Associated Alcohols & Breweries Limited is an India-based company engaged in the manufacturing and trading of extra neutral alcohol (ENA), Indian Made Indian Liquor (Country Liquor), Indian Made Foreign Liquor (IMFL), and hand sanitizer. The company was incorporated in 1989 and has its registered office at 4th Floor BPK Star Tower, AB Road, Indore, Madhya Pradesh. The company's manufacturing facility is located in Khodigram, Barwaha district, Khargone, Madhya Pradesh.
Associated Alcohols & Breweries holds a significant presence in the Indian liquor industry. It commands a 20-25% market share in IMIL and IMFL products in Madhya Pradesh, ranks among the top 5 IMFL players in Kerala, and is notably the world's first producer of White Brandy.
The company's diverse product portfolio includes:
- Company Brands: Central Province Whiskey, Titanium Triple Distilled Vodka, James McGill Whiskey, Jamaican Magic Rum, Super Man Series, and Bombay Special Series.
- Contracted Manufacturing Brands: Black Dog Scotch Whiskey, VAT 69 Scotch Whiskey, Smirnoff Vodka, and Black & White Scotch Whiskey.
- Licensed Brands: Bagpiper Deluxe Whiskey, Directors Special Whiskey, Flavoured White Mischief, Director's Special Gold Whiskey, and McDowell's No. 1 XXX Rum.
In 2024, the company expanded its premium product portfolio with the launch of Nicobar Gin.
The company has demonstrated robust financial performance, reflecting strong growth in sales and profitability.
- Market Cap: ₹2,029.21 crore
- Revenue: ₹1,075 crore
- Net Profit: ₹81.5 crore
- P/E Ratio: 24.93
- P/B Ratio: 4.80
- Book Value: ₹271
- ROE: 17.3%
- ROCE: 20.0%
- Sales: Rose 41.60% to ₹1,075.90 crore in FY25 compared to ₹759.80 crore in FY24.
- Net Profit: Increased 60.92% to ₹81.46 crore in FY25 versus ₹50.62 crore in FY24.
- Sales: ₹242.48 crore (a marginal increase of 0.11% from Q4 FY24).
- Net Profit: ₹22.33 crore (an 82.29% increase from Q4 FY24).
- Net Sales: Reached a record high of ₹254.63 crore in Q2 FY25.
- Profit After Tax: Grew by 28.06% year-on-year.
Associated Alcohols & Breweries has undertaken several strategic initiatives and corporate actions:
- Listing: The company got listed on the National Stock Exchange of India Limited (NSE) on February 12, 2020.
- Modernization & Expansion: Completed its modernization-cum-expansion project of the distillery in September 2018, which included setting up a 40 MLPA grain-based Ethanol Plant along with a co-generation facility.
- Amalgamation: In 2024, the company initiated the process of amalgamating Mount Everest Breweries Limited with and into the company.
- Leadership Change: Ankit Agrawal tendered his resignation from the post of Group CFO of the Associated Kedia Group, with his duties ending on May 31, 2025.
The company has successfully diversified into the ethanol segment, reflecting its alignment with government initiatives promoting biofuels. Associated Alcohols & Breweries participated in a tender by Oil Marketing Companies (OMCs) under the Ethanol Blending Petrol Programme (EBPP) for the Ethanol Supply Year (ESY 24-25). They secured an allocation of 29,724 Kiloliters of ethanol for supply at various locations across India.
Associated Alcohols & Breweries is well-positioned for future growth, leveraging the resilience of the Indian economy and the ongoing trend of premiumization in the alcoholic beverage sector. Despite facing challenges such as equipment supply delays and fluctuating ethanol sales, the company's operational performance remains robust, with significant volume growth in its IMFL portfolio.
The anticipated launch of new products, including ready-to-drink beverages and a single malt brand, aligns with strategic expansions into key markets like Maharashtra and Uttar Pradesh. Financially, the company maintains a strong balance sheet, projecting revenue growth of 11% to 15% for FY26, while navigating raw material price fluctuations and enhancing marketing efforts to build brand recognition in a competitive landscape.
- Promoter Holding: Stands at 59.3%, with promoter holding remaining stable at 59.29% as of March 2025.
- Dividend: The company has maintained a low dividend payout at 5.31% of profits over the last 3 years. The board recommended a final dividend of ₹2 per share (20%) for FY25, subject to shareholder approval.
The stock has demonstrated strong investor confidence, reflected in its trading performance:
- 52-Week High: ₹1,496
- 52-Week Low: ₹647.85
- 12-Month Performance: The share price has moved up by 49.99% over the last 12 months, signaling strong market sentiment regarding the company's growth trajectory and dominant position in the alcoholic beverages sector.
