Tilaknagar Industries Limited (TI)
₹551.50 +0.48% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tilaknagar Industries' revenue was ₹1,046 Cr (+155.8% year on year, +10.2% on the previous quarter), and net profit ₹31.6 Cr (-64.3% year on year); the operating margin was 16.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,046 | +155.8% | +10.2% |
| Operating profit | ₹169 | +78.8% | +9.0% |
| Net profit | ₹31.6 | -64.3% | from loss |
| EPS (₹) | 1.28 | -72.0% | from loss |
| Operating margin | 16.1% | — | — |
TI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 57.19% of the TI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.91%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 41.9% · 41.1% · 46.1% · 59.3% · 57.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tilaknagar Industries has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Bigshare Services Pvt. Ltd. on October 10, 2026, confirms that securities received for dematerialization were processed, mutilated, and cancelled within 15 days. The filing is standard procedural reporting with no operational or financial impact on the business.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018.
- Covers the quarter ended September 30, 2026.
- RTA Bigshare Services confirmed dematerialized securities were processed and cancelled within 15 days of receipt.
- RTA certificate dated October 10, 2026 and filed on October 15, 2026.
Tilaknagar Industries has announced the resignation of Chief Financial Officer Rajesh Choudhary effective close of business hours on October 08, 2026, to pursue external career opportunities. He will continue to remain employed with the company, while the Nomination and Remuneration Committee works to recommend a permanent successor. Meanwhile, Mr. Anil Singal, Deputy CFO with over 27 years of industry experience, has been elevated to Senior Management Personnel to oversee the Finance and Accounts function starting October 09, 2026. This leadership change occurs as the company manages a ₹2,300 Cr debt profile and plans for the Imperial Blue brand integration.
- CFO Rajesh Choudhary resigned effective close of business hours on October 08, 2026
- Choudhary remains in employment with the company during the transition
- Deputy CFO Anil Singal elevated to oversee Finance & Accounts starting October 09, 2026
- Singal brings over 27 years of Alco-Bev experience including previous CFO experience at Jagatjit Industries
Tilaknagar Industries has announced the resignation of Chief Financial Officer Rajesh Choudhary effective close of business hours on October 08, 2026, to pursue external career opportunities. He will continue to remain employed with the company, while the Nomination and Remuneration Committee works to recommend a permanent successor. Meanwhile, Mr. Anil Singal, Deputy CFO with over 27 years of industry experience, has been elevated to Senior Management Personnel to oversee the Finance and Accounts function starting October 09, 2026. This leadership change occurs as the company manages a ₹2,300 Cr debt profile and plans for the Imperial Blue brand integration.
- CFO Rajesh Choudhary resigned effective close of business hours on October 08, 2026
- Choudhary remains in employment with the company during the transition
- Deputy CFO Anil Singal elevated to oversee Finance & Accounts starting October 09, 2026
- Singal brings over 27 years of Alco-Bev experience including previous CFO experience at Jagatjit Industries
Tilaknagar Industries has announced the resignation of Chief Financial Officer Rajesh Choudhary effective close of business hours on October 08, 2026, to pursue external career opportunities. He will continue to remain employed with the company, while the Nomination and Remuneration Committee works to recommend a permanent successor. Meanwhile, Mr. Anil Singal, Deputy CFO with over 27 years of industry experience, has been elevated to Senior Management Personnel to oversee the Finance and Accounts function starting October 09, 2026. This leadership change occurs as the company manages a ₹2,300 Cr debt profile and plans for the Imperial Blue brand integration.
- CFO Rajesh Choudhary resigned effective close of business hours on October 08, 2026
- Choudhary remains in employment with the company during the transition
- Deputy CFO Anil Singal elevated to oversee Finance & Accounts starting October 09, 2026
- Singal brings over 27 years of Alco-Bev experience including previous CFO experience at Jagatjit Industries
Tilaknagar Industries submitted voting results from its 91st AGM held on September 22, 2026, where all 9 resolutions passed with requisite majority. Approved items include the declaration of a final dividend of Re 1 per share (10%) for FY26 and adoption of FY26 financial statements. Shareholders also confirmed the re-appointment and remuneration of Chairman and Managing Director Amit Dahanukar and Whole-Time Director C. R. Ramesh.
- All 9 resolutions passed at the 91st AGM held on September 22, 2026
- Final dividend of Re 1 per equity share (10%) approved with 99.81% votes in favor
- Re-appointment and remuneration of Chairman & MD Amit Dahanukar approved with 96.9983% votes in favor
- Overall voting participation recorded at 61.78% of total outstanding shares (15.29 Cr votes polled out of 24.75 Cr shares)
Tilaknagar Industries Limited has intimated that its management will participate in the Anand Rathi Annual Flagship Conference G-200 Summit 2026 on September 21, 2026, at Taj Santacruz, Mumbai. The interaction will involve one-to-one and group meetings with analysts and investors. The company stated that no Unpublished Price Sensitive Information (UPSI) will be discussed, referencing its existing investor presentation dated July 27, 2026. This announcement is an administrative disclosure in compliance with SEBI LODR Regulation 30.
- Management interaction scheduled for September 21, 2026
- Participation in Anand Rathi Annual Flagship Conference G-200 Summit 2026
- Meeting format includes one-to-one and group meetings at Taj Santacruz, Mumbai
- Latest investor presentation referenced is dated July 27, 2026
Tilaknagar Industries has completed the first tranche of its investment in Black Tiger Distilleries Private Limited (BTD) for Rs 5,99,99,957.36 (approx. Rs 6 crore). Following this tranche, Tilaknagar holds approximately 12.5% of the paid-up share capital of BTD on a fully diluted basis via 14,628 CCPS and 100 equity shares. The overall agreement envisions an aggregate investment of Rs 22 crore across two tranches to acquire a 30.0% fully diluted stake. Relative to Tilaknagar's TTM revenue of Rs 4,364 crore and market cap of Rs 14,421 crore, the total deal size represents less than 0.5% of revenue, making it a modest strategic investment.
- First tranche completed for Rs 5,99,99,957.36 (Rs 6.00 crore).
- Acquired 14,628 CCPS and 100 equity shares, representing ~12.5% fully diluted stake in Black Tiger Distilleries.
- Total agreed investment is Rs 22,00,00,000 for a 30.0% stake on a fully diluted basis across two tranches.
- Agreement originally approved by Board Finance Committee on September 02, 2026.
Tilaknagar Industries has approved the allotment of 4,24,025 equity shares of face value Rs 10 each following the exercise of options under employee ESOP schemes. This allotment increases the company's total issued shares from 24,74,73,875 to 24,78,97,900. Total paid-up equity share capital increases slightly to Rs 247.90 crore from Rs 247.47 crore. The dilution accounts for approximately 0.17% of the existing equity share capital.
- Allotment of 4,24,025 equity shares of face value Rs 10 each under ESOP schemes
- Paid-up equity share capital increases from Rs 2,47,47,38,750 to Rs 2,47,89,79,000
- Total outstanding equity shares rise from 24,74,73,875 to 24,78,97,900
- Dilution represents approximately 0.17% of total pre-issue share base
Tilaknagar Industries Limited has submitted an update correcting a clerical error in its September 02, 2026 disclosure regarding an investment in Black Tiger Distilleries Private Limited. The filing clarifies that Black Tiger Distilleries had a negative net worth of INR 20,82,563.66 (negative ~Rs 20.83 lakh) for the financial year ended March 31, 2026. The company confirmed that all other details in the original intimation remain unchanged.
- Clarifies clerical error in target entity details from the September 02, 2026 filing
- Target Black Tiger Distilleries' net worth as of March 31, 2026 corrected to negative INR 20,82,563.66
- No other terms or disclosures from the original investment intimation have changed
Tilaknagar Industries Ltd. has announced a strategic investment of ₹22 crore to acquire a 30% fully diluted equity stake in Black Tiger Distilleries, the maker of 100% Blue Weber Agave tequila brand Bodega Suprema No. 5. The transaction will be executed in two tranches: ₹6 crore initially and ₹16 crore within 12 months. The acquisition gives TI entry into the high-growth craft tequila segment, which grew at a 60% CAGR in India between 2020 and 2025. While financially small relative to TI's ₹4,364 crore TTM revenue (~0.5%), it fits the company's broader premiumisation strategy.
- Strategic investment of ₹22 crore to acquire a 30% stake on a fully diluted basis in Black Tiger Distilleries
- Tranche-wise deployment: ₹6 crore in tranche 1, followed by ₹16 crore on or before 12 months
- Bodega Suprema No. 5 targets accessible luxury with retail price of ₹4,200 to ₹5,500 per bottle
- According to IWSR, Indian tequila volumes grew at ~60% CAGR (2020-2025) and are forecast to grow at 13% CAGR through 2030
Tilaknagar Industries has approved an investment of ₹22.00 Cr to acquire a 30.0% stake on a fully diluted basis in Black Tiger Distilleries Private Limited (BTD). The transaction is structured in two cash tranches: Tranche 1 of ₹6.00 Cr for a 12.5% stake by October 31, 2026, and Tranche 2 of ₹16.00 Cr to reach 30.0% by October 31, 2027. BTD is an early-stage company incorporated in January 2025 operating in the tequila and agave spirits segment (brand 'Bodega Suprema No. 5') with nil revenue in FY26. This acquisition represents a strategic entry into the fast-growing premium agave spirits category, though the financial outlay is modest relative to TIL's ₹4,364 Cr TTM revenue.
- Total investment of ₹22.00 Cr for a 30.0% fully diluted equity stake in Black Tiger Distilleries (BTD).
- Tranche 1 investment of ₹5,99,99,957.36 for a 12.5% stake scheduled for completion on or before October 31, 2026.
- Tranche 2 investment of ₹15,99,99,854.55 to reach 30.0% stake scheduled on or before October 31, 2027.
- BTD is an early-stage spirit maker incorporated on January 25, 2025, reporting Nil revenue for FY25-26 and a net worth of ₹20.83 Lakhs.
- TIL secures rights to appoint up to 2 non-executive Directors and 1 non-voting Observer, along with affirmative voting rights on reserved matters.
Tilaknagar Industries has fixed September 15, 2026 as the record date for determining shareholder eligibility for dividend. The company's 91st Annual General Meeting (AGM) will be conducted virtually on September 22, 2026. In its accompanying FY26 Annual Report, the company highlighted that net revenue from operations rose 69.9% to ₹2,346 crore, supported by reaching ~20 million cases volume following the integration of the Imperial Blue acquisition.
- Record date for dividend entitlement fixed as September 15, 2026
- 91st Annual General Meeting scheduled for September 22, 2026, at 10:30 AM IST via VC/OAVM
- Company reported volume milestone of ~20 million cases in FY26
- FY26 net revenue from operations rose 69.9% to ₹2,346 crore from ₹1,381 crore
Tilaknagar Industries has issued a formal communication under Regulation 36 of SEBI LODR to shareholders who do not have registered email addresses. The letter provides weblink and QR code access to the Notice of the 91st Annual General Meeting (AGM) and the Annual Report for FY 2025-26. The 91st AGM is scheduled to take place on Tuesday, September 22, 2026, at 10:30 AM IST via Video Conferencing.
- 91st Annual General Meeting scheduled for Tuesday, September 22, 2026, at 10:30 a.m. IST
- AGM Notice originally dated July 27, 2026
- Meeting to be conducted virtually through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- Communication issued under Regulation 36(1)(b) of SEBI LODR to provide web access details for FY25-26 Annual Report
Tilaknagar Industries has fixed Tuesday, September 15, 2026, as the record date to determine shareholder eligibility for a proposed dividend of ₹1 per equity share of face value ₹10 (10%). The company's 91st Annual General Meeting (AGM) is scheduled for September 22, 2026, via Video Conferencing. Remote e-voting commences on September 17, 2026, and concludes on September 21, 2026.
- Proposed dividend of ₹1 per equity share of face value ₹10 (10%)
- Record date for dividend entitlement fixed as September 15, 2026
- 91st AGM scheduled for September 22, 2026, at 10:30 AM via VC/OAVM
- Book closure from September 16, 2026, to September 22, 2026 (both days inclusive)
- Remote e-voting window open from September 17 to September 21, 2026
Tilaknagar Industries has scheduled its 91st Annual General Meeting (AGM) for September 22, 2026, via video conferencing. The company fixed September 15, 2026, as the record date and cut-off date to determine shareholder eligibility for a proposed dividend of Re 1 per equity share of face value Rs 10 (10%). Remote e-voting for the 9 proposed AGM resolutions will be open from September 17 to September 21, 2026.
- Proposed dividend of Re 1 per equity share of Rs 10 face value (10%)
- Record date and e-voting cut-off set for Tuesday, September 15, 2026
- 91st AGM scheduled for Tuesday, September 22, 2026, at 10:30 AM IST
- Remote e-voting open from September 17, 2026 (09:00 AM) to September 21, 2026 (05:00 PM)
- Book closure from September 16, 2026, to September 22, 2026 (both days inclusive)
Financial Performance
Revenue Growth by Segment
Total Revenue from Operations (net of excise) grew 2.9% YoY to INR 1,434.15 Cr in FY25. Volume in the existing business grew 6.7% to 11.9 million cases, while Q2 FY26 volumes grew 16.2% YoY to 34.2 lakh cases.
Geographic Revenue Split
Andhra Pradesh (AP) contributes 30% of total revenue. The company has a strong presence across Southern India, particularly in Karnataka and Puducherry, which are the only states where it has pricing power.
Profitability Margins
Operating margins increased from 13.3% in FY24 to 17.8% in FY25 (16.1% excluding subsidy). Q2 FY26 EBITDA margin stood at 15.1%, impacted by higher advertising spends (2.1% of revenue) and legal costs.
EBITDA Margin
EBITDA grew 37.4% YoY to INR 255 Cr in FY25, with margins expanding 447 bps to 17.8%. Adjusted for subsidy, EBITDA was INR 226 Cr (16.1% margin). Q2 FY26 EBITDA was INR 60 Cr.
Capital Expenditure
Planned capital expenditure for the existing business is estimated at INR 70-75 Cr over the medium term, funded by net cash accruals of INR 170-190 Cr.
Credit Rating & Borrowing
CRISIL has placed the company on 'Rating Watch with Positive Implications'. Total debt reduced from INR 119 Cr to INR 42 Cr in FY25, with interest coverage improving from 7.06x to 22.39x.
Operational Drivers
Raw Materials
Extra Neutral Alcohol (ENA) derived from grain and molasses represents the primary raw material cost. Packing materials also constitute a significant portion of the cost of materials consumed (INR 764.53 Cr in FY25).
Import Sources
ENA is sourced from agro-based products (grain and molasses) within India, with prices heavily dependent on the vagaries of the monsoon in agricultural states.
Capacity Expansion
The company is undergoing a transformative expansion through the acquisition of the 'Imperial Blue' brand from Pernod Ricard, expected to close in Q3 FY26. Existing business capacity utilization is reflected in the 11.9 million cases sold in FY25.
Raw Material Costs
Cost of materials consumed rose 10.4% YoY to INR 764.53 Cr in FY25. ENA prices remain volatile due to monsoon impacts, though recent softening of prices helped improve FY24/FY25 margins.
Manufacturing Efficiency
Operating leverage improved margins as volume grew 20% in Q4 FY25 compared to the previous year, allowing for better absorption of fixed costs.
Logistics & Distribution
Excise duty, a major distribution-linked cost, rose 11.3% to INR 1,740.46 Cr in FY25, reflecting the high-tax nature of the IMFL industry.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Growth will be driven by the acquisition of the Imperial Blue brand (closing Q3 FY26), mid-teen volume growth targets for FY26, and a 200-300 bps revenue premium over volume growth from FY27 onwards through premiumization and geographic expansion in the Prestige & Above segment.
Products & Services
Indian Made Foreign Liquor (IMFL), specifically Brandy and Whisky, sold in various categories including the premium 'Prestige & Above' segment.
Brand Portfolio
Mansion House Brandy, Courrier Napoleon Brandy, Imperial Blue (acquisition pending), and Spaceman.
New Products/Services
New products in the premium category and the introduction of existing brands like Spaceman into new markets like Goa are expected to drive incremental revenue.
Market Expansion
Increasing geographic penetration across India and leveraging the UK/India Free Trade Agreement (FTA) as a tailwind for the Imperial Blue business division.
Market Share & Ranking
The company reports market share gains in most key markets during Q2 FY26, though specific percentage rankings are not provided.
Strategic Alliances
Transition Manufacturing and Services Agreement (TSMA) with Pernod Ricard (PRI) to ensure smooth integration of the Imperial Blue brand.
External Factors
Industry Trends
The IMFL industry is seeing a 'premiumization' trend where consumers shift to higher-priced brands. The industry is also evolving through 'Route-to-Market' changes (privatization of retail) in states like Andhra Pradesh.
Competitive Landscape
Highly competitive with established players and new capacities; competition is intensifying through industry consolidation and establishment of new premium brands.
Competitive Moat
Moat is built on strong brand equity in the Brandy segment (Mansion House) and high entry barriers created by complex state-level liquor regulations and licensing requirements.
Macro Economic Sensitivity
Highly sensitive to agricultural inflation (grain/molasses for ENA) and state government fiscal policies regarding excise duties.
Consumer Behavior
Shift toward premium and prestige liquor categories is driving the company's focus on the 'Prestige & Above' (P&A) segment to improve realizations.
Geopolitical Risks
Inflationary headwinds from the Russia-Ukraine conflict have previously impacted profitability through increased input and logistics costs.
Regulatory & Governance
Industry Regulations
Operations are governed by the Bombay Prohibition Act, 1949, and state-specific excise policies which control pricing, distribution, and advertising (prohibiting direct liquor ads).
Environmental Compliance
The company complies with various environmental laws and the Indian Boilers Act, though specific ESG spend figures are not disclosed.
Taxation Policy Impact
The industry is subject to extremely high excise duties (INR 1,740.46 Cr in FY25, which is ~55% of gross revenue) and state-specific tax regimes.
Legal Contingencies
The company is involved in trademark litigation which led to elevated legal costs in Q1 FY26; specific case values are not disclosed in the provided text.
Risk Analysis
Key Uncertainties
The Imperial Blue acquisition introduces integration risks and execution challenges. Regulatory shifts in Andhra Pradesh (30% of revenue) remain a primary uncertainty for volume stability.
Geographic Concentration Risk
High concentration in Southern India, with Andhra Pradesh alone accounting for 30% of total revenue.
Third Party Dependencies
Dependency on state governments for price increases and on Pernod Ricard for the transition manufacturing period of the Imperial Blue brand.
Technology Obsolescence Risk
Low risk of product obsolescence, but the company is focused on strengthening organizational capabilities and integration of new business divisions.
Credit & Counterparty Risk
Strong liquidity with INR 1,125 Cr in cash (Sept 2025) and a negative net debt position, indicating very low counterparty credit risk.
