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Associated Alcohols & Breweries Ltd. (ASALCBR) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹17.3B

AA Associated Alcohols & Breweries Ltd. ASALCBR · NSE
Price₹726.45
Fair Value₹900.64
Upside+24.0%
Quality41/100
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Strengths

Trades 24% below our fair value of ₹900.64
Ranks above peers (8/13)

Risks

!Expensive Growth
!Thin margins · 8.7% net margin
!Low debt · negative free cash flow
!Moderate moat 53/100
Expensive Growth
Thin margins · 8.7% net margin
Low debt · negative free cash flow
0.24% dividend yield
Ranks above peers (8/13)
Moderate moat 53/100
Evidence: High Range ₹669.30 – ₹1,132 Share as image

Fair value as of: Aug 21, 2026

From 17 valuation models · updated yesterday

Share price −7.4% over the past month.

Below-average quality, screening 24% undervalued on our models.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • Our model range runs from ₹669.30 (bear) to ₹1,132 (bull), base ₹900.64. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 41/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

₹1,454 ₹315.84 Fair Value ₹900.64 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range ₹315.84 – ₹1,454 · fair‑value band ₹669.30 – ₹1,132 · the ₹726.45 price screens below the ₹900.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Associated Alcohols & Breweries Ltd. (ASALCBR) currently trades at ₹726.45, while our model-based Fair Value estimate is ₹900.64, implying the stock looks roughly 24.0% undervalued today. The Quality Score stands at 41/100 (below-average quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Associated Alcohols & Breweries Ltd. generated revenue of ₹10.2B at a net margin of 8.7%. Revenue declined 1.6% year over year. It earns a return on equity of 14.6%. Net debt stands at ₹496M. Fundamentals as of Aug 21, 2026

Our scenario range runs from ₹669.30 (bear case) to ₹1,132 (bull case); at ₹726.45, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 24%, ASALCBR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹325.79 ₹407.85 ₹1,101 76
ROIC Compounder ₹477.42 ₹694.58 ₹893.55 72
Gordon GGM ₹16.53 ₹34.38 ₹54.54 70
All 17 models by family
DCF Models
Owner Earnings ₹402.68 ₹819.63 ₹1,624 31
Earnings-Based
Graham-Dodd ₹299.56 ₹1,765 ₹2,458 54
Lynch FV ₹500.79 ₹715.42 ₹930.04 50
PEG = 1.0 ₹500.79 ₹715.42 ₹930.04 46
EPV ₹425.19 ₹495.25 ₹556.56 59
Dividend Discount
Gordon GGM ₹16.53 ₹34.38 ₹54.54 70
DDM Multi-Stage ₹16.53 ₹28.99 ₹36.08 61
Multiples
P/E Multiple ₹693.83 ₹925.11 ₹1,156 63
P/S Multiple ₹561.67 ₹748.90 ₹936.12 58
P/B Multiple ₹561.67 ₹748.90 ₹936.12 55
EV/EBIT ₹756.93 ₹1,008 ₹1,258 53
EV/EBITDA ₹698.83 ₹930.17 ₹1,162 54
EV/Revenue ₹537.90 ₹766.36 ₹994.82 43
Asset-Based
NCAV (Graham) ₹172.97 ₹231.78 ₹345.94 50
Economic Profit
Residual Income ₹325.79 ₹407.85 ₹1,101 76
ROIC Compounder ₹477.42 ₹694.58 ₹893.55 72
Growth Earnings
Growth-Adj P/E ₹733.78 ₹1,048 ₹1,363 68

Widest divergence: Growth Earnings (₹1,048) versus Dividend Discount (₹28.99). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹10.2B
Revenue growth (YoY) -1.6%
Net margin 8.7%
Return on equity 14.6%
Free cash flow −₹97.6M FY2026
P/E ratio 15.8
More key figures
Operating margin 14.1%
EPS (TTM) ₹45.93
Dividend yield 0.2%
EPS growth (YoY) +4.9%
Net debt ₹496M FY2026

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 43 · Market factors (momentum, volatility) 31

Profitability 62
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 38
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Associated Alcohols & Breweries Limited engages in liquor manufacturing, distillation, and bottling activities in India and internationally. It operates through two segments, Potable Alcohols and Ethanol. The company offers extra neutral alcohol, as well as Indian Made Indian Liquor and Indian Made Foreign Liquor.

Full company description

Associated Alcohols & Breweries Limited engages in liquor manufacturing, distillation, and bottling activities in India and internationally. It operates through two segments, Potable Alcohols and Ethanol. The company offers extra neutral alcohol, as well as Indian Made Indian Liquor and Indian Made Foreign Liquor. It also provides beer, spirits, wine, whiskey, vodka, rum, gin, tequila, and brandy, as well as grain-based ethanol. The company's brands include Central Province Whisky, Titanium Triple Distilled Vodka, Bombay Special Whisky, Desi Madira Masala, Superman Fine Whisky, James Mc Gill Whisky, and Jamaican Magic Rum; various franchise brands, such as Black and White Scotch Whiskey, Black Dog, Captain Morgan, Smirnoff, and VAT 69; and licensed brands, including Bagpiper Whisky, Blue Rigand Gin, Director Special, MC Dowell No. 1, and White Mischief Vodka. It serves household and commercial customers. The company was incorporated in 1989 and is based in Indore, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Associated Alcohols & Breweries Ltd. reported revenue of ₹10.2B in FY2026 versus ₹5.1B in FY2022, a compound +18.7%/yr. Reported net income was ₹885M in FY2026, compounding +9.8%/yr from FY2022.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹10.2B
Latest YoY
−5.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.5%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.2%
Revenue +18.7%/yr
FY22 ₹5.1B
FY23 ₹7.0B
FY24 ₹7.6B
FY25 ₹10.8B
FY26 ₹10.2B
Net income +9.8%/yr
FY22 ₹608M
FY23 ₹416M
FY24 ₹506M
FY25 ₹814M
FY26 ₹885M
Character of growth · EPS growth decomposed (2015-2026) +19.3 % p.a.
Revenue per share +13.7 pp

of which total revenue +14.0 pp · buybacks/dilution −0.3 pp

EBIT margin +3.3 pp
Tax rate +1.8 pp
Residual (interest, one-offs) +0.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Associated Alcohols & Breweries Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/ASALCBR

Peer Group

Beverages - Wineries & Distilleries · 98 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 41 · Bottom 25%
Fair Value upside +24% · Above median
Return on equity (TTM) 15% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 14% · Above median
Revenue growth -2% · Above median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper

P/E (TTM) 15.8× · Cheaper than median
P/B 2.49× · Pricier than 75% of peers
P/S (TTM) 1.69× · Pricier than median
EV/EBITDA 12.0× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE65 · sector 24
FUTURE0 · sector 0
PAST58 · sector 17
HEALTH99 · sector 96
DIVIDEND6 · sector 62

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

Similar stocks

10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
Kweichow Moutai Co 600519 ¥1,343 ¥1,238 -8%
Diageo plc DEO $93.96 $73.29 -22%
Wuliangye Yibin Co 000858 ¥71.89 ¥48.44 -33%
Shanxi Xinghuacun Fen Wine Factory Co 600809 ¥122.32 ¥185.80 +52%
Pernod Ricard SA RI €68.18 €76.13 +12%
Luzhou Laojiao Co 000568 ¥84.50 ¥149.17 +77%
Brown-Forman Corporation BFA $28.40 $27.69 -3%
United Spirits Limited UNITDSPR ₹1,515 ₹381.12 -75%
Jiangsu Yanghe Distillery Co 002304 ¥41.62 ¥27.82 -33%
Anhui Gujing Distillery Co 000596 ¥99.18 ¥182.41 +84%

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Frequently asked questions

Is Associated Alcohols & Breweries Ltd. (ASALCBR) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of ₹900.64 versus a price of ₹726.45, about +24% (undervalued).
What is the fair value of ASALCBR?
Our model-based fair value for Associated Alcohols & Breweries Ltd. is ₹900.64 (as of Aug 21, 2026), built from audited fundamentals. The current price: ₹726.45.
What is the quality score of ASALCBR?
Associated Alcohols & Breweries Ltd. has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Associated Alcohols & Breweries Ltd. (ASALCBR)?
Associated Alcohols & Breweries Ltd. reported trailing-twelve-month revenue of about ₹10.2B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of ASALCBR?
The net profit margin of Associated Alcohols & Breweries Ltd. is about 8.7%, meaning it keeps roughly 8.7% of revenue as net income. Based on the latest reported figures.
Does Associated Alcohols & Breweries Ltd. pay a dividend?
Associated Alcohols & Breweries Ltd. currently shows a dividend yield of about 0.24% relative to its recent price (as of Aug 21, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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