ASSOCIATED ALCOHOLS

&
BREWERIES LTD
Q1FY26 INVESTOR PRESENTATION
AABL : AT A GLANCE
Largest integrated manufacturing facility FY16-FY25: Growth Trajectory
situated at a singular location

Present throughout the entire liquor value chain 14% 15% 21%
• IMFL Proprietary 10 Years Revenue 10 Years EBITDA 10 Years PAT
• IMFL Licensed
CAGR CAGR CAGR
• IMIL
• Merchant ENA
• Ethanol
FY25 Performance

01
ENA Manufacturing Capacity of 45 MLPA
Ethanol Manufacturing Capacity of 40 MLPA 12% 10% 8%
EBITDA Margin PBT Margin PAT Margin
The facility encompasses 41 Bottling Lines,
02 with a collective capacity of producing 16
million cases annually

16% 0.04x 22x

03 Owns a portfolio of 9 proprietary brands ROE Net Debt/Equity Interest Coverage

2
Fully Integrated Business Model
Varied Feedstock processing Capabilities
Raw materials are directly sourced from mandis or manufacturers
IMFL (Proprietary)
Products Offerings
Rice Maize Jawar Other*
* Possibilities to use other starch - based Feedstocks

Single Location, Fungible Manufacturing Plant

ENA PLANT Fungible
- Licensed Capacity : 180 MLPA Intermediates ETHANOL PLANT
-Installed Capacity : 45 MLPA - Installed Capacity : 40 MLPA

Supply to Supply To OMCs /

Major Bottlers/ Private players
IMFL
Manufacturers of IMFL
(Proprietary)
By Products:
By Products IMFL Franchisee Cattle Feeds
Cattle Feeds for Diageo

Finished IMIL
Products
Contract Manufacturing
Service for United Spirit Limited
(Diageo) & Inbrew

B2B B2C 59% of ENA used for captive consumption

3
Present Across Liquor Value Chain

Adaptability and Flexibility in using On Ground Intelligence for Raw

varied grains as Feedstock Material Sourcing

Proprietary Brands IMFL Contract ENA Manufacturing

- For Captive Ethanol Manufacturing By Products
- IMFL - IMIL Licensed Manufacturing Cattle Feed
Consumption For OMCs /
- For Alco Bev Companies Private Players

150 Acres of Single Location Land Bank Energy Cost - Efficiency Net Energy Surplus Unit 10.5 MW Captive Power

IMFL IMFL IMIL ENA Ethanol

(Proprietary) (Licensed)
c.15%-18% c.12%-15% c.9%-11% c.8%-9% c.6%-8%

Total EBITDA Margin c.11%-13%

4
AABL IMFL – Gaining TRACTION

Economy Popular Prestige & Above

Superman Lemount Hillfort

Fine Premium
Whisky blended
Malt
Whisky
Bombay Central Titanium Nicobar –
Special Province Vo d k a Ha nd crafted
Whisky Whisky Gin

5
AABL’s BRAND PORTFOLIO

Whisky Vodka Gin Brandy Rum

Prestige & Above

MRP:
Rs 1,400 - 2,600

Popular
MRP:
Rs 680 - 1,000

Economy
MRP:
Rs 500 - 560

6
Licensed Brands - Preferred Partners

Blue Riband Bagpiper White Director’s McDowell’s

Gin Mischief Special

7
Contract Manufacturing – Long Term Relations

BLACK & WHITE SMIRNOFF VAT 6 9 BLACK DOG

8
Industry Leading Financial Position
Robust Financial Position: Low Gearing and Adequate Interest Coverage Ratio Setting Industry Standards

Net Debt/Equity Ratio as on FY25 Interest Coverage Ratio as on FY25

0.16
22.5

18.5

0.04

Associated Alcohols & Breweries Ltd. Peer Group Associated Alcohols and Breweries Ltd Peer Group

9
Distinctive Competitive Edge
Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation

4 Decades of Expertise
01 • Core focus on liquor manufacturing and bottling.
• Ensuring exceptional quality.

Advantageous Location
02 • Largest single - location facility in the heart of India, Madhya Pradesh.
• Optimizing Raw Material Sourcing from Diverse Locations.

Strategic Partnership
03 • 2 Decades of Partnership with Diageo.
• One of Four Exclusive Diageo Contract Manufacturing Partners.

Integrated Business Model

04 • Presence across the entire Liquor Business
Value Chain.

Transitioning towards Premiumisation

05 • Entered the Super Premium market with premium gin brand “Nicobar.”
• Successfully Launched “Nicobar” & “Hillfort”.

10
Case Study – KERALA CHEERS
Fastest to achieve a million cases sale <4 years

Market Entry and Remarkable Revenue Emerged as a Strategic Vision Focus on Premium
Innovative Product Growth and Sales Major Player for Future Segment and Revenue
Launch (2018) Milestone (FY22-23) (FY22-23) Growth Enhancement

Successfully entered Achieved an Secured the position as Forward - looking Ambitious goal to
the Kerala market in outstanding revenue the fifth - largest strategy includes the increase revenue
2018. growth of 114% in player in the creation of a multi - from premium
FY22-23. competitive Kerala product platform products, targeting a
Pioneered the launch market. in Kerala. 50% share.
of White Brandy Sold 1 million cases in
Lemount - a first - of - Kerala during FY23. Aspires to diversify Demonstrates a
its - kind product. product offerings to commitment to
One of the fastest meet the dynamic capturing higher -
Positioned the product player to achieve this demands of the value market
in the milestone in just market. segments.
price - sensitive 4 Years.
market segment.

11
Growing Product Business
IMFL Proprietary Revenue (Rs Mn) IMFL Licensed Revenue (Rs Mn) IMIL Revenue (Rs Mn)

2,367
1,376 2,182 2,401
1,982 2,336
1,069 1,099 1,915
1,588
1,082
640

FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25

IMFL Proprietary Volume Cases (‘000) IMFL Licensed Volume Cases (‘000) IMIL Volume Cases (‘000)

1,896 6,177
1,803 1,819
1,652
1,562 1,565
3,835 4,122
3,216
1,078
911

FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25

12
Growing Product Business
Merchant ENA & Ethanol Volume (MLPA) Merchant ENA & Ethanol Revenue (Rs Mn)

34 2,477

26
24
1,559
19 18 1,314
1,146 1,187

6 431

FY22 FY23 FY24 FY25

FY22 FY23 FY24 FY25

Merchant Volume ENA (MLPA) Ethanol ENA Ethanol

01
AABL plays a crucial role as a primary provider of high quality Extra Neutral Alcohol (ENA) to other prominent IMFL manufacturers and bottlers.

02 As the quantity of ENA is directed towards the production of value-added goods , there is a corresponding decrease in the overall volume of ENA.

03 Capable of Producing ENA from Varied Feedstocks seamlessly.

04 AABL has also commenced commercial production at its 130 KLPD Ethanol plant in Barwaha, Madhya Pradesh.

05 Diversifying Revenue streams by capitalizing on favourable Government Policy Push in form of EBP (Ethanol Blending with Petrol) Program.

Note : Ethanol Plant was commissioned in January 2024

13
Levers for a Strong Growth Outlook
B2C Business B2B Business

IMFL (Proprietary): B2B segment expected to progress steadily

15%-18% YoY Growth in congruence with inflation rate
REVENUE
IMFL (Licensed): GUIDANCE
8%-10% YoY Growth
Premium Line of Products : Ethanol segment, a recent addition, is
18%-20% YoY Growth expected to achieve full capacity in FY 25

Strengthening the relationship with Diageo and Inbrew.

Implementing hedging strategies to mitigate the impact of fluctuations in raw material prices.

Entry in Ethanol
• Strategically natural extension
• To optimize operational costs resulting in margin enhancements

The company aims to prioritize value - added and proprietary brands.

Focus on the margin accretive segment.

14
Compelling Investment Thesis

Diversified Product Portfolio

Progressing towards Premiumisation

Becoming a Pan India Player

Expansion driven by internal accruals , supported by

a strong balance sheet with minimal debt

Fungibility of Raw Materials and Finished Product

15
Strong Investment Thesis

Strong Industry Tailwinds

Q1FY26 - Earnings

Annexure
Diversified product portfolio

Moving
Towards
Premiumisation

Q3FY24 Q1FY25 Second Half of End of FY26 End of FY26

Launched Super Launched FY26 Premium Tequila
Premium Crafted Premium Premium Brandy
Gin “Nicobar” Blended Malt Ready to Drink
Whiskey “Hillfort”

17
Increasing Focus on IMFL Business
The primary emphasis is on premium IMFL products, with an anticipated increase in working capital offset by improved margins

Total Revenue (Rs Mn) & Revenue Contribution (%) EBITDA (Rs Mn) & EBITDA Contribution (%)

4,358 5,126 7,008 7,598 2,667 895 822 624 767 371

36% 33% 43% 43% 32% 41% 37% 48% 49% 36%

10% 6% 6% 9% 9%
5% 13% 14%
23% 21% 20% 6%
6%
21% 28%
29% 6% 31% 17%
9% 29%
22% 28%
12% 16%
15% 22% 19%
14% 18%
16% 15% 19%
18%
31% 13%
34% 25% 35%
25% 25%
27% 28%
22% 26%

26%
16% 21% 17% 18%
11% 14% 11% 14%
9%

FY22 FY23 FY24 FY25 Q1FY26 FY22 FY23 FY24 FY25 Q1FY26

Merchant ENA IMIL IMFL (Proprietory) IMFL Licensed Brands Others* Ethanol Merchant ENA IMIL IMFL (Proprietory) IMFL Licensed Brands Others* Ethanol

Total IMFL Products Total IMFL Products

*Others : Contract Manufacturing, By Products Business Segments

18
Becoming a Pan India Player
In the next 1-2 Years Associated Alcohols is set to spread across key regions of India
Current Presence Targeted Geographies
Dominant Footprint: Significant presence in Madhya Pradesh.
01 With 20-25% Market share in IMIL and IMFL Products.

Integrated Operations: All essential facilities - ENA , Bottling Line, and

Ethanol Plant - conveniently located on-site, streamlining production and
02
logistics.

Vast Infrastructure: 150-acre land bank provides ample space for

03 operations and expansion.

Centralized Location: Equidistant access to raw materials from various

04 regions across India, optimizing procurement and transportation costs.

Currently Present :
Madhya Pradesh, Chattisgarh, Achieved
One of top 5 First Company in
Kerala, Delhi, West Bengal one million cases
players in IMFL the world to make
sales in Kerala
Targeted : segment in Kerala White Brandy
in FY2022-23
Maharashtra, Puducherry,
Utter Pradesh, Karnataka, Goa

19
Expansion Enabled through Internal Accruals
CFO (Rs Mn) & Cash Conversion Ratio (x)

Working Capital for the company

0.97 x
01 as on FY25 : Rs 1,319 Mn and
0.74 x FY24: Rs 1,016 Mn
739

0.58 x

792 0.37 x
667 AABL's strategic goal is to secure a
0.11 x 284
position among the top 10 IMIL
02
and IMFL companies in India and
68
PAN India Presence
FY21 FY22 FY23 FY24 FY25 Single Malt Plant

Capex (Rs Mn) Persistent efforts in diversifying

product offerings to enhance
03
market reach and cater to diverse
1,038 1,000 consumer preferences
929
859

397
Ethanol plant has been successfully
125
established with a total capital
04
expenditure of Rs 150 Cr in FY24,
FY21 FY22 FY23 FY24 FY25 FY26E
marking a significant milestone.
Bottling Plant

20
Strong Balance Sheet with Minimal Debt
Gross Block (Rs Mn) ROCE & ROE
4,572
26%
3,425 22%
19%
16%
14%
1,868 12% 11% 12%
1,822

FY22 FY23 FY24 FY25

FY22 FY23 FY24 FY25
Gross Block ROCE ROE

Net Debt / Equity & Interest Coverage Ratio Net Working Capital (Days)

-0.07 0.04 0.04 67

103 60

46 45
43 40
FY22 FY23 FY24 FY25 38
35
27
23
13 12
21 22
50

-0.24 FY22 FY23 FY24 FY25

Net Debt/Equity Interest Coverage (X) Receivable Days Payable Days Inventories Days

21
Comfortable Debt Level: Financial Strength
Debt Repayment Schedule (Rs Mn) for Debt Funding of Ethanol Plant

200 200 200

96

FY24-25 FY25-26 FY26-27 FY27-28

01 Ethanol Plant expansion was funded by Loan taken out under Interest Subvention Scheme.

02 AABL’s strong cash flows guarantee that the company is well-positioned to comfortably meet its debt repayment obligations.

22
Fungibility of Raw Materials and Finished Products
Diverse Grain Usage State of the art Manufacturing Flexible Product
as Feedstock Facility & Flexible Energy Source Offerings

Rice IMFL (Proprietary)

IMFL (Licensed)
1 1
Maize IMIL
2 2
Single
Manufacturing
Facility
ENA for Captive Consumption
Jawar 3 3 and Supply to Bottlers

4 4
Any Other Starch Rich Ethanol to OMCs/
Feedstock Private Players

23
Strong Investment Thesis

Strong Industry Tailwinds

Q1FY26 - Earnings

Annexure
Growth Catalysts

Young Premiumisation
Population Influence Trends

More than 88% of Urbanisation

individuals in India
India's alcohol market
aged below 25 either
among fastest-growing
buy or consume
globally.
alcoholic beverages
Rising urban
India is home to one of
population, disposable
the largest young
income, premium
populations globally,
product trends, driving
with 67.45% falling
market expansion
within the age range of
15 to 64.

Accelerated urban
development,
improved accessibility,
and effective
advertising contribute
to a boost in alcohol
consumption

25
Low per capita alcohol consumption India
Per Capita Alcohol Consumption (in Ltr): India vs World; India remains relatively at lower level

11.9 142 112 101 116 44 52

25.5

3.5 11.7

14.3
28.9
53

111.4
78.1 8.4
69.9
1.7 5.5
49.8
33.5 32.6
5
6.9 5.1 5.8 8.5 5.9 7.5 5.5
India Germany France USA UK China Rest of World

Spirit Beer Wine Other Alco Bev

01 India ranks 101th in terms of per capita alcohol consumption (In Ltrs).

02 The per capita Alcohol consumption (in Ltrs) for India is at 11.8 litres significantly below other countries.

World Health Organisation: Data pertains 2019,

26
Young Population Growth and Rising Disposable Income
Growing Proportion of Young Population Growing Disposable Income (In Trillion USD)

4.2

3.9

3.5
9.4% 9.7% 9.9% 10.1% 10.2% 10.5% 10.8% 11.1% 11.4% 11.7% 3.4
3.2 3.2

2.9 2.9
2.7 2.7

63.3% 63.5% 63.8% 64.1% 64.3% 64.4% 64.6% 64.7% 64.8% 65.0%

27.3% 26.8% 26.4% 25.9% 25.5% 25.1% 24.6% 24.2% 23.8% 23.4%

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Source : Industry Reports1, UN Population Division, Industry Report2

27
Urbanization and Shift Towards Premiumisation
Growing Proportion of Urban Population Growing Premium Liquor Market in India (USD Bn)

36
52%
32 33
31
30
40% 28

21
29%
19 20
18
17
28% 17

23%

19% 1.5
1.4 0.4
1.3
1.2 1.2
6
5.2 5.5 5.7 6.3
5
2 2.1 2.2
1.6 1.7 1.8

4 4 4 4 4 4

1960 1980 2000 2025 2030 E 2050 E 2023 2024 2025 2026 2027 2028

Percentage of Urban Population

Linear (Percentage of Urban Population) Brandy GIN Liquers & Other Spirits Rum Soju Tequila Vodka Whiskey

Source : Economic Source; Indian Express1, 2 Industry Report 1,2

28
Rapid Growth in Premium Alcohol Segment
Whiskey Sales Breakdown by Segment (Mn Cases) Whiskey Sales Breakdown by Segment (Rs. Lac Cr )

190 205 183 252 338 190 205 183 252 338

2% 3% 3% 4%
2%
7% 9% 10% 10% 10% 10%
10% 11% 11% 12%
16%
21% 21% 23% 24%
42%
50% 50% 51%
54%
50%
53% 53% 53% 55%

49%
37% 37% 35% 30% 25%
16% 15% 14% 11%

2015 2020 2021 2023 2028P 2015 2020 2021 2023E 2028P

Popular Prestige Premium Luxury Popular Prestige Premium Luxury

01 India stands as the world's third - largest market for alcoholic beverages.

Evolving preferences drive growth, favouring premium and craft spirits, alongside increased wine and craft beer demand, notably among urban millennials and the
02
emerging middle class.

03 A discernible trend is emerging towards product premiumization in the Indian market.

Sources : Industry Report May 2024

29
Indian ALCO - BEV INDUSTRY POISED FOR GROWTH
Alco - Bev Volume in India (Mn Cases) and CAGR Indian Alco - Beverage market (Rs. Lac Cr)

960 1,018 1,078 1,451

520
CAGR:6.9 %
CAGR: 1.9%
CAGR : 1.2 %
355 395
325
5
445

330 340 350 3.2

3
480 2
300 320 330

2015 2020 2023 2028P 2015 2020 2023 2028P

Beer Country Liquor IMFL Wine CAGR

01 India's alcohol market surging with urbanization, lifestyle shifts, and a burgeoning middle class.

02 Cultural ties link alcohol to social events, celebrations, and religious festivals, propelling market growth.

03
Segments (spirits, beer, wine) capitalize on a massive consumer base of 1.3 billion people.

04
Evolving preferences drive growth, favouring premium and craft spirits, alongside increased wine and craft beer demand, notably among urban
millennials and the emerging middle class..
Sources : Industry Report May 2024
30
Product Wise Break Up
Product Wise Volume CAGR (2023-2028) Product Wise Volume Split (2023-2028)

14.7% 3%
12%

5
7.8% 20% C

4.9% 65%
4.1%

Whisky Brandy Rum Wine Spirits

Whisky Brandy Rum Wine Spirits

AABL Segments
Sources : Industry Report May 2024
31
Strong Investment Thesis

Strong Industry Tailwinds

Q1FY26 - Earnings

Annexure
Q1FY26 – Performance HIGHLIGHT
• IMFL Proprietary Volumes grew 31% YoY, driven by the strong performance of the brands, robust consumer traction
for premium offerings and expansion into new strategic markets.
Operational
• IMFL Licensed had slight decrease of 6% YoY. This is Attributed to Degrowth in the Industry
Update
• Grain prices, particularly rice, have softened sequentially, with rice prices correcting from ₹25,500/MT in Q4FY25 to
₹23,500/MT in Q4FY25. This has supported an improvement in gross margins during the quarter.

• Net Revenues from operations remain flat on a YoY basis, standing at ₹2,667 million,
• EBITDA surged 32% YoY to ₹371 million, with margins improving to 14%, an expansion of 300 bps, due to
Q1FY26 softening of Rice prices.
Financials
• Profit After Tax grew by 34 % YoY increase, amounting to ₹237 million.
• Diluted EPS for the quarter stood at 12.43, an increase of 27% YoY.

• IMFL Sales On Track:Momentum sustained across key brands like Central Province, Vodka, Hillfort, and Nicobar.
• Geographic Expansion : Launched in Maharashtra and Uttar Pradesh. Next to be launched in Puducherry and Goa
• RTD Lauch Update: Lauch slightly delayed due to equipment related issues. Now scheduled to be launched in H2FY26
Key Business
Update • Ethanol Plant: 100% utilization achieved across ethanol operations.
• Raw Materials: Raw Material Prices Softening; Prices of Maize and Rice stabilizing; Expected to support margins in FY26
• Malt Plant : Malt Plant Ready ; The 6,000 LPD malt plant is set to commence production from September 2025.

33
 Financial Highlights
Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin %
Q1FY26 Year on Year

6%
11%
14%
9%
371
7%
281
2,518 2,667

177
237

Q1FY25 Q1FY26 Q1FY25 Q1FY26

Q1FY25 Q1FY26

Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin %
Quarter on Quarter

9%
9%

15%

2,425 2,667
14%
223 237
355 371

Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26

34
 IMFL (Proprietary)
IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Q1FY26 Year on Year

17%

47 69
567 413
433 679 728
294 16%

Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26

Q1FY25 Q1FY26

IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Quarter on Quarter

17%
17%

567 413 755 728

482 364

62 69
Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26

35
 IMFL (Licensed)
IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Q1FY26 Year on Year

15%
15%

483 1,248 1,168

387 364 425 72
64

Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26

IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Quarter on Quarter

16%

15%

626 1,250
501 1,168
364 425
100
64

Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26

36
 IMIL
IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Q1FY26 Year on Year

18%

13%
130

1,175 730 565 621 81

1,102

623

Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26

IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
Quarter on Quarter

18%

730
1,175
577 567 621
1,017 17% 130
98

Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26

37
 Merchant ENA
ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin %
Q1FY26 Year on Year

14%

8%
51
5 364
4 256 66 67
20

Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26

ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin %
Quarter on Quarter

14% 14%

5
364 68 67
3
204 51
29

Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26

Q4FY25 Q1FY26

38
 ETHANOL
Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin %
Q1FY26 Year on Year

6%

6%

9 619 571
72 69 39
34
8

Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26

Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin %
Quarter on Quarter

8%

6%

8 571 72
6 451 69

36 34

Q4FY25 Q1FY26 Q4FY25 Q1FY26 Q4FY25 Q1FY26

Q4FY25 Q1FY26

Note : Ethanol Plant was commissioned in January 2024

39
Quarterly Income Statement
Particulars (Rs Million) Q1FY26 Q1FY25 Y-o-Y Q4FY25 Q-o-Q
Gross Revenues 2,702 2,555 6% 2,485 9%

Excise duty 35 37 (5)% 60 (42)%

Net Revenue from Operations 2,667 2,518 6% 2,425 10%

Total Operating Expenses 2,296 2,237 3% 2,070 11%

EBITDA 371 281 32% 355 5%

EBITDA Margins (%) 14% 11% 300 bps 15% (100) Bps

Other Income 18 13 38% 8 125%

Depreciation 56 41 37% 51 10%

Interest 16 15 7% 14 14%

Profit Before Tax 318 238 34% 298 7%

Tax 81 61 33% 75 8%

Profit After tax 237 177 34% 223 6%

PAT Margins (%) 9% 7% 200bps 9% -

Other Comprehensive Income - (1) - 12 -

Total Comprehensive Income 237 177 34% 235 0.85%

Basic Earnings Per Share (Rs/Share) 13.09 9.80 34% 12.35 6%

Diluted Earnings Per Share (Rs/Share) 12.43 9.80 27% 11.68 6%

40
FY25 - Income Statement
Particulars (Rs Million) FY25 FY24 Y-o-Y
Gross Revenues 10,966 7,645 43%

Excise duty 207 47 340%

Net Revenue from Operations 10,759 7,598 42%

Total Operating Expenses 9,479 6,830 39%

EBITDA 1,280 768 67%

EBITDA Margins (%) 12% 10% 200 bps

Other Income 47 96 (51)%

Depreciation 174 144 21%

Interest 57 37 54%

Profit Before Tax 1,096 683 60%

Tax 282 177 59%

Profit After tax 814 506 61%

PAT Margins (%) 8% 7% 100 bps

Other Comprehensive Income 10 (2)

Total Comprehensive Income 824 504 63%

Basic Earnings Per Share (Rs/Share) 45.03 28.00 61%

Diluted Earnings Per Share (Rs/Share) 43.03 28.00 54%

41
FY25 - Balance Sheet
Particulars (Rs Mn) FY25 FY24 Particulars (Rs Mn) FY25 FY24
ASSETS EQUITY & LIABILITIES
Non-current Assets Equity
Property, Plant & Equipment 3,473 2,480 Equity Share Capital 181 181
Capital Work in progress 320 633 Other Equity 5022 4,048
Intangible Assets 1 2 Total Equity 5203 4,229
Rights of use Assets 34 42 Non Current Liabilities
Financial Assets Financial Liabilities
(i) Investments 644 437 (i)Borrowings 297 500
(iii)Other financial Assets 35 77 (ii)Lease Liabilities 23 33
Non-current tax Assets 8 6 Provisions 18 18
Other non-current assets 145 173 Deferred Tax Liabilities (net) 140 67
Non-Current Assets 4,660 3,850 Non-Current Liabilities 478 618
Current Assets Current Liabilities
Inventories 1373 1,040 Financial Liabilities
Financial Assets (i)Borrowings 684 536
(i) Investments - 21
(ii)Lease Liabilities 11 10
(ii)Trade Receivables 394 350
(iii)Trade Payables 448 374
(iii)Cash and Bank Balance 153 408
(iv)Other Financial Liabilities 244 301
(iv)Loans 64 60
Other current Liabilities 99 112
Others 167 91
Provisions 7 6
Current Tax Assets 47 18
Current Tax Liabilities 2 2
Other Current Assets 318 350
Current Liabilities 1,495 1,341
Current Assets 2,516 2,338
TOTAL EQUITY AND LIABILITIES 7,176 6,188
TOTAL ASSETS 7,176 6,188

42
FY25 - Cash Flow Statement
Particulars (Rs Mn) FY25 FY24 Particulars (Rs Mn) FY25 FY24
CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property Plant & Equipment, CWIP
Profit Before Tax 1,096 683 (861) (1,039)
and Intangible Assets
Adjustments for: Proceed from the Sale of Property Plant &
2 1
Equipment
Depreciation / Amortisation 174 144 Other Investing Activities 3 666
Finance Cost 57 37 Interest Income received 25 47
Net Cash Flow used in Investing Activities (831) (325)
Other Adjustements (13) (56) CASH FLOW FROM FINANCING ACTIVITIES
Interest Income (24) (47) Proceeds from Non Current Borrowings - 42
Repayment of Non Current Borrowings (204) (110)
Operating Profit before Working Capital Changes 1,290 761 Proceeds from/(Repayment) of Current
(13) (11)
Borrowings
Movement in Working Capital
Proceeds from/(Repayment) of Lease Liabilities 148 155
(Increase)/Decrease in Trade Receivables (48) (170) Finance Cost paid (68) (35)
(Increase)/Decrease in Inventories (339) (186) Interest Paid on Lease Liabilities (4) (4)
Dividend Paid (36) (18)
Increase/(Decrease) in Trade Payables 75 132 Proceeds from Share Warrants 186 108
Increase/(Decrease) in Other Liabilities & Provisions (3) (86) Net Cash Flow used in Financing Activities 9 127
Net increase/(decrease) in Cash and Cash
Cash From Operations 975 451 (83) 86
equivalent
Direct Tax (236) (167) Cash & Cash equivalent at the beginning of the
94 8
year
Net Cash From Operating Activities 739 284 Cash & Cash equivalent at the end of the year 11 94

43
Strong Investment Thesis

Strong Industry Tailwinds

Q1FY26 - Earnings

Annexure
Our Milestones
Launched “Nicobar”
-Set up 40 MLPA
ethanol plants with Launched
co-generation “Hillfort”
Achieved IMFL sales : 43% of Whiskey in
1 Million cases of sales, 3 Mn cases
Increased sales in Kerala
Q1FY25
capacity of the sold of IMFL
Increased the Achieved the 5th
ENA plant to 45
highest market
Increased ENA
plant capacity to
Entered franchise MLPA bottling line
capacity to share in Kerala 2024
2025
arrangement with Entered the
30 MLPA 12.4 Million
United Spirits Kerala Market
Started bottling cases
Limited (Diageo) Successful 2023
with United
Spirits Limited Expanded Listing In the
(Diageo) presence in Delhi NSE 2022
Launched IMFL Set up a
Started the products in cogeneration
plant meeting 2018-2020
commercial Madhya Pradesh
60% of power
operation with Introduced new
demand
the selling of IMFL product
ENA and IMIL Expanded plant
production 2016-2017
The company capacity
went public
with an IPO
and got listed 1996-2015
on the BSE
The
Company was
established 1990-1995
as a public
limited
Company

1989

45
Board of Directors

Mr. Prasann Kumar Mr. Anshuman Mr. Tushar Bhandari, Debashis Dr. Swaraj Ms. Apurva
Kedia, Kedia, Whole Time Whole Time Director & Das, Independent Puri, Independent Joshi, Independent
Managing Director Director & CEO Chief Financial Officer Director Director Director

With over three A Regent's An MBA A graduate A distinguished A seasoned

decades of industry University specializing in engineer with retired IPS forensic
expertise and a London graduate finance with over 42 years of professional with a accountant
postgraduate with over 8 years 16 years of extensive Ph.D. from IIT brings extensive
qualification, he of industry experience, experience, out Delhi (2013) and experience in
excels in Business experience, previously as an of which 21 an MBA, brings governance,
Development and actively involved Investment Banker, years at the USL over 35 years of ethics, and
Brand in supply chain brings a wealth of (Diageo). He expertise in compliance. Her
development. management and expertise. With was involved in administration, valuable
His seasoned procurement, over 12 years in executing training, crisis expertise
professionalism is contributes to the liquor industry, greenfield and management, and significantly
a testament to his organizational he significantly brownfield strategic planning contributes to
strategic acumen efficiency and contributes to projects. at national and fortifying the
and impactful drives strategic business and brand international company's
leadership. sourcing development, as levels, excelling in ethical
initiatives. well as operations leadership and framework
management. team management

46
Leadership Team

Mr. S.R. Dubey, Mr. Abhinav Mathur, Mr. Rajeev Nema, Mr. Sanjeev Kumar Tulsyan
Group Sales Head Company Secretary Head Human Resources Head of Marketing

With over 30 years A qualified He is a seasoned A seasoned

of experience at Company Secretary professional with marketing veteran,
Pernod Ricard with more than 16 over 25 years of he brings over 30
India and United years of experience experience in HR years of invaluable
Spirits, he is skilled in listed and experience to
in business companies and Administration. AABL, elevating the
development, sales, worked with His earlier stints company's sales
and distribution. reputed include and marketing
His leadership will companies such as organizations such strategies with his
further strengthen Torrent power as Ruchi Soya and proven expertise
the Group's Limited. IPV Vikram. and industry
operations. insight.

47
Historical Income Statement
Particulars (Rs Million) FY25 FY24 FY23
Gross Revenues 10,966 7,645 7,028

Excise duty 207 47 20

Net Revenue from Operations 10,759 7,598 7,008

Total Operating Expenses 9,479 6,831 6,384

EBITDA 1,280 767 624

EBITDA Margins (%) 12% 10% 9%

Other Income 47 96 89

Depreciation 174 144 144

Interest 57 37 14

Profit Before Tax 1,096 683 555

Tax 282 177 139

Profit After tax 814 506 416

PAT Margins (%) 8% 7% 6%

Other Comprehensive Income 10 (1.95) 108

Total Comprehensive Income 824 504 524

Diluted EPS (INR) 43.03 28.00 22.99

48
Historical Balance Sheet
Particulars (Rs Mn) FY25 FY24 FY23 Particulars (Rs Mn) FY25 FY24 FY23
ASSETS EQUITY & LIABILITIES
Non-current Assets Equity
Property, Plant & Equipment 3,473 2,480 1,055 Equity Share Capital 181 181 181
Capital Work in progress 320 633 1,105 Other Equity 5022 4,048 3,453
Intangible Assets 1 2 0 Total Equity 5203 4,229 3,634
Rights of use Assets 34 42 49 Non Current Liabilities
Financial Assets Financial Liabilities
(i)Investments 644 437 448 (i)Borrowings 297 500 667
(iii)Other financial Assets 35 77 32 (ii)Lease Liabilities 23 33 46
Non-current tax Assets 8 6 6 Provisions 18 18 14
Other non-current assets 145 173 251 Deferred Tax Liabilities (net) 140 67 32
Total Non Current Assets 4,660 3,850 2,946 Non — current tax liabilities (Net) 0 0 3
Current Assets Total Non Current Liabilities 478 618 763
Inventories 1373 1,040 842 Current Liabilities
Financial Assets Financial Liabilities
(i)lnvestments 0 21 156 (i)Borrowings 684 536 282
(ii)Trade Receivables 394 350 185 (ii)Lease Liabilities 11 10 5
(iii)Cash and Bank Balance 153 408 618 (iii)Trade Payables 448 374 259
(iv)Loans 64 60 311 (iv)Other Financial Liabilities 244 301 277
Others 167 91 63 Other current Liabilities 99 112 155
Current Tax Assets 47 18 0 Provisions 7 6 1
Other Current Assets 318 350 259 Current Tax Liabilities 2 2 5
Total Current Assets 2,516 2,338 2,434 Total Current Liabilities 1,495 1,341 983
TOTAL ASSETS 7,176 6,188 5,380 TOTAL EQUITY AND LIABILITIES 7,176 6,188 5,380

49
Historical Cash Flow Statement
Particulars (Rs Mn) FY25 FY24 FY23 Particulars (Rs Mn) FY25 FY24 FY23

CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES

Profit Before Tax 1,096 683 555 Purchase of Property Plant & Equipment, CWIP and
(861) (1,039) (929)
Intangible Assets
Adjustments for:
Proceed from the Sale of Property Plant & Equipment 2 1 -
Depreciation / Amortisation 174 144 144
Other Investing Avtivities 3 666 (44)
Finance Cost 57 37 14
Interest Income received 25 47 31
Other Adjustements (13) (56) (7) Net Cash Flow used in Investing Activities (831) (325) (942)
Interest Income (24) (47) (59) CASH FLOW FROM FINANCING ACTIVITIES
Operating Profit before Working Capital Proceeds from Non Current Borrowings 0 42 659
1,290 761 646
Changes Repayment of Non Current Borrowings (204) (110) (6)
Movement in Working Capital Proceeds from/(Repayment) of Current Borrowings (13) (11) 250

(Increase)/Decrease in Trade Receivables (48) (170) 55 Proceeds from/(Repayment) of Lease Liabilities 148 155 (9)
Finance Cost paid (68) (35) (8)
(Increase)/Decrease in Inventories (339) (186) (202)
Interest Paid on Lease Liabilities (4) (4) (5)
Increase/(Decrease) in Trade Payables 75 132 (202)
Dividend Paid (36) (18) (18)
Increase/(Decrease) in Other Liabilities &
(3) (86) (84) Proceeds from Share Warrants 186 108 0
Provisions
Net Cash Flow used in Financing Activities 9 127 863
Cash From Operations 975 451 214
Net increase/(decrease) in Cash and Cash equivalent (83) 86 (12)
Direct Tax (236) (167) (146) Cash & Cash equivalent at the beginning of the year 94 8 20
Net Cash From Operating Activities 739 284 68 Cash & Cash equivalent at the end of the year 11 94 8

50
Financial Overview
Net Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % PAT (Rs Mn) & PAT Margin %

8%
10,759
6% 7%
7,598 10%
7,008 9% 12%

814
1,280 506
416
624 768

FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25

ROCE & ROE Shareholders’ Equity (Rs Mn) Net Debt to Equity Ratio (X)

22% 5,203

16% 4,229
14% 3,634
12% 12%
11%
0.04 0.04
-0.07

FY23 FY24 FY25

FY23 FY24 FY25 FY23 FY24 FY25

51
Disclaimer
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the
fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation.
Such information and opinions are in all events not current after the date of this presentation. Certain statements
made in this presentation may not be based on historical information or facts and may be "forward looking
statements" based on the currently held beliefs and assumptions of the management of Associated Alcohols &
Breweries Limited (hereinafter referred to as ”AABL” or “Company”), which are expressed in good faith and in
their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future
financial condition and growth prospects and future developments in its industry and its competitive and
regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause
the actual results, financial condition, performance or achievements of the Company or industry results to differ
materially from the results, financial condition, performance or achievements expressed or implied by such
forward-looking statements, including future changes or developments in the Company’s business, its competitive
environment and political, economic, legal and social conditions. Further, past performance is not necessarily
indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are
cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any
obligation to update these forward-looking statements to reflect future events or developments.

This presentation is for general information purposes only, without regard to any specific objectives, financial
situations or informational needs of any particular person. This presentation does not constitute an offer or
invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it
should form the basis of or be relied upon in connection with any investment decision or any contract or
commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the
United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption
from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or
in part, and in any manner.

52
 Company Contact
Ankit Nagori
Deputy General Manager
Associated Alcohols and
Breweries Ltd
E : anagori@[Link]

INVESTOR RELATION CONTACT

Priya Sen
Go India Advisors
E : priya@[Link]
M : +91 - 8334841047

THANK Sheetal Khanduja

Go India Advisors
E : sheetal@[Link]
YOU M : +91 - 9769364166