Analysts/Institutional Investor Meet/Con. Call Updates

Associated Alcohols & Breweries Limited 30th 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: Transcript of Earning/ Investor Conference Call held on 27th July 2026 on Earnings Presentation for the Q1 FY 2026-27. Dear Sir / Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 please find attached herewith transcript of Earning/ Investor Conference call held on 27th July 2026 on Earnings Presentation for the Quarter ended 30th June 2026 for FY 2026-27. A copy of the said transcript along with audio recording 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.) “Associated Alcohols & Breweries Limited Q1 FY 2026-27 Earnings Conference Call” July 27, 2026 MANAGEMENT: MR. TUSHAR BHANDARI – WHOLE-TIME DIRECTOR – ASSOCIATED ALCOHOLS & BREWERIES LIMITED MR. DILIP KUMAR INANI – CHIEF FINANCIAL OFFICER – ASSOCIATED ALCOHOLS & BREWERIES LIMITED MODERATOR: MS. RIDDHI SHAH – GO INDIA ADVISORS Page 1 of 18 Associated Alcohols & Breweries Limited July 27, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Associated Alcohols & Breweries Limited Q1 FY 2026-27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this call is being recorded. I now hand the conference over to Ms. Riddhi Shah from Go India Advisors. Thank you, and over to you, ma'am. Riddhi Shah: Thank you, Shruti. Good afternoon, everyone. It's my pleasure to welcome you on behalf of Associated Alcohols & Breweries Limited. Thank you for joining us today for Q1 FY 2026-27 earnings call. We have with us Mr. Tushar Bhandari, Whole-Time Director; and Mr. Dilip Kumar Inani, Chief Financial Officer. Please note that today's discussion may include certain forward-looking statements, and therefore, they must be viewed in conjunction with the risks that the company faces. I would now like to hand it over to the management for opening remarks. Thank you, and over to you, sir. Tushar Bhandari: Thank you, Riddhi, and good afternoon, everybody. Thank you all for joining us on the Associated Alcohol & Breweries Limited Q1 FY 2026-27 Earnings Conference Call. We have begun FY 2026-27 on a very strong note with the same conviction, discipline, execution behind our own IMFL proprietary portfolio, continued backward integration and clear roadmap to build a comprehensive portfolio. Firstly, let me begin by providing an overview of the performance of IMFL proprietary segment, which has been our key focus area. During the quarter, IMFL proprietary business continued to deliver strong momentum. I am pleased to report our highest ever quarterly IMFL proprietary revenue of INR729 million, registered a robust of 58% year-on-year growth in value and 40% year-on-year growth in volume. This growth is led by strong consumer acceptance of our brand, continued focus on brand-building initiatives and expanding our portfolio across markets. Central province continued to be the key growth driver of our proprietary portfolio. The CP series comprising CP Rum, Vodka and Orange Vodka and Whiskey continued to gain traction. The CP series delivered an impressive 260% year-on-year volume growth in Q1 FY27 with the sales increase from 20,300 cases to 73,000 cases, reflecting strong brand equity and reinforcing its leadership position within the segment. Alongside CP, our premium brands, including Nicobar Gin and Hillfort Whiskey continued to scale steady across key markets, supported by sharper execution and increased consumer pull. In Q1 FY 2026-27, IMFL proprietary contributed 23% of our overall revenue, compared to 17% in FY 2026-27, reflecting in the growth contribution of our higher-margin proprietary portfolio. Page 2 of 18 Associated Alcohols & Breweries Limited July 27, 2026 To support this growth, we continue to invest behind our brand through consumer engagement initiatives, on-ground brand activation and strengthening our sales and marketing manpower. These investments are amid to create sustainable brand equity and accelerate the growth of our product portfolio. Our commitment to build brand remains unwavering. Building on a successful launch of RTD culture in Madhya Pradesh. The registration process is underway for expanding its presence across 8 additional states, including Chhattisgarh, Jharkhand, Rajasthan, Delhi, Karnataka, West Bengal and Goa. This marks our entry into one of the fastest growing and evolving segments within the India alcobev industry. With changing consumer preference and increasing demand for ease to consumer format, flavoured beverages, we believe RTD category presents a significant long-term opportunity. Our premium product pipeline also remains firmly on track. We continue to make steady progress towards the launch of our premium tequila and brandy in Q2. Tequila will be launched initially in Madhya Pradesh, followed by a phased rollout across the key markets, while our premium brandy is planned to be introduced in Kerala, further strengthening our brand portfolio in one of India's largest brandy market. Going forward, our growth drivers for the proprietary brands would be two pronged that is both value and volume. Secondly, let me speak about SDF Industries, our distillery-cum- bottling acquisition in Kerala. This was a deliberate move to strengthen our bottling capabilities and enhance operational efficiency in one of the largest market, Kerala, has been a strong growth story for us. SDF gave us a single central located in-house facility strategically placed in Central Kerala, equidistant from major airports and consuming centre. We believe this acquisition will further strengthen our footing in the state. The upgradation and automation of SDF facility are progressing as planned. Installation of the new automatic machinery is currently underway, and we expect the plant to become operational by December '26. On the manufacturing front, our backward integration initiative continued to progress well. Our malt maturation is well underway with objective to enhance profitability, from the next year onwards. The same will be utilized for our captive consumption as well as to support the launch of our single malt whiskey. Improving operational efficiency and be meaningfully valued attribute our medium term. Lastly, we continue to expand our presence beyond our core market. In Q1 FY27, we successfully entered Odisha. The initial response has been encouraging, while establishing in a new market typically takes 1 or 2 years before the brand begins making meaningful contribution. We are confident that Odisha will evolve into an important market over the medium term. At the same time, we continue to work towards entering Karnataka and Andhra Pradesh, further centering our presence. Looking ahead, we remain fully confident in the long-term growth of our business. Our strategic focus will continue to be on scaling our IMFL proprietary portfolio, driven by a sustained growth of our existing brands and supported by the robust pipeline of the new product launch. For FY 2026-27, we remain confident to [Showing first 8,000 characters — download PDF for full document]