Associated Alcohols & Breweries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Associated Alcohols & Breweries Ltd filed with BSE on 23 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Associated Alcohols & Breweries reported flattish overall top-line growth in FY26 due to the transition of its Inbrew business from an IMFL licensing agreement to a contract manufacturing model, while its proprietary IMFL portfolio grew 32% year-on-year in volume for the full year and 37% in Q4. The company commissioned a 6,000 KLPD malt facility during the year and announced the acquisition of SDF Industries Limited, a distillery-cum-bottling unit in Kerala, on 16th April 2026. Management discussed segmental performance across IMFL, IMIL, ethanol and Merchant ENA, noting ethanol volumes declined 35% year-on-year due to industry oversupply while Merchant ENA volumes grew 129%.
Numbers mentioned
Net revenue: INR239 crores (Q4 FY26)
p. 5
“net revenue for Q4 FY26 came at INR239 crores.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
EBITDA: INR40 crores, 13% YoY growth (Q4 FY26)
p. 5
“EBITDA grew by 13% year-on-year basis to INR40 crores,”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
EBITDA margin: 17% (Q4 FY26)
p. 5
“we are able to expand our EBITDA margin by 200 basis points year-on-year basis to 17%.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
PAT: INR24 crores, 5% YoY growth (Q4 FY26)
p. 5
“PAT increased by 5% year-on-year basis to INR24 crores with PAT margin of 10%.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
IMFL own brand volume: 6.6 lakh cases, 37% YoY growth (Q4 FY26)
p. 5
“We registered a strong volume growth of 37% year-on-year to 6.6 lakh cases, while revenue grew by 38% to INR50 crores.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
IMFL own brand EBITDA margin: 22% (Q4 FY26)
p. 5
“We reported highest ever quarterly EBITDA margin of 22% in IMFL own brand.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
IMIL volume: 9.8 lakh cases (Q4 FY26)
p. 5
“Now regarding IMIL, volume stood at 9.8 lakhs cases for Q4 FY26, while revenue increased by 7% year-on-year basis, reaching to revenue of INR62 crores and EBITDA margin stood healthy at 20% in IMIL business.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
Ethanol volume: 4 million liters, down 35% YoY (Q4 FY26)
p. 5
“Now ethanol volumes stood at 4 million liters. It decreased by 35% year-on-year basis.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
Ethanol revenue and EBITDA margin: INR24 crores revenue, 10% EBITDA margin (Q4 FY26)
p. 5
“the revenue from ethanol came at INR24 crores in Q4 FY26 and EBITDA margin stood at 10%.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
Merchant ENA volume and revenue: 6.9 million liters, up 129% YoY; INR47 crores revenue, up 128% YoY (Q4 FY26)
p. 5
“Merchant ENA, volume sold 6.9 million liters, up by 129% year-on-year basis, while revenue increased by 128% year-on- year to INR47 crores. ENA margin stood at 14%.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
ENA production capacity: 50 million liters, up from 47 million liters (FY26)
p. 5
“we have enhanced our ENA production to 50 million liters from 47 million liters last year through higher plant efficiencies, streamline operations and minimizing downtime.”
Dilip Kumar Inani, page 5 of the filed PDF · View the filing
Kerala market share: 7.3% (FY26)
p. 12
“Last year, we closed at a market share of 7.3%.”
Tushar Bhandari, page 12 of the filed PDF · View the filing
IMFL revenue: INR177 crores (FY26)
p. 15
“So this year, it was INR177 crores, which has grown by approximately 30% - 35% as per last year.”
Tushar Bhandari, page 15 of the filed PDF · View the filing
Ethanol volume year-on-year comparison: FY25: 3.4 crore liters; FY26: 2.9 crore liters (FY25 vs FY26)
p. 16
“in FY25, we sold 3.4 crores liter, in FY26, we sold 2.9 crores liters.”
Tushar Bhandari, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — around 15% · FY27
stated firmly by Tushar Bhandari
p. 6
“So EBITDA guidance for '27 should be around in the range of 15%.”
Tushar Bhandari, page 6 of the filed PDF · View the filing
IMFL proprietary portfolio growth — 25% to 30% · coming years
stated as an aspiration by Tushar Bhandari
p. 7
“And we expect it to grow around again, 25% to 30% in the coming years also.”
Tushar Bhandari, page 7 of the filed PDF · View the filing
IMFL proprietary margin — 15% to 17%
stated as an aspiration by Tushar Bhandari
p. 7
“So margin of IMFL proprietary side would be in the range of somewhere around 15% to 17%.”
Tushar Bhandari, page 7 of the filed PDF · View the filing
Overall revenue growth — 10% plus · FY27
stated firmly by Dilip Kumar Inani
p. 9
“We have planned around 10% double-digit growth, 10% plus revenue growth for next year, '27.”
Dilip Kumar Inani, page 9 of the filed PDF · View the filing
IMFL business growth — 30% plus
stated firmly by Dilip Kumar Inani
p. 9
“IMFL, which is our main focus core area, will give a 30% plus growth.”
Dilip Kumar Inani, page 9 of the filed PDF · View the filing
Overall growth — around 15% · FY28
stated conditionally by Dilip Kumar Inani
p. 10
“No. FY28 will be higher growth because at that time, the single malt whiskey will also come in the picture because we've started maturing single malt whiskey.”
Dilip Kumar Inani, page 10 of the filed PDF · View the filing
Tequila launch — H1 FY27
stated firmly by Tushar Bhandari
p. 14
“So tequila would be launched in H127.”
Tushar Bhandari, page 14 of the filed PDF · View the filing
Single malt launch — H2 FY28
stated firmly by Dilip Kumar Inani
p. 17
“We'll be launching our single malt in H2 '28.”
Dilip Kumar Inani, page 17 of the filed PDF · View the filing
IMFL contribution to overall top line — nearly 50% · next four to five years
stated as an aspiration by Tushar Bhandari
p. 4
“Our long-term vision remains firmly focused on scaling our proprietary IMFL business with the objective of increasing its contribution to nearly 50% of our overall top line over the next four to five years.”
Tushar Bhandari, page 4 of the filed PDF · View the filing
Single malt launch — within the next 18 months
stated firmly by Anshuman Kedia
p. 4
“With plans to launch our own single malt within the next 18 months, this investment reflects our focus on building greater control over quality, consistency and craftsmanship.”
Anshuman Kedia, page 4 of the filed PDF · View the filing
Ethanol volumes
stated conditionally by Tushar Bhandari
p. 12
“So if that comes in place, then definitely our ethanol production would also increase.”
Tushar Bhandari, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the decline to oversupply and lower government allocation, and said they are exploring non-OMC buyers and potential higher ethanol blending mandates.
Answered by Tushar Bhandari
Asked by Heer Gogri: What caused the decline in the ethanol business and what opportunities are being pursued?
p. 6
“The main reason of ethanol volume going down was the oversupply of ethanol in India. That's why we got a lesser allocation.”
Tushar Bhandari, page 6 of the filed PDF · View the filing
Management said the main impact has been higher packaging material costs, particularly PET bottles, paper and aluminum, and potential future transportation cost increases if petrol prices rise.
Answered by Tushar Bhandari
Asked by Heer Gogri: Is there any impact from the war on the business?
p. 6
“So because of the war, the major impact which has come is the increase in the packaging material cost, primarily the PET bottles and paper and aluminum.”
Tushar Bhandari, page 6 of the filed PDF · View the filing
Management said MP and Kerala remain the largest contributors, with Chhattisgarh, Delhi and UP expected to be next growth markets, while Maharashtra remains slow-moving due to the MML policy restricting sales to premium brands.
Answered by Tushar Bhandari
Asked by Hrushikesh Shah: What is the regional performance and outlook across states like MP, Maharashtra, Goa and UP?
p. 7
“Maharashtra, because of this MML policy, we have introduced only premium brands.”
Tushar Bhandari, page 7 of the filed PDF · View the filing
Management confirmed margins are expected to normalize to 15-17% as marketing spend rises with the premium portfolio scale-up.
Answered by Hrushikesh Shah
Asked by Hrushikesh Shah: Will the 22% IMFL proprietary margin decline as marketing expenses increase?
p. 7
“as per your assumption, this 22% margin can go down to 15% to 17%. Is my understanding correct?”
Hrushikesh Shah, page 7 of the filed PDF · View the filing
Management clarified the acquisition cost was INR30 crores with an additional INR10 crores capex planned for modernization, aimed at reducing dependence on third-party bottling units in Kerala.
Answered by Tushar Bhandari
Asked by Hrushikesh Shah: What is the plan for the SDF Industries acquisition and its capex?
p. 8
“We have done an acquisition of total INR30 crores. And INR10 crores capex will be done in this unit for upliftment and modernization and automization of the plant.”
Tushar Bhandari, page 8 of the filed PDF · View the filing
Management stated ethanol is a standalone unit sold entirely to oil marketing companies, not used captively.
Answered by Tushar Bhandari
Asked by Bhagwat: Is ethanol production used for captive consumption?
p. 9
“No, no, we are not using ethanol for a captive consumption. It is a standalone ethanol unit, which we are selling it to oil marketing companies.”
Tushar Bhandari, page 9 of the filed PDF · View the filing
Management explained the decline reflects the shift of the Inbrew business from a franchisee model to a contract/job manufacturing arrangement.
Answered by Tushar Bhandari
Asked by Piyush Jain: Why has the IMFL licensed brand business declined sharply?
p. 15
“IMFL license brand has declined very sharply as we've also said in our opening remarks that because of the Inbrew business, the patterns have changed from franchisee business has moved to job of manufacturing business.”
Tushar Bhandari, page 15 of the filed PDF · View the filing
Management acknowledged the EBIT figures were negative for the segment but said the plant is being run efficiently and volumes should improve with higher allocation.
Answered by Tushar Bhandari
Asked by Piyush Jain: Is the ethanol business loss-making given its EBIT performance?
p. 15
“See, the main objective here is running the ethanol business. See, ethanol is not primarily our core business.”
Tushar Bhandari, page 15 of the filed PDF · View the filing
Management said Kultur was soft-launched in Madhya Pradesh with plans to expand to other states pending label approvals, and the malt plant is running well with maturation exceeding expectations, with the first single malt batch expected in FY28.
Answered by Tushar Bhandari
Asked by Karan Kamdar: What is the status of the Kultur RTD product and single malt plant?
p. 11
“The first lot of malt will come in FY28, okay? So then we will be launching our single malt in FY28.”
Tushar Bhandari, page 11 of the filed PDF · View the filing
Risks flagged
Oversupply in the ethanol industry leading to lower government allocation and reduced volumes
p. 6
“The main reason of ethanol volume going down was the oversupply of ethanol in India. That's why we got a lesser allocation.”
Tushar Bhandari, page 6 of the filed PDF · View the filing
Rising packaging material costs due to geopolitical situation affecting PET bottles, paper and aluminum
p. 6
“the major impact which has come is the increase in the packaging material cost, primarily the PET bottles and paper and aluminum.”
Tushar Bhandari, page 6 of the filed PDF · View the filing
Potential further transportation cost increases if fuel prices rise substantially
p. 6
“if the petrol price goes up substantially, then it will have a further impact in transportation as well.”
Tushar Bhandari, page 6 of the filed PDF · View the filing
Delay in tequila launch due to shipment-related issues from Mexico
p. 4
“Although the tequila launch has witnessed a slight delay due to shipment related issues, our endeavor is to launch both these products by H1 FY27.”
Tushar Bhandari, page 4 of the filed PDF · View the filing
Maharashtra being a slow-moving, capital-intensive market for new entrants
p. 18
“Maharashtra is a very expensive market. It's a very capital-intensive market for an entry player.”
Tushar Bhandari, page 18 of the filed PDF · View the filing
Operational challenges from dependency on third-party bottling units in Kerala limiting production and sales
p. 8
“there were certain operational challenges with these units were facing and due to which we were not able to increase our production and increase our sales.”
Tushar Bhandari, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.