Tilaknagar Industries Ltd (TI)

Fast Moving Consumer Goods · Alcoholic Beverages · NSE · Updated 1 September 2026

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

₹561.45 ↑ 18.46% (1Y)

🎯 Key Takeaways

Tilaknagar Industries is in a high-growth phase driven by the integration of its newly acquired Imperial Blue brand, which has delivered strong volume expansion and is central to its strategy of building a premium spirits portfolio. Management is targeting mid-teens volume growth through FY29 and margin expansion to 16%-18% EBITDA margins, supported by operational synergies and brand development.
Revenue grew 10.2% QoQ to ₹1,046 in Q1FY27.
⚠️ Integration risk: The success of the Imperial Blue integration remains critical, and delays or underperformance could impact volume growth and margin

Market Cap

₹13,894

P/B Ratio

15.75

ROE

-4.1%

ROCE

15.2%

Debt/Equity

0.05

Div Yield

0.18%

Promoter

31.7%

✨ Ask AI About TI 📊 Interactive Charts

📖 The Story

Tilaknagar Industries is in a high-growth phase driven by the integration of its newly acquired Imperial Blue brand, which has delivered strong volume expansion and is central to its strategy of building a premium spirits portfolio. Management is targeting mid-teens volume growth through FY29 and margin expansion to 16%-18% EBITDA margins, supported by operational synergies and brand development. However, the company remains in a reinvestment and debt reduction phase, with net debt at Rs. 2,100 crore and a clear target to reduce leverage to below 1.0x EBITDA by FY29. The business is transitioning from a loss-making trajectory to profitability, as evidenced by recent PAT of Rs. 96 crore in Q1 FY27 after a loss in Q3 FY26.

📰 What's Happening

The company has made significant progress integrating Imperial Blue, achieving 3.4 million cases in June 2026 — a 172% YoY volume growth — with the brand contributing substantially to total volume. Management highlighted that 90% of Imperial Blue operations have been integrated, and plans are underway to expand luxury and mid-tier brands. Additionally, the Board approved a revised 4-year vesting schedule for 10,65,000 stock options under the 2025 ESOP scheme, extending the vesting period from 3 to 4 years with 10% annual milestones up to 40%. This change reduces near-term dilution risk but reflects longer retention expectations. The departure of Independent Director Aparna Chaturvedi after two terms may impact governance continuity, particularly on key committees like Audit and CSR.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	398	623	949	1,046
Operating Profit	53	90	109	123
OPM %	13.3%	14.5%	11.5%	11.8%
Net Profit	53	-106	-15	31
EPS	₹2.71	₹-4.67	₹-0.60	₹1.28

Financial performance shows a clear inflection point: revenue surged 166% YoY to Rs. 1,046 crore in Q1 FY27, driven by volume growth and pricing power, while EBITDA rose 79% to Rs. 169 crore. This contrasts sharply with the prior quarter’s loss of Rs. 106 crore in December 2025, indicating improved operational efficiency and scale benefits. Operating margins improved to 11.8% in Q1 FY27 from 11.5% in Q4 FY26, and the company posted its first net profit in three quarters at Rs. 96 crore. The turnaround is underpinned by volume growth in Imperial Blue and cost discipline, though profitability remains sensitive to input cost pressures and integration execution.

🔮 Management Outlook & What's Next

Management has provided a multi-year outlook targeting mid-teens volume growth through FY29 and EBITDA margin expansion to 16%-18% by FY29, up from current levels. A key financial target is to reduce net debt-to-EBITDA below 1.0x by March 2027, down from the current Rs. 2,100 crore net debt. The company is focused on capital discipline, with no major capex plans disclosed yet, and is prioritizing debt reduction over aggressive reinvestment. Management emphasized that the integration of Imperial Blue is progressing well, with operational synergies expected to drive margin expansion. No specific guidance was given on capital allocation beyond the debt reduction target.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	193	194	208	247
Reserves	552	689	1,783	2,735
Borrowings	94	42	49	2,301
Total Liabilities	1,166	1,213	2,330	6,160
Fixed Assets	383	370	356	499
Investments	64	30	32	32
Total Assets	1,166	1,213	2,330	6,160

The balance sheet reflects a company in active deleveraging mode amid growth. Total assets have grown from Rs. 1,213 crore in March 2025 to Rs. 6,160 crore in March 2026, driven by investments in brand and operational integration. However, borrowings rose sharply to Rs. 2,301 crore in March 2026 from just Rs. 42 crore a year earlier, primarily due to financing the Imperial Blue acquisition. Despite this, equity has increased to Rs. 247 crore, and reserves have grown to Rs. 2,735 crore, indicating strong internal capital accumulation. The company is balancing growth investments with a clear commitment to reducing leverage, as highlighted by the debt reduction target to Rs. 1,700 crore by March 2027.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+178
Investing	-77
Financing	-94
Net Cash Flow	+7

👥 Shareholding Pattern

Category	Q3FY26	Q4FY26	Q1FY27
Promoters	31.7%	31.7%	31.7%
FII	18.4%	16.9%	16.9%
DII	4.9%	5.9%	6.3%
Public	22.8%	23.6%	23.6%
# Shareholders	1,37,389	1,31,914	1,29,086

Shareholding patterns show stable promoter holding at around 31.7%, with FII increasing its stake from 16.87% in Q4 FY26 to 16.88% in Q1 FY27, while DII declined slightly from 5.91% to 6.27% in Q1 FY27. The number of public shareholders has marginally decreased, but overall shareholder base remains broad. There are no signs of significant institutional exit, and FII interest appears steady. The consistent promoter holding and gradual institutional accumulation suggest confidence in the company’s long-term strategy, particularly around the Imperial Blue integration and volume growth trajectory.

⚖️ Peer Comparison — Alcoholic Beverages

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UNITDSPR	1.08 L Cr	55.9	26.1%	21.0%	0.00
RADICO	60,002	85.2	27.3%	21.2%	0.10
UBL	34,665	87.6	10.9%	8.8%	0.26
ABDL	17,279	78.9	17.1%	12.6%	0.69
TI	13,894	—	15.2%	-4.1%	0.05
INDIAGLYCO	7,696	23.3	12.3%	10.8%	0.54
PICCADIL	6,258	44.2	29.4%	31.6%	0.70
GLOBUSSPR	2,665	26.4	12.8%	10.3%	0.52
GMBREW	2,005	12.6	19.4%	14.8%	0.00
SDBL	1,507	—	-1.0%	-4.0%	0.23

🔗 Peer Stock Analyses

UNITDSPR RADICO UBL ABDL INDIAGLYCO

⚠️ Risk Factors

1. Integration risk: The success of the Imperial Blue integration remains critical, and delays or underperformance could impact volume growth and margin expansion targets. 2. Input cost inflation: Management has flagged ongoing inflationary pressures on raw materials and packaging, which could compress margins if not fully passed on. 3. Debt reduction pace: Achieving net debt-to-EBITDA below 1.0x by FY29 requires sustained cash flow generation and disciplined spending, which may be challenged by capital intensity or market headwinds. 4. Governance continuity: The exit of an experienced Independent Director from key committees may affect oversight quality, especially as the company scales its operations.

📋 Recent Filings

🧠 Analyst's Read

Tilaknagar Industries is executing a clear turnaround narrative centered on the Imperial Blue integration, with strong volume growth and improving profitability. The key watchpoints are the pace of debt reduction, sustainability of margin expansion, and ability to manage input cost pressures. While the financial trajectory is improving, execution risk remains tied to integration progress and macroeconomic conditions. Investors should monitor volume trends, margin guidance, and debt trajectory 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 2026-09-01.

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.

📡 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

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd