Tilaknagar Q1 FY27 Results: Revenue Rs 1,046 cr, IB Integration 90 Pct Done
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Q1 FY27 revenue Rs 1,046 cr (up 165.5 percent YoY) on Imperial Blue acquisition. Volumes at 8.7 mn cases, up 9 percent QoQ; Imperial Blue gained 150 bps market share. EBITDA Rs 169 cr (16.1 percent margin), PAT Rs 32 cr. Gross margin fell 305 bps to 42.1 percent on glass packaging inflation, partly offset by softer ENA prices. Management guides improving on Q4 FY26 baseline 15.5 percent EBITDA margin, targets 16 to 18 percent margin by FY29. IB integration 90 percent done, cost savings expected to add 250 to 400 bps margin. Net debt Rs 2,100 cr, targeted to reduce by Mar-27.
Strong top-line from Imperial Blue acquisition, near-term margin pressure. Management targets 16 to 18 percent EBITDA margin by FY29, which is positive for sentiment.