Associated Alcohols & Breweries Ltd

AGM notice and AR distribution

• Web-link of Notice and Annual Report for FY2025-26 circulated under Regulation 36(1)(b).

Annual Report / AGM notice

• Notice and Annual Report for FY 2025-26 provided via web-link under SEBI LODR.
• Letters were sent to members without registered email addresses.
• Web-link and Annual Report are also accessible on the company website.

Record date and dividend details

• Record date fixed as 9 September 2026.
• Dividend: Rs 2.00 per equity share, 20% face value.
• Final dividend for FY ended 31 March 2026.
• Subject to approval at the 37th AGM.
• Payment after AGM, subject to tax deduction at source.

Financial highlights

• Net revenue from operations: 101940.06 lakh; down 5.25% YoY.
• EBITDA: 14293.39 lakh; margin 14%.
• PAT: 8848.33 lakh; YoY +8.63%.
• Basic EPS: ₹47.43; diluted EPS: ₹45.93.
• Net worth: ₹694.69 crore as of 31 Mar 2026.
• Operating cash flow: ₹517.7 crore.
• Dividend proposed: ₹2 per share; ₹401.58 lakh total.

Manufacturing & capacity

• Malt Spirit Plant commissioned; 6,000 LPD capacity now operating.
• ENA capacity expanded to 160 KLPD.
• Barwaha campus: 150 acres, 41 bottling lines, 10.5 MW captive power.
• Acquired SDF Industries (Kerala), wholly owned Southern hub.
• Pan-India expansion across MP, Kerala, Delhi, UP, Maharashtra, Goa, Jharkhand.
• Launched Kultur RTD; Tequila market approved in Mexico.

Geography & brands

• 13 states presence; MP and Kerala core markets.
• Kerala: 1.74 million cases in FY2025-26; 8-10% market share.
• Premium brands Hillfort, Nicobar, Kultur expanding portfolio.
• Mexico tequila approval enhances premium segment presence.
• Maharashtra and Uttar Pradesh growth engines; Goa premium focus.
• Keralam footprint supports pan-India expansion.

Capital & dividends

• Equity capital: ₹2,007.92 lakh; outstanding shares 2,00,79,200.
• Converted warrants: 9,00,000 and 11,00,000 to equity.
• Funds from warrants allocated to UP bottling and malt plant.
• Dividend proposed: ₹2 per share; ₹401.58 lakh total.
• SDF acquisition completed; NCLT order dated 16 Apr 2026.
• SDF funding aided by warrant proceeds; consolidation underway.

Governance & risk

• Board of 6 directors; independent directors; Apurva Joshi reappointed.
• CFO change: Dilip K. Inani appointed 8 Nov 2025.
• Independent directors met separately on 4 Feb 2026.
• CRISIL long-term outlook upgraded; governance strengthened.
• Audit committee active; internal controls robust; no qualifications.

ESG & CSR

• CSR spend: ₹1.60 crore; ongoing CSR obligations disclosed.
• Water recycled: 18%; renewable energy generation 0.66 million kWh.
• D&O insurance in place; sustainability focus across operations.

Outlook & risks

• Positive long-term outlook for Indian alcobev; premiumization and pan-India growth.
• Regulatory risks: GST, state excise policies; pricing controls possible.
• Raw material price volatility mitigated by hedging and supplier diversification.
• GLP-1 medications present headwinds; premiumization mitigates volume impact.

AGM Details

• AGM on 16 September 2026 at 12:30 PM IST via VC/OAVM.
• Venue: Indore office, BPK Star Tower, AB Road.
• Dividend record date fixed as 9 September 2026.

Resolutions to be voted

• Ordinary: Adopt standalone financial statements for year ended 31 March 2026.
• Ordinary: Adopt consolidated financial statements for year ended 31 March 2026.
• Ordinary: Declare dividend of Rs 2 per equity share.
• Ordinary: Reappoint Anshuman Kedia, retiring by rotation.
• Special/Ordinary: Approve remuneration to Cost Auditors for 2026-27 of Rs 1,00,000.

Additional allocation details

• BPCL communicated on 15.08.2026 for 87.4 lakh litres additional ethanol.
• Allocation follows Supreme Court order and ESY 2025-26 Q4 methodology, in addition to existing allocation.
• Expected to positively contribute to ethanol operations, subject to terms and regulatory conditions.
• Company will comply with all applicable regulatory requirements for the allocation.

Regulatory update

• Hon'ble High Court of Madhya Pradesh at Indore granted a stay on the FSSAI prohibition.
• Stay relates to sale prohibition of one whiskey and rum brand manufactured by the company.
• Order passed by FSSAI, date not specified; HC order dated 6 August 2026.
• Company received the order on 12 August 2026.
• Impact on sales and operations pending further court developments.