Alcokraft Distilleries Limited (formerly known as **Aurangabad Distillery Limited**) is a leading Indian manufacturer of high-purity non-potable alcohol and value-added agricultural by-products. Headquartered in Maharashtra, the company operates a sophisticated **40-acre** integrated facility in **Walchandnagar**. By leveraging a circular economy model, the company converts sugarcane molasses into industrial spirits, green energy, and organic fertilizers, positioning itself as a key beneficiary of India’s renewable energy and pharmaceutical growth. --- ### **Strategic Rebranding and Corporate Evolution** The company is currently undergoing a significant structural transformation to align with its diversified business interests. * **Name Change:** Effective **November 18, 2025**, the company rebranded from Aurangabad Distillery Limited to **Alcokraft Distilleries Limited** to reflect a broader mandate beyond traditional distilling. * **Subsidiary Expansion:** In **December 2025**, the company incorporated **Alcomaster Beverages Private Limited** as a **Wholly Owned Subsidiary (WOS)** to spearhead new business verticals. * **Capital Restructuring:** To rationalize its capital base following strong earnings, the company executed a **1:4 bonus issue** (Record Date: **Oct 14, 2024**). This increased the paid-up equity share capital from **₹8.20 Crore** to **₹10.205 Crore**. * **Authorized Capital:** The Board increased the Authorized Share Capital to **₹11 Crore** to support future expansion and inorganic growth. --- ### **Core Business Segments & Product Portfolio** Alcokraft operates through two primary divisions, utilizing advanced fermentation and distillation technologies to serve the pharmaceutical, cosmetic, and chemical industries. #### **1. Distillery Division (Primary Revenue Driver)** | Product | Concentration | Key Applications | | :--- | :--- | :--- | | **Rectified Spirit** | **95%** | Pharma formulations, industrial solvents, and liquor base. | | **Extra Neutral Alcohol (ENA)** | High Purity | Cosmetics, perfumes, and premium aromatic carriers. | | **Anhydrous Alcohol (Ethanol)** | **99.7%** | **20% Ethanol Blending Program (EBP)** and lab reagents. | | **Special Denatured Spirit (SDS)** | Denatured | Industrial cleaning, chemical solvents, and pest control. | #### **2. Potash & Agri-Products Division** This segment focuses on "waste-to-value" by processing distillery effluent (spent wash). * **Potash Fertilizer:** Derived from treated effluent to improve crop yields and disease resistance. * **Bio Potash:** An organic variant designed for sustainable soil health. * **De-potash Vinasse (DPV):** Used as a high-value additive for **animal feed** (ruminants, rabbits, sheep) and as a nutrient-rich soil amendment. --- ### **Operational Infrastructure & Capacity** The Walchandnagar facility is a state-of-the-art hub designed for high efficiency and environmental compliance. | Feature | Specification | | :--- | :--- | | **Total Distillery Capacity** | **2.7 Crore Liters per annum** | | **Primary Feedstock** | **Sugarcane Molasses** | | **Power Infrastructure** | **1 MW Turbine** + **1 MW Solar Power Plant** (Installed **2023**) | | **Waste Management** | **Zero Liquid Discharge (ZLD)** via Bio-Digesters & RO Plants | | **Key Technology** | Mechanical Vapor Recompression (MVR) & Auto Horizontal Filter Press | --- ### **Financial Performance & Growth Metrics** The company has demonstrated robust profitability and a strengthening balance sheet. | Metric (INR Crore) | FY 2023-24 | FY 2022-23 | Growth (%) | | :--- | :--- | :--- | :--- | | **Revenue** | **130.70** | **118.72** | **10.1%** | | **Profit After Tax (PAT)** | **20.93** | **16.76** | **24.82%** | | **Net Profit Ratio** | **16.01%** | **14.12%** | **+189 bps** | | **Free Reserves & Surplus** | **73.70** | - | - | * **Debt Profile:** The company reduced its Term Loan from **₹15.85 Crore** to **₹10.37 Crore** in FY24. It maintains a **₹50.22 Crore** working capital facility with **HDFC Bank**. * **Incentives:** Received a **₹1.29 Crore** subsidy under the **Maharashtra State Package Incentive Scheme (PSI 2013)**. --- ### **Future Growth Catalysts & Diversification Strategy** Alcokraft is pivoting toward green energy and backward integration to protect margins. * **Compressed Bio-Gas (CBG):** Plans to install a **10 tons per day** CBG plant by **April 2026**. * **Inorganic Growth:** The company is actively evaluating **strategic acquisitions** in the **sugar industry** to secure raw material supply and mitigate molasses price volatility. * **Ethanol Blending:** Positioned to capitalize on the Indian government's mandate to reach **20% ethanol blending** in petrol. * **Consumer Strategy:** Shifting toward an **omnichannel model**, utilizing data insights to build direct brand experiences in the alcobev sector. --- ### **Risk Factors & Mitigation** Investors should note the following regulatory and operational challenges: * **Feedstock Volatility:** Government caps on **B-heavy molasses** and ethanol from sugarcane juice have led to "panic buying" and price spikes. Alcokraft is mitigating this through direct sugar industry investments. * **Legal Contingencies:** The company is contesting a **State Excise Duty** claim of **₹143.51 Crore** (currently under temporary stay) and an **M-VAT** liability of **₹17.82 Crore** (pending in High Court). * **Regulatory Compliance:** The company recently addressed a **three-month delay** in appointing a Compliance Officer and is upgrading its accounting software to meet **Audit Trail** requirements under the Companies Rules, 2014. * **Environmental Dependence:** Sugarcane availability is highly sensitive to monsoon patterns; deficient rainfall can impact production volumes.