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Revenue
₹260 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹42 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 material softening and proprietary brand growth. PAT surged 95% QoQ to ₹27 crore. Proprietary IMFL volumes grew 32% YoY to 1.77M cases, while licensed volumes declined 27%. Management guided FY26 revenue broadly flat vs FY25, targeting 30-35% volume growth in proprietary brands. New product launches (RTD, tequila, brandy) are slated for H2 FY27. Risks include elevated marketing spends for premium launches and potential corn price volatility from EU trade deals.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year reported revenue to be in line with FY25, despite the Inbrew model change impacting top line.
- The company targets 30-35% year-on-year volume growth in proprietary IMFL brands, aided by premiumization and new launches.
- RTD product launch in H2 FY26; tequila and brandy planned for Q1 FY27, aligned with state excise renewal cycles.
- Total capex for the malt maturation plant is ~₹100 crore, with ₹60-65 crore already invested; first single malt expected in 1-1.5 years.
Risks flagged
- Management acknowledged that new premium brands (tequila, single malt) will require significant marketing investment for 1-1.5 years, potentially pressuring near-term margins.
- Analyst raised concern about ethanol oversupply; management confirmed supply exceeds demand and ethanol margins remain low (~6% EBITDA), with no near-term improvement expected.
- Management noted the EU-India trade deal could increase competition in premium categories, though they expect limited direct impact. The risk is higher if tariff reductions accelerate imported spirits penetration.
- Management indicated working capital days may rise as sales grow in Maharashtra and UP, where payment cycles are longer and excise duty funding is required.
Key quotes
- Despite delivering a softer revenue for the quarter, we delivered a strong margin-led performance.
- Our long-term objective is to build Central Province into a 1 million case brand supported by phased geographic expansion, consistent quality and strong brand positioning.
- We are well prepared for the times to come ahead with the help of coming into a premium portfolio category and setting up our own malt plant.
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