Associated Alcohols & Breweries Ltd. — Investor Meet, 02-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Associated Alcohols & Breweries Limited reported Q4 net revenue of ₹243 crore, stable YoY, with EBITDA rising 93% to ₹36 crore (15% margin) and PAT up 83% to ₹22 crore (9% margin). Proprietary IMFL revenue grew 32% to ₹36 crore, volumes up 26% to 4.82 lakh cases. FY25 net revenue rose 42% to ₹1,076 crore; EBITDA ₹128 crore (12% margin) and PAT ₹81 crore (8% margin). Ethanol volumes dipped in Q4 due to allocation cuts but expected to normalize.

Management is expanding in Maharashtra, UP, Goa, and Delhi, emphasizing premium products and distribution. RTD launch delayed to June ’25; malt plant commissioning underway with single malt launch planned for end-2026. Proprietary IMFL margins are seen at 15%-18%, driven by premiumization. Marketing spend will increase to 2-3% of revenue for new market visibility and HoReCa focus.

IMFL and IMIL growth expected to follow industry trends; ethanol margins stable around 7% with ₹100 crore capex planned. FY26 revenue growth guidance is 11%-15% excluding ethanol, with stable EBITDA margins of 11%-13%. Management remains confident on brand strength and multi-category growth.