Associated Alcohols & Breweries Ltd. — Investor Meet, 09-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

AABL delivered strong Q3 margins (EBITDA 16%, PAT 10%) on softer revenue, primarily driven by easing raw material costs. Proprietary IMFL volumes grew 32% year-on-year for nine months. The shift from Inbrew licensing to contract manufacturing impacted Q3 topline, but management expects Q4 revenue to rebound significantly to meet a full-year flat target. Strategic focus is on premiumization with new launches like Kultur RTD, Tequila, Brandy, and a single malt. Geographic expansion continues, including entry into Jharkhand. Initial investments in new markets and premium brands may temper short-term margin expansion, but management is confident in strategic growth.