Investor presentation Q1 FY 2026-27

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 FY17-FY26: Growth Trajectory FY26 Performance 12% 9% PBT Margin PAT Margin EBITDA Margin 13% (0.09)x 23x 03 ROE Net Debt/Equity Interest Coverage Fully Integrated Business Model IMFL (Proprietary) Products Offerings 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% AABL’S Integrated Facility 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 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 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 Focus On IMFL Proprietary Brands Revenue & Volume of IMFL (Proprietary) 1.8x Volume Growth; 2.2x Revenue Growth 567 566 578 469 482 413 414 440 368 364 294 307 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 Financial Highlights Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % n 9% a 11% Y 6% 2,809 7 2,667 371 237 2 299 Y 178 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Revenue (Rs Mn) EBITDA (Rs Mn) & EBITDA Margin % Profit after Tax (Rs Mn) & PAT Margin % n 6% r 2,809 e 2,385 403 t 178 r 299 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 IMFL (Proprietary) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % Y 20% 7 823 17% 2 792 652 728 Y 567 F 413 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 22% u 20% r e 792 503 763 823 t 660 Q 111 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Ebitda excluding other income IMFL (Licensed) IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMFL Realisation (Rs/Cases) EBITDA (Rs Mn) & EBITDA Margin % Y 15% 15% Y 364 7 425 1,283 2 1,168 Y 64 1 103 132 Q 20 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 IMFL Volume Cases (‘000) IMFL Revenue (Rs Mn) IMF [Showing first 8,000 characters — download PDF for full document]