ASSO ALCOHOLS & BREW LTD

Manufactures and sells Indian Made Foreign Liquor (IMFL) under its own proprietary brands across whisky, rum, vodka, brandy and gin, and also produces ethanol for the government's blending programme. The potable alcohol business accounted for 75% of segment revenue in FY26 at Rs 797.93 crore with an EBIT of Rs 130.74 crore, while the ethanol division made up 25% at Rs 265.97 crore and posted a marginal EBIT loss of Rs 2.05 crore. Proprietary IMFL volumes grew 40% YoY in Q1 FY27 with revenue up 58%, led by the CP series (Rum, Vodka, Whiskey) which jumped 260% in volume to 73,000 cases. The ethanol side is run through a 130 KLPD maize-based plant operating at full capacity, with realisation dependent on OMC tenders and prevailing grain prices. The product pipeline is tilted toward premiumisation: tequila and premium brandy are slated for Q2 FY27, single malt for FY28, and the Kultur hard seltzer is being registered across eight new states. Geographic expansion is underway into Odisha, Karnataka, Andhra Pradesh, UP and Kerala (via the SDF Industries acquisition for Rs 30.85 crore), with capex earmarked for a malt plant and a UP bottling-cum-distillery. Raw materials, primarily grain, are the dominant cost at 59.2% of revenue.