NSE: ASALCBR · BSE: 507526
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Potable Alcohols Division (75%), Ethanol Division (25%). Cyclical, regulated, input-cost sensitive distillery with two segments: branded IMFL and ethanol.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,097 | 1,033 |
| EBITDA (ex other income) | 128 | 143 |
| margin % | 11.7 | 13.8 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 45.03 | 47.42 |
| ROE % · ROCE % | 15.6 · 20.3 | 12.7 · 17.1 |
| Debt / equity (x) | 0.19 | 0.10 |
| Cash from operations | 74 | 52 |
| Capex | (86) | (57) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 258 | 334 | 248 | 270 | 257 | 265 | 242 | 286 |
| Profit before tax | 21 | 35 | 30 | 32 | 18 | 36 | 32 | 24 |
| Net profit | 15 | 26 | 22 | 24 | 14 | 27 | 24 | 18 |
| EPS (₹) | 8.50 | 14.43 | 12.34 | 13.08 | 15.38 | 28.76 | 12.33 | 8.88 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Portable Alcohol Division | 213 | 20.0 |
| Ethanol Division | 266 | 25.0 |
| Potable Alcohols Divison | 204 | 19.2 |
| Potable Alcohols Division | 176 | 16.5 |
| Portable Alcohols Division | 205 | 19.3 |
| Total, before eliminations | 1,064 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 89,211 | 46.4 | 9.96 | 33.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 55,582 | 66.6 | 16.76 | 54.9 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 31,387 | 79.3 | 6.93 | 35.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,588 | 89.4 | 11.62 | 36.5 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,448 | — | 4.17 | 68.1 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,604 | 39.6 | 6.22 | 25.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,209 | 6.7 | 0.75 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,143 | 18.1 | 1.97 | 9.8 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.3 | 31.2 | 7 of 21 | 70% |
| P/B | 1.6 | 1.9 | 9 of 25 | 67% |
| ROCE | 16.2 | 3.7 | 7 of 26 | 76% |
| ROE | 12.7 | 5.6 | 9 of 25 | 67% |
| Debt / Equity | 0.1 | 0.5 | 4 of 25 | 88% |
| EBITDA margin | 11.5 | 6.4 | 5 of 23 | 82% |
| Revenue growth | 6.0 | 10.2 | 13 of 22 | 43% |
| Profit growth | (24.6) | 6.1 | 17 of 23 | 27% |
| Market cap | 1090 | 726 | 11 of 26 | 60% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Newspaper ad filed for SEBI special window on physical shares | compliance | minimal | — | — |
| 7 Oct 2026 · Routine SEBI compliance certificate for Q2 FY26-27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · 37th AGM: All 5 resolutions passed, Rs 2 per share dividend declared | board shareholder meetings | low | — | — |
| 16 Sept 2026 · 37th AGM held; dividend of Rs 2 per share proposed for FY26 | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Virtual analyst meet with GIA Alco Bev Day Group on Sept 11, 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Newspaper publication of 37th AGM Notice filed with BSE and NSE | compliance | minimal | — | — |
| 20 Aug 2026 · Web-link of 37th Annual Report 2025-26 sent to shareholders without email IDs | compliance | minimal | — | — |
| 19 Aug 2026 · Annual Report FY26 weblink sent to shareholders; 37th AGM on 16 Sep 2026 | compliance | minimal | — | — |
| 19 Aug 2026 · Record date Sep 9 fixed for Rs 2 per share final dividend FY26 | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.