Tilaknagar Industries Ltd (Alcoholic Beverages) — fundamental analysis, earnings data, and key metrics. PE: 40.6. ROE: 29.6%. This stock is not currently in the Nifty 500 momentum outperformers list.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: Acquisition Consideration: ₹3,442 crore
Impact: 32% market share in South India
“We completed the acquisition of Imperial Blue on 30th November, and the current quarter's financials include Imperial Blue for the month of December 2025.”
What: Prag Capacity: 3.6 million cases
“On CAPEX related to our Prag bottling unit, we are expecting the expanded facility to be commissioned in the 4th quarter of the current fiscal.”
What: New Launch: Seven Islands Pure Malt
“during this quarter, we launched our luxury whisky, Seven Islands Pure Malt whisky in the state of Maharashtra and certain export markets.”
What: Net Debt-to-EBITDA: below 1.0x
“As highlighted earlier as well, we expect the net debt-to-EBITDA ratio going down below 1.0x by FY29.”
What: Market Access: 200 million+ cases
“With Imperial Blue under our belt, the distribution network now gives us access to 200 million+ cases opportunity in the Indian Alcobev market.”
What: Market Share in South India reached 32%
“This resulted in TI emerging as the largest prestige and above IMFL player with a 32% market share.”
Earnings deceleration risks from management commentary
Trigger: A new category of lower-priced liquor introduced by the state government is cannibalizing the prestige segment.
Management view: Management is monitoring the situation and noted the matter is currently sub-judice.
Monitor: regulatory
Trigger: Industry players are challenging the policy in court.
Management view: Wait and watch approach.
Monitor: litigation
Trigger: Delayed payments from the state government for liquor supplies.
Management view: Actively in touch with government authorities through industry associations.
Monitor: regulatory
Key quotes from recent conference calls
“What we can tell you is that this year, we are looking at for FY26, a mid-teen kind of volume growth. [Previous Volume Growth FY26 guidance]”
“In terms of EBITDA margin, FY26 you should be looking at somewhat similar margins as what you have seen in H1, maybe slightly higher. [Previous EBITDA Margin FY26 guidance]”
“During the integration phase, we are also undertaking cost-saving initiatives for the Imperial Blue business, which will result in margin expansion by 250 - 350 bps. [Initiative: Imperial Blue Integration]”
“MML has been introduced in Maharashtra in August... it has certainly had an impact in the relevant category for Imperial Blue... where we have seen the segment as a whole has de-grown by 25%-odd. [Risk (regulatory): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹664 crore
Why: The massive jump in revenue was primarily driven by the first-time consolidation of the Imperial Blue business for the month of December 2025.
Revenue growth excluding the Imperial Blue acquisition was still healthy at 16.8%.
EBITDA
₹110 crore
Why: EBITDA growth was driven by the Imperial Blue acquisition, though margins were slightly diluted by the lower-margin profile of the acquired brand.
Adjusted for subsidy, the combined business margin stood at 14%.
Other Highlights
• Imperial Blue delivered 1.8 million cases in December 2025 alone.
• Combined secondary sales reached 2.1 million cases in Southern India in December.
• Exceptional expense of ₹169 crore incurred for transaction costs and TSMA fees.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Volume (Million Cases)
5.3 million
Why: Driven by the inclusion of Imperial Blue volumes for December.
Imperial Blue Volume (Dec 2025)
1.8 million
Why: First month of operations under Tilaknagar ownership.
Combined NSR per Case
₹1,242
Why: Reflects the blended realization of the existing brandy portfolio and the newly acquired whisky brand.
Imperial Blue NSR per Case
₹1,306
Why: Standard realization for the Imperial Blue brand.
Market Share - South India (Prestige+)
32%
Why: Consolidation of Imperial Blue and Mansion House leadership.
Prag Distillery Capacity Expansion
3.6 million cases
Why: Strategic expansion to serve the Andhra Pradesh market.
Exceptional Transaction Expenses
₹169 crore
Why: One-time costs for the Imperial Blue acquisition and transition fees.
Debt Raised for Acquisition
₹2,100 crore
Why: Funding for the ₹3,442 crore Imperial Blue acquisition.
Forward-looking targets from management for FY27 onwards
OPM Guidance
150–250%
Capex Plan
₹10 Cr
150 - 200 bps over and above volume growth
REAFFIRMED
₹10 crore
Remaining investment for Prag bottling unit expansion
REAFFIRMED
Guidance Changes
Imperial Blue FY26 Volume: Not Given → low to mid-single digit volume degrowth
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Tilaknagar Industries Ltd's latest quarterly results (Dec 2025) show
Tilaknagar Industries Ltd's current PE ratio is 40.6x.
Tilaknagar Industries Ltd's price-to-book ratio is 5.8x.
Tilaknagar Industries Ltd's fundamental strength based on key financial ratios
Tilaknagar Industries Ltd has a debt-to-equity ratio of N/A.
Tilaknagar Industries Ltd's return ratios over recent years
Tilaknagar Industries Ltd's operating cash flow is positive (FY2025).
Tilaknagar Industries Ltd's current dividend yield is 0.22%.
Tilaknagar Industries Ltd's shareholding pattern (Mar 2026)
Tilaknagar Industries Ltd's promoter holding has remained stable recently.
Tilaknagar Industries Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
Tilaknagar Industries Ltd has 6 key growth catalysts identified from recent earnings analysis
Tilaknagar Industries Ltd has 3 key risks worth monitoring
In Q3 FY26, Tilaknagar Industries Ltd's management highlighted
Tilaknagar Industries Ltd's management has provided the following forward guidance for FY27 onwards
Tilaknagar Industries Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Tilaknagar Industries Ltd may be worth studying
Tilaknagar Industries Ltd investment thesis summary:
Tilaknagar Industries Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
