	91	115	125	92	114	152
Total Assets	176	210	259	274	349	422	553	633	753	893

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	35	52	46	79	86	102	21	28	74	52
Cash from Investing	-13	-23	-28	-33	-65	-70	-94	-32	-83	-88
Cash from Financing	-12	-16	3	-25	-3	-9	86	13	1	46
	-0	-1	-1	1	-1	1	-1	9	-8	10

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	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

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