Investor presentation Q42026

Associated Alcohols & Breweries reported Q4 FY26 results with IMFL Proprietary volume growing 37% YoY and ENA sales jumping 129% YoY. While net revenue declined 2% to Rs 2,385 million due to lower ethanol sales, gross margins expanded from 43% to 49% driven by softer raw material prices. EBITDA margin improved to 17% (up 200 bps) and PAT grew 5% to Rs 235 million. For FY26 full year, revenue was Rs 10,194 million (down 5%), but EBITDA rose 12% to Rs 1,429 million with margins at 14%. The company acquired SDF Industries in Kerala for Rs 30.85 crore in April 2026 and entered Odisha in Q1FY27. Credit rating was upgraded to A-Positive. Going forward, the company targets IMFL Proprietary to contribute 50% of revenue (ex-ethanol) by FY30 and targets 25-30% YoY growth in this segment.