Associated Alcohols & Breweries Limited

26th April, 2025

To, To,
The Department of Corporate Services The Listing Department
BSE Limited National Stock Exchange of India Limited
PJ Tower, Dalal Street, Exchange Plaza, C-1, G Block
Mumbai – 400 001 Bandra Kurla Complex,
Scrip Code: 507526 Mumbai – 400 051
NSE Symbol: ASALCBR

Sub: Earnings Presentation Q4 (quarter and year ended 31st March, 2025) FY 2024-25

Dear Sir / Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
please find attached herewith Earnings Presentation for the quarter and year ended 31st March, 2025.

The aforesaid presentation is also available on the website of the company [Link]

This is for your information and record.

Thanking You

Yours Faithfully,
For Associated Alcohols & Breweries Limited

ABHINAV Digitally signed by

ABHINAV MATHUR

Abhinav Mathur MATHUR Date: 2025.04.26

19:06:13 +05'30'
Company Secretary & Compliance Officer

Registered /Corporate Office: 4th Floor, BPK Star Tower, A.B. Road, Indore – 452008 (M.P.) India
Contact No. + 91 731 4780400/490 | E-mail: info@[Link] | CIN: L15520MP1989PLC049380

Plant: Khodigram, Tehsil Barwaha, Distt. Khargone – 451115 (M.P.)

 ASSOCIATED ALCOHOLS
& BREWERIES LTD.

Q 4 & F Y 2 5 I N V E S T O R P R E S E N TA T I O N
APRIL 2025 1
A A B L AT G L A N C E

Largest integrated manufacturing facility

situated at a singular location 14% 15% 21%
Present throughout the entire liquor value 10 Years Revenue 10 Years EBITDA 10 Years PAT
chain CAGR CAGR CAGR
o IMFL Proprietary (FY16-FY25) (FY16-FY25) (FY16-FY25)
o IMFL Licensed
o IMIL
o Merchant ENA
o Ethanol 12% 10% 8%
ENA Manufacturing Capacity of 45 MLPA EBITDA Margin PBT Margin PAT Margin
Ethanol Manufacturing Capacity of 40 MLPA
(FY25) (FY25) (FY25)
The facility encompasses 41 Bottling Lines,
with a collective capacity of producing 16

0.04x 22x
million cases annually
16%
Owns a portfolio of 9 proprietary brands
ROE Net Debt/Equity Interest Coverage
(FY25) (FY25) (FY25)

2
 F U L LY I N T E G R A T E D B U S I N E S S M O D E L

Varied Feedstock processing Capabilities IMFL (Proprietary)

Raw materials are directly sourced from mandis or manufacturers Products Offerings
Rice Maize Jawar Other*
* Possibilities to use other starch-based Feedstocks

Single Location, Fungible Manufacturing Plant

ENA PLANT
FUNGIBLE ETHANOL PLANT
- Licensed Capacity: 180 MLPA
-Installed Capacity: 45 MLPA INTERMEDIATES - Installed Capacity: 40 MLPA

Supply to Major
Bottlers/ Supply To
Manufacturers OMCs/Private
of IMFL players

IMFL (Proprietary)
By Products
By Products:
Cattle Feeds IMFL Franchisee for Cattle Feeds
Diageo and Inbrew
Finished
Products IMIL
Contract Manufacturing for
Service United Spirit Limited (Diageo)
3
58% of ENA used for captive consumption B2B B2C
P R E S E N T A C R O S S L I Q U O R VA L U E C H A I N

Adaptability and Flexibility in using On Ground Intelligence for Raw

varied grains as Feedstock Material Sourcing

ENA Manufacturing Ethanol

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

150 Acres of Single o Energy Cost - Efficiency o 10.5 MW Captive Power

Location Land Bank o Net Energy Surplus Unit

Sustainable EBITDA Margin

IMFL IMIL
ENA

(Licensed) c.9%-11%
IMFL c.8%-9%
c.12%-15% Ethanol
(Proprietary) Total EBITDA Margin
c.15%-18% c.7%-8%
c.11%-13% 4
 AABL IMFL – GAINING TRACTION

PRESTIGE & ABOVE

POPULAR Super Premium Brand

C e n t ra l Nicobar –
ECONOMY P rov i n c e W h i s ky H a n d c ra f ted
Gin
T i t a n i u m Vo d k a
B o m b ay S u p er m a n
S p e c i a l W h i s ky F i n e W h i s ky
Status: Roadmap in Place

Activities include:
— Deploy widespread use ofCCSand
renewable feedstocks
Hillfort
— Transitionfleetto zero emissions
— Targetsourcing of ~100%Prenewable/
re m i u m
low-carbon power b l e n d ed M a l t
Lemount — Address remainderthroughnegative
emissionsprojects
W h i s ky

5
 A A B L’ S B R A N D P O R T F O L I O

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
L I C E N S E D B R A N D S - P R E F E R R E D PA R T N E R S

Blue Riband Gin Director’s Special McDowell’s

Bagpiper White Mischief

7
C O N T R A C T M A N U FA C T U R I N G – L O N G
T E R M R E L AT I O N S

BLACK & WHITE SMIRNOFF VAT 6 9 BLACK DOG

8
I ND U ST RY L EAD I NG F I NANCI AL PO SI T I O N

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

Net Debt/Equity Ratio as on FY24 Interest Coverage Ratio as on FY24

0.16
20.7

12.6

0.04

Associated Alcohols & Peer Group

Associated Alcohols and Peer Group
Breweries Ltd.
Breweries Ltd

9
DISTINCTIVE COMPETITIVE EDGE

4 Decades of Strategic Strategic Integrated Transitioning

Expertise Location Partnership Business Model towards
Premiumisation
✓ Core focus on ✓ Largest single- ✓ 2 Decades of ✓ Presence across
liquor location facility in Partnership with the entire Liquor ✓ Entered the
manufacturing the heart of India, Diageo Business Value Super Premium
and bottling Madhya Pradesh Chain market with
✓ One of Four premium gin
✓ Ensuring ✓ Optimizing Raw Exclusive Diageo brand “Nicobar”
exceptional Material Sourcing Contract
quality from Diverse Manufacturing ✓ Successfully
Locations Partners Launched
“Nicobar” &
“Hillfort”

Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation

10
CASE STUDY – KERALA CHEERS

Fastest to achieve a million cases sale <4 years

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

o Successfully o Achieved an o Secured the o Forward-looking o Ambitious goal to

entered the Kerala outstanding revenue position as the strategy includes increase revenue
market in 2018. growth of 114% in fifth-largest player the creation of a from premium
o Pioneered the FY22-23. in the competitive multi-product products, targeting
launch of White Kerala market platform in Kerala. a 50% share.
o Sold 1 million cases
Brandy Lemount- a in Kerala during FY23 o Aspires to o Demonstrates a
first-of-its-kind diversify product commitment to
o One of the fastest
product. offerings to meet capturing higher-
player to achieve this
o Positioned the the dynamic value market
milestone in just 4
product in the demands of the segments.
Years
price-sensitive market.
market segment.
11
 GROWING PRODUCT BUSINESS

IMFL Proprietary Revenue (Rs Mn) IMFL Licensed Revenue (Rs Mn) IMIL Revenue (Rs Mn)
1,376 2,367
2,182
1,099 1,982 2,401 2,336
1,069
1,915
1,588
640 1,082

FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25

FY22 FY23 FY24 FY25

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

IMFL Proprietary Volume Cases (‘000)

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

FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25

FY22 FY23 FY24 FY25 12
GROWING PRODUCT BUSINESS

❑ AABL plays a crucial role as a primary provider of high quality Extra Neutral Alcohol (ENA) to other prominent IMFL manufacturers and bottlers
❑ 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
❑ Capable of Producing ENA from Varied Feedstocks seamlessly
❑ AABL has also commenced commercial production at its 130 KLPD Ethanol plant in Barwaha, Madhya Pradesh.
❑ Diversifying Revenue streams by capitalizing on favourable Government Policy Push in form of EBP (Ethanol Blending with Petrol) Program

Merchant ENA & Ethanol Volume (MLPA) Merchant ENA & Ethanol Revenue (Rs Mn)

43 2,477

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

6 431

FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25

Merchant Volume ENA (MLPA) Ethanol ENA Ethanol

13

Note : Ethanol Plant was commissioned in January 2024

LEVERS FOR A STRONG GROWTH OUTLOOK

B2C B2B
Business Business
IMFL (Proprietary): 15%-18% YoY Growth B2B segment expected to progress steadily
REVENUE
in congruence with inflation rate
IMFL (Licensed): 8%-10% YoY Growth GUIDANCE
Ethanol segment, a recent addition, is
Premium Line of Products : 18%-20% expected to achieve full capacity in FY 25
YoY Growth

Strengthening the Implementing hedging Entry in Ethanol • The company aims to

relationship with strategies to mitigate the • Strategically natural extension prioritize value-added and
impact of fluctuations in proprietary brands
Diageo and Inbrew • To optimize operational costs
raw material prices resulting in margin • Focus on the margin
enhancements accretive segment
14
COMPELLING INVESTMENT THESIS

1 Diversified Product Portfolio

2 Progressing towards Premiumisation

3 Becoming a Pan India Player

4 Expansion driven by internal accruals , supported

by a strong balance sheet with minimal debt

5 Fungibility of Raw Materials and Finished

Product
15
Strong Investment Thesis

Strong Industry Tailwinds

Q4 & FY25 - Earnings

Annexure

16
DIVERSIFIED PRODUCT PORTFOLIO

Q1FY25 Q2FY26
Launched Premium
Premium Brandy
Blended Malt
Whiskey
“Hillfort”
Q3FY24 Q1FY26
Q3FY26
Launched Super Premium Ready
Tequila
Premium Crafted to Drink
Gin “Nicobar”

Moving Towards Premiumisation

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 10,759 895 822 624 767 1,280

36% 33% 43% 43% 35% 41% 37% 48% 49% 46%

8% 10% 6% 6% 9%
5% 17% 13% 14%
23% 20%
22% 6%
21% 28%
29% 9% 29% 31%
23% 22%
12% 28%
14%
15% 22%
14%
18% 15% 19% 18%
32% 31% 13% 18%
34% 25%
26% 25% 25%
22% 28% 26%
23% 26% 21%
16% 11% 16% 17% 18%
11% 9%
FY21 FY22 FY23 FY24 FY25
FY21 FY22 FY23 FY24 FY25
Merchant ENA IMIL
IMFL (Proprietory) IMFL Licensed Brands Merchant ENA IMIL
Others* Ethanol IMFL (Proprietory) IMFL Licensed Brands
Total IMFL Products Others* Ethanol 18
Total IMFL Products
*Others : Contract Manufacturing, By Products Business Segments
B E C O M I N G A PA N I N D I A P L A Y E R

In the next 1-2 Years Associated Alcohols is set to spread across key regions of India

Dominant Footprint: Significant presence in Vast Infrastructure: 150-acre

Madhya Pradesh. With 20-25% Market land bank provides ample space
share in IMIL and IMFL Products for operations and expansion

Integrated Operations: All essential facilities - Centralized Location: Equidistant

ENA , Bottling Line, and Ethanol Plant - access to raw materials from various
conveniently located on-site, streamlining regions across India, optimizing
production and logistics procurement and transportation costs

❑ Achieved one million cases sales in Kerala in FY2022-23

❑ One of top 5 players in IMFL segment in Kerala
❑ First Company in the world to make White Brandy

Currently Present Targeted

➢ Madhya Pradesh ➢ Maharashtra

➢ Chattisgarh ➢ Puducherry
➢ Kerala ➢ Utter Pradesh
Current Presence
➢ Delhi ➢ Karnataka
19
Targeted Geographies ➢ West Bengal ➢ Goa
E X PA N S I O N E N A B L E D T H R O U G H
I N T E R NA L ACC RUA L S

CFO (Rs Mn) & Cash Conversion Ratio (x)

0.97 x
0.74 x 0.58 x
Single Malt Working Capital for the company as on FY25 :
739 Plant Rs 1,319 Mn and FY24: Rs 1,016 Mn
0.37 x
0.11 x
667 792 284 AABL's strategic goal is to secure a position
68 among the top 10 IMIL and IMFL companies in
FY21 FY22 FY23 FY24 FY25 India and PAN India Presence
CFO CFO/EBITDA
Persistent efforts in diversifying product
Capex (Rs Mn) offerings to enhance market reach and cater to
1,038 1,000
diverse consumer preferences
929
859
Bottling Ethanol plant has been successfully established
Plant with a total capital expenditure of Rs 150 Cr in
397 FY24, marking a significant milestone.

125

FY21 FY22 FY23 FY24 FY25 FY26E 20

STRONG BALANCE WITH MINIMAL DEBT
Gross Block (Rs Mn) ROCE & ROE
4,572 ROCE ROE
26%
3,425 22%
19%
16%
14%
1,868 12% 11% 12%
1,822

FY22 FY23 FY24 FY25

FY22 FY23 FY24 FY25

Net Debt / Equity & Interest Coverage Ratio Net Working Capital (Days)
41 42 31 29
-0.07 0.04
103 0.04 67
60
46 43 45
FY22 FY23 FY24 FY25 38 40
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
C O M F O R TA B L E D E B T L E V E L :
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

❑ Ethanol Plant expansion was funded by Loan taken out under Interest Subvention Scheme
❑ AABL’s strong cash flows guarantee that the company is well-positioned to comfortably meet its debt repayment
obligations 22
F U N G I B I L I T Y O F R AW M AT E R I A L S A N D
FINISHED PRODUCTS

State of the art Manufacturing

Diverse Grain Usage as Feedstock Facility & Flexible Energy Source Flexible Product Offerings

Coal Husk Briquettes

IMFL (Proprietary)
Rice
1 1 IMFL (Licensed)

Maize 2 2 IMIL
Single
Manufacturing ENA for Captive Consumption
Jawar Facility and Supply to Bottlers
3 3
Any Other Starch Rich Ethanol to OMCs/Private
Players
Feedstock 4 4

23
Strong Investment Thesis

Strong Industry Tailwinds

Q4 & FY25 - Earnings

Annexure

24
G R O W T H C A TA LY S T S

Driving Alco-bev Industry Expansion

Premiumisation Trends
Urbanisation o India's alcohol market
among fastest-growing
o Accelerated urban
Young Population Influence globally.
development, improved
o More than 88% of individuals in accessibility, and o Rising urban population,
India aged below 25 either buy or disposable income,
effective advertising
consume alcoholic beverages
contribute to a boost in premium product trends,
o India is home to one of the largest
alcohol consumption driving market expansion
young populations globally, with
67.45% falling within the age
range of 15 to 64.
25

Sources:Times of India
 L O W P E R C A P I TA A L C O H O L
CONSUMPTION INDIA

Per Capita Alcohol Consumption (in Ltr): India vs World; India remains relatively at lower level
142

25.5 116
112
3.5 101 11.7

14.3 28.9
53

111.4 52
44
78.1 8.4
69.9 1.7 5.5
49.8
11.9 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

❑ India ranks 101th in terms of per capita alcohol consumption (In Ltrs)
❑ The per capita Alcohol consumption (in Ltrs) for India is at 11.8 litres significantly below other countries 26

World Health Organisation: Data pertains 2019,

 Y O U N G P O P U L AT I O N G R O W T H A N D
RISING DISPOSABLE INCOME

Growing Proportion of Young Population Growing Disposable Income (In Trillion USD)
4.2

3.9
9.7% 9.9% 10.2% 10.4% 10.5% 10.8% 11.1% 11.4% 11.8% 12.1%
3.4 3.5
3.2 3.2
2.9 2.9
2.7 2.7

63.2% 63.5% 63.7% 64.0% 64.2% 64.5% 64.7% 64.9% 65.1% 65.3%

27.1% 26.6% 26.1% 25.7% 25.4% 25.1% 24.7% 24.4% 24.2% 23.9%

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
0-14 15-59 60+

27

Source :UN Population Division, Statista

 U R B A N I Z AT I O N A N D S H I F T T O WA R D S
P R E M I U M I S AT I O N

Growing Proportion of Urban Population Growing Premium Liquor Market in India (USD Bn)
36
32 33
31
53% 30
28
40%
21
35% 19 20
18
17
28% 17
26%
1.5
17% 1.3 1.4 0.4
1.2 1.2
5.7 6 6.3
5 5.2 5.5
1.8 2 2.1 2.2
1.6 1.7
4 4 4 4 4 4
1950 1990 2000 2022 2030 E 2050 E 2023 2024 2025 2026 2027 2028
Brandy GIN Liquers & Other Spirits Rum Soju Tequila Vodka Whiskey
Percentage of Urban Population

28
Source : population trend, world Bank ; Indian Express1, 2 Statista 1,2
RAPID GROWTH IN PREMIUM
ALCOHOL SEGMENT
Whiskey Sales Breakdown by Segment (Mn Cases) Whiskey Sales Breakdown by Segment (Rs. Lac Cr )
190 205 183 243 355 0.71 1.22 1.12 1.51 2.45

3% 9% 10% 10% 10% 10%

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

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

2015 2020 2021 2023E 2028P

2015 2020 2021 2023E 2028P
Popular Prestige Premium Luxury
Popular Prestige Premium Luxury

❑ 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 emerging middle class.
❑ A discernible trend is emerging towards product premiumization in the Indian market. 29

Sources : Technopak Report January 2024

 I ND I AN ALCO - BEV I ND U ST RY PO I SED
FOR GROWTH

Alco-Bev Volume in India (Mn Cases) and CAGR Indian Alco- Beverage market (Rs. Lac Cr)

960 1,018 1,068 1,491

560
CAGR : 1.2 % CAGR: 1.6% CAGR:6.9 %

355 385
325
445 5

330 340 350 3.2

3
2
480
300 320 330

2015 2020 2023 2028P

2015 2020 2023 2028P
Beer Country Liquor IMFL Wine CAGR
❑ India's alcohol market surging with urbanization, lifestyle shifts, and a burgeoning middle class.
❑ Cultural ties link alcohol to social events, celebrations, and religious festivals, propelling market growth.
❑ Segments (spirits, beer, wine) capitalize on a massive consumer base of 1.3 billion people.
❑ 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 : Technopark Report January 2024

PRODUCT WISE BREAK UP

Product Wise Volume CAGR (2023-2028) Product Wise Volume Split (2023-2028)

14.7%

5%

20%
Whisky

7.8%
560 Mn Brandy
Cases Rum
6.1% 5.9% 12% Wine Spirits
63%

Whisky Brandy Rum Wine Spirits

AABL Segments
31
Sources : Technopak Report January 2024
Strong Investment Thesis

Strong Industry Tailwinds

Q4 & FY25 - Earnings

Annexure
 Q4 & FY25 – P E R F O R M A N C E H I G H L I G H T

Operational Update Q4 FY 25 Financials FY 25 Financials Key Business Update

❑ IMFL Proprietary Volumes grew ❑ Net Revenues from operations ❑ Net Revenue from Operations ❑ IMFL Sales On Track - Continued momentum
26% YoY, driven by the strong remain flat on a YoY basis, standing increased 42% YoY to ₹10,759 across key SKUS like Hillfort and Nicobar; Q4
performance of the brands, robust at ₹2,425 million, primarily due to million, due to Ethanol full year of sustained growth trajectory.
consumer traction for premium intentionally holding ENA stock in operation and growth in IMFL ❑ Geographic Expansion Progressing- Ramp-up in
offerings and expansion into new expectation of better realization in segment Daman, Delhi, and Chhattisgarh driving incremental
strategic markets future and lower ethanol sales due volumes. Maharashtra and UP launches expected
❑ EBITDA rose 67% YoY to ₹1,280
to less allocation from OMC for the in May 2025; slight licensing delays.
❑ IMFL Licensed achieved steady million, expanding margin by 200
quarter
growth with an 4% YoY increase, in bps to 12%, demonstrating ❑ RTD Launch by June: Commercial operations to
spite of degrowth in the Industry ❑ EBITDA surged 93% YoY to ₹355 operational strength commence post vendor supply resolution.
million, with margins improving ❑ Ethanol Volumes Impacted: Q4 ethanol sales
❑ Grain prices, particularly rice, have ❑ Profit After Tax reached ₹814
to 15%, an expansion of 700 bps, lower due to reduced OMC allocation; full
softened sequentially, with rice million, a robust growth of 61%
due to softening of Rice prices allocation secured for the remaining year.
prices correcting from ₹27,500/MT YoY, expanding PAT margin by 100
in Q3FY25 to ₹25,500/MT in ❑ Profit After Tax grew, recording a bps to 8%. ❑ Raw Material Prices Soften: Rice and maize prices
Q4FY25. This has supported an 83 % YoY increase, amounting to stabilising, offering margin relief into FY26.
❑ Diluted EPS stood at ₹43.03,
improvement in gross margins ₹223 million.
reflecting a growth of 54% YoY ❑ Malt Plant Ready: 6000 LPD plant to start
during the quarter.
❑ Diluted EPS for the quarter stood at production from June 25, as we received the cask
11.68, an increase of 72% YoY. for ageing.

33
 FINANCIAL HIGHLIGHTS
Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin %

0% 9%
15% 5%
Q4FY25

8%
355

2,422 2,425
184 223
122

Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25

Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT
Margin %
12% 8%

7%
FY25

10,759 1,280 814

10%
7,598 768 506

FY24 FY25 FY24 FY25 FY24 FY25

34
 I M F L ( P R O P R I E TA R Y )

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

17%
Q4FY25

10% 62
482 719 755
384 364 27
276

Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25

IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin %
17%

12%
FY25

1,376 234
1,803 763
1,565 1,099 702
134

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 35

 IMFL (LICENSED)

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

0%
16%
Q4FY25

629 626 1,200 1,250 8% 100

524 501

53

Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25

Q4FY24 Q4FY25

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

11% 15%
355
FY25

1,896 2,182 2,367 1,248 236

1,819 1,200

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 36

 IMIL

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

17%
Q4FY25

98
995 1,017 577 6%
567
493
491 31

Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25

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

14%
327
10%
FY25

188
4,122
2,336
3,835 1,915 499 567

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 37

 MERCHANT ENA

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

14%
Q4FY25

6
422
67 68 4%
29
3
204 17

Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25

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

10%

9%
FY25

1,559
24 1,187 138
18 65 66 119

38
FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25
 ETHANOL

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

0% 12%
Q4FY25

0%

6 6 451 8%
431 52
72 72 36

Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25

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

12%

2,477 0%
7%
FY25

34 173
72 72

6 431 52

39
FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25
Note : Ethanol Plant was commissioned in January 2024
Q U A R T E R LY I N C O M E S TA T E M E N T

Particulars (Rs Million) Q4FY25 Q4FY24 Y-o-Y Q3FY25 Q-o-Q

Gross Revenues 2,485 2,443 2% 3,342 (26)%
Excise duty 60 21 186% 72 (17)%
Net Revenue from Operations 2,425 2,422 0% 3,270 (26)%
Total Operating Expenses 2,070 2,238 (8)% 2,875 (28)%
EBITDA 355 184 93% 395 (10)%
EBITDA Margins (%) 15% 8% 700 bps 12% 300 bps
Other Income 8 33 (76)% 11 (27)%
Depreciation 51 43 19% 42 21%
Interest 14 16 (13)% 13 8%
Profit Before Tax 298 158 89% 351 (15)%
Tax 75 36 108% 90 (17)%
Profit After tax 223 122 83% 261 (15)%
PAT Margins (%) 9% 5% 400 bps 8% 100 bps
Other Comprehensive Income 12 (1.00) - (1) -
Total Comprehensive Income 235 121 94% 260 (10)%
Basic Earnings Per Share (Rs/Share) 12.35 6.78 82% 14.43 (14)%
Diluted Earnings Per Share (Rs/Share) 11.68 6.78 72% 14.04 (17)%
40
F Y 2 5 - I N C O M E S TA T E M E N T

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) Investments - 21 (i)Borrowings 684 536
(ii)Trade Receivables 394 350 (ii)Lease Liabilities 11 10
(iii)Cash and Bank Balance 153 408 (iii)Trade Payables 448 374
(iv)Loans 64 60 (iv)Other Financial Liabilities 244 301
Others 167 91 Other current Liabilities 99 112
Current Tax Assets 47 18 Provisions 7 6
Other Current Assets 318 350 Current Tax Liabilities 2 2
Current Assets 2,516 2,338 Current Liabilities 1,495 1,341
TOTAL ASSETS 7,176 6,188 TOTAL EQUITY AND LIABILITIES 7,176 6,188
42
F Y 2 5 - C A S H F L O W S TA T E M E N T
Particulars (Rs Mn) FY25 FY24 Particulars (Rs Mn) FY25 FY24
CASH FLOW FROM INVESTING ACTIVITIES
CASH FLOW FROM OPERATING ACTIVITIES
Purchase of Property Plant & Equipment, CWIP and
(861) (1,039)
Profit Before Tax 1,096 683 Intangible Assets
Proceed from the Sale of Property Plant & Equipment 2 1
Adjustments for:
Other Investing Avtivities 3 666
Depreciation / Amortisation 174 144
Interest Income received 25 47
Finance Cost 57 37 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

Operating Profit before Working Capital Changes 1,290 761 Repayment of Non Current Borrowings (204) (110)

Movement in Working Capital Proceeds from/(Repayment) of Current Borrowings (13) (11)

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)
Increase/(Decrease) in Trade Payables 75 132 Dividend Paid (36) (18)

Increase/(Decrease) in Other Liabilities & Provisions (3) (86) Proceeds from Share Warrants 186 108
Net Cash Flow used in Financing Activities 9 127
Cash From Operations 975 451
Net increase/(decrease) in Cash and Cash equivalent (83) 86
Direct Tax (236) (167)
Cash & Cash equivalent at the beginning of the year 94 8
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

Q4 & FY25 - Earnings

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

1989

45

Note : Years Represent Financial Years

 BOARD OF DIRECTORS

Mr. Prasann Kumar Kedia Mr. Anshuman Kedia Mr. Tushar Bhandari Debashis Das
Managing Director Whole Time Director & CEO Whole Time Director & Independent Director
With over three decades of industry A Regent's University London Chief Financial Officer A graduate engineer with 42
expertise and a postgraduate graduate with over 8 years of years of extensive experience,
qualification, he excels in Business An MBA specializing in finance with over
industry experience, actively involved out of which 21 years at the
Development and Brand development. 16 years of experience, previously as an
in supply chain management and USL (Diageo). He was involved
His seasoned professionalism is a Investment Banker, brings a wealth of
procurement, contributes to in executing greenfield and
testament to his strategic acumen and expertise. With over 12 years in the liquor
organizational efficiency and drives brownfield projects
impactful leadership industry, he significantly contributes to
strategic sourcing initiatives
business and brand development, as well
as operations management.

A distinguished retired IPS professional

with a Ph.D. from IIT Delhi (2013) and an A seasoned forensic accountant brings
MBA, brings over 35 years of expertise in extensive experience in governance, ethics,
administration, training, crisis and compliance. Her valuable expertise
management, and strategic planning at significantly contributes to fortifying the
national and international levels, excelling company's ethical framework
in leadership and team management
Dr. Swaraj Puri Ms. Apurva Joshi
46
Independent Director Independent Director
 LEADERSHIP TEAM

Mr. Ankit Agrawal Mr. Arun Sahni Mr. S.R. Dubey Mr. Abhinav Mathur
Group Chief Financial Officer Unit Head Group Sales Head Company Secretary
A Chartered Accountant and Company Secretary Mr. Arun Sahni, A seasoned With over 30 years of experience at A qualified Company Secretary
with over 14 years of diverse experience in operations leader with over 39 Pernod Ricard India and United with more than 16 years of
finance, audit, taxation, IPOs, mergers, years of experience in Project Spirits, he is skilled in business experience in listed
acquisitions, and project management. He has Management, Operations development, sales, and distribution. companies and worked with
worked in various roles with companies like Management, Risk Assessment & His leadership will further reputed companies such as
Prataap Snacks, EY, and PWC Resources Management strengthen the Group's operations. Torrent power Limited

A seasoned marketing veteran, he brings

He is a seasoned professional with over 30 years of invaluable experience to
over 25 years of experience in HR AABL, elevating the company's sales and
and Administration. His earlier marketing strategies with his proven
stints include organizations such expertise and industry insight
as Ruchi Soya and IPV Vikram

Mr. Rajeev Nema Mr. Sanjeev Kumar Tulsyan 47

Head Human Resources Head of Marketing
H I S T O R I C A L I N C O M E S TA T E M E N T

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
H I S T O R I C A L C A S H F L O W S TA T E M E N T

Particulars (Rs Mn) FY25 FY24 FY23 Particulars (Rs Mn) FY25 FY24 FY23

CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property Plant & Equipment, CWIP and
Profit Before Tax 1,096 683 555 (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 & Proceeds from Share Warrants 186 108 0
(3) (86) (84)
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
 F I NANCI AL OV ERV I EW

Net Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % PAT (Rs Mn) & PAT Margin %
10,759
8%
7,598 10% 6% 7%
7,008 9% 12%

1,280 814
768 416 506
624

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% 12%
12% 3,634
11%

0.04 0.04
-0.07

FY23 FY24 FY25 FY23 FY24 FY25

ROCE ROE 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
T H A N K YO U !

INVESTOR RELATION CONTACT

➢ Priya Sen
Go India Advisors
Email: priya@[Link]
COMPANY CONTACT Phone : +91 8334841047
Ankit Agrawal
Group Chief Financial Officer
➢ Sheetal Khanduja
Associated Kedia Group
Go India Advisors
Email: cfo@[Link]
Email: sheetal@[Link]
Phone : +91 9930893590
Phone : +91 9769364166

53