ASALCBR

Associated Alcohols & Breweries Limited 26th July 2026 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 Quarter ended 30th June 2026 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 ended 30th June 2026.. The aforesaid presentation is also available on the website of the company www.associatedalcohols.com This is for your information and record. Thanking You Yours Faithfully, For Associated Alcohols & Breweries Limited Abhinav Mathur 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@aabl.in | CIN: L15520MP1989PLC049380 Plant: Khodigram, Tehsil Barwaha, Distt. Khargone – 451115 (M.P.) AS SO C IAT E D A LCO H O LS & B RE WE RI E S LT D Q1FY27 INVESTOR PRESENTATION AABL : AT A GLANCE Largest integrated manufacturing facility situated at a singular location 13% 14% 20% Present throughout the entire liquor value chain • IMFL Proprietary 10 Years Revenue 10 Years EBITDA 10 Years PAT • IMFL Licensed CAGR CAGR CAGR • IMIL • Merchant ENA • Ethanol ENA Manufacturing Capacity of 160 KLPD Ethanol Manufacturing Capacity of 130 KLPD Malt Plant Capacity of 6,000 LPD The facility encompasses 41 Bottling Lines, with a collective capacity of production of 16 million cases annually Owns a portfolio of 17 proprietary brands 2 FY17-FY26: Growth Trajectory FY26 Performance 12% 9% 14% 01 PBT Margin PAT Margin EBITDA Margin 02 13% (0.09)x 23x 03 ROE Net Debt/Equity Interest Coverage Fully Integrated Business Model IMFL (Proprietary) Products Offerings 3 Varied Feedstock processing Capabilities Raw materials are directly sourced from mandis or manufacturers Ric e Maize Jawar Bar l ey Ot her * * Possibilities to use other starch - based Feedstocks Single Location, Fungible Manufacturing Plant ETHANOL PLANT MALT PLANT ENA PLANT Fungible - Licensed Capacity : 180 MLPA Intermediates - Installed Capacity: -Installed Capacity : 130 KLPD 6,000 LPD -Installed Capacity : 160 KLPD Supply To OMCs / Supply to Private players Single Malt Major Bottlers/ IMFL Manufacturers of IMFL (Proprietary) By Products: Cattle Feeds By Products IMFL Franchisee IMFL Cattle Feeds for Diageo (Proprietary) Finished IMIL Products Contract Manufacturing Service for United Spirit Limited (Diageo) & Inbrew B2B B2C 59% of ENA used for captive consumption Present Across Liquor Value Chain Adaptability and Flexibility in using On Ground Intelligence for Raw varied grains as Feedstock Material Sourcing Proprietary Brands IMFL Contract ENA Manufacturing Ethanol Manufacturing By Products - IMFL - IMIL Licensed Manufacturing - For Captive For OMCs / Cattle Feed Consumption Private Players - For Alco Bev Companies 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) (Licensed) c.15%-18% c.12%-15% c.13%-17% c. 8%-9% c. 5%- 8% Total EBITDA Margin c.11%-14% 4 Q1FY27 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure Q1FY27 – Performance Highlights FINANCIAL HIGHLIGHTS (Q1FY27) OPERATIONAL HIGHLIGHTS STRATEGIC UPDATES IMFL Proprietary segment growth momentum Strengthening Distribution Network, with continues, revenue grew by 58% YoY supported by continued focus on expanding reach of IMFL increased market penetration & strong traction across Proprietary brands portfolio Entered Odisha market, with plans to expand Witnessing strong growth in CP Series presence in Karnataka (volume grew by 260% YoY) Tequila launch planned in Q2FY27, starting with IMFL license volumes declined due to the change in Madhya Pradesh, followed by expansion across business arrangement with Inbrew from licensing to other states. Premium Brandy launch planned in contract manufacturing Kerala in Q2FY27, expanding the premium spirits portfolio Both Topline and margin from ethanol segment witnessed decline due to oversupply which is expected to prevail Launched Kultur RTD in Madhya Pradesh, with for rest of the financial year registrations underway across Chhattisgarh, Jharkhand, Rajasthan, Delhi, Karnataka, West Machinery upgradation at the SDF industries Unit is Bengal, and Goa underway, expected to be operational by December 2026 Net Revenue Gross Profit EBITDA PAT Rs 2,809 Mn Rs 1,029 Mn Rs 299 Mn Rs 178 Mn (up 5% YoY) (down 3% YoY) Margin: 11% Margin: 6% New Product Launch Kultur marks AABL’s entry into the Ready-to-Drink Category Category Expansion: • Entry into the Ready-to-Drink (RTD) category, broadens portfolio • Introduced with 5 distinct flavour variants : Cranberry, Watermelon Mint, MaiTai, Lemon, and Juniper Triple Sec Market Rollout: • Initially launched in Madhya Pradesh • Expansion planned through phased state registrations in another 8 states • Leveraging AABL’s established retail and HoReCa distribution network Consumer-Led Innovation: • Entered a high-growth category, projected to expand at a CAGR of 10.9% from 2025 to 2031. • Aligned with evolving preferences of Gen Z & Millennial consumers LAUNCH: ROLLOUT: PACK FORMAT: June 2026 Madhya Pradesh 330 ML Can 8 Strategic Goals & Objective • Solidifying position in Madhya Pradesh & Keralam To become Pan- • Increasing market share in fast-growing states like Chhattisgarh India Player Maharashtra and Delhi . • Targeting strategic entry into Karnataka & Andra Pradesh to unlock the next leg of proprietary brands growth • Largest vertically integrated facility in Barwaha, MP Future-Ready • Strengthening backward integration:Commissioned malt plant with malt maturation Manufacturing underway and continued investments in cask procurement for in-house single malt Capabilities production • Acquired SDF Industries, bringing bottling operations in-house in Keralam 360 Comprehensive • Building a one-stop alco-bev destination with a presence across every category Product • Aim to offer a complete alco bev portfolio covering a full spectrum from popular to Portfolio prestige & Above 9 Focus On IMFL Proprietary Brands Revenue & Volume of IMFL (Proprietary) 1.8x Volume Growth; 2.2x Revenue Growth 792 660 567 566 578 469 482 433 413 652 503 413 414 440 368 364 294 307 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Revenue (Mn) Volume '000 Cases Scaling presence of New product Targeting 25-30% IMFL Prestige & launches to drive CAGR Revenue Growth Above category sustained growth in in IMFL (P) segment across new markets IMFL (P) segment over next 4-5 years 10 Financial Highlights Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % r a e Y n 9% 14% o r a 11% e Y 6% 2,809 7 2,667 371 237 2 299 Y 178 F 1 Q Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % 17% r e t r a 10% u Q 11% n 6% o r 2,809 235 e 2,385 403 t 178 r 299 a u Q Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 11 IMFL (Proprietary) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % r a e Y 20% n o r a e Y 7 823 17% 130 2 792 652 728 69 Y 567 F 413 1 Q Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % r e t r 22% a u 20% Q n o 652 r e 792 503 763 823 t 660 r a u Q 111 130 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 12 Ebitda excluding other income IMFL (Licensed) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % r a e Y 15% 15% n o r a e Y 364 7 425 1,283 2 1,168 Y 64 F 1 103 132 Q 20 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % 18% r e t r a u Q 15% n o 54 r 252 307 e 1,219 1,283 t r a u 103 20 Q 132 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 13 Ebitda excluding other income IMIL IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % r 18% a e 18% Y n o r a e Y 130 129 7 1,175 1,172 730 734 626 2 621 Y F 1 Q Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 IMIL Volume Cases (‘000) IMIL Revenue (Rs Mn) IMIL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % r e 20% t r a u Q n 18% o 734 r 129 e 1,172 627 120 t 626 r 985 a u 618 Q Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 14 Ebitda excluding other income Merchant ENA ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % r 14% a e Y n o r 10% a e 51 Y 7 7.3 456 46 2 5.4 364 67 63 Y F 1 Q Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 ENA Volume (Mn Litres) ENA Revenue (Rs Mn) ENA Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % r e 14% t r a u Q 10% n o 465 r 7.3 456 e 65 t 68 63 r 46 a u 6.9 Q Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 15 Ebitda excluding other income ETHANOL Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % r a e 6% Y n o r 34 a e Y 10 571 550 Q1FY27 7 8 72 2 51 Q1FY26 Y F -47 1 Q Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Ethanol Volume (Mn Litres) Ethanol Revenue (Rs Mn) Ethanol Realisation (Rs/Ltr) EBITDA (Rs Mn) & EBITDA Margin % r e t r 10% a u Q n 23 Q1FY27 o r 10 550 Q4FY26 e t r 58 51 -47 a u 4 239 Q Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Note : Ethanol Plant was commissioned in January 2024; Ebitda excluding other income 16 Quarterly Income Statement Particulars (Rs Million) Q1FY27 Q1FY26 Y-o-Y Q4FY26 Q-o-Q Gross Revenues 2,863 2,702 6% 2,416 19% Excise duty 54 35 55% 31 75% Net Revenue from Operations 2,809 2,667 5% 2,385 18% Total Operating Expenses 2,510 2,296 9% 1,982 27% EBITDA 299 371 (20%) 403 (26%) EBITDA Margins (%) 11% 14% (300bps) 17% (600 bps) Other Income 31 18 71% 14 126% Depreciation 71 56 26% 66 8% Interest 18 16 18% 27 (31%) Profit Before Tax 241 318 (24%) 324 (26%) Tax 62 81 (23%) 89 (30%) Profit After tax 178 237 (25%) 235 (24%) PAT Margins (%) 6% 9% (300bps) 10% (400bps) Other Comprehensive Income 1 - 6 Total Comprehensive Income 179 237 (24%) 241 (26%) Basic Earnings Per Share (Rs/Share) 8.88 13.09 12.33 Diluted Earnings Per Share (Rs/Share) 8.88 12.43 12.25 17 FY26 - Income Statement Particulars (Rs Million) FY26 FY25 Y-o-Y Gross Revenues 10,333 10,966 (6%) Excise duty 139 207 (33%) Net Revenue from Operations 10,194 10,759 (5%) Total Operating Expenses 8,765 9,479 (8%) EBITDA 1,429 1,280 12% EBITDA Margins (%) 14% 12% 200 bps Other Income 61 47 29% Depreciation 245 174 41% Interest 62 57 9% Profit Before Tax 1,183 1,096 8% Tax 298 282 6% Profit After tax 885 814 9% PAT Margins (%) 9% 8% 100 bps Other Comprehensive Income 8 10 Total Comprehensive Income 892 824 8% Basic Earnings Per Share (Rs/Share) 47.42 45.03 5% Diluted Earnings Per Share (Rs/Share) 45.92 43.03 7% 18 Q1FY27 – Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure AABL Proprietary Brands – Gaining TRACTION Ec o n o m y P o pu l ar P r es t ig e & A bo ve R ea dy – t o- D r i nk Mood Hillfort Kultur Lemount Superman Marker Premium Brandy blended Fine Whisky Central Malt Province Whisky Bombay Nicobar – Central Vodka Special Titanium Handcrafted Whisky Province Vodka Gin Whisky 20 AABL’s BRAND PORTFOLIO Whisky Vodka Gin Brandy Rum Prestige & Above MRP: Rs 1,000 and above Popular MRP: Rs 680 - 1,000 Economy MRP: Rs 500 - 560 Ready To Drink MRP: Rs 130 21 Licensed Brands - Preferred Partner 22 McDowell’s Contract Manufacturing – Long Term Relations 23 Black & Smirnoff VAT 69 Black Dog Bagpiper White Blue Riband White Mischief Gin Green Label Distinctive Competitive Edge Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation 4 Decades of Expertise with Integrated Business Model • Core focus on liquor manufacturing and bottling • Ensuring exceptional quality • Presence across the entire Liquor Business Value Chain 24 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 01 02 03 Driving Volume Growth • Focused on accelerating IMFL(P) volume growth • Expanding distribution footprint with entry into new states and increased retail reach Transitioning towards Premiumisation • Entered the Super Premium category with premium gin brand “Nicobar” 06 • Successfully Launched “Nicobar” & “Hillfort” • Planned launches of Tequila, Brandy and Single Malt to further strengthen the premium portfolio 05 Case Study – KERALAM CHEERS Fastest to achieve a million cases sale <4 years Market Entry and Remarkable Revenue Emerged as a Strategic Vision Focus on volume Innovative Product Growth and Sales Major Player for Future growth and Revenue Launch (2018) Milestone (FY22-23) (FY26) Growth Enhancement Successfully entered Achieved an Gained 1.5 % market With the acquisition of Focusing on achieving the Keralam market in outstanding revenue Share in Keralam in SDF Industries, the 2 Mn cases in FY27. 2018. growth of 114% in FY26. focus now is on FY22-23. expanding the product Demonstrates a Pioneered the launch Currently Top 3 Private portfolio in Keralam. commitment to of White Brandy Sold 1 million cases in Player in the state of capturing higher - Lemount - a first - of - Keralam during FY23. Keralam. Aspires to diversify value market its - kind product. product offerings to segments. Secured the position as meet the dynamic Positioned the product the fifth - largest demands of the in the player in the market. price - sensitive competitive Keralam market segment. market. 25 Further Strengthening Position In Keralam: Acquires SDF Industries Location Production Capacity o Thrissur, Keralam, o IMFL Bottling: 4.3 Mn cases p.a Border of Thrissur & o ENA Distillery Licensed Palakkad o Land Parcel: ~10 acres Acquisition Cost Operational leverage o Total Acquisition cost Rs 30.85 Cr o Strategically located in central Keralam, equidistant from all major o SDF Industries Ltd. depots across the state. Becomes Wholly Owned Subsidiary o Enhance operational capacities, ensuring consistent quality to drive future growth Deal At Target Deal Structure o Installation of upgraded A Glance o Resolution Plan automated machinery is currently in progress, plant under IBC NCLT expected to commence Kochi Bench – operations by December 2026 Approved April 16, 2026 26 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. Peer Group Associated Alcohols and Breweries Ltd Peer Group Net Debt: Borrowings – cash & bank balance – Investments 27 Levers for a Strong Growth Outlook B 2C B usi ne ss B 2B B usin e ss IMFL (Proprietary) : B2B segment expected to progress steadily RE VE N UE 25%- 30% YoY Growth in congruence with inflation rate GU IDANC E Strengthening Long term relationship with Diageo Implementing hedging strategies to mitigate the impact of fluctuations in raw material prices. 28 Increasing the sale of Proprietary Brands by entering new markets and rolling out new products Maturation of malt to support in-house consumption, while surplus production will be sold in the open market to drive higher revenue potential. Compelling Investment Thesis Diversified Product Portfolio with a Focus on Volume-Led Growth Progressing towards Premiumization Becoming a Pan India Player Expansion driven by internal accruals , supported by a strong balance sheet with minimal debt Fungibility of Raw Materials and Finished Product 29 Q4 & FY26 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure Becoming a Pan India Player In the next 1-2 Years Associated Alcohols is set to spread across key regions of India Current Presence Targeted Geographies Integrated Operations: All essential facilities - ENA , Bottling Line, and Ethanol Plant and Malt Plant- conveniently located on-site, streamlining production and logistics. 31 Dominant Footprint: Strong presence in the IMFL market across Madhya Pradesh and Keralam 02 01 Centralized Location: Equidistant access to raw materials and distribution hubs across India, optimizing procurement and distribution efficiency Vast Infrastructure: 150-acre land bank in MP provides ample space for operations and expansion. Recently commissioned a 6,000 LPD Malt plant. 04 03 Currently Present : Madhya Pradesh, Chhattisgarh, Keralam, Delhi, West Bengal, Uttar Pradesh, Maharashtra, Mahe (UT), Goa, Jharkhand, Rajasthan, Gujarat, Manipur & Targeting 2 Million One of top 3 First Company in Odisha Cases in Kerala in Private players in the world to make FY27 IMFL segment in White Brandy Targeted : Keralam Karnataka , Andhra Pradesh 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 (%) 7,008 7,598 10,759 10,194 2,809 624 767 1,280 1,429 346# 43% 43% 35% 32% 28% 48% 49% 46% 39% 44% 6% 6% 9% 9% 6% 13% 14% 5% 23% 20% 20% 7% 6% 6% 28% 29% 8% 10% 31% 16% 9% 29% 38% 5% 28% 15% 15% 22% 23% 14% 23% 18% 17% 19% 18% 13% 34% 25% 26% 25% 32% 37% 25% 28% 22% 26% 16% 21% 11% 14% 16% 11% 18% 9% 13% 13% FY23 FY24 FY25 FY26 Q1FY27 FY23 FY24 FY25 FY26 Q1FY27 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 #EBITDA contribution based on positive EBITDA segments only, Ethanol reported operating loss of INR 47 Mn, due to low realization. Total Operating profit stood at INR 299 Mn 32 Expansion Enabled through Internal Accruals Working Capital for the company 01 as on FY26 : Rs 1,614 Mn and FY25: Rs 1,319 Mn AABL's strategic goal is to secure a position among the top 10 IMFL companies in India and PAN India Presence Single Malt Plant Bottling Plant 33 02 Capex of Rs. 550 Mn has been incurred for the malt plant; additional capex of Rs. 150 Mn expected to be incurred on casks in FY27 CFO (Rs Mn) & Cash Conversion Ratio (x) 0.97 x 739 0.58 x 518 792 0.37 x 0.36 x 0.11 x 284 68 FY22 FY23 FY24 FY25 FY26 Capex (Rs Mn) 03 1,038 929 859 650 519 397 Rs 100 Mn capex to be incurred towards automation of the bottling unit FY22 FY23 FY24 FY25 FY26 FY27 04 Rs 400 Mn capex to be incurred in relation to SDF Industries, including Rs 308.5 Mn towards acquisition cost Strong Balance Sheet with Minimal Debt Gross Block (Rs Mn) ROCE & ROE 5,507 22% 22% 4,572 19% 16% 3,425 14% 13% 12% 11% 1,868 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Gross Block ROCE ROE Net Debt / Equity & Interest Coverage Ratio Net Working Capital (Days) 0.04 0.04 42 31 29 41 44 67 60 52 -0.07 -0.09 45 40 FY23 FY24 FY25 FY26 35 27 25 23 21 22 23 13 12 14 FY23 FY24 FY25 FY26 Net Debt/Equity Interest Coverage (X) Receivable Days Payable Days Inventories Days 34 Comfortable Debt Level: 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 35 AABL’s strong cash flows guarantee that the company is well-positioned to comfortably meet its debt repayment obligations. Fungibility of Raw Materials and Finished Products Diverse Grain Usage State of the art Manufacturing Flexible Product as Feedstock Facility & Flexible Energy Source Offerings IMFL (Proprietary) Rice IMFL (Licensed) 1 1 Maize IMIL 2 2 Single Manufacturing ENA for Captive Consumption Jawar Facility and Supply to Bottlers 3 3 Any Other Starch Rich 4 4 Ethanol to OMCs/ Feedstock Private Players Barley Malt Production 36 Q1FY27 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure Growth Catalysts Young Premiumisation Population Influence Trends Urbanisation India's alcohol market among fastest-growing India is home to one of globally. the largest young populations globally, Rising urban with 67.45% falling population, disposable within the age range of income, premium 15 to 64. product trends, driving market expansion Accelerated urban development, improved accessibility, and effective advertising contribute to a boost in alcohol consumption 38 Low per capita alcohol consumption India Per Capita Alcohol Consumption (in Ltr): India vs World; India remains relatively at lower level 11.9 142 112 101 116 44 52 25.5 3.5 11.7 14.3 28.9 53 111.4 78.1 8.4 69.9 1.7 5.5 49.8 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 01 India ranks 101th in terms of per capita alcohol consumption (In Ltrs). 02 The per capita Alcohol consumption (in Ltrs) for India is at 11.8 litres significantly below other countries. World Health Organisation: Data pertains 2019, 39 Urban Population Growth and Rising Disposable Income Growing Proportion of Urban Population Growing Disposable Income (In Trillion USD) Growing Proportion of Young Population 4.2 52% 3.9 9.9% 10.1% 10.2% 10.5% 10.8% 11.1% 11.4% 11.7% 3.5 3.4 40% 3.2 3.2 2.9 29% 2.7 28% 63.8% 64.1% 64.3% 64.4% 64.6% 64.7% 64.8% 65.0% 23% 19% 26.4% 25.9% 25.5% 25.1% 24.6% 24.2% 23.8% 23.4% 1960 1980 2000 2025 2030 E 2050 E 2020 2021 2022 2023 2024 2025 2026 2027 2020 2021 2022 2023 2024 2025 2026 2027 Percentage of Urban Population 0-14 15-59 60+ Source : Industry Reports1, UN Population Division, Industry Report2 40 Industry Growth and Shift Towards Premiumisation Growing Premium Liquor Market in India (USD Bn) Indian Premium & Luxury Alco-Bev Market (INR Cr) 36 32 33 31 30 28 21 19 20 18 17 17 50,000 1.5 1.4 0.4 1.3 1.2 1.2 6 28,751 5.2 5.5 5.7 6.3 5 1.6 1.7 1.8 2 2.1 2.2 12,291 4 4 4 4 4 4 2023 2024 2025 2026 2027 2028 2019 2024 2029 E Brandy GIN Liquers & Other Spirits Rum Soju Tequila Vodka Whiskey Source : Economic Source; Indian Express1, 2 Industry Report 1,2 41 Indian ALCO - BEV INDUSTRY POISED FOR GROWTH Alco - Bev Volume in India (Mn Cases) Indian Alco - Beverage market (INR Bn) 2019 2024 2025E 2030P India's alcohol market surging with urbanization, lifestyle shifts, and a burgeoning middle class Premium spirits, particularly Whisky, Gin, Vodka and flavoured variants, continue to gain traction among urban consumers, reflecting evolving lifestyle and consumption preferences Segments (spirits, beer, wine) capitalize on a massive consumer base of 1.3 billion people Within IMFL, Whisky dominates with over 70% market share, reinforcing India's position as one of the world's largest whisky-consuming markets 42 01 1,012 1,157 1,205 1,465 2,211 3,255 3,550 5,763 2019 2024 2025E 2030P CAGR 02 03 04 Sources : Industry Report September 2025 Rapid Growth in Premium Whiskey Segment 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 Whisky on-trade sales are expected to expand from 16% in FY25E to 20% by FY30P, strengthening brand recall and consumer engagement 43 01 Whiskey Sales Breakdown by Segment (Mn Cases) Whiskey Sales Breakdown by Segment (INR Bn) 213 262 275 370 1,092 1,610 1,761 2,836 2% 2.3% 2.5% 2.7% 9% 11.3% 11.5% 12.4% 10% 11% 12% 12% 21% 24% 24% 25% 49% 52% 52.3% 54.9% 53% 53% 54% 55% 40% 35% 34% 30% 16% 11% 11% 8% 2019 2024 2025E 2030P 2019 2024 2025E 2030P Popular Prestige Premium Luxury Popular Prestige Premium Luxury 02 03 Sources : Industry Report September 2025 Product Wise Break Up Product Wise Volume CAGR (2024-2030) Product Wise Volume Split (2028P) 3% 6.0% 5.9% 12% 5.6% 4.7% 4.7% 520 Mn 20% Cases 65% Whisky Brandy Rum Gin Vodka Whisky Brandy Rum Wine Spirits AABL Segments Sources : Industry Report September 2025 44 Q1FY27 - Earnings Product Portfolio Strong Investment Thesis Strong Industry Tailwinds Annexure Our Milestones Launched “CP Increased the bottling Vodka” in line capacity to 12.4 Q1FY26 Launched Launched Million cases Commissioned “Hillfort” RTD Kultur Achieved Single Malt Plant Whiskey in Increased 1 Million cases of Facility capacity of the sales in Kerala Q1FY25 ENA plant to 45 Launched “Nicobar” in 2027 Increased ENA Entered franchise MLPA 2024 2026 plant capacity to arrangement with Entered the 2025 30 MLPA -Set up 40 MLPA United Spirits Keralam Market ethanol plants with Started bottling Limited (Diageo) Successful co-generation with United Expanded Listing In the Spirits Limited presence in Delhi NSE 2022-2024 (Diageo) Set up a Launched IMFL cogeneration Started the products in 2018-2020 plant meeting commercial Madhya Pradesh 60% of power operation with Introduced new demand the selling of IMFL product ENA and IMIL Expanded plant 2016-2017 production The company capacity went public with an IPO and got listed 1996-2015 on the BSE The Company was 1990-1995 established as a public limited Company 1989 46 Board of Directors Mr. Prasann Kumar Mr. Anshuman Mr. Tushar Debashis Dr. Swaraj Ms. Apurva Kedia, Kedia, Whole Time Bhandari, Whole Das, Independent Puri, Independent Joshi, Independent Managing Director Director & CEO Time Director Director Director Director With over three A Regent's An MBA A graduate A distinguished A seasoned decades of industry University specializing in engineer with retired IPS forensic expertise and a London graduate finance with over 42 years of professional with a accountant postgraduate with over 8 years 16 years of extensive Ph.D. from IIT brings extensive qualification, he of industry experience, experience, out Delhi (2013) and experience in excels in Business experience, previously as an of which 21 an MBA, brings governance, Development and actively involved Investment Banker, years at the USL over 35 years of ethics, and Brand in supply chain brings a wealth of (Diageo). He expertise in compliance. Her development. management and expertise. With wasinvolved in administration, valuable His seasoned procurement, over 12 years in executing training, crisis expertise professionalism is contributes to the liquor industry, greenfield and management, and significantly a testament to his organizational he significantly brownfield strategic planning contributes to strategic acumen efficiency and contributes to projects. at national and fortifying the and impactful drives strategic business and brand international company's leadership. sourcing development, as levels, excelling in ethical initiatives. well as operations leadership and framework management. team management 47 Leadership Team Mr. Dilip Kumar Inani Mr. S.R. Dubey, Mr. Abhinav Mathur, Mr. Rajeev Nema, Mr. Sanjeev Kumar Tulsyan CFO Group Sales Head Company Secretary HeadHuman Resources Head of Marketing A Chartered Accountant With over 30 years A qualified He is a seasoned A seasoned having a 30+ years of vast of experience at Company Secretary professional with marketing veteran, experience with finance Pernod Ricard with more than 16 over 25 years of he brings over 30 leadership role in India and United years of experience experience in HR years of invaluable organizations and Spirits, he is skilled in listed and experience to instrumental for financial in business companies and Administration. AABL, elevating the and cost controls with development, sales, worked with His earlier stints company's sales strategic initiatives. His and distribution. reputed include and marketing expertise will further His leadership will companies such as organizations such strategies with his contribute for strengthen further strengthen Torrent power asRuchi Soya and proven expertise the financial controls and the Group's Limited. IPV Vikram. and industry strategic initiatives in the operations. insight. growth path of organization. 48 Historical Income Statement Particulars (Rs Million) FY26 FY25 FY24 Gross Revenues 10,333 10,966 7,645 Excise duty 139 207 47 Net Revenue from Operations 10,194 10,759 7,598 Total Operating Expenses 8,765 9,479 6,831 EBITDA 1,429 1,280 767 EBITDA Margins (%) 14% 12% 10% Other Income 61 47 96 Depreciation 245 174 144 Interest 62 57 37 Profit Before Tax 1,183 1,096 683 Tax 298 282 177 Profit After tax 885 814 506 PAT Margins (%) 9% 8% 7% Other Comprehensive Income 8 10 (1.95) Total Comprehensive Income 892 824 504 Diluted EPS (INR) 45.92 43.03 28.00 49 Historical Balance Sheet Particulars (Rs Mn) FY26 FY25 FY24 Particulars (Rs Mn) FY26 FY25 FY24 ASSETS EQUITY & LIABILITIES Non-current Assets Equity Property, Plant & Equipment 3,922 3,473 2,480 Equity Share Capital 201 181 181 Capital Work in progress 187 320 633 Other Equity 6,745 5,022 4,048 Intangible Assets 2 1 2 Total Equity 6,946 5,203 4,229 Rights of use Assets 28 34 42 Non Current Liabilities Financial Assets Financial Liabilities (i)Investments 1000 644 437 (i)Borrowings 96 297 500 (iii)Other financial Assets 87 35 77 (ii)Lease Liabilities 15 23 33 Non-current tax Assets 8 8 6 Provisions 34 18 18 Other non-current assets 75 145 173 Deferred Tax Liabilities (net) 205 140 67 Total Non CurrentAssets 5,309 4,660 3,850 Current Assets Total Non CurrentLiabilities 350 478 618 Inventories 1572 1373 1,040 Current Liabilities Financial Assets Financial Liabilities (i)lnvestments 85 0 21 (i)Borrowings 565 684 536 (ii)Trade Receivables 424 394 350 (ii)Lease Liabilities 13 11 10 (iii)Cash and Bank Balance 193 153 408 (iii)Trade Payables 382 448 374 (iv)Loans 25 64 60 (iv)Other Financial Liabilities 178 244 301 Others 404 167 91 Other current Liabilities 112 99 112 Current Tax Assets 49 47 18 Provisions 11 7 6 Other Current Assets 497 318 350 Current Tax Liabilities 2 2 2 Total Current Assets 3,249 2,516 2,338 Total Current Liabilities 1,261 1,495 1,341 TOTAL ASSETS 8,558 7,176 6,188 TOTAL EQUITY AND LIABILITIES 8,558 7,176 6,188 50 Historical Cash Flow Statement Particulars (Rs Mn) FY26 FY25 FY24 Particulars (Rs Mn) FY26 FY25 FY24 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Profit Before Tax 1,183 1,096 683 Purchase of Property Plant & Equipment, CWIP and (572) (861) (1,039) Intangible Assets Adjustments for: Proceed from the Sale of Property Plant & Equipment 53 2 1 Depreciation / Amortisation 245 174 144 Other Investing Activities (377) 3 666 Finance Cost 62 57 37 Interest Income received 16 25 47 Other Adjustments (31) (13) (56) Net Cash Flow used in Investing Activities (879) (831) (325) Interest Income (29) (24) (47) CASH FLOW FROM FINANCING ACTIVITIES Operating Profit before Working Capital Proceeds from Non Current Borrowings 0 0 42 1,430 1,290 761 Changes Repayment of Non Current Borrowings (204) (204) (110) Movement in Working Capital Proceeds from/(Repayment) of Current Borrowings (116) (13) (11) Proceeds from/(Repayment) of Lease Liabilities (11) 148 155 (Increase)/Decrease in Trade Receivables (34) (48) (170) Finance Cost paid (60) (68) (35) (Increase)/Decrease in Inventories (195) (339) (186) Interest Paid on Lease Liabilities (3) (4) (4) Increase/(Decrease) in Trade Payables (43) 75 132 Dividend Paid (36) (36) (18) Increase/(Decrease) in Other Liabilities & (410) (3) (86) Proceeds from Share Warrants 888 186 108 Provisions Net Cash Flow used in Financing Activities 458 9 127 Cash From Operations 748 975 451 Net increase/(decrease) in Cash and Cash equivalent 96 (83) 86 Direct Tax (231) (236) (167) Cash & Cash equivalent at the beginning of the year 11 94 8 Net Cash From Operating Activities 518 739 284 Cash & Cash equivalent at the end of the year 108 11 94 51 Financial Overview Net Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % PAT (Rs Mn) & PAT Margin % 10,759 10,194 7% 8% 9% 14% 7,598 10% 12% 885 814 1,429 1,280 506 768 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 ROCE & ROE Shareholders’ Equity (Rs Mn) Net Debt to Equity Ratio (X) 22% 19% 6,946 16% 14% 12% 13% 5,203 4,229 0.04 0.04 -0.09 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 ROCE ROE 52 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. 53 Company Contact Dilip Kumar Inani Chief Financial Officer Associated Alcohols and Breweries Ltd E : cfo@aabl.in INVESTOR RELATION CONTACT Priya Sen Go India Advisors E : priya@goindiaadvisors.com M : +91 – 8334841047 THANK Riddhi Shah Go India Advisors YOU E : riddhi@goindiaadvisors.com M : +91 - 7303699539