Associated Alcohols & Breweries Ltd. (ASALCBR) share price

₹676.70 on NSE as of 2026-09-11. -3.09% on the day. market cap ₹1,359 Cr. P/E 15.6. 52-week range ₹666.00 to ₹1228.50. Fast Moving Consumer Goods.

What the company does

Breweries & Distilleries Incorporated in 1989, Indore-based AABL is a public limited listed company and the flagship entity of the Kedia group, promoted by late Mr. Bhagwati Prasad Kedia. The group is currently owned and managed by Mr. Anand Kedia and Mr. Prasann Kedia along with their family members/associate concerns. AABL is one of the leading distilleries in MP and is engaged in manufacturing of potable alcohol, i.e.CL, IMFL, ENA and RS with an installed capacity of 450 lakh litre per annum (LLPA) at Khargone, MP. In 2009, Kedia group setup a brewery unit under group entity viz. MEBL. MEBL undertakes contract manufacturing of beer for United Breweries Limited (UBL); apart from manufacturing and selling beer under its own brands. MEBL has an installed capacity of 10 lakh hecto litres (120 lakh cases) of beer per annum at its manufacturing facility located at Memdi, MP.

Filed by CARE Ratings/CRISIL, page 4.

Associated Alcohols & Breweries Q1 FY27: Record Own-Brand Quarter, and an Ethanol Division That Lost ₹8.4 Crore

At a glance

Associated Alcohols & Breweries reported June-quarter sales of ₹280.86 crore against ₹266.69 crore a year earlier, a rise of about 5%. Operating profit came in at ₹29.99 crore versus ₹37.12 crore, and net profit at ₹17.92 crore versus ₹23.66 crore. Operating margin was 11%, against 14% in the year-ago quarter and 17% in the March quarter.

The segment disclosure splits the story cleanly. The Potable Alcohols division posted segment revenue of ₹219.16 crore and segment results of ₹34.27 crore. The Ethanol division posted revenue of ₹74.38 crore and a segment result of negative ₹8.37 crore. Asked about the margin fall from 14% to 11%, the CFO said it is mainly because of the ethanol business.

Within potable, management reported its highest-ever quarterly IMFL proprietary revenue — ₹792 million, up 58% year-on-year, on 0.79 million cases and realisations of ₹823 per case. Proprietary rose to 23% of overall revenue from 17% in FY26. The CP Series grew volumes 260% year-on-year, from 20,300 to 73,000 cases.

EPS was ₹8.92 against ₹13.09. That fall is steeper than the profit fall because the share count moved: equity capital went from ₹18.08 crore to ₹20.08 crore over FY26 as warrants converted, taking shares from 1.81 crore to 2.01 crore.

Balance sheet: borrowings ₹68.92 crore against ₹101.52 crore a year earlier. Crisil revised its outlook to Positive in October 2025 while reaffirming A-/A2+.

What happened to the ethanol plant is worth its own section.

Introduction

Incorporated in 1989, AABL is the flagship of the Indore-based Kedia group, promoted by the late Mr Bhagwati Prasad Kedia and managed by Mr Prasann Kumar Kedia. It went public in the 1996–2015 window, listed on BSE, and later on NSE. The plant sits at Khodigram, Barwaha, in Khargone district of Madhya Pradesh — 150 acres, one location, which the company describes as its largest integrated manufacturing facility at a singular location.

The recent corporate calendar has been busy in a very specific direction: buying and building capacity rather than announcing it.

In April 2026, the NCLT Kochi bench approved AABL's resolution plan for SDF Industries Limited under the insolvency process, for cash consideration of ₹30.85 crore. SDF became a wholly owned subsidiary effective 13 May 2026; total cash infused by 30 June 2026 was ₹32.18 crore. The plant sits at Thrissur, Kerala, with IMFL bottling capacity of 4.3 million cases a year and roughly 10 acres of land. Machinery upgradation is underway, with operations expected by December 2026. The consolidated results note that the purchase price allocation is still ongoing and the transaction is currently recorded at initial consideration.

On the funding side, 9,00,000 warrants allotted in March 2024 were converted in September 2025 for ₹32.74 crore, earmarked for the Awadh subsidiary's proposed bottling-cum-distillery unit in Uttar Pradesh. A further 11,00,000 warrants converted in March 2026 at ₹679 each, bringing in ₹56.02 crore and taking the equity base to 2,00,79,200 shares.

Management also changed hands at the finance desk: Tushar Bhandari resigned as CFO in November 2025, staying on as Whole Time Director, with Dilip Kumar Inani appointed the same day.

The Hillfort premium whisky was made available in Maharashtra in May 2025 and Uttar Pradesh in June 2025. Then, in June 2026, came a canned drink called Kultur — which brings us to what this company actually sells.

Business model

AABL turns grain into alcohol and then sells that alcohol to almost everyone downstream of it, including itself.

Feedstock goes in — rice, maize, jawar, barley — and comes out as ENA from a plant with installed capacity of 160 KLPD. Some of that ENA is sold to other bottlers as Merchant ENA. Some goes into the company's own bottles. Captive consumption was 59% in Q1 FY27 versus 50% in FY26, which is the polite corporate way of saying the company is increasingly its own best customer.

The bottling operation runs 41 lines with a collective capacity of 16 million cases a year, filling three different kinds of liquid. There's IMFL Proprietary — 17 own brands spanning Nicobar gin and Hillfort blended malt at the prestige end, Central Province whisky and vodka in popular, Superman Fine Whisky and Mood Marker Brandy in economy. There's IMFL Licensed, made under franchise. And there's IMIL, the country-liquor business that quietly did ₹73.4 crore of revenue in the quarter at 18% segment EBITDA margin.

Then there is contract manufacturing for United Spirits (Diageo) — a two-decade relationship, one of four exclusive Diageo contract manufacturing partners — covering names like Bagpiper, White Mischief, VAT 69, Black Dog and Smirnoff. AABL makes them; AABL does not own them.

A separate ethanol plant of 130 KLPD sends grain-based ethanol to oil marketing companies and private buyers. A 6,000 LPD malt plant, commissioned in 2026, is currently maturing liquid — eight to nine months in, per management — for captive whisky use and a planned single malt in two variants.

The by-products go out as cattle feed. A 10.5 MW captive power unit runs the place. Very little of the grain escapes unmonetised.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Associated Alcohols & Breweries Ltd..

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