Earnings call Transcript Q4 and FY ended 31st March 2026
ASALCBR · price
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Associated Alcohols & Breweries reported Q4 FY26 net revenue of INR 239 crores with EBITDA of INR 40 crores (up 13% YoY), expanding margins by 200 basis points to 17%. The proprietary IMFL business was the key growth driver with 37% YoY volume growth to 6.6 lakh cases and highest-ever quarterly EBITDA margin of 22%. Management guided for FY27 EBITDA of around 15% with 10%+ revenue growth, expecting proprietary IMFL to grow 25-30%. The company acquired SDF Industries Limited in Kerala for INR 30 crores (plus INR 10 crores capex) to strengthen bottling capabilities. A 6,000 KLPD malt facility was commissioned with plans to launch single malt whiskey in H2 FY28. Management targets proprietary IMFL to contribute 50% of top line in 3-5 years. Ethanol volumes declined 35% YoY due to industry oversupply.
Strong execution in proprietary IMFL portfolio and margin expansion demonstrate improving profitability. The Kerala acquisition and new malt facility support long-term growth but require capital deployment. Investors should monitor margin normalization as management expects IMFL margins to moderate from 22% to 15-17% range as premium products scale.