BSE: 516032
TAHMAR ENTERPRISES LIMITED
Operates a 45 KLPD grain-based distillery and bottling plant at Beradwadi, Kolhapur district, Maharashtra, producing liquor under the state's Maharashtra Made Liquor (MML) framework. The distillery had been shut since July 2025 following interim directions from the Maharashtra Pollution Control Board (MPCB), but received a renewed Consent to Operate in January 2026, valid until 31 August 2029, after pollution control upgrades. Core revenue from this segment has nearly collapsed — Q3 FY26 net sales were Rs 0.74 lakh versus Rs 96.63 lakh a year earlier, with FY26 total income of Rs 797.92 lakh (down from Rs 1,009.81 lakh in FY25) sustained largely by non-operating income of Rs 149.75 lakh in Q3 alone. The company has launched a new renewable energy platform (TAX-RE) built around cooperative solar societies in Maharashtra, with the first offsite solar farm targeted for Q4 2026 completion and further capacity to follow in phases, though the investment is described as immaterial and financial impact not yet determinable. The Board has approved exploring monetization routes — outright development, leasing, joint development or collaboration — for an idle land parcel at Shendri, Gadhinglaj that is geographically separate from its existing manufacturing facilities. Finance costs rose to Rs 275.30 lakh in FY26 from Rs 76.47 lakh in FY25, borrowings stood at Rs 3,999.48 lakh, and the company is contesting a SARFAESI demand of Rs 2,440.07 lakh from KDCC Bank tied to a 2024 mortgage on Kolhapur land. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Grain-based distillery (Maharashtra Made Liquor), Non-operating income, Tahmar Energy Platform (TAX-RE), Idle land monetization (Shendri, Gadhinglaj). Loss-making grain-based distiller with a dormant core plant, a newly launched renewable energy venture, and an idle-land monetization track under regulatory and debt pressure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 3 | 8 | 4 | 3 |
| EBITDA (ex other income) | (0) | (0) | 0 | (8) | (8) |
| margin % | (27975.0) | (4.7) | 1.9 | (205.2) | (315.6) |
| Owners' profit | (0) | 0 | 0 | (3) | (6) |
| EPS, as reported (₹) | (0.33) | 0.05 | 0.01 | (2.75) | (3.59) |
| ROE % · ROCE % | 54.7 · 54.7 | (8.3) · (154.1) | 0.1 · 0.1 | (3.1) · (2.2) | (6.9) · (3.5) |
| Debt / equity (x) | (2.16) | (156.29) | 0.21 | 0.41 | 0.49 |
| Cash from operations | (0) | (13) | (0) | (18) | 2 |
| Capex | 0 | (14) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 1 | 1 | 0 | 2 | 0 | 0 | 0 |
| Profit before tax | (0) | (1) | 0 | (2) | (1) | (0) | (0) | (4) |
| Net profit | (0) | (0) | 0 | (2) | (1) | (1) | (0) | (4) |
| EPS (₹) | (0.03) | (0.05) | 0.00 | (0.20) | 0.22 | (0.03) | 0.01 | (2.30) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 95,570 | 49.7 | 10.67 | 35.4 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 59,131 | 70.9 | 17.83 | 58.4 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 30,768 | 77.8 | 6.80 | 34.8 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,328 | 88.3 | 11.47 | 36.0 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 13,609 | — | 4.56 | 73.5 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,678 | 40.1 | 6.30 | 25.7 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,371 | 7.2 | 0.81 | 6.0 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,273 | 19.1 | 2.09 | 10.2 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.3 | 2.1 | 7 of 25 | 75% |
| ROCE | (6.9) | 3.7 | 24 of 26 | 8% |
| ROE | (6.9) | 5.6 | 22 of 25 | 13% |
| Debt / Equity | 0.5 | 0.5 | 12 of 25 | 54% |
| EBITDA margin | (864.6) | 6.4 | 23 of 23 | 0% |
| Revenue growth | (3.8) | 10.2 | 17 of 22 | 24% |
| Profit growth | (84.4) | 6.1 | 20 of 23 | 14% |
| Market cap | 103 | 737 | 22 of 26 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Quarterly compliance certificate for dematerialisation filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · 35th AGM results: 3 resolutions passed including Rs 500 cr related party deal | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 35th AGM held; 3 resolutions passed including Rs 500 cr related party deal | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 and H1 FY27 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Board weighs distillery sale EOIs, approves liquor manufacturing | strategic transactions | high | — | — |
| 21 Sept 2026 · Board approves liquor manufacturing entry, evaluates distillery sale | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Reply to BSE on share price movement, no undisclosed info | regulatory legal | medium | — | — |
| 16 Sept 2026 · BSE asks Tahmar Enterprises to clarify sharp price movement | regulatory legal | medium | — | — |
| 16 Sept 2026 · Tahmar Enterprises gets IMFL manufacturing licence from Maharashtra Excise Dept | business updates | high | — | — |
| 9 Sept 2026 · Board to consider EOIs for distillery sale and non-core properties | strategic transactions | medium | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.