Associated Alcohols targets Rs 553 crore IMFL revenue by FY30

Associated Alcohols has guided proprietary Indian-made foreign liquor, or IMFL (P), revenue to Rs 553 crore in FY30, more than three times Rs 177 crore in FY26. AABL also says it aims to maintain IMFL earnings before interest, tax, depreciation and amortisation, or EBITDA, margin of 15-17% while expanding markets and advertising and promotion spending.

What is AABL's FY30 proprietary-IMFL revenue target?

AABL's FY30 guidance is Rs 553 crore of IMFL (P) revenue, against Rs 177 crore in FY26 and Rs 137.6 crore in FY25. The target is Rs 376 crore above the FY26 base and is more than three times that year's reported proprietary-IMFL revenue.

The presentation charts a rise from Rs 62.5 crore in FY21 to Rs 177 crore in FY26 before the FY30 guidance of Rs 553 crore. It shows IMFL EBITDA margin at 25% in FY21, 17% in FY25 and 18% in FY26, while management's FY30 range is 15-17%.

AABL displays 22% and 30% compound annual growth rate, or CAGR, figures alongside the revenue progression and FY30 guidance. Management identifies an integrated manufacturing facility, a wider geographic footprint and a broader product portfolio as the three levers behind the plan.

How is AABL's proprietary-IMFL business growing now?

AABL reported Rs 57.7 crore of IMFL (P) revenue in Q2FY27, up 39% year on year from Rs 41.4 crore in Q2FY26. Volume rose 28% to 732,000 cases from 573,000 cases in the same quarter a year earlier.

The Q2FY27 result was lower sequentially than Q1FY27, when AABL reported Rs 65.2 crore of revenue and 792,000 cases. However, Q2FY27 revenue and volume remained above Q4FY26, which recorded Rs 50.3 crore and 660,000 cases respectively.

Central Province, which includes whisky, vodka and rum, recorded 56% volume growth in Q2FY27, according to AABL. Kultur, AABL's ready-to-drink, or RTD, brand, launched in June 2026 with five flavours and has entered Maharashtra and Rajasthan after its initial Madhya Pradesh launch.

What profitability is AABL targeting during expansion?

AABL is targeting a 15-17% IMFL EBITDA margin while increasing market presence and advertising and promotion, or A&P, spending. That range is below the 18% reported in FY26 and includes the 15% margin reported for H1 FY27.

IMFL (P) represented 37% of alcohol EBITDA contribution in H1 FY27, compared with 25% in FY26 and 21% in FY25. The presentation states that the contribution calculation excludes ethanol, so these figures describe the alcohol-segment EBITDA mix on that basis.

The mix changed in other alcohol segments as well: IMFL (L) fell from 32% of alcohol EBITDA contribution in FY25 to 18% in FY26 and 5% in H1 FY27, while Indian-made Indian liquor, or IMIL, rose from 30% to 35% and then 36%. Alcohol return on capital employed, or ROCE, was 30% in FY25, 31% in FY26 and 20% on an annualised FY27 basis.

Which actions are intended to support AABL's FY30 plan?

AABL's stated actions are integrated manufacturing, geographic expansion and portfolio widening. Its shown supply footprint includes a manufacturing unit in Barwaha, bottling plants in Rewa and Keralam, and third-party bottling plants in Goa and Chhattisgarh.

AABL lists current presence in 14 markets or territories, including Madhya Pradesh, Keralam, Delhi, Maharashtra, Goa, Rajasthan and Odisha. It plans to enter Karnataka and Andhra Pradesh by the end of FY27, while Kultur RTD registrations are under way in four more states.

Central Province is a specific volume objective within the portfolio strategy: AABL launched its rum and whisky in November 2023 and vodka in May 2025. The company is targeting one million cases for the Central Province series during 2027 to 2030.

How concentrated is AABL's current IMFL revenue base?

AABL says Madhya Pradesh and Keralam contribute 80% of IMFL revenue. The company offers 13 proprietary brands in Madhya Pradesh and six brands in Keralam, where it says the brandy portfolio has gained traction.

Keralam illustrates AABL's stated state-market scaling plan. AABL entered the state in 2018, sold one million cases in FY23 and reported 1.5% market share in FY26; its disclosed target is two million cases in FY27.

Beyond its core markets, AABL says it is introducing popular-and-above products in other states and scaling value products where it has an established presence. It cites encouraging traction in Chhattisgarh and Delhi, while third-party bottling tie-ups in Goa and Jharkhand are intended to provide on-ground supply.

Conclusion

AABL's Rs 553 crore FY30 IMFL (P) revenue guidance sets a substantially larger target than its Rs 177 crore FY26 base, while retaining a 15-17% EBITDA-margin objective. Q2FY27 supports continued year-on-year growth, with revenue up 39% and volume up 28%, although both measures declined from Q1FY27.

The next disclosed milestones are planned entry into Karnataka and Andhra Pradesh by the end of FY27, Kultur registrations in four more states and the FY27 Keralam target of two million cases. Progress against these steps, together with Central Province's one-million-case objective for 2027 to 2030, will indicate execution of the geographic and portfolio plan.