Associated Alcohols & Breweries Limited (ASALCBR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-203.3%

-₹579.20

vs ₹560.75 price

Levered DCF

-₹1,285.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

Safe zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.04×	30.72×	17.78×	14.04×	14.06×	13.12×	5.79×	16.03×
P/B	1.79×	4.81×	2.13×	1.61×	2.73×	3.02×	1.46×	3.25×
P/S	1.22×	2.32×	1.18×	0.83×	1.67×	1.75×	0.55×	1.22×
EV / EBITDA	8.67×	19.58×	11.56×	9.58×	8.92×	8.23×	3.68×	8.28×
Gross margin	27.5%	32.2%	33.1%	46.7%	21.4%	27.2%	38.8%	39.1%
Operating margin	11.6%	10.3%	8.4%	7.3%	13.3%	17.7%	12.7%	12.3%
Net margin	8.7%	7.6%	6.7%	5.9%	11.9%	13.3%	9.4%	7.6%
Current ratio	2.58×	1.68×	1.75×	2.48×	2.44×	2.95×	2.24×	1.47×
Debt / equity	0.1×	0.2×	0.26×	0.28×	0.02×	0.04×	0.06×	0.19×
Interest coverage	19.03×	19.48×	17.39×	35.97×	90.81×	71.78×	31.98×	21.91×
Dividend yield	0.3%	0.1%	0.2%	0.3%	0.2%	0.2%	0.8%	0.4%
Payout ratio	4.1%	4.4%	3.6%	4.4%	3.0%	3.1%	4.4%	5.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.7%	15.6%	12.0%	11.4%	19.4%	23.0%	25.3%	20.3%
Return on invested capital	11.2%	12.9%	8.8%	8.2%	15.8%	21.1%	24.1%	16.7%
Return on assets	10.3%	11.3%	8.2%	7.7%	15.2%	17.6%	18.0%	12.4%
Free cash flow yield	-0.8%	-0.5%	-8.4%	-14.8%	4.6%	7.1%	14.3%	-1.9%
Earnings yield	7.1%	3.3%	5.6%	7.1%	7.1%	7.6%	17.3%	6.2%
Enterprise value	₹12.9B	₹25.9B	₹10B	₹6.8B	₹8.6B	₹7.7B	₹2.9B	₹5.1B
Net debt / EBITDA	0.33×	0.65×	1.14×	1.39×	0.04×	0.11×	0.11×	0.43×
Cash conversion cycle (days)	75	71	72	84	44	88	67	81