NSE: TI · BSE: 507205
TILAKNAGAR INDUSTRIES LTD
Makes and sells Indian-made foreign liquor (IMFL), primarily whisky and brandy, in India. Imperial Blue whisky was acquired from Pernod Ricard in late 2025 and has become the largest selling deluxe whisky in the country, driving the bulk of consolidated volumes. The rest of the portfolio includes Mansion House Brandy, and a luxury and super-premium line of Monarch, Seven Islands and Samsara, with a 41.45% stake in ready-to-pour cocktail mixer brand Bartisans. It is the largest domestic Prestige & Above (P&A) spirits player in India (third overall) and the largest in South India with about 40% market share; in Telangana it is the largest IMFL player with 40% share. In Q1 FY27 it sold 8.7 million cases at a net revenue of ₹1,046 cr and 16.1% EBITDA margin; FY26 revenue was ₹5,247.58 cr. Materials account for 25.7% of revenue and other operating expenses for 66.3%, with glass packaging and Extra Neutral Alcohol (ENA) flagged as key cost lines. Imperial Blue integration is 90% complete and net debt of ₹2,100 cr is being reduced. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Imperial Blue whisky, Mansion House Brandy, Luxury and super-premium portfolio, Bartisans (associate). Brand-led IMFL distiller with recent large acquisition, still integrating and de-levering
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,792 | 2,469 | 2,958 | 3,175 | 5,248 |
| EBITDA (ex other income) | 125 | 215 | 183 | 255 | 187 |
| margin % | 7.0 | 8.7 | 6.2 | 8.0 | 3.6 |
| Owners' profit | 45 | 150 | 138 | 230 | 21 |
| EPS, as reported (₹) | 3.15 | 8.79 | 7.23 | 11.89 | 0.97 |
| ROE % · ROCE % | 33.8 · 18.0 | 31.0 · 32.9 | 21.1 · 21.2 | 26.0 · 25.5 | 0.7 · 2.5 |
| Debt / equity (x) | 4.38 | 0.52 | 0.18 | 0.05 | 0.77 |
| Cash from operations | 65 | 71 | 121 | 178 | (445) |
| Capex | (3) | (11) | (8) | (7) | (3,533) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 823 | 805 | 881 | 864 | 916 | 1,453 | 2,090 | 2,252 |
| Profit before tax | 58 | 54 | 77 | 89 | 53 | (106) | (15) | 31 |
| Net profit | 58 | 54 | 77 | 89 | 53 | (105) | (15) | 32 |
| EPS (₹) | 3.02 | 2.79 | 4.01 | 4.57 | 2.71 | (4.67) | (0.60) | 1.28 |
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 | 92,075 | 47.9 | 10.28 | 34.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 57,457 | 68.8 | 17.33 | 56.8 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 30,041 | 76.0 | 6.63 | 34.0 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,356 | 88.4 | 11.48 | 36.1 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD ◆ | 12,041 | — | 4.04 | 66.2 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,540 | 39.1 | 6.15 | 25.1 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,225 | 6.7 | 0.76 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,126 | 17.9 | 1.95 | 9.7 | 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 | 4.0 | 1.9 | 17 of 25 | 33% |
| ROCE | 0.4 | 3.7 | 18 of 26 | 32% |
| ROE | 0.7 | 5.6 | 16 of 25 | 38% |
| Debt / Equity | 0.8 | 0.5 | 19 of 25 | 25% |
| EBITDA margin | 6.4 | 6.4 | 12 of 23 | 50% |
| Revenue growth | 160.7 | 10.2 | 3 of 22 | 91% |
| Profit growth | (64.3) | 6.1 | 19 of 23 | 18% |
| Market cap | 12041 | 740 | 5 of 26 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Tilaknagar schedules Q2 FY27 earnings call for October 31 | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 23 Oct 2026 · DRI searches Tilaknagar offices over HSN code review for bulk Scotch imports | regulatory legal | medium | — | — |
| 15 Oct 2026 · Reg 74(5) compliance certificate from RTA for Q2 FY27 | compliance | minimal | — | — |
| 12 Oct 2026 · CS Minuzeer Bamboat given additional role as National Finance Controller | management changes | medium | — | — |
| 9 Oct 2026 · CFO Rajesh Choudhary resigns; Deputy CFO Anil Singal to oversee finance | management changes | high | — | — |
| 8 Oct 2026 · CFO Rajesh Choudhary resigns; Anil Singal elevated to head finance | management changes | high | — | — |
| 8 Oct 2026 · CFO Rajesh Choudhary resigns; Deputy CFO Anil Singal to oversee Finance | management changes | high | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2/H1 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · 91st AGM held on Sept 22, 2026 - all 9 resolutions passed, Rs 1 dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.