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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 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.UNITDSPR1404.2554.21102138.241.21463.0011.036122.00-2.7527.867.01
2.RADICO4429.5084.3559347.500.20229.6075.915867.6910.4322.646.07
3.UBL1267.4584.7133512.030.79166.28-9.655919.4410.0111.924.77
4.ABDL603.1576.3416870.720.9045.42-18.651809.151.8518.536.38
5.TI529.600.0013128.670.1931.59-64.312252.43160.744.317.50
6.PICCADIL599.8542.075912.850.17214.351063.052705.031081.2418.0116.20
7.TRUALT420.5024.293605.900.00592.7112444.136268.831962.8510.5721.18
8.GLOBUSSPR849.7026.592673.270.7726.4849.691151.8821.0511.346.66
9.GMBREW917.4013.362095.980.98377.40524.218029.001110.7720.405.79
10.SDBL71.770.001492.110.001.56-96.29609.19-31.1318.522.46
11.ASALCBR685.9016.671377.230.2917.83-24.60286.305.9618.0610.43
12.SULA139.8547.681180.991.431.06-45.36120.792.117.5713.74
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
156171193244256258334248270257265242286
138152172226227233295213233233223201265
Operating Profit18192018282540353724424021
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%
2223111121213
Interest1012211121132
Depreciation3334444566777
Profit before Tax17181816242135303218363224
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 Profit12131312181526222414272418
6.837.446.956.789.808.5114.4312.2313.097.6914.3812.348.93

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2913243995234365137017601,0761,0191,049
251273341450346430638683948876922
Operating Profit4052577389826277128143127
OPM %13.61%15.89%14.42%13.95%20.52%16.04%8.90%10.10%11.91%14.02%12.09%
3347514910567
Interest44221114667
Depreciation1111121414141414172426
Profit before Tax2739476478815568110118111
Tax %37.82%36.11%36.04%22.57%26.15%25.08%25.10%25.87%25.71%25.20%25.23%
Net Profit1725304958614251818883
EPS9.3513.9316.7427.2932.0633.6322.9928.0045.0644.07—
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

Corporate actions

2016

Mar 10

1:1

Associated Alcohols & Breweries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on January 22, 2016, inter alia, to consider proposal for issuance bonus shares subject to approval of shareholders in general meeting if any. Further, as per the Companys code of conduct for the prohibition of insider trading pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 the trading window for dealing in securities of the Company will be closed for the inter alia to consider proposal for issuance bonus shares subject to approval of shareholders in general meeting if any, for all the Directors / Designated employees of the Company from January 14, 2016 upto January 24, 2016. Accordingly all the Directors / Designated employees of the Company have been intimated not to enter into any transaction involving the equity shares of the Company during the aforesaid period of the closure of Trading Window.

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital18181818181818181820
79103131177234295345394473675
32212811115100878048
Trade Payables17203136334726374538
3048503254566497137113
Total Liabilities176210259274349422553633753893
8680116110111113110252351395
Capital Work in Progress523211924110633219
2332325604664109
29385657586584104137157
0000000353942
Cash & Bank44522788162411519
506376719111512592114152
Total Assets176210259274349422553633753893

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
355246798610221287452
Cash from Investing-13-23-28-33-65-70-94-32-83-88
Cash from Financing-12-163-25-3-98613146
-0-1-11-11-19-810

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
59.2959.2959.2959.2959.2961.2261.2262.3562.35
1.110.911.201.060.630.480.320.330.68
0.000.000.000.000.030.030.000.871.19
Government0.000.000.000.000.000.000.000.000.00
39.6039.8039.5039.6540.0538.2738.4636.3735.71

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

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