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Tilaknagar Industries Results: Latest Quarterly Results & Analysis

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Tilaknagar Industries Ltd. 14 Nov 2025 11:48 AM
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Q2FY26 Quarterly Result Announced for Tilaknagar Industries Ltd.

Breweries & Distilleries company Tilaknagar Industries announced Q2FY26 results

  • Volumes grew by 16.2% YoY, to reach 34.2 lakh cases.
    • Market share gain in most of the key markets.
  • Net revenue of Rs 398 crore; YoY growth of 6.2%.
    • Adjusted for subsidy, net revenue growth of 9.3% YoY.
    • NSR has increased from Rs 1,193 in Q1FY26 to Rs 1,215 in Q2FY26.
  • EBITDA of Rs 60 crore and PAT of Rs 53 crore.
    • EBITDA margin at 15.1%.
    • Adjusted for subsidy, YoY EBITDA growth of 8.2%.
    • A&P reinvestment rate (as % of subsidy-adjusted net revenue) increased from 0.6% in Q2FY25 to 2.1% in Q2FY26.
    • PAT margin at 13.2%, adjusted for subsidy 14 bps YoY expansion.
  • Reported EPS (Diluted) stood at Rs. 2.69 per share.

Amit Dahanukar, Chairman & Managing Director, said: “I am pleased to share that during the quarter, we gained market share across most key markets, driven by the strong performance of our existing portfolio, which continued to take share from competition and by incremental gains from the introduction of brands in new territories.

The quarter also saw the introduction of Mansion House Whisky in Odisha, Telangana and Kerala, and the launch of Monarch Legacy Edition Brandy in Hyderabad Duty Free, Odisha, Kerala and Karnataka. Under the usership agreement with Spaceman Spirits Lab Private Limited (SSL) - our investee company, we commenced distribution of Samsara Gin and Amara Vodka in Odisha, Puducherry and export markets, further strengthening our presence in the premium and craft spirits segments.

We also made a follow-on investment of Rs 10.66 crore in SSL in August 2025. With this investment, Tilaknagar Industries’ stake in SSL has increased from 12.98% to 21.36% on a fully diluted basis.

On the financials front, EBITDA in Q2 stood at Rs 60 crore; adjusted for the subsidy income, year-on-year growth of 8.2%, while EBITDA margins stood at 15.1%, with doubling down on A&P reinvestment rates ahead of the festive season. In Q2 we also strengthened our org structure in anticipation of Imperial Blue business coming into our fold very soon.

I would also like to highlight that we achieved a major milestone in the acquisition of the Imperial Blue business division from Pernod Ricard India. The Competition Commission of India (CCI) granted approval for the transaction on 7th October 2025. We have made substantial progress on the integration front, with a number of talented professionals joining us across various functions, further strengthening our organizational capabilities. The transaction is expected to be completed in Q3FY26, and we look forward to welcoming Imperial Blue into our fold.”

Result PDF

Result PDF

Breweries & Distilleries company Tilaknagar Industries announced Q1FY26 results

  • Volume growth of 26.5% YoY, with market share improvement for TI in each of the key markets.
  • Net revenue from operations stands at Rs 409.1 crore vs Rs 313.2 crore, i.e. 30.6% YoY growth; Adjusted for the subsidy income of INR 38.6 crore, the growth was still robust at 20.5%.
  • EBITDA grew by 88.0% to Rs 94.5 crore vs Rs 50.2 crore; adjusted for subsidy income, the EBITDA stands at Rs 55.8 crore, i.e. a growth of 25.0% YoY.
    • Adjusted for subsidy, EBITDA margin improved by 55 basis points YoY, standing at 15.1% as against 14.5%.
  • PAT excl. exceptional items increased by 120.8% to Rs 88.5 crore from Rs 40.1 crore; adjusted for subsidy, PAT excl. exceptional items increased by 44.5% YoY.
  • Reported EPS (Diluted) stood at Rs 4.54 per share.

Amit Dahanukar, Chairman & Managing Director, said: “Q1FY26 marked our strong and consistent industry-beating growth. We have delivered a YoY growth of 26.5% in volumes and 30.6% in net revenue. Adjusted for subsidy income of Rs 38.6 crore, the net revenue growth was still robust at 20.5%. The Southern region has seen strong growth momentum in Q1, with market share improvement in each of the key markets. Our EBITDA (excluding subsidy income) has grown by 25.0%.

Our acquisition of the Imperial Blue business division from Pernod Ricard India is subject to CCI approval, which we expect to receive by the end of calendar year 2025. The acquisition is being made on a slump sale basis, for a lump sum consideration basis enterprise value of ~EUR 413 million. This includes a normalised working capital of ~EUR 70 mn and a deferred consideration of EUR 28 million, payable at the end of 4 years, i.e. in FY30. The consideration would be subject to certain closing adjustments.

Additionally, during the quarter, the Hon’ble Bombay High Court has upheld TI’s ownership of Mansion House and Savoy Club trademarks, ensuring continued, uninterrupted and exclusive sale under these brands.

We would also like to announce that the Board has approved investment of INR 59 crore, including the license fees and interest payments of around Rs 34 crore for expansion at Prag Distillery, increasing the capacity from 6 lakh to 36 lakh cases p.a.”

Result PDF

Breweries & Distilleries company Tilaknagar Industries announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Volume growth of 20.1% YoY, mainly driven by strong growth in Andhra Pradesh, Karnataka and Tamil Nadu
  • Net revenue from operations stands at Rs 406 crore v/s Rs 359 crore i.e. 13.1% YoY growth; revenue growth lower than volume growth due to price reduction taken in Andhra Pradesh in Q3FY25
  • EBITDA grew by 62.6% to Rs 78 crore v/s Rs 48 crore; adjusted for subsidy income, the EBITDA stands at Rs 65 crore i.e. a growth of 35.5% YoY
    • Adjusted for subsidy, EBITDA margin improved by 319 basis points YoY, standing at 16.6% as against 13.4%
  • PAT excl. exceptional items increased by 95.7% to Rs 77 crore from Rs 40 crore; adjusted for subsidy, PAT excl. exceptional items increased by 62.6% YoY to Rs 64 crore
  • Reported EPS (Diluted) stood at Rs 3.98 per share

FY25 Financial Highlights:

  • Volume growth of 6.7% YoY, primarily due to industry-wide disruptions in some of the key states during the first nine months of FY25
  • Net revenue from operations stands at Rs 1,434 crore v/s Rs 1,394 crore i.e. 2.9% YoY growth; revenue growth lower than volume growth due to price reduction taken in Andhra Pradesh in Q3FY25
  • EBITDA grew by 37.4% to Rs 255 crore v/s Rs 185 crore; adjusted for subsidy income, the EBITDA stands at Rs 226 crore i.e. a growth of 21.8% YoY
    • Adjusted for subsidy, EBITDA margin improved by 277 basis points, standing at 16.1% as against 13.3%
  • PAT excl. exceptional items increased by 62.9% to Rs 230 crore from Rs 141 crore; adjusted for subsidy, PAT excl. exceptional items increased by 42.3% to Rs 201 crore
  • Reported EPS (Diluted) stood at Rs 11.81 per share

Commenting on the performance, Amit Dahanukar, Chairman & Managing Director, said “Q4FY25 has seen a very strong close to the year; with high volume and value-led growth. Quarterly growth was driven by resumption of strong performance in our largest state of Andhra Pradesh (“AP”), both on YoY and QoQ terms. The Route to Market (“RTM”) change in AP is completed, and we expect our performance in the state to continue its growth trajectory, in-line with the industry. AP has been well supported by our other Southern states, each of which have seen market share improvements.

On the profitability front, we have seen strong growth in subsidy-adjusted EBITDA for Q4FY25 at Rs 65 crore ( 35.5% YoY) with 16.6% margins. I am very proud to share that this is our highest-ever quarterly EBITDA. For FY25, the subsidy-adjusted EBITDA stands at Rs 226 crore, with margin at 16.1%. The growth in profitability has been aided by strong volume growth, operating leverage and disciplined cost management.

Our focused drive on cash flow management continues, and we now stand at a net cash level of Rs 107 crore, showcasing our Balance Sheet strength.

I am also happy to share that the Board of Directors has recommended Dividend of Rs 1/- per equity share for FY 2024-25 to the members at the ensuing Annual General Meeting.”

Result PDF

Breweries & Distilleries company Tilaknagar Industries announced Q3FY25 results

  • Net revenue from operations stands at Rs 340 crore v/s Rs 377 crore; due to RTM transition and associated price reduction in Andhra Pradesh.
  • EBITDA improved by 17.4% to Rs 60 crore v/s Rs 51 crore.
    • EBITDA margin improved by 408 basis points, standing at 17.7% as against 13.6%.
  • PAT excl. exceptional items increased by 23.2% to Rs 54 crore from Rs 44 crore.
  • Reported EPS (Diluted) stood at Rs 2.77 per share.
  • Primary volumes grew 2.3% to 30.1 million cases and secondary volumes grew 9.2% over the same period, while NSR stands at Rs 1,161 per case.

Amit Dahanukar, Chairman & Managing Director, said: “Q3FY25 has been on expected lines in terms of volume performance. The transition due to change in RTM that the industry went through in Andhra Pradesh not only impacted our volumes but also our revenues, with Mansion House Brandy taking a price reduction in the state. However, despite reduction in NSR, our EBITDA saw significant growth in absolute terms as well as margins on the back of reduced S&D spends. We also witnessed a slight improvement in EBITDA per case over last quarter.

With the transition period more or less behind us, we expect to continue our growth trajectory in Andhra Pradesh. Moreover, while the primary volumes degrew in the state, our secondary volumes grew, with December market share exceeding our best achieved market shares even before the change in RTM.

I am also very proud of our performance in the other states. We achieved our highest volumes in Karnataka in Q3, and continue to grow market share in Telangana, Kerala and Puducherry.

Q3 also saw us fully repaying our Term Loan with Kotak Bank, and we now have a Gross Debt of Rs 45 crore, while continuing to be net debt free.

Our foray into Luxury, Craft and Premium Spirits has truly begun, with Monarch Legacy Edition Brandy getting very positive feedback from trade and consumers. We will now look to further penetrate within these segments, with Samsara Gin being the next play through our royalty arrangement with Spaceman Spirits Lab Pvt Ltd.”

Result PDF

Breweries & Distilleries company Tilaknagar Industries announced Q2FY25 results

  • Achieved highest ever quarterly EBITDA in Q2 at Rs 66 crore, YoY growth of 39.1%.
  • EBITDA margin at 17.6%, 422 bps expansion YoY.
  • Profit after tax at Rs 58 crore, YoY growth of 82%; driven by reduction in finance costs.
  • Net debt free as of September 2024, with net cash Rs 25 crore.

Amit Dahanukar Chairman & Managing Director, Tilaknagar Industries, said: "I am happy to share that we have turned net debt free as of September 2024. From a peak debt of more than Rs 1,100 crore in March 2019 to achieving net debt-free status, we have come a long way. This transformation was achieved through a combination of financial prudence and achieving industry-beating profitable growth.

From a Q2 business perspective, we have delivered our highest-ever EBITDA at Rs 66 crore. Our margins expanded on the back of a superior brand mix as well as cost optimization initiatives. All this despite subdued volume growth on account of the transitioning of RTM in our key state of Andhra Pradesh (“AP”) in Q2.

With retail going private in AP from mid-October onwards, we expect to continue with our industry-beating growth trajectory; achieved through a combination of doubling down on our market share gains from our brandy portfolio as well as new product launches across categories.

The worst of the inflationary cycle seems behind us, and we expect to grow on our profitability despite increasing investments in A&SP, providing meaningful ‘Share of Voice’ to brandy as a category".

Result PDF

Breweries & Distilleries company Tilaknagar Industries announced Q1FY25 results:

  • Net revenue from operations grew 3.0% to Rs 313.2 crore vs. Rs 304.1 crore; slowdown in growth driven by industry-wide disruption due to elections 
  • EBITDA grew by 30.8% to Rs 50.2 crore vs. Rs 38.4 crore; adjusted for the subsidy income, EBITDA for Q1FY25 stands at Rs 45 crore
  • EBITDA margin improved by 341 basis points, standing at 16.0% as against 12.6%; adjusted for subsidy income, EBITDA margin at 14.5%
  • PAT excl. exceptional items increased by 55.7% to Rs 40.1 crore from Rs 25.7 crore
  • Reported EPS (Diluted) stood at Rs 2.06 per share
  • Volumes grew 0.9% to 2.54 million cases, while NSR expanded 0.2% to Rs 1,252 per case

Commenting on the performance, Amit Dahanukar, Chairman & Managing Director, said “We are happy to report our highest ever Q1 EBITDA at Rs 50 crore, despite facing a challenging operating environment. While volume growth was 0.9% YoY, our EBITDA growth stood at 30.8% YoY. This significant growth in EBITDA has been on account of cost optimization initiatives and increasing share of premium products in the portfolio.

Owing to the industry-wide disruption caused by the elections, the volume growth remained somewhat muted in Q1, which was on expected lines. Southern India states, that contribute 85% of TI volumes, saw a degrowth of 0.1% YoY in IMFL volumes in Q1 due to the aforementioned disruptions. However, we are expecting two of our key Southern states to come out with progressive excise policies very soon, which will not only benefit the industry, but also TI to a greater extent, given our market leadership and strong brand equity with consumers in both the states. At the overall level, we are looking at this moderation in Q1 as a transient phase, and are confident of resuming our industry-beating growth going forward, with focus on a good mix of market share gains in our existing portfolio, as well as innovative launches within brandy and beyond.

I am also glad to share that TI has maintained its leadership position in all its key states. We continue to be the 3rd largest P&A IMFL player in Telangana and Karnataka as well as the largest IMFL player in Puducherry in Q1FY25.

Our newest launch, Green Apple Flandy has garnered tremendous appreciation from consumers and trade alike, and within the first quarter of launch itself has achieved a 20% share of Flandy volumes across flavours in the two states where it is available i.e. Telangana and Andhra Pradesh. Green Apple is a great addition to our Flandy portfolio, and we are very excited to occupy a meaningful position in the overall flavoured spirits ecosystem, which till now, has been majorly occupied by white spirit brands. We are especially excited with the opportunities that Flandy has to offer, given the progression of the cocktail culture amongst consumers in India.

TI continues to prioritize profitability and cash flow management as reflected in momentum in margins. Despite inflationary pressures especially on ENA, Q1 FY25 EBITDA margins expanded to 16%, a jump of 341 bps YoY and 260 bps QoQ; adjusted for the subsidy of Rs 5.6 crore, EBITDA margins were at 14.5%. Our focus on debt reduction continues, with further reduction of Rs 22.3 crore in the quarter. Our net debt now stands at a comfortable level of Rs 42.6 crore. We expect to be net debt free within FY25. Our sustained efforts on debt reduction are also ensuring significant reduction in finance costs which is further enabling strong cash flow generation for the Company.”

Result PDF

Brewries & Distilleries company Tilaknagar Industries announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Net revenue from operations grew 0.4% to Rs 358.8 crore v/s Rs 357.4 crore; on account of high base of Q4FY23, due to growth investment undertaken on back of equity funds raised in Dec 2022
  • EBITDA improved by 10.9% to Rs 48.2 crore v/s Rs 43.5 crore
  • EBITDA margin improved by 128 basis points, standing at 13.4% as against 12.2%
  • PAT excl. exceptional items increased by 20.9% to Rs 39.5 crore from Rs 32.7 crore
  • Reported EPS (Diluted) stood at Rs 1.63 per share
  • Volumes grew 0.4% to 2.9 mn cases, while NSR expanded 6.3% to Rs 1,293 per case

FY24 Financial Highlights:

  • Net revenue from operations grew 19.7% to Rs 1,394.0 crore v/s Rs 1,164.4 crore
  • EBITDA improved by 35.2% to Rs 185.4 crore v/s Rs 137.2 crore
  • EBITDA margin improved by 152 basis points, standing at 13.3% as against 11.8%
  • PAT excl. exceptional items increased by 95.3% to Rs 141.0 crore from Rs 72.2 crore
  • Reported EPS (Diluted) stood at Rs 7.16 per share
  • Volumes grew 15.7% to 11.2 mn cases, while NSR expanded 7.1% to Rs 1,282 per case

Commenting on the performance, Amit Dahanukar, Chairman & Managing Director, said “FY24 has been a year of consolidating our brandy leadership through a steady mix of market share gains by our mature brands like Mansion House Brandy and Courrier Napoleon Brandy, and growth in recently launched brands like Flandy. Our premium brandy brand, Mansion House Reserve, which is sold only in Tamil Nadu, registered a more than 2x growth in volumes in FY24, gaining market share in the relevant segment in the state by more than 300 basis points.

On the growth front, we continued to grow faster than overall IMFL industry, as well as ‘Prestige & Above’ segments. FY24 was the second consecutive year in which we were India’s fastest growing IMFL company of scale. In FY24, we became the fourth largest IMFL company in our key state of Telangana; we also became the third largest P&A player in the state. We continued to gain market share in another key state, Puducherry, where we now have a more than 25% share of entire IMFL industry, registering a more than 500 basis points growth in market share. Moreover, we gained more than 100 basis points market share in our top 5 states of Telangana, Andhra Pradesh, Karnataka, Puducherry and Kerala which contribute more than 80% of our volumes and ~40% of total India IMFL industry volumes. This increase in market share has been on account of gains within brandy as well as taking share from other categories.

All this has been possible due to a clear strategic drive of focusing on brandy category seeding and meeting need gaps across premium price points in brandy, through a combination of well thought out marketing strategies and product launches.

On the financial front, despite intense inflationary pressures, we have been able to expand our profit margins on account of premiumization, price increases received in key states, cost optimizations and operating leverage. Additionally, we have reduced our debt by more than Rs 130 crore in FY24. Our gross and net debt stand at Rs 119 crore and Rs 74 crore respectively as on 31st March 2024; and we are targeting to be net debt free over the course of FY25.”

Result PDF

Breweries & Distilleries firm Tilaknagar Industries announced Q1FY23 Result :

  • Strong growth in what has historically been the weakest quarter for TI
  • Volumes above pre-Covid levels
  • NSR per case largely stable at Rs. 1,157 for Q1 FY23 vs. Rs. 1,162 for Q4 FY22 (-0.5% QoQ); predominantly due to region mix
  • Significant inflationary pressures felt on raw material and packaging material costs
    • ENA cost increased by 18% YoY and 3.5% QoQ
    • Glass bottles’ cost increased by 30% YoY and 20% QoQ
  • Foreign exchange fluctuation loss has impacted EBITDA by Rs. 2.55 crs, compared to Rs. 0.68 crs in Q1 FY22 and Rs. 0.85 crs in Q4 FY22.

 

Result PDF

Breweries & Distilleries company Tilaknagar Industries declares Q3FY22 result:

  • Volumes have grown to 18.7 lacs cases in Q3 FY22 (up 13% YoY)
  • Strong NSR of Rs. 1,139 per case (vs. Rs. 1,087 per case in Q2 FY22)
  • Net revenue from operations at Rs. 206 crs (up 23% YoY)
  • Gross profit at Rs. 109 crs (up 29% YoY); Gross margin at 53%
  • EBITDA at Rs. 32 crs (up 46% YoY); EBITDA margin at 15.7%
  • Profit after tax at Rs. 10 crs (from loss of last year)
  • Debt reduced to Rs. 488 crs as of Dec-21; from Rs. 543 crs as of Mar-21
  • Net debt at Rs. 383 crs as of Dec-21

 

Result PDF

Highlights:

  • Volumes have grown to 18.22 lacs cases in Q2 FY22 (up 22% YoY) 
  • Strong NSR of Rs. 1,081 per case (vs. Rs. 968 per case in Q2 FY21) 
  • Net revenue from operations at Rs. 201 crs (up 52% YoY)
  • Gross profit at Rs. 98 crs (up 42% YoY); Gross margin at 48.8% 
  • EBITDA at Rs. 31 crs (up 59% YoY); EBITDA margin at 15.2% 
  • Profit after tax at Rs. 11 crs (from loss of last year); this includes a Rs. 3.5 crs of income tax refund pertaining to previous years 
  • Debt reduced to Rs. 518 crs as of Sep-21; from Rs. 543 crs as of Mar-21 

From the desk of Mr. Amit Dahanukar, Chairman & Managing Director:

  • "We are glad to share a very strong set of numbers despite an uncertain and challenging environment, not only in terms of Covid-19 and related state-specific restrictions but also challenges of inflationary pressures on the business
  • Q2 saw a ‘normal-like’ state-wise business contribution, with all of our major states contributing meaningful volumes – this was unlike Q1 FY22 which saw states like Kerala hardly contributing due to lock-downs at the time 
  • Volumes grew 22.3% on a YoY basis; and in conjunction with higher NSR per case of Rs. 1,081, led to a net revenue growth of 52% 
  • Gross margins fell to 48.8% vs. 52.4% in Q2 FY21; this was owing to inflationary pressure on both, ENA and packaging material cost
  • EBITDA margins expanded to 15.2% vs. 14.5% in Q2 FY21 on account of operating leverage 
  • PAT increased to Rs. 11 crs i.e. 5.6% PAT margin, on account of improving operating margin profile as well as a Rs. 3.5 crs tax adjustment from prior years 
  • The growth in volumes and expansion in margins has enabled us in generating good cash flows leading to reduction in our debt by Rs. 25 crs completely through internal accruals"

 

 

Result PDF

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