37th Annual Report for FY 2025-26

Associated Alcohols & Breweries Limited 19th August 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 Subject: Submission of 37th Annual Report for the Financial Year 2025-26 along with Notice of 37th Annual General Meeting (“AGM”), pursuant to Regulation 34 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. Dear Sir/ Madam, Pursuant to provisions of Regulation 34 (1) of the SEBI (LODR) Regulations, 2015, we hereby submit: 1. Notice of 37th Annual General Meeting (“AGM”) which is to be held on Wednesday, 16th September 2026 at 12:30 P.M. (IST) through Video Conferencing (VC) or Other Audio Visual Means (OAVM). 2. 37th Annual Report for the Financial Year 2025-26 of the Company containing the Audited Financial Statements (Standalone & Consolidated) including Balance Sheet as at 31st March 2026 and the Statement of the Profit and Loss and Statement of Cash Flow for the year ended 31st March 2026 along with annexures and the Auditors' Report thereon and the Boards' Report together with Corporate Governance Report and Management Discussion & Analysis (MDA) Report. Further, the 37th Annual report for the Financial Year 2025-26 and Notice of 37th AGM is being sent through electronic mode to those Members whose e-mail addresses are registered with the Company/ Depository Participants. Additionally, in accordance with Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a letter is being sent, providing a web-link of the 37th Annual Report for the Financial Year 2025-26 to those Members who have not registered their e-mail addresses with the Company/ Depository Participants/ Registrar and Share Transfer Agent of the Company. The Annual Report containing the Notice of 37th AGM is also uploaded on the Company’s website https://associatedalcohols.com/annual-reports/ This is for information and record please. 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.) Theme Introduction Bold Blends . FY 2025–26 marks another defining milestone in this journey. A 32% volume growth in proprietary Indian-Made Foreign Liquor (IMFL) brands, the commissioning of a world-class, state-of-the-art malt spirit plant, expansion into new markets, and continued investments in product The strongest businesses are built by development have further strengthened AABL’s foundation for sustainable, bringing strengths together, combining brand-led growth. These achievements not only reinforce the Company’s capabilities and opportunities to unlock premiumization journey but also enhance its ability to serve evolving sustained growth. consumer preferences with a broader and more differentiated portfolio. At Associated Alcohols & Breweries Limited (AABL), this philosophy has Bolder guided the Company's journey for over Ambi ti ons . four decades. From its strong legacy in Extra Neutral Alcohol (ENA), AABL has evolved into an integrated alcoholic beverages company, supported by distillation expertise, state-of-the-art bottling capacity, and an expanding portfolio of proprietary brands. Today, AABL offers a comprehensive As AABL looks ahead, it remains portfolio across whisky, rum, gin, committed to blending the strengths vodka, brandy, and Ready-to-Drink that have shaped its legacy with the (RTD) beverages, while expanding into capabilities that will define its future. It is emerging categories that strengthen this distinctive blend of experience and its ability to serve changing consumer innovation, value and aspiration, and aspirations. Supported by integrated operational excellence and market agility operations, growing manufacturing that fuels the Company’s bolder ambitions capabilities, and an expanding footprint and its commitment to creating enduring across India, the Company is steadily value for consumers, partners, and progressing towards its vision of shareholders alike. becoming a pan-India integrated player with a complete portfolio of alcoholic beverages. Contents 04 10 16 18 20 Blending Growth Rooted in Craft. with Performance Bold Driven by Purpose. 06 14 The Reach of Spirit Distilling Recognition that Blends. and Scale Performance Reflects Excellence Message from the Milestones of a Managing Director Bold Legacy 22 26 32 34 Engineering Excellence A Blend for Crafting Partnerships That in Every Pour Every Preference Sustainable Value Propel Progress 38 42 Statutory Scaling with Purpose The Strength Reports 54 67 Bolder and Precision Behind the Blend 40 46 Ambitions. Toward New and Directors’ Bold Frontiers Report Managing Risks. Responsible Choices. Management Discussion Strengthening Resilience. Lasting Impact. and Analysis Financial Statements 90 182 255 Report on Corporate Consolidated Statements Notice Governance Standalone Statements 04-55 56-108 110-254 Associated Alcohols & Breweries Limited Corporate Overview Statutory Reports Financial Statements FY 2025-26 Performance Highlights Blending Growt h with Performance Financial Sustainability 10,194 885 10.5 Mn Mn MW Revenue from Operations Profit After Tax In-House Captive Power Generation (5%) Y-O-Y ↑ 9% Y-O-Y Direct Sourcing 1,429 14 R Mn % EBITDA EBITDA Margin Of Raw Material from Mandis/Producers/Traders 12% Y-O-Y 200 bps 92,586 Waste Recycled Operational 2.38 1.27 Mn Mn Cases Cases Proprietary IMFL Volume Licensed IMFL Volume 29 16 Mn Mn Liters Cases Annually Ethanol Production Volume Bottling Line Capacity 04 37th Annual Report 2025-26 37th Annual Report 2025-26 05 04-55 56-108 110-254 Associated Alcohols & Breweries Limited Corporate Overview Statutory Reports Financial Statements Management Message and Karnataka. This geographic integrated in-house manufacturing Built on trust, quality, and consistent diversification is expected to set-up. Spread across nearly 10 execution, this long-standing Message from the broaden the Company's consumer acres with an IMFL bottling capacity partnership reflects AABL’s base, diversify revenue streams, and of approximately 3.60 lakh cases capabilities as a preferred strengthen its position as a leading per month, the facility provides manufacturing partner. Alongside alco-beverage player in India. a scalable platform to enhance collaborations with other leading production efficiencies, strengthen industry participants, these alliances The Company also continued to Managing Director supply chain responsiveness, and provide scale, stability, and access strengthen its portfolio in line with support future growth. to new growth opportunities evolving consumer preferences. while reinforcing the Company’s AABL has launched Kultur, its Ready- Supported by one of the largest competitive position. to-Drink (RTD) brand, catering to the integrated alco-beverage growing demand for convenient and manufacturing facilities at a Looking Ahead India’s alco-beverage industry is witnessing a new phase of growth, underpinned by rising disposable incomes, contemporary beverage experiences single location, along with its rapid urbanization, and evolving consumer preferences. Demand is steadily shifting towards premium, among younger consumers. Further expanding manufacturing network, The long-term outlook for India’s differentiated, and experience-led offerings, with consumers increasingly seeking quality, authenticity, reinforcing its premium portfolio, the Company possesses the alco-beverage industry remains and innovation. This evolving landscape presents significant opportunities [Showing first 8,000 characters — download PDF for full document]