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Tilaknagar Industries (TI) has entered India’s tequila category

ICICIdirect Research 03 Sep 2026 DISCLAIMER

News: Tilaknagar Industries (TI) has entered India’s tequila category through investment of Rs.22 crore in Black Tiger Distilleries (BTD) for a 30% stake on a fully diluted basis, implying a deal value of ~Rs.73 crore. The investment will be made in two tranches: Rs.6 crore for a 12.5% stake by October 31, 2026, followed by Rs.16 crore by October 31, 2027, taking its holding to 30%. BTD’s flagship Bodega Suprema No. 5 comprises 100% Blue Weber Agave tequilas, crafted and bottled in Jalisco, Mexico, and priced at Rs.4,200–5,500 per 750ml bottle in Maharashtra. TI will support the business across distribution, sales, marketing, supply chain, finance and regulatory functions. The investment marks TI’s first foray into tequila and its third strategic investment in an emerging beverage company.

View: Tequila remains a fast-growing but very small category in India, with volumes of ~1.5 lakh cases in 2025 and a 32% CAGR during 2019–25, offering significant headroom for growth. The BTD investment as consistent with TI’s strategy of expanding into emerging premium and craft spirits categories through inorganic investments, while continuing to scale its existing portfolio. TI has earlier invested Rs.9.75 crore in Spaceman Spirits Lab for a 15% stake, with a further Rs.13.15 crore committed investment, and Rs.8 crore in Bartisans for a 36.2% stake. At the same time, the company remains focused on scaling its recent Imperial Blue acquisition and consistently growing its core brands, Mansion House and Courrier Napoleon. Thus, the BTD investment adds another avenue for long-term growth while TI continues to strengthen its existing brand franchises.

Impact: Positive

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