Associated Alcohols & Breweries financials and balance sheet

NSE: ASALCBRBSE: 507526BeveragesSmall Cap

₹538.40₹23.60 (4.20%)BSE ₹539.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹562.00.

52-week range of traded prices to 23 Oct 2026

₹524.00Low, 23 Oct 2026₹1,277.00High, 3 Nov 2025

Market cap: ₹1,081 Cr1,262nd largest listed
P/E: 13.1
P/B: 1.6
Dividend yield: 0.37%
ROE: 13.6%
ROCE: 14.4%
Debt to equity: 0.10
Volume, NSE: 86,63947.4% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Associated Alcohols & Breweries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,097 Cr, year to Mar 2025

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.8% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue1,033
Materials and goods−588
Employee costs−59
Other expenses−244
Operating profit143
Depreciation−24
Other income+6.1
One-off items0.0
Finance costs−6.2
Profit before tax118
Tax−30
Net profit88

What the company owns

Plant, investments and other assets₹628 Cr
Inventory₹157 Cr
Receivables₹42 Cr
Cash and bank₹19 Cr
Current investments₹9 Cr

What pays for it: net worth and liabilities

Net worth₹695 Cr
Borrowings₹66 Cr
Other liabilities₹57 Cr
Owed to suppliers₹38 Cr

Profit and loss

Standalone, ₹ crore, years to March.Associated Alcohols & Breweries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 31 May	Mar 2022Filed 3 Jun	Mar 2023Filed 16 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue from operations	296	325	412	535	453	514	703	765	1,097	1,033
	255	274	354	458	364	432	640	688	968	890
Materials and goods bought	166	162	205	274	187	239	374	427	658	588
Employee costs	19	–	20	24	25	32	35	37	46	59
Other expenses	70	–	129	160	151	161	231	224	264	244
Operating profit before depreciation	41	51	58	77	89	82	62	77	128	143
Operating margin	13.8%	15.8%	14.0%	14.3%	19.7%	16.0%	8.9%	10.0%	11.7%	13.8%
Materials, % of revenue	56.1%	–	49.9%	51.3%	41.3%	46.5%	53.2%	55.9%	60.0%	56.9%
Employee costs, % of revenue	6.5%	–	4.8%	4.5%	5.6%	6.1%	5.0%	4.8%	4.2%	5.7%
Other expenses, % of revenue	23.6%	–	31.3%	29.9%	33.4%	31.3%	32.9%	29.3%	24.1%	23.6%
Depreciation and amortisation	11	11	12	14	14	14	14	14	17	24
Operating profit after depreciation	30	40	45	63	75	68	48	62	111	118
Other income	2	3	4	3	5	14	9	10	5	6
Finance costs	4	4	2	2	1	1	1	4	6	6
One-off items	–	–	0	0	0	0	0	0	0	0
Profit before tax	28	39	47	64	78	81	55	68	110	118
	10	14	17	14	21	20	14	18	28	30
Current tax	–	–	16	17	22	21	15	14	21	23
Deferred tax	–	–	1	−2	−1	−1	−1	4	7	6
Net profit	17	25	30	49	58	61	42	51	81	88
Other comprehensive income	–	–	0	−1	0	2	11	0	1	1
Total comprehensive income	–	–	31	48	58	63	52	50	82	89
Net margin	5.9%	7.7%	7.4%	9.2%	12.8%	11.8%	5.9%	6.6%	7.4%	8.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 31 May	Mar 2022Filed 3 Jun	Mar 2023Filed 16 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	149	195	252	313	363	423	520	695
Share capital	18	18	18	18	18	18	18	20
Reserves	131	177	234	295	345	405	502	675
	22	6	9	5	95	104	98	66
Repayable after a year	8	5	2	1	67	50	30	10
Repayable within a year	15	1	7	3	28	54	68	56
	78	64	68	79	98	134	150	126
Trade payables	31	36	33	47	26	37	45	38
Other financial liabilities	15	13	14	0	28	30	25	19
Other liabilities	15	13	12	29	16	12	10	11
Provisions	0	0	0	0	0	1	1	1
Tax owed	2	–	3	0	0	–	0	0
	17	14	10	8	76	62	48	35
Other financial liabilities	0	2	1	1	5	–	2	1
Other liabilities	0	0	0	0	–	3	0	–
Provisions	1	1	2	1	1	2	2	3
Deferred tax	9	6	5	0	3	7	14	21
Total assets	244	274	330	400	538	619	718	856
	129	130	129	207	295	385	466	531
Plant in use, after depreciation	116	107	109	112	106	248	347	392
Plant being built	2	11	9	24	110	63	32	19
Intangible assets	0	3	2	1	5	4	4	3
Property held to earn rent	3	–	–	0	–	–	0	0
Investments	0	2	3	25	45	44	64	100
Loans given	1	1	1	0	0	0	0	0
Other financial assets	0	0	0	26	4	8	4	9
Deferred tax	–	1	1	0	–	–	1	1
Other assets	6	4	4	20	25	17	15	8
	115	144	201	194	243	234	252	325
Inventories	56	57	58	65	84	104	137	157
Trade receivables	31	39	39	24	19	35	39	42
Cash and cash equivalents	2	3	1	2	1	9	1	11
Other bank balances	4	19	77	79	61	31	14	8
Current investments	0	0	0	0	16	2	0	9
Loans given	16	21	18	7	31	6	6	2
Other financial assets	2	4	8	5	6	9	17	40
Tax paid in advance	0	–	–	0	–	2	5	5
Other assets	5	–	–	13	26	35	32	50
Net debt	17	−16	−70	−76	18	61	83	38

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 31 May	Mar 2022Filed 3 Jun	Mar 2023Filed 16 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	67	79	7	28	74	52
	86	108	27	45	98	75
	−7	14	−44	−30	−31	−68
Receivables	0	12	5	−17	−5	−3
Inventories	−3	−7	−20	−19	−34	−19
Payables	−2	19	−20	13	8	−6
Other working capital	−1	−10	−9	−8	0	−39
Tax paid	−19	−23	−15	−17	−24	−23
Capital spending	12	40	93	104	86	57
Free cash flow	54	39	−86	−76	−12	−5
	−65	−70	−94	−32	−83	−88
Plant and property sold	0	1	0	0	0	5
Interest received	4	3	3	5	2	2
	−3	−9	86	13	1	46
Borrowings raised	7	0	91	20	15	−12
Borrowings repaid	−7	−5	−1	−11	−20	−20
Interest paid	−1	−1	−1	−4	−7	−6
Lease payments	−1	−1	−1	−1	−1	−1
Dividends paid	2	2	2	2	4	4
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	89
Net change in cash	−1	1	−1	9	−8	10

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Associated Alcohols & Breweries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 31 May	Mar 2022Filed 3 Jun	Mar 2023Filed 16 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Earnings per share	₹9.61	₹13.93	₹16.74	₹27.29	₹32.06	₹33.63	₹22.99	₹28.00	₹45.06	₹47.43
Diluted earnings per share	₹9.61	₹13.93	₹16.74	₹27.29	₹32.06	₹33.63	₹22.99	₹28.00	₹43.05	₹45.93
Dividend per share	–	–	–	₹1.00	₹1.00	₹1.00	₹1.00	₹2.00	₹2.00	₹2.00
Book value per share	–	–	₹82.50	₹108.01	₹139.29	₹173.04	₹201.01	₹233.89	₹287.79	₹345.97
Dividend payout	–	–	–	3.7%	3.1%	3.0%	4.4%	7.1%	4.4%	4.5%
Shareholder yield	–	–	–	–	0.2%	0.2%	0.3%	0.2%	0.1%	−6.4%
Market cap at the year end (₹ crore)	300	450	472	285	761	855	583	854	2,517	1,337

Ratios

Standalone, years to March.Associated Alcohols & Breweries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 31 May	Mar 2022Filed 3 Jun	Mar 2023Filed 16 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue growth	–	9.7%	26.5%	30.0%	−15.3%	13.5%	36.7%	8.8%	43.4%	−5.8%
Operating profit growth	–	25.6%	11.9%	32.9%	16.7%	−8.0%	−24.1%	23.0%	66.9%	11.6%
Net profit growth	–	44.9%	20.1%	63.0%	17.5%	4.9%	−31.7%	21.8%	60.9%	8.6%
Earnings per share growth	–	45.0%	20.2%	63.0%	17.5%	4.9%	−31.6%	21.8%	60.9%	5.3%
	–	–	20.3%	28.6%	25.9%	21.5%	12.3%	12.9%	17.3%	14.6%
	–	–	–	8.4 pts	−2.7 pts	−4.4 pts	−9.2 pts	0.6 pts	4.4 pts	−2.7 pts
From the net margin	–	–	–	5.2 pts	11.1 pts	−2.0 pts	−10.8 pts	1.5 pts	1.6 pts	2.6 pts
From asset turnover	–	–	–	5.8 pts	−10.8 pts	−1.5 pts	0.7 pts	−1.6 pts	3.5 pts	−4.0 pts
From borrowing	–	–	–	−2.6 pts	−3.0 pts	−0.9 pts	0.8 pts	0.7 pts	−0.7 pts	−1.4 pts
Return on capital employed	–	–	26.4%	31.1%	28.9%	21.4%	10.5%	11.8%	17.9%	15.6%
Cash conversion	–	–	–	–	115.1%	130.3%	16.3%	56.1%	90.8%	58.5%
Interest cover	7.4	10.5	20.3	30.0	51.3	72.9	33.8	17.0	19.4	19.0
Debt to equity	–	–	0.15	0.03	0.04	0.01	0.26	0.25	0.19	0.10
Receivable days	–	–	27	27	31	17	10	17	13	15
Inventory days	–	–	99	76	112	99	82	89	76	98
Payable days	–	–	54	49	64	72	25	32	25	24
Cash conversion cycle, days	–	–	72	54	80	43	67	74	64	89
Working capital days	–	–	41	40	49	26	50	53	52	80
Asset turnover	–	–	1.68	2.07	1.50	1.41	1.50	1.32	1.64	1.31
Assets per rupee of net worth	–	–	1.64	1.50	1.35	1.29	1.39	1.47	1.42	1.30
Sales per rupee of plant	–	–	3.54	5.00	4.17	4.61	6.66	3.08	3.16	2.63
Capital spending to depreciation	–	–	–	–	0.89	2.78	6.46	7.23	4.92	2.34
Plant being built, % of plant in use	–	–	1.7%	10.5%	8.5%	21.1%	104.7%	25.5%	9.2%	4.8%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.2%
Cash from operations against operating profit: 36.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	17.9%	13.7%
Profit growth, yearly rate	–	8.8%	28.6%
Return on equity, average	–	15.7%	14.9%
Return on capital employed, average	–	15.4%	15.1%
Operating margin, average	13.8%	12.1%	11.9%
Net margin, average	8.3%	8.1%	7.5%
Asset turnover, average	–	1.44	1.43
Cash conversion cycle, days, average	–	67	76
Interest cover, average	28.2	32.4	18.5
Debt to equity, average	–	0.16	0.18

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	240	154	52
Cash from investing	−368	−204	−88
Cash from financing	137	59	46
Capital spending	380	247	57
Dividends paid	13	9	4
Shares bought back	0	0	0
Shares issued for cash	89	89	89
Borrowings repaid	57	52	20

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	5	5	4	6	5
Altman Z-scorePublished threshold 1.81	–	–	6.26	6.19	9.51	9.21	4.88	5.34	–	–
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.77	−2.00	−2.19	−1.57	−2.31	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	18.56	14.12	27.50	9.46	13.57	–
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.95	0.75	0.63	0.70
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−3.08	15.24	−52.93	−58.18	80.14	−30.67	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−30.92	32.30	−15.20	−26.63	9.21	−21.88	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.48	0.84	1.85	2.11	1.80	0.66	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	2.35	0.58	1.38	13.27	0.40	0.27	–
Effective tax ratePublished threshold 17.16 per cent	37.34	36.11	36.04	22.57	26.15	25.08	25.10	25.87	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.31	−1.28	1.42	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A2+Review, Re-affirm		60
30 Oct 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A-Review, Other	Positive	50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.