Tilaknagar Industries Limited (TI)

Fast Moving Consumer Goods · Beverages · NSE · Updated 3 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹465.8 ↓ 5.36% (1Y)

🎯 Key Takeaways

Tilaknagar Industries Limited is undergoing a strategic transformation driven by the integration of its Imperial Blue acquisition and expansion into premium spirits, marking a shift from volume-driven growth to margin-focused premiumization. The company is targeting 16-18% EBITDA margin by FY29, up from current levels, supported by improved expense classification and cost optimization.
Revenue declined 2.2% QoQ to ₹805 in Q3FY25.
⚠️ The auditor issued a qualified opinion on the impairment assessment of the ENA plant under Ind AS 36, indicating potential non-compliance with account

Market Cap

₹10,664

P/E Ratio

58.1

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Tilaknagar Industries Limited is undergoing a strategic transformation driven by the integration of its Imperial Blue acquisition and expansion into premium spirits, marking a shift from volume-driven growth to margin-focused premiumization. The company is targeting 16-18% EBITDA margin by FY29, up from current levels, supported by improved expense classification and cost optimization. Despite a recent 166% YoY revenue surge in Q1 FY27, the business remains in an aggressive investment and integration phase, with profitability still recovering from historical lows.

📰 What's Happening

The company reported unaudited Q1 FY27 revenue of ₹1,046 crores, up 166% YoY, fueled by 172% volume growth and 79% YoY EBITDA growth to ₹169 crores. Net profit rose 9% YoY to ₹96 crores, with PAT margin improving to 7.4%. Management highlighted expansion into premium segments with new launches like Monarch Legacy Edition Brandy and Seven Islands Pure Malt Whisky. A revised expense presentation post-acquisition improved margin comparability, and adjusted EBITDA margin rose to 17% from 15%. The company also scheduled its Q1 FY27 earnings call for July 28, 2026, and appointed Ms. Bhumika Batra as an Additional Independent Director, pending shareholder approval.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	717	640	750	798	771	665	823	805
Operating Profit	75	40	53	60	44	52	69	64
OPM %	6.1%	6.0%	6.3%	6.4%	6.3%	7.5%	8.0%	7.5%
Net Profit	59	26	37	44	31	40	58	54
EPS	₹3.19	₹1.37	₹1.93	₹2.28	₹1.65	₹2.08	₹3.02	₹2.79

Revenue has shown strong YoY growth, particularly in Q1 FY27 with 166% growth, but OPM has remained volatile, ranging between 6.0% and 8.0% over the past eight quarters. The recent improvement in adjusted EBITDA margin to 17% reflects better expense classification following the Imperial Blue acquisition, though gross margin pressure from inflation was noted. Profitability remains sensitive to integration costs, as seen in exceptional items of ₹3,011.92 lakhs linked to integration in Q1 FY26. The trend suggests scaling premium brands is beginning to drive margin expansion, but results are still influenced by one-time costs and operational adjustments.

🔮 Management Outlook & What's Next

Management has explicitly stated a target of achieving 16-18% EBITDA margin by FY29, up from the current 15% baseline, driven by cost optimization, integration completion, and expansion into premium segments. They also expect margin expansion beyond 15.5% in the near term, supported by volume growth and improved expense classification. No formal guidance was provided beyond the FY29 target, but the focus on premiumization and operational efficiency is central to their strategic narrative.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Beverages

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Varun Beverages Limited	1.70 L Cr	64.7	—	—	—
United Spirits Limited	96,061	66.9	—	—	—
Radico Khaitan Limited	46,854	152.2	—	—	—
United Breweries Limited	36,165	85.1	—	—	—
Allied Blenders and Distillers Limited	15,534	68.7	17.2%	13.7%	0.69
Tilaknagar Industries Limited	10,664	58.1	—	—	—
India Glycols Limited	6,832	32.7	—	—	—
Piccadily Agro Industries Limited	5,849	42.6	—	—	—
Globus Spirits Limited	2,626	152.3	—	—	—
GM Breweries Limited	2,023	12.9	—	—	—

🔗 Peer Stock Analyses

VBL UNITDSPR RADICO UBL ABDL

⚠️ Risk Factors

1. The auditor issued a qualified opinion on the impairment assessment of the ENA plant under Ind AS 36, indicating potential non-compliance with accounting standards. 2. Ongoing tax reassessments pose a financial risk, as highlighted in the general filing. 3. Integration of the Imperial Blue acquisition continues to impact financial results through exceptional items, with full benefits expected only by FY29. 4. Governance continuity may be affected by the departure of Independent Director Aparna Chaturvedi after two terms, potentially impacting committee oversight.

📋 Recent Filings

🧠 Analyst's Read

Tilaknagar Industries is transitioning from a volume-driven FMCG model to a premium spirits-focused business, with early signs of margin improvement post-acquisition. Investors should monitor execution of the premiumization strategy, progress toward the FY29 EBITDA target, and resolution of audit-related concerns. The next earnings call will be critical for clarity on integration timelines and capital allocation priorities.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-03.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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