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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 1,01,138 | 52.6 | 11.29 | 37.5 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 58,503 | 70.1 | 17.64 | 57.8 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 33,182 | 83.9 | 7.33 | 37.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 17,790 | 81.2 | 10.55 | 33.3 | 13.1 | 17.8 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Board allots 4,24,025 equity shares under ESOP schemes to employees | capital market events | low | — | — |
| 7 Sept 2026 · Newspaper notice on special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 4 Sept 2026 · Update: Investment in Black Tiger Distilleries - net worth negative | strategic transactions | medium | — | — |
| 2 Sept 2026 · Tilaknagar invests Rs 22 crore in Black Tiger Distilleries, enters tequila market | strategic transactions | medium | — | — |
| 2 Sept 2026 · TIL invests in Black Tiger Distilleries, takes 30% stake for Rs 22 crore | strategic transactions | medium | — | — |
| 1 Sept 2026 · 91st AGM notice and annual report dispatch completed | compliance | minimal | — | — |
| 31 Aug 2026 · 91st AGM scheduled on Sept 22, 2026 via video conferencing | compliance | minimal | — | — |
| 31 Aug 2026 · Tilaknagar Industries sets Sep 15 record date for Re 1 dividend | corporate actions | high | — | — |
| 31 Aug 2026 · Record date set at September 15 for Tilaknagar Industries dividend | corporate actions | high | — | — |
| 31 Aug 2026 · Book closure for 91st AGM, dividend of Re.1 per share | corporate actions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 6.6 |
| TILAKNAGAR INDUSTRIES LTD ◆ | 12,916 | — | 4.33 | 70.3 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,917 | 41.8 | 6.57 | 26.7 | 15.3 | 17.5 | 18.3 | 17.3 |
| GLOBUS SPIRITS LTD | 2,443 | 20.6 | 2.24 | 10.9 | 8.4 | 8.5 | 16.7 | 6.9 |
| G M BREWERIES LTD | 2,077 | 22.6 | 1.93 | 9.8 | 14.5 | 19.0 | — | 6.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 4.3 | 2.2 | 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 | 12916 | 858 | 5 of 26 | 84% |
| 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 |
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.
