TL;DR
Associated Alcohols & Breweries Ltd (AABL) trades on NSE as ASALCBR and BSE as 507526. The stock closed at Rs 714 on 14 August 2026, inside a 52 week range of roughly Rs 660 to Rs 1,277 measured to that date. Before buying, look past the daily price and check five things: the split between AABL’s Potable Alcohols and Ethanol segments, recent quarterly margin trends, the FSSAI sale prohibition on two products and the High Court stay now in force, the pending Competition Commission of India investigation, and the capacity being added through SDF Industries and the new Uttar Pradesh distillery.
If you have searched for AABL share price or typed ASALCBR into a broker app, you already know the number changes by the minute. What matters more for a real investment decision is understanding what drives that number, and AABL has more moving parts than most people assume.
Associated Alcohols & Breweries Limited is a Madhya Pradesh-based distiller founded in 1989, built around its Barwaha facility in Khargone district. It has grown from a regional IMFL and grain spirit manufacturer into a company with its own proprietary brands, a contract manufacturing business for global names, and a growing ethanol operation feeding India’s fuel blending programme.
AABL Share Price Snapshot
Every figure below is as at the close on 14 August 2026, based on exchange data and broker platforms.
- Ticker: NSE: ASALCBR | BSE: 507526
- Price: Rs 714 at the close on 14 August 2026, after trading between roughly Rs 800 and Rs 825 through most of July 2026
- 52-week range: Roughly Rs 660 to Rs 1,277, measured over the twelve months to 14 August 2026
- Market capitalisation: Approximately Rs 1,434 crore as at 14 August 2026, down around 31 percent over the preceding twelve months
- P/E ratio: Around 17x trailing earnings as at 14 August 2026, which moves with the price
- Dividend: The Board recommended a final dividend of Rs 2 per share, 20 percent, for FY26 at its meeting of 18 May 2026, subject to shareholder approval. That is a yield of roughly 0.3 percent against the 14 August 2026 close
- Promoter holding: 62.35 percent as per the shareholding pattern filed for the quarter ended 30 June 2026
Share prices move constantly, so every number above is a dated snapshot and not a live quote. For the current price, check NSE’s own listing page or your broker terminal.
What AABL Actually Does: The Two Segments That Move the Stock
A lot of investors track AABL purely as a liquor stock, which misses half the story. The company reports across two segments, and they behave very differently.
Potable Alcohols
This is the core beverage business: Indian Made Foreign Liquor (IMFL), Indian Made Indian Liquor (IMIL), Extra Neutral Alcohol (ENA) and grain spirit. AABL sells under its own brands and manufactures for others. Vat 69, Black & White, Black Dog, Captain Morgan and Smirnoff are produced under franchise agreements, alongside licensed production of Bagpiper Whisky, McDowell’s No. 1 Celebration Rum, White Mischief Vodka, Blue Riband Gin and Director’s Special Black. The proprietary portfolio includes Central Province Superior Grain Whisky and Titanium Triple Distilled Vodka as the flagship brands, plus Jamaican Magic Rum, Lemount White Brandy and the premium blended malt Hillfort. In Madhya Pradesh, the company holds a 20 to 25 percent share of IMIL and IMFL, and it ranks among the top three private players in Kerala.
In the June 2026 quarter, Potable Alcohols generated revenue of roughly Rs 219 crore, with proprietary IMFL revenue growing 58 percent year-on-year to about Rs 65.2 crore. Segment profitability still came under pressure from rising input and operating costs.
Ethanol
AABL also produces ethanol from grain and molasses feedstock, supplying oil marketing companies under the national blending programme. In Q1 FY27, this segment contributed roughly Rs 74 crore, nearly doubling year on year, but it swung to a segment loss for the quarter on margin compression. That is an important detail for anyone assuming ethanol is a defensive, steady-margin business.
Together, the two segments explain why headline revenue can grow while profitability falls, and why the segment-level numbers matter more than the consolidated line.
AABL’s Q1 FY27 Results: The Numbers That Matter
For context, FY26 ran the opposite way. Full-year standalone revenue fell about 5 percent to roughly Rs 1,019 crore while net profit rose about 8.6 percent to Rs 88.45 crore. FY26 was a margin expansion year on a shrinking top line. Q1 FY27 is the reverse.
From the unaudited results for the quarter ended 30 June 2026:
- Gross revenue from operations: Rs 286.30 crore, up 5.96 percent year-on-year from Rs 270.21 crore. Net revenue from operations was Rs 280.9 crore, so screener sites may show a slightly different figure depending on which line they use
- Standalone net profit: Rs 17.92 crore, down roughly 24 percent from Rs 23.66 crore
- EBITDA: Roughly Rs 30 crore, with margin narrowing from 14 percent to 11 percent, partly on the ethanol segment loss
- Balance sheet: On the Q1 FY27 investor presentation basis, net debt to equity of minus 0.09x, effectively net cash, interest coverage of 23 times, ROE of 13 percent and ROCE of 19 percent. On a reported FY26 annual basis, ROE sits closer to 14.6 percent, so the two are measured differently rather than in conflict
The pattern in those figures is a top line growing on proprietary IMFL and ethanol volumes, while near-term profitability sits under pressure from input costs and the ethanol loss. Whether that compression proves cyclical, tied to raw material prices and new unit ramp-up, or structural, is not something a single quarter settles. The company has not published margin guidance, so the next few quarterly filings are where that question gets answered.
Five Things to Check Before You Buy ASALCBR
-
The FSSAI Sale Prohibition and the High Court Stay
This is the most immediate item on the list. On 29 July 2026, the Food Safety and Standards Authority of India directed a halt to the sale of two AABL products manufactured in Madhya Pradesh: Central Province Whisky and McDowell’s No. 1 Celebration Matured XXX Rum. The regulator acted on laboratory findings that artificial or nature-identical flavouring had been added to spirits sold under standard rum and whisky category names. Its position is that such products should carry a flavoured spirit label. This is a labelling and standards question, not a safety one.
AABL described the action as unjustified, said its labelling followed industry practice, and moved the Madhya Pradesh High Court on 31 July. The court granted an interim stay, disclosed in the exchanges on 12 August 2026, allowing sales to continue until the next hearing on 7 September 2026. Part of the underlying dispute is jurisdictional: whether liquor labelling falls to the central food regulator or to state excise authorities.
The wider FSSAI action covered ten variants across four manufacturers, including United Spirits, Inbrew Beverages and Mohan Rocky Springwater, so this is a sector-level issue rather than a company-specific one. For AABL, Central Province is a proprietary brand and the proprietary portfolio is the fastest-growing part of the business, which is why this matter warrants closer tracking than the headline count suggests. The position as at 17 August 2026 is an interim stay with the matter unresolved. Updates are filed with the exchanges.
-
The Pending CCI Investigation
AABL is subject to a Competition Commission of India investigation into alleged cartelisation in the supply of IMFL in Himachal Pradesh. The matter is before the High Court, which has directed the CCI to refrain from coercive action in the interim, but the investigation is unresolved. An adverse finding could carry penalties or business restrictions. The current pause is procedural rather than a resolution, and the position is tracked through exchange filings.
-
Capacity Expansion: SDF Industries and Uttar Pradesh
AABL acquired SDF Industries, a distillery and bottling unit at Thrissur in Kerala, for Rs 30.85 crore under a Corporate Insolvency Resolution Process. The NCLT Kochi bench approved the resolution plan on 16 April 2026 and SDF became a wholly owned subsidiary from 13 May 2026. Per the company’s exchange filing, the facility carries a distillery licensed for 75 lakh litres per annum of potable alcohol and an IMFL bottling plant with an annual capacity of 3.6 million cases. AABL has stated it plans to move brands such as Lemount White Brandy and Jamaican Magic Rum from third-party to in-house bottling, with operations targeted for around September 2026 and machinery upgrades running to December 2026.
Separately, funds raised through warrants are being deployed into a new distillery and bottling unit in Uttar Pradesh through the subsidiary Associated Alcohols and Breweries (Awadh) Limited. Both are capacity additions rather than completed contributions to earnings, and the disclosed timelines above are company targets rather than outcomes. Approvals, automation schedules and ramp-up costs are the variables that move those dates.
-
New Product Launches and Category Diversification
In June 2026, AABL launched Kultur, its first ready-to-drink hard seltzer, in Madhya Pradesh. The range covers five flavours in 330 ml cans, distributed through premium retail and HoReCa channels. In its launch announcement, the company cited industry estimates of over 10 percent CAGR for hard seltzers in India and close to 18 percent for the broader ready-to-drink category. Those are third-party market estimates quoted by the company, not company forecasts and not AABL revenue projections. AABL has also signalled plans to enter tequila and premium brandy. No volume or revenue guidance has been published for any of these launches.
-
Excise Duty and State Regulation Exposure
Like every Indian liquor manufacturer, AABL’s margins sit directly exposed to state excise duty structures, which vary widely and are reset periodically by state governments. AABL’s management has publicly flagged high excise duty and the exclusion of liquor from GST as structural cost pressures. Anyone evaluating this stock should track state-level policy announcements in Madhya Pradesh, Kerala and the expanding Uttar Pradesh footprint alongside company results.
How to Read AABL’s Valuation in Context
On trailing figures as at 14 August 2026, AABL trades at a lower P/E multiple than several listed peers, including Globus Spirits and Sula Vineyards, though it sits above G M Breweries. Commentary on that discount commonly points to smaller-scale, regional concentration and the two open regulatory matters. This article does not take a view on whether the gap narrows or widens.
The variables an investor would need to weigh in forming their own view are the ones set out above: segment-level margins, the integration of the new Kerala capacity, the ramp-up of proprietary IMFL, and the outcomes of the CCI and FSSAI proceedings. Each is reported quarter by quarter in the company’s own filings rather than inferred from the share price.
For the full financial picture, use AABL’s investor relations disclosures, including quarterly results, investor presentations and annual reports filed with BSE and NSE under SEBI’s Listing Obligations and Disclosure Requirements. Cross-referencing company filings against independent analyst commentary is more reliable than depending on any single source, including this article.
Frequently Asked Questions
What is AABL’s share price today?
AABL (NSE: ASALCBR, BSE: 507526) closed at Rs 714 on 14 August 2026, within a 52-week range of roughly Rs 660 to Rs 1,277 measured to that date. For a live quote, check NSE India or your broker platform, since prices change throughout each trading session.
Why did AABL’s net profit fall despite revenue growth in Q1 FY27?
Revenue rose roughly 6 percent year on year, but net profit fell around 24 percent, largely due to a loss in the Ethanol segment and cost pressure in the core Potable Alcohols business. This divergence between top line and bottom line is one of the clearest signals to track each quarter.
Why did FSSAI stop the sale of some AABL products?
On 29 July 2026, the FSSAI barred the sale of Central Province Whisky and McDowell’s No. 1 Celebration Matured XXX Rum manufactured in Madhya Pradesh, on the basis that artificial or nature-identical flavouring had been used in spirits sold under standard category names. The Madhya Pradesh High Court granted an interim stay, disclosed on 12 August 2026, with the next hearing on 7 September 2026. The action forms part of a wider FSSAI order covering ten variants across four manufacturers.
What is the CCI investigation against AABL about?
The Competition Commission of India is examining alleged cartelisation in the supply of IMFL in Himachal Pradesh. The case is before the High Court, which has restrained coercive action for now, but the underlying investigation has not been resolved.
Does AABL pay dividends?
Yes. AABL has a history of annual dividend payouts, including a final dividend of Rs 2 per share, 20 percent, recommended for FY26 and subject to shareholder approval at the annual general meeting.
The Bottom Line
Tracking AABL’s share price in isolation tells you very little. The drivers worth watching are the Potable Alcohols versus Ethanol split, quarterly margin trends, the capacity being added through SDF Industries and the upcoming Uttar Pradesh unit, new categories such as Kultur, and the progress of both the FSSAI proceedings and the CCI investigation. Each of these is disclosed through the company’s exchange filings, which is where the current position on any of them should be verified.
Disclaimer
This article is published for informational purposes only. It does not constitute investment advice, a recommendation, an opinion on the merits of any security, or an offer or solicitation to buy or sell any security. It contains no price target and no forecast of future financial performance. Share prices, market capitalisation, valuation multiples and yields quoted here are as at the close on 14 August 2026 and will change. Past performance is not indicative of future results. Forward-looking statements attributed to the company or to third parties are subject to risks and uncertainties, and actual outcomes may differ. Readers should refer to the company’s filings with BSE and NSE for the current position and should consult a SEBI-registered investment adviser before making any investment decision.
