By BullScreen Editorial Team 
Associated Alcohols & Breweries Limited (AABL) reported a solid performance in its Q4 results 2026 cycle, with stronger profitability and growing contribution from premium liquor brands helping offset a decline in overall revenue. The company continued to strengthen its product mix strategy, focusing on higher-margin proprietary brands and operational efficiency.
For FY26, gross revenue stood at Rs 10,333 million, down 6% from Rs 10,966 million in FY25, while net revenue from operations declined 5% to Rs 10,194 million. Despite lower revenue, earnings improved significantly as EBITDA rose 12% year-over-year to Rs 1,429 million. EBITDA margin expanded by 200 basis points to 14%, reflecting better cost management and improved product economics.
Net profit after tax increased 9% to Rs 885 million, while basic earnings per share rose 5% to Rs 47.42. The company also maintained a strong financial profile with a negative net debt-to-equity ratio of -0.09x and interest coverage of 23x.
A key growth driver was the proprietary IMFL business. Volume in the segment increased 32% year-over-year to 1.8 million cases, while revenue climbed 29% to Rs 2,378 million. Segment EBITDA surged 38%, with margins improving to 18% from 17% a year earlier.
The company also strengthened its expansion plans through the acquisition of SDF Industries in Kerala for Rs 30.85 crore, aimed at increasing in-house bottling capacity. Looking ahead, AABL plans to launch premium Brandy and Tequila products in H1FY27 while targeting proprietary brands to contribute nearly 50% of revenue, excluding ethanol, by FY30.
Over the last decade, AABL has delivered a consistent growth trend, reporting revenue CAGR of 13%, EBITDA CAGR of 14%, and PAT CAGR of 20%, indicating a continued shift toward premium and higher-margin businesses.
| ЁЯУК Key Financial Metrics | FY26 | YoY Change |
|---|---|---|
| Gross Revenue | тВ╣10,333 Mn | тЖУ 6% |
| Net Revenue | тВ╣10,194 Mn | тЖУ 5% |
| EBITDA | тВ╣1,429 Mn | тЖС 12% |
| EBITDA Margin | 14% | тЖС 200 bps |
| Profit After Tax (PAT) | тВ╣885 Mn | тЖС 9% |
| EPS | тВ╣47.42/share | тЖС 5% |
| ЁЯеГ Segment Performance | FY26 | YoY Change |
|---|---|---|
| IMFL Volume | 1.803 Million Cases | тЖС 32% |
| IMFL Revenue | тВ╣2,378 Mn | тЖС 29% |
| IMFL EBITDA Growth | тАФ | тЖС 38% |
| IMFL Margin | 18% | тЖС from 17% |
| FY30 Target Contribution | 50% of Revenue* | Target |
*Excluding ethanol revenue
| ЁЯЪА Strategic Highlights | Details |
|---|---|
| Kerala Acquisition | SDF Industries acquired for тВ╣30.85 Cr |
| Kerala FY27 Target | 2 Million Cases |
| ENA Volume | 22 Million Litres (тЖС24%) |
| Debt Position | Net Debt/Equity: -0.09x |
| Interest Coverage | 23x |
| Upcoming Launches | Premium Brandy & Tequila in H1FY27 |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachHis/ed268b86-6198-4ebe-a315-121f99d9ad14.pdf