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Associated Alcohols & Breweries Ltd (ASALCBR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 507526 NSE: ASALCBR Breweries & Distilleries | Small Cap | Assoc Alcohols &Brew Share Price

₹822.40 -11.05 (-1.33%)

As on 04-Jun'26 16:59

Associated Alcohols & Breweries Ltd (ASALCBR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 507526 NSE: ASALCBR Breweries & Distilleries | Small Cap | Assoc Alcohols &Brew Share Price

₹822.40 -11.05 (-1.33%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,651 Cr.
Current Price
₹822.4
52-Week Low / High
₹663 / 1,275
TTM EPS
₹44.1
TTM Sales
₹1,033 Cr.
Book Value per Share
₹346
P/E Ratio
18.66
In line with its 5-year historical median
Industry PE
54.3
Price to Book (P/B)
2.38
Lower than its 5-year historical median
Price to Sales (P/S)
1.60
In line with its 5-year historical median
EV/EBITDA
11.40
In line with its 5-year historical median
Dividend Yield
0.14%
Profitability Efficiency
Return on Equity (ROE)
18.04%
Outperforms industry median
Return on Capital Employed (ROCE)
20.15%
Outperforms industry median
Return on Assets (ROA)
11.76%
Operating Profit Margin
11.9%
Net Profit Margin
7.57%
Gross Profit Margin
11.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
41.6%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
66.94%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
60.92%
Asset Quality
Promoter Holding
62.35%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹675 Cr.
Equity
₹20.1 Cr.
Face Value
₹10
All Time Low / High
₹1.25 / 1496.30

Associated Alcohols & Breweries stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Associated Alcohols & Breweries Ltd a good quality company?
Associated Alcohols & Breweries Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Associated Alcohols & Breweries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Associated Alcohols & Breweries Ltd vs industry peers?
Associated Alcohols & Breweries Ltd revenue CAGR is 15.54%, compared to the industry median CAGR of 15.31%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Associated Alcohols & Breweries Ltd?
Promoters hold 62.35% of the Associated Alcohols & Breweries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Associated Alcohols & Breweries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 27.2% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Associated Alcohols & Breweries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 24.4%25.2%32%31%34.5%34.4%28.4%14.7%14.6%20.2%-
Value Creation
Index
0.70.81.31.21.51.51.00.10.00.4-

Growth Parameters

Sales 2882913243995234365137017601,0761,033
Sales YoY Gr.-1.2%11.4%23%31.1%-16.6%17.6%36.7%8.4%41.6%-
Adj EPS 8.19.713.916.727.73233.123.22845.144.1
YoY Gr.-19%42.9%20.6%65.8%15.7%3.3%-29.9%20.6%60.9%-
BVPS (₹) 44.853.666.882.5108139.3173201227.9271.5346
Adj Net
Profit
14.717.52530.250.157.959.84250.681.588
Cash Flow from Ops. 9.724.638.924.858.466.779.26.828.473.9-
Debt/CF from Ops. 41.30.61.20.20.10.1143.71.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 15.8%15.5%28%41.6%
Adj EPS 20.9%10.2%10.8%60.9%
BVPS22.2%20.3%16.2%19.1%
Share Price 28.4% 13.2% 27.3% -26.7%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
19.819.72322.429.125.921.212.412.917.314.3
Op. Profit
Mgn %
13.213.916.114.414.220.516910.111.913.8
Net Profit
Mgn %
5.167.77.69.613.311.766.77.68.6
Debt to
Equity
0.50.30.20.20.1000.30.30.20
Working Cap
Days
80929910389112117981018453
Cash Conv.
Cycle
1324323734403127393529

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2882913243995234365137017601,076
Operating Expenses + 250251273341450346430638683948
Manufacturing Costs9580120162188157199329286313
Material Costs118130103126191123155210301510
Employee Cost 17192220242532353746
Other Costs 20232834474145656078
Operating Profit 374052577389826277128
Operating Profit Margin (%) 13.0%13.6%15.9%14.4%14.0%20.5%16.0%8.9%10.1%11.9%
Other Income + 133475149105
Exceptional Items 0000000000
Interest 5442211146
Depreciation 10111112141414141417
Profit Before Tax 232739476478815568110
Tax 9101417142120141828
Profit After Tax 14172530495861425181
PAT Margin (%) 5.0%5.8%7.8%7.6%9.4%13.3%11.9%5.9%6.7%7.6%
Adjusted EPS (₹)7.99.413.916.727.332.133.623.028.045.1
Dividend Payout Ratio (%)6.30%10.70%7.20%6%3.70%3.10%3%4.40%7.10%4.40%

Valuation of Assoc Alcohols &Brew - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 8197121149195252313363412491
Share Capital 18181818181818181818
Reserves 6379103131177234295345394473
Debt +33241422694848378
Long Term Debt18838521675030
Short Term Debt15161115173183348
Minority Interest0000000000
Trade Payables24172031363347263745
Others Liabilities 3238555737565879100139
Total Liabilities 170176210259274349422553633753

Fixed Assets

Net Fixed Assets +938680116110111113110252351
Gross Block14897101150156171187195351464
Accumulated Depreciation551121334661748498113
CWIP 25232119241106332
Investments 22332325604664
Inventories2929385657586584104137
Trade Receivables12181931393924193539
Cash Equivalents 7445227881624115
Others Assets 2733444532529110792114
Total Assets 170176210259274349422553633753

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 1025392558677972874
PBT 232739476478815568110
Adjustment 16141512171579819
Changes in Working Capital -17-6-2-13-2-715-43-31-31
Tax Paid -7-10-13-22-20-19-23-15-17-24
Cash Flow From Investing Activity + -9-13-23-28-33-65-70-94-32-83
Capex -9-11-15-33-16-12-39-93-104-86
Net Investments 110000-4319421
Others 0-3-85-17-5212-20302
Cash Flow From Financing Activity + -7-12-163-25-3-986131
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -8-9-53-6-5-165-7-20
Interest Paid 0-4-4-2-2-2-1-1-4-7
Dividend Paid -1-1-2-2-2-2-2-2-2-4
Others 11-53-155-5242532
Net Cash Flow -6-0-1-11-11-19-8

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)19.2419.0223.1422.4228.6525.9321.5412.2913.0618.04
ROCE (%)24.3825.2331.9630.9934.4734.3528.3714.6714.6120.15
Asset Turnover Ratio1.691.681.721.762.011.461.331.491.341.63
PAT to CFO Conversion(x)0.711.471.560.831.181.161.30.170.550.91
Working Capital Days
Receivable Days12.6018.3020.102223.8031.4022.2010.6012.3012
Inventory Days38.403636.7041.7038.6046.3043.5037.5043.4039
Payable Days78.7057.9064.4072.9063.30101.4094.2063.9038.4029.40

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Associated Alcohols & Breweries Ltd FAQs

The current trading price of Assoc Alcohols &Brew on 04-Jun-2026 16:59 is ₹822.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Assoc Alcohols &Brew stood at ₹1,651.3 Cr

The latest P/E ratio of Assoc Alcohols &Brew as of 03-Jun-2026 is 18.66.

The latest P/B ratio of Assoc Alcohols &Brew as of 03-Jun-2026 is 2.38.

The 52-week high of Assoc Alcohols &Brew is ₹1,275.5 and the 52-week low is ₹663.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Assoc Alcohols &Brew is ₹1,033 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Associated Alcohols & Breweries Ltd is a good quality company.

The key valuation ratios of Associated Alcohols & Breweries Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Associated Alcohols & Breweries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Associated Alcohols & Breweries Ltd

Associated Alcohols and Breweries (AABL) is one of the largest distilleries in India and the flagship company of the Associated Kedia Group – a Rs. 100 crore liquor conglomerate with interests in liquor manufacturing and bottling. The company was set up by its founder Chairman -- the Late Bhagwati Prasad Kedia. Incorporated in 1989, AABL took over the existing distillery of the promoter group in 1990 and expanded activities into manufacturing of highest grade liquors. Extra Neutral Alcohol is a vital ingredient in the making of an alcoholic beverage. AABL supplies this vital ingredient to many leading manufacturers under a special agreement. In the IMFL segment, the company has an understanding with reputed companies like Diageo (owner of brands like Smirnoff vodka and Johnnie Walker Scotch Whisky), Mason and Summers and Diageo-Radico. These companies buy a total of 55-60% of the total IMFL produced by AABL. The balance production is used for direct supplies to the branded suppliers across the country, apart from manufacturing its own branded products.

AABL's distillery is located in Khodigram, in the Khargone district of Madhya Pradesh. It has a present distillation capacity of 42 MLPA. The distillery is presently undergoing a series of transformations that will result in increasing its expanded capacity to 65 MLPA. AABL supplies Extra Neutral Alcohol (ENA), a vital ingredient, to many leading manufacturers under a special agreement. In the IMFL segment, the company has an understanding with reputed companies like Diageo (owner of brands like Smirnoff vodka and Johnnie Walker Scotch Whisky), Mason & Summers and Diageo-Radico. AABL has for long been recognized as one of the finest suppliers of high quality ENA in the Indian market. The company's relationships with leading international and national brands bear ample proof.

AABL has chalked out a huge greenfield expansion plan to capture domestic and international demand and serve all the segments of alcohol ranging from country liquors to IMFL. This plan includes setting up a multi-pressure ENA plant, a collector plant, a Reverse Osmosis Water Treatment Plant and a 2 MW power plant. AABL is setting up a multi pressure ENA plant. This plant will completely replace the older plant and increase its production capacity from the present 42 MLPA to 65 MLPA. The multi-pressure ENA plant cuts down the stages in the manufacture and thus improves process efficiency.

Business areas of the company:

AABL is engaged in the business of bottling vodka and scotch whisky for large reputed international brands. AABL is also one of the only liquor companies bottling single malt scotch whisky (Glen Drummond) for the leading liquor group Mason & Summers. AABL has a ten line bottling operations in two different sections. It packs about 45,000 cases per month and has a production capacity of around 42 million litres per annum (MLPA).

Brands:

  • London Bridge gin
  • James McGill whisky
  • Red & White whisky
  • Bombay Special whisky
  • Jamaican Magic rum
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