Tilaknagar Industries Limited has informed the Exchange about Transcript
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Tilaknagar Industries reported strong Q1 FY26 with volume growth of 26.5% YoY and net revenue up 31% YoY (20.5% adjusted for Rs. 38.6 crore subsidy income). EBITDA stood at Rs. 94 crore (Rs. 56 crore adjusted), with margin expanding 55 bps to 15.1% despite higher legal costs from trademark litigation. The company has a net cash position of Rs. 163 crore. Management detailed the recently announced acquisition of Imperial Blue from Pernod Ricard for ~EUR 413 million (Rs. 4,100-4,200 crore), which contributes Rs. 3,000+ crore in trailing 12-month revenue and 22+ million cases across 27 states. The deal will be funded via Rs. 2,300 crore preferential issue plus debt, targeting Net Debt/EBITDA below 1.0x by FY29. Management guided for mid-to-high teen revenue growth in FY26 and 15-16.5% EBITDA margins, with Prag Distillery capacity to expand from 6 lakh to 36 lakh cases at ~Rs. 59 crore investment.
The Imperial Blue acquisition is transformative, shifting Tilaknagar from a regional brandy-heavy player to a pan-India IMFL major with two-thirds whisky exposure post-deal. Near-term stock may face pressure from equity dilution via the Rs. 2,300 crore preferential issue, but management asserts the deal will be Cash-EPS accretive. Strong Q1 execution and a clear deleveraging roadmap by FY29 support the medium-term thesis.