Tilaknagar Industries Limited (TI)

Fast Moving Consumer Goods · Beverages · NSE · Updated 15 July 2026

₹441.7 ↑ 25.27% (1Y)

🎯 Key Takeaways

Tilaknagar Industries Limited is transitioning from a traditional beverage player into a higher-margin, diversified FMCG platform with strategic expansion into premium spirits (brandy), luxury distribution, and non-alcoholic cocktail mixers. The company is in a growth phase driven by acquisitions and margin improvement initiatives, targeting 16%-18% EBITDA margins by FY29 and net debt below 1.
Revenue declined 2.2% QoQ to ₹805 in Q3FY25.
⚠️ Integration risks associated with the Imperial Blue acquisition and expansion into new categories like brandy could disrupt operations or fail to deli

Market Cap

₹10,664

P/E Ratio

58.1

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About TI 📊 Interactive Charts

📖 The Story

Tilaknagar Industries Limited is transitioning from a traditional beverage player into a higher-margin, diversified FMCG platform with strategic expansion into premium spirits (brandy), luxury distribution, and non-alcoholic cocktail mixers. The company is in a growth phase driven by acquisitions and margin improvement initiatives, targeting 16%-18% EBITDA margins by FY29 and net debt below 1.0x EBITDA by FY29. Recent financial performance reflects strong volume-led growth post-acquisition, particularly in Q4 FY26, signaling successful integration of Imperial Blue and operational scaling.

📰 What's Happening

In Q4 FY26, Tilaknagar reported a 148% YoY surge in net revenue to INR 949 crore, fueled by 68% volume growth and full contribution from the Imperial Blue acquisition, which added 4.6 million cases. EBITDA rose 97% to INR 155 crore with a 16.3% margin, up from prior quarters. Management also approved a ₹2 crore investment to increase its stake in Bartisans to 41.45%, strengthening its presence in the non-alcoholic cocktail mixer segment. Additionally, the company completed the second term of Independent Director Kishorekumar Mhatre, leading to his exit from the board and key committees, which may impact governance continuity.

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

The company has demonstrated accelerating revenue growth, with Q4 FY26 revenue up 70% YoY to INR 2,346 crore for the full fiscal year, driven by robust volume expansion and acquisition synergies. Operating performance improved significantly, with EBITDA margin expanding to 16.3% in Q4 FY26 from 6.1% in Q4 FY23, reflecting cost discipline and scale benefits. Despite a temporary dip in margins in earlier quarters, recent trends show consistent improvement aligned with management's focus on margin accretion and operational efficiency, supporting targets of 16%-18% EBITDA margins by FY29.

🔮 Management Outlook & What's Next

Management has provided clear long-term targets, including achieving 16%-18% EBITDA margins by FY29, reducing net debt to below 1.0x EBITDA by FY29, and maintaining low annual capex of INR 25 crore through FY28. For FY27 and FY28, management projects margins in the 15.5%-18% range, underpinned by continued volume growth, premiumization, and expansion into new markets and categories such as brandy in North and West India. These targets are contingent on sustained integration of acquisitions and disciplined capital allocation.

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. Integration risks associated with the Imperial Blue acquisition and expansion into new categories like brandy could disrupt operations or fail to deliver expected margins. 2. Rising competitive intensity in the premium beverages and FMCG space may pressure pricing and market share. 3. Governance concerns stemming from the exit of an Independent Director after two terms may raise questions about board refreshment and continuity. 4. High valuation (P/E of 58.1) leaves limited margin for error, making the stock vulnerable to execution misses in margin improvement or growth slowdown.

📋 Recent Filings

🧠 Analyst's Read

Tilaknagar Industries is executing a clear transformation strategy centered on growth through acquisitions, margin expansion, and market diversification, supported by strong recent financial performance. Investors should monitor the pace of margin improvement, progress toward debt reduction targets, and execution in new markets like brandy and cocktail mixers as key catalysts in the coming quarters.

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

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on TI

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

📡 Get AI alerts when TI files new disclosures

Track TI filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track TI — Free

Free account · 2 AI queries/day