Associated Alcohols & Breweries Ltd.

16 million

6,000 LPD The facility encompasses 41 Bottling Lines, with a collective capacity of production of 16 million cases annually Owns a portfolio of 16 proprietary brands 01 02 03 FY17-FY26: Growth Trajectory

13%

ases annually Owns a portfolio of 16 proprietary brands 01 02 03 FY17-FY26: Growth Trajectory 13% 14% 10 Years Revenue CAGR 10 Years EBITDA CAGR 20% 10 Years PAT CAGR FY26 Performance 14%

14%

annually Owns a portfolio of 16 proprietary brands 01 02 03 FY17-FY26: Growth Trajectory 13% 14% 10 Years Revenue CAGR 10 Years EBITDA CAGR 20% 10 Years PAT CAGR FY26 Performance 14% EBITD

20%

s 01 02 03 FY17-FY26: Growth Trajectory 13% 14% 10 Years Revenue CAGR 10 Years EBITDA CAGR 20% 10 Years PAT CAGR FY26 Performance 14% EBITDA Margin 12% PBT Margin 9% PAT Margin 13% RO

12%

Revenue CAGR 10 Years EBITDA CAGR 20% 10 Years PAT CAGR FY26 Performance 14% EBITDA Margin 12% PBT Margin 9% PAT Margin 13% ROE (0.09)x 23x Net Debt/Equity Interest Coverage 2 IMF

9%

Years EBITDA CAGR 20% 10 Years PAT CAGR FY26 Performance 14% EBITDA Margin 12% PBT Margin 9% PAT Margin 13% ROE (0.09)x 23x Net Debt/Equity Interest Coverage 2 IMFL (Proprietary)

23x

AT CAGR FY26 Performance 14% EBITDA Margin 12% PBT Margin 9% PAT Margin 13% ROE (0.09)x 23x Net Debt/Equity Interest Coverage 2 IMFL (Proprietary) Products Offerings Fully Integrat

50%

To OMCs / Private players Single Malt By Products: Cattle Feeds IMFL (Proprietary) B2B B2C 50% of ENA used for captive consumption 3 Present Across Liquor Value Chain Adaptability and Flexi

10.5 MW

Feed 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) c.15%-18% (Licensed) c.12%-15% c.1

15%

Net Energy Surplus Unit 10.5 MW Captive Power IMFL IMFL IMIL ENA Ethanol (Proprietary) c.15%-18% (Licensed) c.12%-15% c.13%-17% c.8%-9% c.5%-8% Total EBITDA Margin c.11%-14% 4 AABL’S

18%

et Energy Surplus Unit 10.5 MW Captive Power IMFL IMFL IMIL ENA Ethanol (Proprietary) c.15%-18% (Licensed) c.12%-15% c.13%-17% c.8%-9% c.5%-8% Total EBITDA Margin c.11%-14% 4 AABL’S Int

17%

ptive Power IMFL IMFL IMIL ENA Ethanol (Proprietary) c.15%-18% (Licensed) c.12%-15% c.13%-17% c.8%-9% c.5%-8% Total EBITDA Margin c.11%-14% 4 AABL’S Integrated Facility Q4 & FY26 - Ea

“23 Case Study – KERALAM CHEERS Fastest to achieve a million cases sale <4 years Market Entry and Innovative Product Launch (2018) Remarkable Revenue Growth and Sales Milestone (FY22-23) Emerged as a Major Player (FY26) Strategic Vision for Future Growth Focus on volume growth and Revenue Enhancement Successfully entered the Keralam market in 2018.”

“Gained 1.5 % market Share in Keralam in FY26 Currently Top 3 Private Player in the state of Keralam With the acquisition of SDF Industries, the focus now is on expanding the product portfolio in Keralam.”

“Focusing on achieving 2 Mn cases in FY27 Demonstrates a commitment to capturing higher - value market segments.”

“Enhance operational capacities, ensuring consistent quality to drive future growth Target o Operations to commence by September 2026 post facility technology upgrade and renewal of existing permits 25 Industry Leading Financial Position Robust Financial Position: Low Gearing and Adequate Interest Coverage Ratio Setting Industry Standards Net Debt/Equity Ratio as on FY26 Interest Coverage Ratio as on FY26 0.13 23 11 -0.09 Associated Alcohols & Breweries Ltd.”

“Maturation of malt to support in-house consumption, while surplus production will be sold in the open market to drive higher revenue potential.”

“Centralized Location: Equidistant access to raw materials and distribution hubs across India, optimizing procurement and distribution efficiency Targeting 2 Million Cases in Kerala in FY27 One of top 3 Private players in IMFL segment in Keralam First Company in the world to make White Brandy 30”

“Sources : Industry Report May 2024 41 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 CAGR : 1.2 % CAGR: 1.9% CAGR:6.9 % 325 330 300 355 340 320 395 350 330 520 445 480 3 3.2 2 5 2015 2020 2023 2028P 2015 2020 2023 2028P Beer Country Liquor IMFL Wine CAGR 01 02 03 04 India's alcohol market surging with urbanization, lifestyle shifts, and a burgeoning middle class.”

MRP

4

By Products

1

Currently Present

1

Targeted

1

Adjustments for

1

By Products

Cattle Feeds IMFL (Proprietary) B2B B2C 50% of ENA used for captive consumption 3 Present Across Liquor Value Chain Adaptability and Flexibility in using varied grains as Feedstock On Ground Intelligence for Raw Material Sourcing Proprietary Brands - IMFL - IMIL IMFL Licensed Contract Manufacturing ENA Manufacturing - For Captive Consumption - For Alco Bev Companies Ethanol Manufacturing For OMCs / Private Players By Products Cattle Feed 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) c.15%-18% (Licensed) c.12%-15% c.13%-17% c.8%-9% c.5%-8% Total EBITDA Margin c.11%-14% 4 AABL’S Integrated Facility Q4 & FY26 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure Q4 FY26 – Performance HIGHLIGHT- IMFL(P) grew by 37% YoY Operational Update • Robust IMFL Proprietary Volume growth of 37% YoY, driven by strong demand across category • ENA operating at full

MRP

Rs 130 20 Licensed Brands - Preferred Partner Director’s Special McDowell’s 21 Contract Manufacturing – Long Term Relations Black & White Smirnoff VAT 69 Black Dog Green Label Bagpiper White Mischief Blue Riband Gin 22 Distinctive Competitive Edge Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation 01 02 03 04 05 4 Decades of Expertise • Core focus on liquor manufacturing and bottling. • Ensuring exceptional quality. Advantageous Location • Largest single - location facility in the heart of India, Madhya Pradesh. • Optimizing Raw Material Sourcing from Diverse Locations. Strategic Partnership • 2 Decades of Partnership with Diageo. • One of Four Exclusive Diageo Contract Manufacturing Partners. Integrated Business Model • Presence across the entire Liquor Business Value Chain. Transitioning towards Premiumisation • Entered the Super Premium category with premium gin brand “Nicobar.” • Successfully Launched “Nicobar” & “Hillfort”. 23 Ca

Currently Present

Madhya Pradesh, Chhattisgarh, Keralam, Delhi, West Bengal, Uttar Pradesh, Maharashtra, Mahe (UT), Goa, Jharkhand, Rajasthan, Gujarat & Manipur

Targeted

Odisha, Andhra Pradesh, Karnataka 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 (%) 5,126 33% 10% 21% 12% 31% 26% FY22 7,008 43% 6% 28% 15% 34% 16% FY23 7,598 10,759 10,194 43% 35% 32% 6% 5% 29% 14% 25% 21% FY24 23% 9% 22% 13% 22% 11% FY25 20% 8% 15% 17% 25% 14% FY26 822 37% 20% 22% 15% 25% 17% FY22 624 48% 13% 29% 19% 28% 11% FY23 767 49% 9% 31% 18% 25% 18% FY24 1,280 46% 14% 6% 28% 18% 26% 9% FY25 1,429 39% 9% 7% 16% 23% 32% 13% FY26 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 31 Expansion Enabled through Internal Accruals CFO (Rs Mn) & Cash Conversion Ratio (x) 0.97 x 792 FY22 0.11 x

Adjustments for

Depreciation / Amortisation Finance Cost Other Adjustments Interest Income 1,183 1,096 683 Purchase of Property Plant & Equipment, CWIP and Intangible Assets (572) (861) (1,039) 245 62 (31) (29) 174 57 (13) (24) 144 37 (56) (47) Proceed from the Sale of Property Plant & Equipment Other Investing Activities Interest Income received 53 (377) 16 2 3 25 1 666 47 Net Cash Flow used in Investing Activities (879) (831) (325) Operating Profit before Working Capital Changes 1,430 1,290 761 Movement in Working Capital (Increase)/Decrease in Trade Receivables (34) (48) (Increase)/Decrease in Inventories (195) (339) Increase/(Decrease) in Trade Payables Increase/(Decrease) in Other Liabilities & Provisions (43) (410) 75 (3) (170) (186) 132 CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Non Current Borrowings Repayment of Non Current Borrowings Proceeds from/(Repayment) of Current Borrowings Proceeds from/(Repayment) of Lease Liabilities Finance Cost paid Interest Paid on Lease Liabilities Divid