Associated Alcohols & Breweries Ltd. — Investor Meet, 15-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

AABL reported Q2 FY'26 revenue flat at ₹253 Cr, with EBITDA at ₹24 Cr (9% margin) and PAT at ₹14 Cr (6% margin). Proprietary IMFL volumes surged 37% YoY, driving growth. Margins faced headwinds from lower byproduct realization (₹6 Cr impact) and increased marketing in new states like Maharashtra and UP. Management targets 30-35% proprietary IMFL growth, expanding into Pondicherry, Goa, Odisha, Jharkhand. Malt plant commissioned; Tequila and RTD 'Kultur' launches planned. The company remains focused on building a pan-India premium IMFL portfolio, expecting 9-11% EBITDA margins. Confident outlook on strategic expansion.