Associated Alcohols & Breweries Ltd. — Q3 FY26
Associated Alcohols & Breweries delivered a mixed Q3 FY26: revenue of ₹260 crore (flat YoY due to Inbrew model change) but EBITDA margin expanded 400 bps YoY to 16% on raw mater...
bullish
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
Medium priority
Outlook on ethanol demand-supply gap
Asked by Vine Raval, Choice Institutional Equity
Acknowledged oversupply but did not quantify gap or provide outlook beyond blending targets.
no specific demand-supply numbersreframed to blending targets
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Question
we have seen that the company is saying oversupply in ethanol. So what is the outlook in the demand supply gap that is currently there in ethanol model?
Management (unnamed)
right now what the supply of ethanol is equivalent to 25% of blending of ethanol and government has approved only 20% of the blending of ethanol. If in future the blending percentage goes up then the ethanol requirement will go up.
Partial answer
High priority
Sustainability of EBITDA margin improvement
Asked by Vine Raval, Choice Institutional Equity
Explained drivers but did not give specific margin outlook or target.
no quantitative margin guidancevague 'stabilizing'
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Question
how do you see that the margin improvement would go ahead going forward?
Management (unnamed)
EBITDA margin has primarily come from softening of raw material prices and increase of our own proprietary brands. Going forward we will see a continuous growth in those brands. So the margin would be stabilizing.
Answered
Medium priority
Volume breakdown in Maharashtra and UP
Asked by Shria Chhataraj, Ageless Capital
Provided specific volume figure for the two states.
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Question
how is the numbers going on in Maharashtra UP? If you can give the number of volume cases that has been done by till 9 month FY26.
Management (unnamed)
out of the entire 17 lakh cases, UP and Maharashtra I would be hardly doing around 20 to 25,000 cases.
Evasive
Medium priority
Volume breakdown by brand (Central Whiskey, Hillfort, Nicobar)
Asked by Shria Chhataraj, Ageless Capital
Did not answer the specific brand-level volume question; provided aggregate category split.
did not give brand-wise breakdowngave category split instead
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Question
if you could give the volume wise breakdown of the cases for Central Whiskey, Hillfort and Nicobar for all the states combined.
Management (unnamed)
out of the entire 17 lakh cases, on the premium side 80 to 85% is on the popular front category and the balance 10 to 15% in the premium front category.
Evasive
High priority
Potential for 25%+ margins when operating leverage kicks in
Asked by Aman Bahi, Incred
Did not confirm or deny 25% margin possibility; cited spending needs without quantification.
no direct answer on 25% targetdeferred to future stabilization
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Question
we have already exceeded our guidance for IMFL proprietary margins we have done 21%. So don't you think when the operating leverage kicks in we would be able to do 25% plus margins?
Management (unnamed)
we are in the growing phase and 85% portfolio is popular brand category. As we grow on premium front, there will be spends for brand awareness. So there'll be at least a certain amount of spend which will go there unless these brands are stabilized in next one to one and a half year.
Answered
Medium priority
Realizations in Maharashtra vs MP and Kerala
Asked by Aman Bahi, Incred
Provided specific realization figures for Maharashtra and overall.
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Question
what are the realizations are we doing there compared to MP and Kerala in the premium product.
Management (unnamed)
In Maharashtra on average we would be doing a realization of around say 1,500 rupees a case whereas overall realization is around 700 to 800 rupees a case.
Answered
High priority
Plans for acquisition in states like Maharashtra or Kerala
Asked by Aman Bahi, Incred
Confirmed specific acquisition opportunity in Kerala and general search in other states.
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Question
on MML like we discussed earlier, is there any plan for acquisition in states like Maharashtra or Kerala etc.
Management (unnamed)
we came across an opportunity of acquiring a unit through NCLT route in Kerala market which we have already applied for. Apart from that we are also looking out in couple of one or two states.
Partial answer
Medium priority
Strategy to scale proprietary brands
Asked by Anchel Pal, MNCL Mutual Fund
Listed qualitative strategies but no specific scaling targets or milestones.
no quantitative targets or timelines
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Question
how are we planning to scale up our proprietary brand going forward.
Management (unnamed)
we are working on a strategy in each state differently: value for money, consistent quality, right partners, right talent, bottoms up approach for popular, brand awareness for premium.
Partial answer
Medium priority
Growth in IMFL licensed business excluding Inbrew
Asked by Tushi K Sha, Alchemy Capital
Provided volume growth but omitted revenue growth as asked.
only gave volume growth, no revenue growthvague 'around 3 to 4%'
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Question
excluding Inbrew how much have we grown in volume terms and revenue terms.
Management (unnamed)
excluding Inbrew we have other brands from Diageo. The volume has grown by around 3 to 4% in this particular product.
Partial answer
High priority
Capex for malt plant and opportunity size
Asked by Tushi K Sha, Alchemy Capital
Provided capex figure but did not quantify the opportunity size in revenue or margin terms.
no quantification of opportunity size
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Question
what is the capex we are doing for the malt plant? And how big do you think is this opportunity for us?
Management (unnamed)
overall capex of around 100 crores, out of which around 60-65 crores we've already invested. This is a very big opportunity because Indian single malts are getting world over recognition.
Answered
High priority
Confirmation of flattish revenue growth for full year
Asked by Du Shaap
Confirmed flattish revenue growth for the full year.
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Question
in your opening statement, did I hear it correctly that you said that we will end the year with flattish revenue for the whole year?
Management (unnamed)
Yes. compared to the last year.
Answered
Medium priority
Average raw material prices last quarter and current
Asked by Manoj Kumar, Adinat Financial Services
Provided specific price figures for both periods.
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Question
what has been the average prices last quarter and what is the current price?
Management (unnamed)
last quarter our prices was around 23,000 and this quarter it is around 20,000 plus.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| IMFL proprietary margin 21% | 21% | 16% | Overstated vs filing |
| Revenue drop Rs 56 crore YoY, 52 from franchise shift | ₹56 cr | ₹260 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.