TI

Tilaknagar Industries share price & financials

Price
₹443.1
Market cap
₹12.2k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 28 Jul 2026

Tilaknagar Industries Limited Q1 FY27

EBITDA ₹148 cr +166%EBITDA Margin 14.5% PAT ₹76 cr +52%Gross Margin 42.1%

What went well

  • Adjusted net revenue grew 189% YoY to ₹1,026 crore.
  • Overall volumes increased by 172% YoY and 9% QoQ.
  • Adjusted EBITDA grew 166% YoY to ₹148 crore.

What to watch

  • Gross margins (adjusted for subsidy) declined to 42.1% in Q1 FY27 from 45.2% in Q4 FY26 due to inflationary pressures on packaging inputs, particularly glass.
  • An exceptional expense of ₹30 crore was incurred in Q1 FY27, predominantly for TSMA fees and integration-related expenses.
Read the full call →

What Tilaknagar Industries Limited does

Tilaknagar Industries manufactures and markets Indian Made Foreign Liquor (IMFL) — principally brandy, whisky, rum, gin and vodka — sold under owned brands through a pan-India distributor and depot network, with a smaller export business. It earns by producing spirits at a mix of directly-owned distilleries and third-party contract-manufacturing (bottling) units and selling finished branded cases to state-run and private distribution channels. In November 2025 it acquired the Imperial Blue whisky business, adding a second large national brand alongside its legacy brandy franchise (Mansion House). The company also holds strategic minority investments in craft-spirits ventures (Spaceman Spirits Lab, Round The Cocktails).

Segments

  • Indian Made Foreign Liquor (IMFL)
Manufacturing units
40+ units across India (post Imperial Blue integration)
Distribution depots
40,000 depots across 14 states
Export markets
10 countries
Brand portfolio
15+ distinct brands
Corporate offices
11 offices
Mansion House Brandy position
India's largest Prestige & Above brandy; 2nd largest-selling brandy globally
Founded 1933Employees 850 (FY26 (post Imperial Blue) Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 4 delivered 2 missed 11 open
  • Working Capital Days went quiet said Q4 FY26 Promised: 53 to 55 days of gross revenue Q1 FY27: No specific number provided for working capital days. Management noted debt increase was due to working capital investment.
  • Combined Volume CAGR (FY28-FY30) revised up said Q4 FY26 Promised: double-digit Q1 FY27: Guidance upgraded to 'mid-teens' annual volume growth for the couple of years beyond FY27.
  • FY26 Volume Growth delivered, diluted said Q4 FY25 Promised: high mid-teens Q4 FY26: FY26 ex-IB volume growth was ~13.7%, meeting the revised 'mid-teen' guidance but below the original 'high mid-teens' target.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 155.7%, net profit down 64.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue375 340 384 409 398 +6%623 +83%949 +147%1,046 +156%
EBITDA66 60 78 94 60 −9%110 +83%155 +99%169 +80%
Net profit58 54 77 89 53 −9%-105 −294%-15 −119%32 −64%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +10.7% 1Y

₹400₹450₹500₹550Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 28 Jul 2026

1Y: ₹471.25 on 10 Sept 2025 → ₹521.6. High ₹582.8 (18 Aug 2026), low ₹388.8 (23 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−0.6%
28 Jul
Q4 FY26
−4.6%
30 May
Q3 FY26
+0.1%
13 Feb
Q2 FY26
−4.0%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 26.9% a year over 3 years, FY23 to FY26. Operating margin widened to 17.6%.

Year endingFY23FY24FY25FY26
Revenue₹1.2k Cr₹1.4k Cr₹1.4k Cr₹2.4k Cr
Operating profit₹137 Cr₹184 Cr₹254 Cr₹419 Cr
Operating margin11.8%13.2%18.0%17.6%
Interest₹40 Cr₹27 Cr₹11 Cr₹113 Cr
Depreciation₹32 Cr₹32 Cr₹31 Cr₹80 Cr
Net profit₹150 Cr₹138 Cr₹229 Cr₹22 Cr
Net margin12.9%9.9%16.2%0.9%
Cash from operations₹71 Cr₹121 Cr₹178 Cr₹-445 Cr
Free cash flow₹61 Cr₹113 Cr₹172 Cr₹-4.0k Cr
ROCE15.0%22.0%28.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹125 Cr₹159 Cr₹185 Cr₹193 Cr₹208 Cr₹247 Cr
Reserves₹-181 Cr₹-25 Cr₹298 Cr₹461 Cr₹1.8k Cr₹2.7k Cr
Borrowings₹702 Cr₹585 Cr₹256 Cr₹121 Cr₹49 Cr₹2.3k Cr
Other liabilities₹365 Cr₹295 Cr₹273 Cr₹258 Cr₹290 Cr₹877 Cr
Total liabilities₹1.0k Cr₹1.0k Cr₹1.0k Cr₹1.0k Cr₹2.3k Cr₹6.2k Cr
Fixed assets₹469 Cr₹439 Cr₹420 Cr₹396 Cr₹356 Cr₹3.8k Cr
Capital work in progress₹100 Cr₹100 Cr₹0 Cr₹0 Cr₹40 Cr₹60 Cr
Investments₹0 Cr₹0 Cr₹23 Cr₹12 Cr₹32 Cr₹32 Cr
Other assets₹443 Cr₹474 Cr₹569 Cr₹625 Cr₹1.9k Cr₹2.3k Cr
Total assets₹1.0k Cr₹1.0k Cr₹1.0k Cr₹1.0k Cr₹2.3k Cr₹6.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −8.30 pp while DIIs added +4.90 pp. The shareholder count grew 5% to 1,29,086.

Promoters
31.7%
FIIs
16.9%
DIIs
6.3%
Public
45.2%

Since Jun 2025

  • Promoters −8.30 pp
  • DIIs +4.90 pp
  • Public +1.81 pp

How it drifted, 12 quarters

Over this window promoters fell from 42.0% to 31.7% — −10.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 42.0%, FIIs 11.3%, DIIs 0.0%, Public 46.7%.Dec '23: Promoters 40.3%, FIIs 11.6%, DIIs 0.2%, Public 48.0%.Mar '24: Promoters 40.2%, FIIs 11.4%, DIIs 0.1%, Public 48.3%.Jun '24: Promoters 40.2%, FIIs 11.7%, DIIs 0.3%, Public 47.8%.Sep '24: Promoters 40.1%, FIIs 12.4%, DIIs 1.2%, Public 46.3%.Dec '24: Promoters 40.0%, FIIs 14.0%, DIIs 1.4%, Public 44.7%.Mar '25: Promoters 40.0%, FIIs 15.3%, DIIs 1.3%, Public 43.4%.Jun '25: Promoters 40.0%, FIIs 15.3%, DIIs 1.4%, Public 43.4%.Sep '25: Promoters 37.2%, FIIs 19.4%, DIIs 3.8%, Public 39.5%.Dec '25: Promoters 31.7%, FIIs 18.4%, DIIs 4.9%, Public 45.0%.Mar '26: Promoters 31.7%, FIIs 16.9%, DIIs 5.9%, Public 45.5%.Jun '26: Promoters 31.7%, FIIs 16.9%, DIIs 6.3%, Public 45.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Tilaknagar Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Shivani Amit Dahanukar 13.33%unchanged
Amit Dahanukar 11.22%unchanged
Think India Opprtunities Master Fund Lp FPI fund4.41%unchanged
Axana Estates Llp 3.97%unchanged
Barclays Wealth Trustees India Private L 3.85%unchanged
M L Dahanukar And Co Pvt Ltd 3.84%unchanged
Smallcap World Fund, Inc Global fund house2.98%unchanged
Arunoday Investments Pvt Ltd 2.88%unchanged
Timf Holdings FPI fund2.42%unchanged
Societe Generale - Odi Foreign bank / ODI2.30%unchanged
S S Spirits Llp 2.28%unchanged
Bandhan Small Cap Fund Mutual fund1.60%+0.05 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Tilaknagar Industries Limited

Guides on how to read this kind of business and the numbers that matter.