{"id":183576,"date":"2026-05-20T06:34:17","date_gmt":"2026-05-20T10:34:17","guid":{"rendered":"https:\/\/alphastreet.com\/india\/associated-alcohols-breweries-limited-asalcbr-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-20T06:38:31","modified_gmt":"2026-05-20T10:38:31","slug":"associated-alcohols-breweries-limited-asalcbr-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/associated-alcohols-breweries-limited-asalcbr-q4-2026-earnings-call-transcript\/","title":{"rendered":"Associated Alcohols & Breweries Limited (ASALCBR) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Associated Alcohols & Breweries Limited (NSE: ASALCBR) Q4 2026 Earnings Call dated May. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anshuman Kedia<\/strong> \u2014 Whole-Time Director & Chief Executive Officer<\/em><\/p>\n

Tushar Bhandari<\/strong> \u2014 Whole-Time Director<\/em><\/p>\n

Dilip Kumar Inani<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Riddhi Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Vinay Rawal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and Gentlemen, good day and welcome to the Associated Alcohols Breweries Ltd. Quarter 4 NFY 26 Earnings Conference Call hosted by Goindia Advisors. 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 this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Riddisha from Go Advisors. Thank you. And over to you ma’. Am.<\/p>\n

Riddhi Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good afternoon everyone. It’s my pleasure to welcome you on behalf of Associated Alcohol Breweries Limited. Thank you for joining us today. For quarter four and FY26 earnings call. We have with us Mr. Anshuman Kedia, whole time Director and CEO, 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 risk that the company faces.<\/p>\n

I will now like to hand it over to the management for opening remarks. Thank you. And over to you sir.<\/p>\n

Anshuman Kedia<\/strong> \u2014 Whole-Time Director & Chief Executive Officer<\/em><\/p>\n

Thank you Riddhi Good afternoon everyone and thank you for joining us on the Associated alcohols and Breweries Limited Q4 and FY26 earnings conference call. FY26 has been a year of meaningful progress for AABL marked by disciplined execution, strategic expansion, continued investment in backward integration and sustained focus on on scaling our IMFL proprietary portfolio. During the year, ABL sharpened its strategic focus towards building and strengthening its own brands and took meaningful strides towards establishing itself as an emerging Alcobest.<\/p>\n

Offering complete basket of portfolio at different Alcobev player Offering a complete basket of portfolio at different price points. This is clearly reflected in a strong performance of our proprietary IMFL business which recorded 32% year on year volume growth in FY26.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We have entered new states including<\/p>\n

Anshuman Kedia<\/strong> \u2014 Whole-Time Director & Chief Executive Officer<\/em><\/p>\n

High growth potential markets like Maharashtra, Uttar Pradesh and Odisha. Simultaneously, we have solidified our presence in our core markets such as NP and Kerala. I am happy to share that we have gained 1.5% market share in Kerala making us the third biggest private player in Kerala. Further, to fortify our presence in the state of Kerala, on 16th April 2026 we had announced the acquisition of SDF Industries Ltd. A distillery cum bottling unit. This acquisition is expected to enhance our operational efficiencies, strengthen in house bottling capabilities and further reinforce our market presence in the state.<\/p>\n

The year gone by also saw some realignment of business relationships. Let me begin by acknowledging that FY26 witnessed a conscious realignment of our INBRU business transitioning from an IMFL licensing agreement to to a contract manufacturing model. As you may have noticed in our results, the overall top line growth remained flattish largely impacted by this transition. That said, our focus remains towards strengthening the core business of IMFL proprietary brands portfolio. We continue to strengthen our manufacturing ecosystem and deepen our backward integration capabilities.<\/p>\n

Further, we enhanced our ENA capacity utilization through improved operational efficiencies, details of which will be discussed further by Mr. Dilip Inani alongside our strong ENA and ethanol capacities, we commissioned a 6,000 klpd malt facility, a significant milestone that further enhances our in house capabilities and strengthens our Whiskey portfolio with plans to launch our own single malt within the next 18 months. This investment reflects focus on building greater control over quality, consistency and craftsmanship.<\/p>\n

We are steadily building a portfolio that caters to involving consumer preferences across categories whether it is whiskey, vodka, gin, rum, RTD or in the premium malt offerings. Our objective for the next two years is to focus on volume growth, developing market capabilities and launching of our new products. Step by step we are building a stronger and more future ready product portfolio positioned to capture the long term premiumization opportunity in India. I would like to now hand over the call to Mr.<\/p>\n

Tushar Bhandari, our whole time Director who will take you through our brands operations and strategic initiatives. Thank you Anshuman.<\/p>\n

Tushar Bhandari<\/strong> \u2014 Whole-Time Director<\/em><\/p>\n

Let me brief you on performance of our product profile. During the fourth quarter our priority IMFL portfolio has delivered 37% Y on Y volume growth supported by strong execution and improving consumer traction across categories. Particularly our Central Province portfolio spanning whiskey, rum and vodka continued to perform exceptionally well across key market registers, a robust growth of nearly 28% y on y reinforcing the strength of our brand portfolio. One of the most notable success has been the strong market response of Orange CP Vodka in Madhya Pradesh.<\/p>\n

Within just six months of launch, the brand has garnered a market share of nearly 25% within the same in its category. Our long term vision remains firmly focused on scaling our proprietary IMFL business with the objective of increasing its contribution to nearly 50% of our overall top line over the next four to five years. We believe this growth will be driven through a balanced expansion across our popular and premium and above segment. We are already witnessing healthy volumes momentum in our popular segment alongside encouraging consumer response to our prestige and above offering across the market where they have been introduced.<\/p>\n

We have soft launched our RTD product culture in Madhya Pradesh while both Brandy and Tequila are sorted for launch during FY27. Although the tequila launch has witnessed a slight delay due to shipment related issues, our endeavor is to launch both these products by H1FY27. As we look ahead, our strategic priority remains centered and escalated the scale up of our proprietary ample business. We are currently present across 14 states and continue to pursue geographic expansion. In line with this vision, we are targeting to enter Andhra Pradesh and Karnataka.<\/p>\n

I will now hand over the call to our CFO Mr. Dilip Binani for a detailed review of the financial and operational performance for<\/p>\n

Dilip Kumar Inani<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Q4FY26. Thank you Tusha and good afternoon everybody. I will focus now on the operational and financial performance for the quarter four and FY26. Talking about financial highlights, net revenue for Q4 FY26 came at 239 crore rupees. EBITDA grew by 13% year on year basis to rupees 40 crore. Driven by operational efficiency we are able to expand our EBITDA margin by 200 basis point year on year basis to 17%. Paid increase by 5% year on year basis to 24 crore rupees with paid margin of 10%. Now moving on to the segmental performance for Q4FY26, our proprietary IMFL portfolio remained the key growth driver during the quarter.<\/p>\n

We registered a strong volume growth of 37% year on year to 6.6 lakh cases while revenue grew by 38% to Rupees 50 crore. We reported highest quarterly EBITDA margin of 22% and IMFL on brand. Now regarding IMIL volume, student 9.8 lakhs cases for Q4FY26 while revenue increased by 7% year on year basis reaching to revenue of 62 crores and EBITDA margin stood healthy at 20% in IML business. Now ethanol volume stood at 4 million liter. It decreased by 35% year on year basis this year. This was largely due to the oversupply of ethanol in industry due to excess capacity and however we expect an improvement in the volume driven by the proposed changes in the ethanol blending policy due to this geopolitical situation and oil crisis and also we are also exploring the other than OMC buyers and the revenue from ethanol came at 24 crore in Q4FY26 and EBITDA margin stood at 10%.<\/p>\n

Lastly on merchant ENA volume sold 6.9 million litres up by 129% year on year basis while revenue increased by 128% year on year to 47 crore rupees. ENA margin stood at 14%. It is not worthy that we have enhanced our ENA production to 50 million liters from 47 million liters last year through higher plant efficiencies, streamline operations and minimizing downtimes. We remain confident in scaling our proprietary brands, improving operational efficiencies, expanding into new markets and strengthening our bakewire integration capabilities while continuing to build a strong foundation for long term profitable growth.<\/p>\n

That concludes my update now and we can open the floor for question and answer. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2 participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Heer Gogri with choice institutional equities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you for the opportunity. Just to reiterate, can you please reiterate what was the reason of the decline in the ethnol business that we have and what are the opportunities that we are looking at? You said I think we are looking at other than OMC buyers. So what are the opportunities that we are looking at?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

The main reason of ethanol volume going down was the oversupply of ethanol in India. That’s why we got a lesser allocation. But now new opportunities which are coming up is that OMCs we are also looking at OMCs and other than OMCs we are also looking at other private players to sell ethanol to them. And then apart from that, the present geopolitical situation and the crisis of crude government is also considering to increase the ethanol blend from 20%. So if that happens then the volume would go up and government has considered and sent a proposal of blending of anywhere above 20 to 25%.<\/p>\n

So if that is passed through then the volumes will come back.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Any other business, can you comment on the war and their impact on the business? If you are. You are seeing any consumption drop or anything as such?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

No. So the, because of the war, the consumer, the major impact which has come is the increase in the packaging material cost primarily the PET bottles and people and aluminum. That is the major impact. And if the, if the petroleum, if the petrol price goes up substantially then it will have a further impact in transportation as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

When do you see this? Do you see that this impact for H127 or to go further into the full year 27.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

It completely depends on the government. If they increase substantially the price then the impact will come. But right now whatever the packaging material impact price was there has already been come. And so we are mitigating this price increase in packaging material by either doing value engineering or by increasing our EDP wherever we can. So we have gone a step in value engineering in certain of our popular products. We have removed the mono carton to mitigate the cost increase in other packaging material.<\/p>\n

So with the combination of both we are taking care of this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Can you please give us any ebitda guidance for 27?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

For 27 should be around in the range of 15.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Thank you. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Urushikesh Shah with Alchemy Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes. Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Congratulations sir. Good set of numbers. I had couple of questions. My first question was on the IMFL proprietary site. See you have told that this time your Central Province portfolio has done very well. So if you can take us region wise how you are seeing traction in all the states np all the other states that you have entered like Maharashtra, Goa, up. So if you can give a color on that.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

So basically see as we are completely committed towards the increase in the sale of our own IMFL portfolio. And we have demonstrated that in our performance also as you can see that we have grown. Our portfolio has grown by almost 32% year on year. And we expect it to grow around again 25 to 30% in the coming years also. But still the major thing we have to look into is the major contribution is coming from our two major states which is Madhya Pradesh and Kerala. In other states we are introducing premium products and popular products also.<\/p>\n

So the next traction we are expecting to come out is from Chhattisgarh and from Delhi and Uttar Pradesh in this year onwards. And apart from that as you asked about the Maharashtra see, Maharashtra is a very slow moving market. So one has to have a sustainable growth in Maharashtra and increase sale and Maharashtra. Because of this MML policy we have introduced only premium brands. That is Hillfort category and above. So in premium brands to develop a brand and get the market acceptability, it’s a long term journey.<\/p>\n

So. So we are going in part of that journey. And the best part is that our volume is increasing month on month. Be it a little bit volume but we have seen an increase in volume month on month basis. So it’s a two to three years journey in the premium brand to get the market share.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, sir. So my next question was on the margins in IMFL proprietary. This time our margins have been the highest at 22%. And if I recollect during the Q2 conversation that we had Q2 FY26, you had talked about higher marketing expense that might bring down your margins. So what is your outlook on the margins on IMFL proprietary side?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Margin of IMFL proprietary side would be in the range of somewhere around 15 to 17%. We are targeting that kind of percentage. Yes, definitely. The expense would increase. Marketing expense would increase as and when we aggressively grow our premium portfolio. So we are working on that premium portfolio and eventually when the entire portfolio of tequila and other malt single malt also will come, our contribution towards our marketing expense will increase to around about 10% because the premium products requires more marketing expenses than the popular brand category.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. So you as per your assumption, this 22% margin can go down to 15 to 17%. Is my understanding correct?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Got it. Okay. In the<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Initial and as the premium brand sale would increase over the period, again the margin contribution would increase.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, Got it sir. So my second question was see this time you have given a guidance of 15 for FY27 as a FY for the whole year. So my question was her if we recollect that November 2022, that is your Q2FY23 at that time also we had seen the same kind of impact where your glass, your pet coal, all the prices as it increased. And at that time we had seen a huge margin decline. So what is your outlook on that? Will. How will we achieve this 15% margin?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

See, we will achieve the 15% margin by increasing the sale of our popular products and by increasing the sale of our premium products. And as soon as we enter the other markets and the sale increases substantially so the economies of scale will come because the same amount of stuff will sell more of the products and we’ll be able to maintain this margin.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, got it. So if I can squeeze in one more question. This time merchant TNA volumes were very good sequentially and yearly. So what has changed in that part of the business?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

The merchant ena merchant DNA would be only we sell whatever we are not able to use in our own value added products. Okay, so if you see. So that is the thing. But apart from that we have increased our plant efficiency and with the same plan we have been able to increase the output of Mergel DNA<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right now, whatever<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Selling it outside. And our whole aim is to consume it in house in our own value added product.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And so this HDF industries acquisition that we have done, how are we planning to go about in that? How will it benefit us? And I know Capex, we have talked about 70 crores in FY20 for this. So what is our plan for this acquisition?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

So Capex, first of all Capex, we have not expected to be 70 crores. We have done an acquisition of total 30 crores. Around approximately 30 crores and 10 crores capex would be done in this unit for upliftment and modernization and automation of the plant. See, this acquisition was very necessary for us because we are one of the third largest private player in in the state of Kerala. And our volumes are increasing and our team is performing really well and pushing up the volumes and increasing the sale of our popular brand portfolio and a premium brand portfolio.<\/p>\n

So right now we were doing a bottling tie up at three different units. Okay. And there were certain operational challenges which these units were facing and due to which we were not able to increase our production and increase our sales. So that was a major reason of doing this acquisition. Because till now we were dependent on somebody. So we wanted to take the entire control. And we are planning to completely optimize the plant and increase the efficiency there. So one is that we will have a stable.<\/p>\n

We will have a stable supply of our own products. One and second will be centrally aligned. So this SDF industry is very strategically located in the central part of Kerala. So which is equidistant for across Kerala. And it is quite close to two, three major airports. So that is a strategic location. So it will benefit us in increasing our sales. It will benefit us in increasing our margin and will add a significant contribution. And with that this will be a significant low cost local player in the state of Kerala because the opportunity still persists.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, Got it. Thanks. Thanks sir. That’s all from my side. All the best.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Bhagwat with prosperity wealth management. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. My question is regarding the ethanol business. You mentioned about that volume should increase as the government has notified standards for 30% ethanol blending in petroleum. So are we also using ethanol production for our cacti consumption as well?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

I didn’t get you. Your question was not clear. Are we using the ethanol product?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. Are we using ethanol production for our captive consumption as well?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

No, no. We are not using the knowledge for a captive consumption. It is a standalone ethanol unit which we are selling it to oil marketing companies.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And other<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Than.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood. So my second question is regarding. If you could comment on the revenue guidance for current year and next year please.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

This. We have planned around 10% double digit growth. 10% plus revenue growth for next year 27. And from 2829 the growth will be increased after launching of single malt whiskey. And it would be around IMFL which is our main focus core area. Will give a 30% plus growth which is our key focus area.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Our main focus area and our driver would be our own IMFL proprietary brands. So which we expect to continue to grow at the around 25 to 30%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So this 25 to 30% growth we can expect from FY28 onwards.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

2077. 27.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

27.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Yes. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You mentioned about 10% so that I couldn’t understand. You could repeat.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Overall would be in double double digit 10% plus. But in IMFL business we have a 30% plus growth.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. So consider it level. It’s 10%.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And that would be for FY28 as well.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

No, the FY28 will be higher growth because of at that time the single malt whiskey will also come in the picture. Because after this single mal whiskey we have started maturing. And this the maturity will fall in 28. FY28 partially and for full year FY29. So growth will be higher in 28 and 29.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Approximately around 15, 20%. If you could confirm that.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Yes, around around 15%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And also margin will increase.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Yes, Volume may not be increased because it will be a high value item. So the value will increase by 15% around from 28 onwards.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And so considering that our EBITDA margin also increased from April 28 onwards as the premium product share will increase.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Yes, yes. And. But it will not increase substantially from 28 onwards. It will increase from 29 onwards. Because initial first years being a single mall product and a very high value product, there’ll be a good amount of marketing and distribution expenses which will be involved to create a brand. Because brand awareness and everything will have to do across the markets. So we are preparing ourselves for that. So for that we have taken steps ahead. And we are already present in today on 14 states.<\/p>\n

And we are increasing the sale in those states of our popular brand category. And slightly we are introducing and increasing the sales of a premium category. So that by the time our single mall comes in the market, we are already established in almost major part of the country.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so we can expect then around 15% of margin in FY27 and by 28 and that’s slight margin increase from FY29 onwards. Is that right? Understanding?<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Yes. Yes, absolutely.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Thank you so much for answering.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Karan Kamdar with choice institutional equities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello sir. Thank you for the opportunity, sir. So a couple of questions. One on Kultur. Can you help us with the status and where are we selling it? In which markets? What is the product like? What is the alcohol percentage like? And second, I was just hearing about single malt. Very exciting times. A little more update on the malt plant. How is the production like and are we. Are we planning to sell any malt directly or are you planning to only use it for our introduction?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Hi Ketan. So thank you for asking. I think these two important. These two are a very important question. And I think everybody is looking forward to these two products of ours. First of all, in terms with culture. So we have already launched, done a soft launch in the state of Madhya Pradesh. Okay. We have launched in five flavors and with the alcohol percentage of around about 8% with a MRP of Rupees 130 per can for 300ml can. Okay. We are launching over only in Cannes and it’s more vibrant in colors and more appealing.<\/p>\n

And it’s where the packaging done has got a very good response. In the initial phase of launch in the other states we have already applied for label registration and approvals. So we expect the label registration approvals to come in next one to one and a half months in the other states which we are present in. And we are also excited about this product to see how the response comes from the market. That is on terms of culture, the RTD which we have launched per se. Second, if you ask in terms of the mall plant.<\/p>\n

So as Mr. Inani has said that the mall plant, we’ve already. The plant is running really well. We are getting the full efficiency of the plant and we have already started maturing our malt in the barrels. And we’ve seen a very good result of maturation in these barrels. They are blending really well. They’re blending above our expectations. The first lot of malt will come in FY28. Okay. So then we will be launching our single malt in FY28 and then post that we will be launching a premium single malt also in towards the end of FY28 or first Q1 of FYI 29.<\/p>\n

Certain portion of the Malt. Yes, you rightly said certain portion of the mature Malt we will also be selling in the market and we will be using in our own products like basically in Central province in Hill. For right now we are buying Malt from outside and putting it. So we’ll be using in our own products also this Malt.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

This will save our cost of purchase of Malt. Also because our cost is lower than the purchase cost, this will save from H2 next year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it? That. That’s great to hear, sir. Well, what is the kind of peak revenue you would expect from culture over like next two, three years? Similar to peak revenue, how big of a product can this pick up? And can you sort of help me with competitor of this product? Maybe in some other states, not in Madhya Pradesh. Where would I place this product as in competition too? Or is it like a completely different product?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

See, to give a guidance on the revenue which will come from the culture at this present stage is very tough. Because see, we expect the RTD would be. Would be the next big thing in the Indian market as it’s. As it’s there in the western market. So RTD has picked up recently in the western markets and we expect the same culture to follow in here and there would be a spike in the consumption of rtd. That’s what we are targeting. One second is if you talk about who would be placed against the competition.<\/p>\n

So actually there are very fragmented players. There is no national player per se in RTD at present apart from Bakani. So Bakadi Means is one of the single largest leader in the country right now which controls almost 80 to 85% market share of the RTD. The advantage obviously it’s been gaining across the market as its presence in almost all the markets. So that’s what we are targeting, that we will try to target all the markets in which we are present. And that’s how if there’s a widespread wods.<\/p>\n

Good. Then you will see a greater attraction to come in. But one case, one case of RTD we have priced at around 1300 rupees EDP. That’s the existing price. That will be our realization.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, Sir. What about ethanol business? Are we expecting any kind of improvement in production or will it stay at these levels? I think there was a question asked but I sort of got drops. I didn’t hear that out. What is. What is our outlook on the ethanol business and why is the production falling there?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

The production has. Production has fallen because of the low government allocation in Terms of ethanol as ethanol production is surplus is more than the demand which is there. So right now there is only 20 blending in ethanol which is allowed. Petroleum which is it is allowed. Now because of geopolitical scenario and shortage of petroleum and increase in the crude price, government is aggressively looking at increase increasing the alcohol ethanol blending from 20% to either 25 or 22%. So if that comes in play, then definitely our ethanol production would also increase.<\/p>\n

And plus apart from that, we are also also exploring other options than oil marketing. Come then. Hbcl, bpcl. We are also looking at private oil manufacturing companies who selling ethanol to utilize the plant fully.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, sir. Great. Great. Sir, one last question. If I can squeeze in on the Kerala market, how do you see your market share evolving? I heard 1.5% I think at the start of the call. Can we bump it to 5% over a long term or a medium term?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

No. So 1.5% is the market share which we have gained last year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Yeah. Last year we closed at a market share of 7.3%<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And we<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Expect to gain the market share in Kerala market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And how, how high can we go before the saturation?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

See our target. See, Kerala is a very big market which is primarily dominated by the major players. So it’s a 2 million case monthly market. That’s the kind of market what we are looking at. So this year we have done around 1.6, 1.7 million cases. We are targeting to achieve 2 million cases this year annually. So the market is quite. There is potential. There is a lot of potential in the market. But there were certain reasons of manufacturing challenges as we are getting in manufactured at other places, certain SKUs which we were not able to provide at the right time.<\/p>\n

So with this acquisition, definitely we will be able to gain a higher market share in the years to come.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, sir. Congrats on that cheap acquisition. And that will be all for me. All the best. Thank you.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Pawan Kataria from Bullseye. Please go ahead. Pawan, please go ahead with your question.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Yeah, congratulations on the good set of numbers. So I had one thing is like because since we are looking for the premiumization journey, right. So however, the one area that appears<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Relatively under leverage<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Is the digital visibility.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

So particularly on the digital front, we are going for premiumization, right? But that area is appears<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Relatively accomplished. So do you see any plans on improving the brand building and the digital visibility of the brand?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

See, Pawan, the thing is that we are one is Primarily looking aggressively at increasing the sale of our entire portfolio and increasing the volume. So we have, we anticipate to increase our volume by almost IMFL volume by almost 25 to 30% on year, on year basis. In that would be a combination of popular and a premiumization brand. Yes. As you rightly pointed out, being from the liquor industry, we cannot do extensive advertising. So we’ll have to be present only through the Meta portfolio. Meta platforms.<\/p>\n

So all the products are available on the Meta. I have got an Insta profile and a Facebook profile. The CP portfolio has almost touched 60,000 followers. So we are seeing a greater traction. So we have cp, Hillfort, Nicobar and Titanium. So almost all our products are available on the digital platform. But yes, definitely we are seeking trans traction in the increase and the likability of our digital profiles of the products.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Okay. Because the thing is the visibility is if you see other brands like Imri or other brands like. So the visibility through the meta platforms. Right. Like Instagram and they are doing the affiliate marketing which influencers were having 1 million plus followers. Right. So following all those brands we don’t see someone promoting the brand in right way.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

I absolutely agree or agree your point Pawan. But the company is working towards that direction and creating a base for itself and making a base for itself. Because by around one, one and a half year we will have a product which will be, which will be in the price price point of Indri. So we’ll have to work towards it from now onwards. So we are working towards it.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Okay, that’s all. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Sumit Agrawal, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi Anshuman Tukshar. Congratulations on good set of numbers. I have two questions. One question is on if you could give some color on the number of cases sold for Nico Bar Hill Fort and Titanium Vodka. Month on month basis. If you can give some kind of color and estimate<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Sir, I can share the details with you. So on an overall basis if I talk about on the sale of Nicobar, so the sale of Nicobar in last entire financial year we’ve done around 2,000 cases and for Hilford we have done around somewhere around 4,000 cases across the market. Our still portfolio leader is Central Province Series. So which has done a substantial amount of sale. And the Southern Brandy portfolio which is Limont Brandy and others have bought a higher volume Nicobar and Airport is slightly on the premium category.<\/p>\n

So it will take time to reach to a substantial amount of volume.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, perfect. Because it’s good to see because I’m based out of Delhi. So I see report now in Delhi. So which is good. My next question was on the. You could give some color on the estimated timelines of Tequila launch and where it is where the ball is stuck right now.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

So Tequila would be launched in H1 27. To give you the exact status of Tequila, it’s shipped from Mexico. It got delayed because of this ship and ship freight crisis and everything. So it’s. It’s targeted to be launched in H1. This here.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right, perfect. Thanks a lot and best wishes.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Sunita, an individual investor. Please go ahead. Sunita, please go ahead with your question and kindly unmute your line in case if you’re on mute. Since there’s no response from the participant, we move to the next participant. That would be Piyush Jain, an individual investor. Please go ahead.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Yeah. Thank you for the opportunity. Yeah. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Yeah. Few questions on this. What I understood sir, from your opening remarks that you said the IMFL business will become a 50% of the overall business. Is that correct? By. By when<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Our target is that our MFL business should contribute to 50% of the top line excluding our ethanol revenue contribution. So this is our target in next three to five years.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

So okay. The 50% is fine. So currently this IMFL is around 177 crore for FY26. Correct? This number is correct.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So for<\/p>\n

Vinay Rawal<\/strong><\/p>\n

50 means. Means other business will grow. And this 177 will also grow a significant headroom from here. Because 50 of the overall liquor business difficult to get the number. So how we can see this 177 crore can become a. Let’s say 350, 400 crore or 500 crore number. Because today our overall top line we cross this year is thousand crore.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Hello.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Yeah. Sir, can you give any color on this?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Yeah, so I will just like. So this year it was 177crores which is. Which is grown by approximately 30%. 30.35percent as per last year. So if the growth is there at the similar pace which we are anticipating. So same as from 137 crores last year we moved to 17177 crores this year. So add one is that. That will add the 30% growth will add. Second is the number of states which we are entered into out out of that two of the major states are major contributors Right now even if two or three out of the 14 states which we have entered contribute to equal or half the volume of what MP and Kerala are doing then that number would be quite achievable.<\/p>\n

And apart from that, the premium products which we will be launching in next three to four years, which is tequila and single mall products and rtd. So these will also contribute substantially to the top line. And our focus is primarily on the entire business portfolio. Our main focus and company’s entire focus is on increasing the sale of its own IMFL proprietary brands.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Why? This IMFL license business has declined very sharply.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

IMFL license brand has declined very sharply. As we also said in our opening remarks that because of the ingroup business the patterns have changed from franchisee business is moved to jobberg manufacturing business. So that is the main reason of decline in IMFL franchisee portfolio.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Okay, now my second question is on sir ethanol because currently on segmental basis our ethanol business was a loss making. So what is our strategy here? Because around 250 to 260 crore of revenue whatever we did in this year in ethanol. So we haven’t generated any, any profit or cash flows yet. So what is the strategy here going forward?<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

It is. It is giving a 7% EBITDA on annual basis and in quarter Q4 20 FY26G it has given 10% EBITA. So it is not loss making. Yes. It is not a remunerative.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

No, no. On, on. On EBIT on EBIT basis your segmental representation which you have given on EBIT basis Q4 it is a 6 and a half crore loss and full year it is a 2 and half crore loss. So maybe on EBIT basis It might be making 7, 8% but EBIT basis the segmental result which we have published basis that this number is negative. That’s why I’m asking what is the strategy here? Because it is dragging overall our ROC and overall margin. Because even though we did good, good EBITDA margin during the quarter and year for the IMFL business and all our overall EBITDA margin still hover around 1314% only.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

So see the bar, the main objective here in running the ethanol business, the ethanol is not primarily a business. There was an opportunity which we entered and it’s giving us economies of scale. That’s why we entered into this. Unfortunately there has been an excess demand in the industry, excess supply in the industry. That’s why we did not get enough allocation in ethanol. That’s why you would see that the ethanol volume has also reduced. Like in FY25 we sold 3.4 crore liters in FY26 we sold 2.9 crore liters.<\/p>\n

Our strategy going forward is to run the plant efficiently and apart from OMCs also to give supply ethanol to other private players. And second is that do a right procurement in that. So that is the main strategy. And if the government increases the ethanol allocation then definitely the volumes will go up here.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Is there any, is there any fungibility between rather than ethanol if you can produce ENA and can use as a feedstock for our IMFL or single malt.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

No, it’s all standalone unit. But definitely we are looking at as you rightly said that we are also in future we are looking at three major things. One is volume growth. Second is EBITDA growth and the third is the ROE increase. And most of it would also be primarily would come from. From the sale of our own IMFL products which we are concentrating on.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Because why I am raising this point even though sir, our balance sheet is net debt free. Our margins are improving but because of ethanol business is not remunerative in current year or something somewhere or other. Our margin and ROC and everything is dragging because of that.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

So you cannot, you can just efficiently run the plant and say and do the maximum sales. That’s what you can do. And it’s not. Is a very. It’s a less time involving business. You just have to have the strategies right in place which we are doing aggressively doing. And we are also trying to increase our production in the ethanol business so that the more we sell we get the more economies of scale then we get a better margin. So that’s, that’s the only thing which we are concentrating.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Okay, and last question from my side with respect to this IMFL strategy. Can you just elaborate a little more when you are planning to launch and are you starting with this state wise, phase wise. Will you start with few states then you. Will you gradually increase the state and what type of pricing it will be there? It will be like a big premium or premium or high premium. How you will position the brand or product.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Which brand are you talking about in this<\/p>\n

Vinay Rawal<\/strong><\/p>\n

IMFL proprietary which which you are future launching.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

We are already present in around 12 to 14 states every state. The unfortunate thing is seen as is that every state has got different economies and different policies altogether. So we have to price accordingly at separate different states differently. So for example in Madhya Pradesh our maximum selling brand is Central Province Whiskey which is there in Maharashtra you’re not allowed to sell that brand because of the MML policy. In Karnataka it’s a totally different strategy. So we have. So that’s what we are, as Anshuman said it in opening remarks is that we are in process of being a future ready company.<\/p>\n

We are planning to have each and every product in our portfolio be it rum, whiskey, vodka, gin, rtd, tequila and at different price points. So after the launch of these entire product portfolio, we will be one of the companies in the country which will have the entire portfolio available to us. So as we are present in 14 states right now, so it becomes easier because if only one or two products you enter, it becomes difficult for you to crack in that particular state. Out of this 14 states, two or three products will click.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

I was asking a pricing and positioning of the single malt which you will be launching in future.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Okay. So pricing and positioning of single malt would depend on state to state. We are planning to. We are planning to do single mall malt in two price point category. Okay. One price point would be at a reasonable price point which will be affordable single malt and we will be looking at a higher volume on those. And second would be second would be on the premium category side. So these are the strategies which we are looking to launch. And apart from that, the positive thing which we have seen in Indian markets is that Indian market and across the world also the Indian single mall have gained a higher traction.<\/p>\n

Higher traction of single mall across the world. So last year’s data, if I give you In India, 53% of the single mall industry was of Indian made single malls. So that speaks to a lot about the quality which we are producing.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Okay. And by when we will be launching this single,<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

We’ll be launching a single Martin. H2 28.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

H228. Okay. The first single mode also will come in H228 means FY29. Correct?<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Yes. FY29. No, no, no, it’s FY28.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Okay. So means H227. Maybe half year of 27. FY28.<\/p>\n

Dilip Kumar Inani<\/strong><\/p>\n

Yes. Yes.<\/p>\n

Vinay Rawal<\/strong><\/p>\n

Okay. Thank you. Thank you sir. All the best.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Shweta Khanna, an individual investor. Please go ahead.<\/p>\n

Riddhi Shah<\/strong><\/p>\n

Hi. Thank you sir. Thank you for the opportunity. I just had one question regarding this category because a lot of players are entering in India with tequila. So what are our strategies? What are we deploying to enter this category and also build our market? Like what is the industry tank for this category? Our consumer moved more towards white spirit.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

See, this is a new category after gin which has been growing substantially and Seeing a great amount of traction in the market. And our strategy in this is that we would be the only Indian tequila. So we are calling for the authentic tequila from Mexico. That is the main reason why our process also got delayed. Because to call it tequila, you have to get yourself registered in Mexico. Your brand should be registered in Mexico tequila region per se. So that’s what we have done. And we will be launching at a very attractive price point.<\/p>\n

So it’ll be, It’ll be, it’ll be. We’ll be trying to disrupt the market with this product which we launch.<\/p>\n

Riddhi Shah<\/strong><\/p>\n

Okay, that’s it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Akia with ans Wealth. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Congratulations on a good set of numbers. I just wanted to ask, are we in more places in Maharashtra now? As of last time we were only in three places. So that’s my first question.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

So we are available right now only in primary three to four places in Maharashtra. So that is four places. That is Bombay, Thane, Pune and Nagpur region.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

We are trying to have a good foothold in these primary main regions because Maharashtra is a very expensive market. It’s a very capital intensive market for an entry player. And once you are. Once your product gets clicked in these particular markets, you’ll automatically see traction. Traction in the other markets as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, perfect. And I had a very small question in the RTD which we have. What is the underlying spirit per se?<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

The underlying spirit is primarily vodka. It’s vodka. And like we have a. We have a different flavor. So one flavor is Juniper triple Sec. In that underline is Jade. And the other products we have vodka right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Perfect. Yeah. These were my questions. Thank you, sir.<\/p>\n

Tushar Bhandari<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

A reminder to all participants, you may press Star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for the closing remarks.<\/p>\n

Anshuman Kedia<\/strong><\/p>\n

I would like to thank everyone for taking the time to join us on today’s conference call. Should you have any further queries, please free to get in touch with our investor relations advisors, Go India Advisors. Thank you once again for your continued support and participation.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. Ladies and gentlemen, on behalf of Go India Advisors, that concludes this conference call, thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Associated Alcohols & Breweries Limited (NSE: ASALCBR) Q4 2026 Earnings Call dated May. 20, 2026 Corporate Participants: Anshuman Kedia \u2014 Whole-Time Director & Chief Executive Officer Tushar Bhandari \u2014 Whole-Time Director Dilip Kumar Inani \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":147280,"url":"https:\/\/alphastreet.com\/india\/earnings-associated-alcohols-total-income-rises-23-yoy\/","url_meta":{"origin":183576,"position":0},"title":"Earnings | Associated Alcohols & Breweries Ltd (NSE: ASALCBR): Q4FY23 Results Out; Total Income rises 23% YoY.","author":"Divyansh_Kasana","date":"May 25, 2023","format":false,"excerpt":"Associated Alcohols & Breweries Ltd is primarily engaged in the manufacturing and trading of various alcoholic beverages. The company's product portfolio includes Extra Neutral Alcohol (ENA), Indian Made Indian Liquor (Country Liquor), Indian Made Foreign Liquor (IMFL), and hand sanitizer. 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Financial Results: Associated Alcohols & Breweries Ltd reported Revenues for Q1FY24 of \u20b9156.00 Crores down from \u20b9184.00 Crore year on year, a fall\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-611.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-611.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-611.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-611.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-611.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-611.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":183576,"position":2},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":145577,"url":"https:\/\/alphastreet.com\/india\/associated-alcohols-breweries-limited-asalcbr-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":183576,"position":3},"title":"Associated Alcohols & Breweries Limited (ASALCBR) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 10, 2023","format":false,"excerpt":"Associated Alcohols & Breweries Limited (NSE:ASALCBR) Q4 FY23 Earnings Concall dated May. 09, 2023. 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