AABL Reports 37% Volume Growth in Q4 FY26

Associated Alcohols & Breweries has released the transcript of its investor conference call held on May 20, 2026, discussing the audited financial results for the quarter and fiscal year ended March 31, 2026. The management highlighted a strategic focus on scaling its proprietary IMFL portfolio, which recorded a 32% year-on-year volume growth in FY26.

Financial Performance

For the fourth quarter of FY26, the company reported a net revenue of INR239 crores. EBITDA grew by 13% year-on-year to INR40 crores, driven by operational efficiencies, expanding the EBITDA margin by 200 basis points to 17%. Profit After Tax (PAT) increased by 5% year-on-year to INR24 crores, with a PAT margin of 10%.

Metric	Q4 FY26 Value	YoY Change
Net Revenue	INR239 crores	-
EBITDA	INR40 crores	13%
EBITDA Margin	17%	+200 bps
PAT	INR24 crores	5%
PAT Margin	10%	-

Operational Highlights

The proprietary IMFL portfolio remained the key growth driver, registering a 37% year-on-year volume growth to 6.6 lakh cases in Q4 FY26. Revenue from this segment grew by 38% to INR50 crores, achieving the highest ever quarterly EBITDA margin of 22%. The Central Province portfolio, spanning whiskey, rum, and vodka, recorded a robust growth of nearly 28% year-on-year.

In the Merchant ENA segment, volume sold increased by 129% year-on-year to 6.9 million liters, with revenue rising by 128% to INR47 crores. Conversely, ethanol volumes stood at 4 million liters, a decrease of 35% year-on-year due to industry oversupply, generating revenue of INR24 crores.

Strategic Initiatives

The company commissioned a 6,000 KLPD malt facility to enhance its in-house capabilities and plans to launch its own single malt whiskey within the next 18 months. Additionally, the company announced the acquisition of SDF Industries Limited, a distillery-cum-bottling unit in Kerala, for INR30 crores to strengthen operational efficiencies and market presence. The company also soft-launched its RTD product, Kultur, in Madhya Pradesh.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.26%	-5.06%	-7.67%	-14.67%	-23.37%	+87.62%

Associated Alcohols & Breweries Limited announced its financial results for the quarter and year ended 31 March 2026, reporting a 9% year-on-year increase in net profit to INR 885 Mn for FY26, up from INR 814 Mn in the previous year. The company's EBITDA grew by 12% to INR 1,429 Mn, with the EBITDA margin expanding by 200 basis points to 14%. For the fourth quarter of FY26, net profit increased by 5% to INR 235 Mn, while EBITDA rose 13% to INR 403 Mn, supported by a 200 bps expansion in EBITDA margin to 17%. The Board of Directors approved the audited financial results at its meeting held on 18 May 2026, and a newspaper advertisement was published on 20 May 2026. An earnings presentation for the quarter and year ended 31 March 2026 was also submitted to the exchanges on 20 May 2026.

Operational Highlights and Segment Performance

The company demonstrated robust operational performance during Q4 FY26, with IMFL Proprietary volume growing by 37% year-on-year. ENA operating at full capacity utilization saw sales volume increase by 129% YoY to 7 Mn litres in Q4 FY26. Despite a 2% YoY decline in net revenues from operations to INR 2,385 Mn in Q4, gross profit margin improved from 43% to 49% due to softening raw material prices. For the full year FY26, net revenue from operations stood at INR 10,194 Mn compared to INR 10,759 Mn in FY25.

Strategic Investments and Acquisitions

Associated Alcohols & Breweries disclosed significant capital expenditures aimed at expanding its manufacturing capabilities and market presence. The company has incurred a capex of INR 550 Mn for its malt plant, with an additional INR 150 Mn expected to be spent on casks in FY27. Furthermore, the company announced plans to invest INR 100 Mn towards automation of its bottling unit. In a strategic move to strengthen its position in Kerala, the company acquired SDF Industries in April 2026 for a total consideration of INR 30.85 Cr, adding a bottling capacity of 4.3 Mn cases per annum.

Financial Position and Outlook

The company maintains a strong balance sheet with a net debt-to-equity ratio of (0.09)x as of FY26, indicating a net cash position. The interest coverage ratio stands at 23x. Management expressed confidence in future growth, driven by a focus on premiumisation, expansion into new geographies such as Odisha, and the maturation of the malt plant. The company targets a position among the top 10 IMFL companies in India with a Pan-India presence.

Metric	Q4 FY26	Q4 FY25	FY26	FY25
Net Revenue from Operations (INR Mn)	2,385	2,425	10,194	10,759
EBITDA (INR Mn)	403	355	1,429	1,280
EBITDA Margin (%)	17%	15%	14%	12%
Profit After Tax (INR Mn)	235	223	885	814
PAT Margin (%)	10%	9%	9%	8%