Associated Alcohols & Breweries Q2 FY27: PAT ₹178 Cr & Rev ₹792 Cr

Metric	Value
Revenue	₹792 Cr
Net Profit (PAT)	₹178 Cr

📢 Key Event
Q1 FY27 earnings call highlights IMFL proprietary growth and ethanol margin pressure

🔄 What Changed
IMFL proprietary revenue share increased to 23% (from 17%), volume growth of 40% YoY, and PAT margin of 6% with EBITDA at 11%; ethanol realization fell to INR54, below breakeven INR57-60

🔮 What's Next
Target 30% volume growth in IMFL proprietary for FY27; expand RTD to 8 new states; launch premium tequila in Q2 and brandy in Kerala; SDF Industries distillery operational by December 2026

💡 Investor Takeaway
Focus has shifted to proprietary IMFL brands as the core growth driver, with ethanol constrained by realization gaps and no spin-off planned

Associated Alcohols & Breweries reported Q1 FY27 revenue of INR729 million from its IMFL proprietary segment, up 58% YoY, with volume growth of 40% YoY. The segment now contributes 23% of total revenue, up from 17% in FY26, driven by strong performance of CP series and premium brands like Nicobar Gin and Hillfort Whiskey. Consolidated income from operations rose 5% YoY to INR2,809 million, with EBITDA at INR299 million (11% margin) and PAT at INR178 million (6% margin). The company is expanding its RTD portfolio to 8 new states and preparing to launch premium tequila in Q2 and brandy in Kerala. It has acquired SDF Industries distillery in Kerala, to be operational by December 2026, to support backward integration and brand building. Ethanol segment faced margin pressure due to lower realizations (INR54 vs. breakeven INR57-60), with no volume growth expected. The licensed IMFL business declined post-transition to contract manufacturing, shifting focus to proprietary brands as the core growth engine. The company reaffirmed confidence in achieving ~30% volume growth in IMFL proprietary for FY27.

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About Associated Alcohols & Breweries Ltd. (ASALCBR)

Fast Moving Consumer Goods · Alcoholic Beverages · Listed on NSE

Market Cap: ₹1,409.46 Cr P/E: 16.2 ROE: 16.8% ROCE: 19.9% Div Yield: 0.28%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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