Grades of Extra Neutral Alcohol: Grade A vs Grade B and What Buyers Should Check
TL;DR Grade A and Grade B are trade labels, not official grades. Neither BIS nor FSSAI defines them. Every ENA lot used in Indian liquor should meet BIS IS 6613:2002: at least 96% ethanol, methanol no more than 50 g per 100 litres of absolute alcohol, and a permanganate reaction time of at least 30 […]
ENA vs Rectified Spirit vs Absolute Alcohol: A Buyer’s Guide to Alcohol Grades
Quick Summary Extra Neutral Alcohol (ENA) is ethanol purified to 96% ABV or higher with very low congener content. It is the standard base spirit for Indian Made Foreign Liquor, pharmaceuticals and cosmetics. Rectified spirit typically runs 95% to 96% ABV under BIS specification IS 323. It needs fewer rectification passes than ENA and suits […]
Excise Duty & Liquor Licensing in India: What Manufacturers Navigate
TL;DR Alcohol sits outside India’s GST system entirely, taxed instead through state excise duty, VAT, and licence fees that differ from state to state, since alcohol is a State List subject under the Constitution. A liquor manufacturer needs a distillery or bottling licence to produce, separate label and brand registrations in every state it wants […]
Vodka Production in India: How Triple-Distilled Spirits Are Made
TL;DR Vodka production in India starts with fermenting grain (mostly wheat, sometimes molasses-based neutral spirit) into a base wash, then distilling it, usually three or more times through column stills, to strip out flavour and reach a highly purified, near-neutral spirit. This grain neutral spirit is then diluted with treated water, often carbon-filtered, and bottled […]
AABL Share Price (ASALCBR): What Investors Should Track Before Buying
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 […]
Malt Whisky vs Grain Whisky: Understanding India’s Whisky Categories
TL;DR Malt whisky is distilled entirely from malted barley in pot stills, while grain whisky is distilled from other cereals (or a cereal mix) in column stills and is lighter and more neutral in character. In India, most mass-market “whisky” is actually IMFL made largely from molasses-based spirit, which would not legally qualify as whisky […]
Investing in Indian Spirits: Why AABL Stands Out on the NSE
TL;DR ASALCBR (NSE ticker for Associated Alcohols & Breweries Ltd) delivered ₹884.5 million net income in FY2026, its highest ever with an 8.5% profit margin and EPS of ₹47.42. The stock trades at a forward P/E around 21x against an industry average above 50x. For investors tracking the Indian spirits premiumisation story, AABL is an […]
India’s AlcoBev Sector Outlook 2026-27: Why IMFL and Spirits Stocks Are Investor Favourites
TL;DR India already drinks more whisky than any country on earth, incomes are rising, and buyers are trading up to costlier bottles. That combination lifts volumes and margins at the same time, which is rare in consumer goods. Premiumisation is widening margins, balance sheets are healthier, and the India-UK trade deal (effective 15 July 2026) […]
Behind the Label: Understanding License Brands vs Own Brands in Spirits
TL;DR India’s spirits industry runs on two business models: licensed brand manufacturing (producing global brands under contract) and proprietary brand building (owning the recipe, label, and margin). Associated Alcohols & Breweries Ltd (AABL) operates both, and that dual position is what makes it operationally unique. Walk into any liquor shop in India and the shelf […]
Rum, Whisky or Vodka? Decoding India’s Fastest-Growing Spirit Segments
TL;DR Whisky dominates India’s spirits market with roughly 67% of total spirits volume. Rum holds 12%, driven by tier-2 and tier-3 city demand and premium variants. Vodka and gin are smaller but growing at above-average rates, especially in urban markets. The premiumisation trend is accelerating across all categories, shifting the story from volume to value. […]