Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Tilaknagar Industries Ltd

TI
Alcoholic Beverages

Tilaknagar Industries Ltd's price has outrun its earnings. −8.0% in a year against EPS −92.9% — the market is paying now for delivery later.

The sharpest disagreement: the price moved −8.0% in a year while annual EPS moved −92.9% — the difference is re-rating, and re-rating has to be repaid with earnings.

The price is in a confirmed uptrend (61 weeks in) while the P/E sits at the 92nd percentile of its own 5-year range. Underneath, the last four quarters read deteriorating — profit −64.0% year on year, and −38% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.

Stage
Deteriorating
fundamental trajectory, 12 quarters
Price
₹465
−8.0% 1Y
P/E
50.9×
92nd pctile
of its own 5-year range
Revenue (Jun 26)
₹1,046 Cr
+155.7% YoY
Profit (Jun 26)
₹32.0 Cr
−64.0% YoY
Operating margin
16.0%
−7.0 pp YoY
ROCE
12%
FY26
ROIC
8.2%
vs WACC 12.0% → −3.8 pp
Cash conversion
−38%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tilaknagar Industries Ltd trades at ₹465, in a confirmed uptrend and 61 weeks into that stage. That is +6.3% against its own 200-day average. It sits at 55% of a 52-week range of ₹389 to ₹528. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 61 of stage 2, confirmed. At ₹465 it trades +6.3% versus its 200-day average and sits at 55% of its 52-week range (₹389–₹528).

Jul 26: ₹465 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+6.3% versus the 200-day line, week 61 of stage 2
Price50-day avg200-day avg
S2S4S2₹560₹443₹326₹209₹91.9₹465₹438Jul 23May 24Feb 25Nov 25Jul 26
S2S4S2₹560₹443₹326₹209₹91.9₹465₹438Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (548 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +2,661% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Tilaknagar Industries Ltd trades at 50.9× P/E, at the pricey end of its own range (92nd percentile). Its long-run median P/E is 37.0×, measured across 4.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 50.9× is at the pricey end of its own range (92nd percentile), against a long-run median of 37.0× measured over 4.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 50.9× vs a 37.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 4.5-year window; loss-period spikes above 92× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (92nd percentile)
P/EMedianEPS (TTM) (quarterly)
97.8×₹15.577.5×₹11.657.3×₹7.837.0×₹3.916.7×₹0.0×48.80×₹10Feb 22Mar 23May 24Jul 25Jul 26
97.8×₹15.577.5×₹11.657.3×₹7.837.0×₹3.916.7×₹0.0×48.80×₹10Feb 22May 24Jul 26
PEG 0.63 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 6 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
5.4×4.0×2.7×1.3×0.0××0.63×Q2 FY24Q3 FY24Q3 FY25Q4 FY25Q2 FY26
5.4×4.0×2.7×1.3×0.0××0.63×Q2 FY24Q3 FY25Q2 FY26
P/E
50.9×
92nd percentile of 5y
PEG
2.23
derived from 3-year earnings growth

🚨 Why the multiple sits where it does: over the past year annual EPS moved −92.9% against a −8.0% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 3y, of the +40.8%/yr price move, ~+33.3%/yr came from earnings growth and ~+7.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · Stage: Deteriorating

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Tilaknagar Industries Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −112.6% latest against +312.5% at its 12-quarter best), ROCE slipping at 4.3%. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue +63.6% in FY26, profit −90.9% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
72%261%42%160%12%60%−17%−41%−47%−142%%%63.6%−90.9%FY16FY21FY26
72%261%42%160%12%60%−17%−41%−47%−142%%%63.6%−90.9%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating
RevenueProfitEPS
108%333%79%213%50%94%21%−26%−8.4%−146%%%100%−112.6%−107.3%Sep 23Dec 24Jun 26
108%333%79%213%50%94%21%−26%−8.4%−146%%%100%−112.6%−107.3%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
36%27%19%10%2.0%%4.3%Sep 23Mar 24Dec 24Sep 25Jun 26
36%27%19%10%2.0%%4.3%Sep 23Dec 24Jun 26
Revenue growth
Rising
latest +100.0% · span −0.4% to +100.0%
Profit growth
Falling
latest −112.6% · span −112.6% to +312.5%
EPS growth
Falling
latest −107.3% · span −107.3% to +240.7%
ROCE
Falling
latest 4.3% · span 4.3%–33.4%

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+63.6%+26.3%+33.7%+17.7%
Profit−90.9%−48.1%
EPS−92.9%−53.0%
Share price−8.0%+40.8%+63.6%+39.7%
Revenue YoY (Jun 26)
+155.7%
latest quarter vs a year ago
Profit YoY (Jun 26)
−64.0%
latest quarter vs a year ago
Revenue 10y
17.7%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

37.5/100 — rank 10 of 14 in Alcoholic Beverages · 85% evidence confidence

Tilaknagar Industries Ltd scores 37.5 out of 100 against the 14 companies it is compared with in Alcoholic Beverages, ranking 10. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 9.3 + 11 + 8.3 + 8.9 = 37.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Tilaknagar Industries Ltd reported ₹1,046 Cr of revenue in the Jun 26 quarter, +155.7% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.7% a year. The last full year, FY26, came in at ₹2,346 Cr. The last four reported quarters add to ₹3,016 Cr.

FY26 revenue came in at ₹2,346 Cr (+63.6% on the year), capping 10 years at 17.7% compound. The latest quarter (Jun 26) printed ₹1,046 Cr, +155.7% year on year — the 6th consecutive quarter of year-over-year growth.

FY26 revenue ₹2,346 Cr (+63.6% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
17.7% a year over 10 years
RevenueYoY growth
2.5k72%1.9k42%1.3k12%633−17%0−47%₹ Cr%₹2,34663.6%FY16FY21FY26
2.5k72%1.9k42%1.3k12%633−17%0−47%₹ Cr%₹2,34663.6%FY16FY21FY26
Jun 26: ₹1,046 Cr (+155.7% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
6th straight quarter of growth
Revenue (quarterly)YoY growth
1.1k169%847121%56573%28225%0−23%₹ Cr%₹1,046155.7%Sep 23Dec 24Jun 26
1.1k169%847121%56573%28225%0−23%₹ Cr%₹1,046155.7%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +98.0% growth against the decade's 17.7% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +100.0% over the last 4 quarters against +46.6%/yr over the last 8 — accelerating.

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Tilaknagar Industries Ltd's operating margin is 16.0% in the Jun 26 quarter, −7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −27.0% to 21.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.0%, −7.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −27.0%–21.0%.

🚨 Why the margin moved: operating margin went −6.9 pp year on year while gross margin went −8.6 pp — the loss came mostly from the gross line: input costs and pricing.

FY26: 18.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a −27.0–21.0% band over 13 years
operating marginYoY change (pp)
25%23%11%6.2%−3.0%−11%−17%−28%−31%−45%%%18%0%FY14FY20FY26
25%23%11%6.2%−3.0%−11%−17%−28%−31%−45%%%18%0%FY14FY20FY26
Jun 26: 16.0% operating margin (−7.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
24%8.1%21%4.1%18%0.0%15%−4.1%12%−8.1%%%16%−7%Sep 23Dec 24Jun 26
24%8.1%21%4.1%18%0.0%15%−4.1%12%−8.1%%%16%−7%Sep 23Dec 24Jun 26
07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tilaknagar Industries Ltd earned ₹32.0 Cr of net profit in the Jun 26 quarter, −64.0% year on year. Full-year FY26 profit was ₹21.0 Cr. That is 3.1% of the quarter's revenue. The same quarter a year earlier earned ₹89.0 Cr. 2 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹32.0 Cr, −64.0% year on year. On the full year, FY26 printed ₹21.0 Cr (−90.9%).

FY26 profit ₹21.0 Cr (−90.9% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
314261%154160%060%−166−41%−326−142%₹ Cr%₹21−90.9%FY16FY21FY26
314261%154160%060%−166−41%−326−142%₹ Cr%₹21−90.9%FY16FY21FY26
Jun 26: ₹32.0 Cr (−64.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
105201%4868%−8−65%−64−198%−121−331%₹ Cr%₹32−64%Sep 23Dec 24Jun 26
105201%4868%−8−65%−64−198%−121−331%₹ Cr%₹32−64%Sep 23Dec 24Jun 26

🚨 Why profit moved: revenue contributed +155.7% and the margin −7.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −121.6% vs revenue +98.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −38% of Tilaknagar Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−445 Cr of operating cash against ₹21.0 Cr of profit. After ₹3,539 Cr of capital spending, ₹−3,984 Cr was left as free cash.

FY26: operating cash of ₹−445 Cr against reported profit of ₹21.0 Cr, leaving free cash of ₹−3,984 Cr after ₹3,539 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −38% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹−445 Cr vs profit ₹21.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY26 reflects an acquisition year — point shown clipped.
−38% of 3-year profit arrived as cash
Operating cashNet profitFree cash
327120−88−295−502₹ Cr₹−445₹21₹170FY16FY21FY26
327120−88−295−502₹ Cr₹−445₹21₹170FY16FY21FY26
FY26: CFO = −2,119% of profit (three-year rate −38%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
325%−331%−988%−1,644%−2,300%%−2,119%FY16FY21FY26
325%−331%−988%−1,644%−2,300%%−2,119%FY16FY21FY26

🚨 Why conversion sits at −38%: the cash cycle stretched 308 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 308 days — the next section's job is to find where the cash is stuck.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Tilaknagar Industries Ltd's cash conversion cycle runs 217 days in FY26, up from −91 days in FY21. Capital spending ran ₹3,555 Cr over the last 3 years. At FY26 sales of ₹2,346 Cr each day of that cycle holds about ₹6.4 Cr, so roughly ₹1,395 Cr sits inside the business at any moment.

FY26: debtors at 198 days, inventory at 117 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 217 days, looser than FY21's −91.

The full loop: cash goes out to suppliers and production on day 0; stock waits 117 days to sell; customers pay about 198 days after that; and suppliers themselves are paid at 98 days — netting out to the 217-day cycle.

In money terms: at FY26 sales of ₹2,346 Cr, each day of the cycle holds about ₹6.4 Cr — so the 217-day loop keeps roughly ₹1,395 Cr sitting inside the business at any moment.

FY26: a 217-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+308 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
55237219313−167days217d117d198d98dFY14FY17FY20FY23FY26
55237219313−167days217d117d198d98dFY14FY20FY26

On the investment side: capital spending of ₹3,555 Cr over the last 3 fiscal years against ₹143 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹60.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹3,539 Cr, work-in-progress ₹60.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
3.8k2.8k1.7k674−377₹ Cr₹3,539₹60FY16FY18FY21FY23FY26
3.8k2.8k1.7k674−377₹ Cr₹3,539₹60FY16FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Tilaknagar Industries Ltd earns a ROCE of 12% in FY26. That is up from a trough of −13% in FY16. Return on invested capital clears the cost of that capital by −3.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.9% net margin on 0.38× asset turns.

FY26 ROCE is 12%, recovered from a FY16 trough of −13% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 0.9% net margin × 0.38× asset turns × 2.07× balance-sheet leverage ≈ 0.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 8.2% − 12.0% = a −3.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 12% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY16's −13%
ROCEROIC (annual)WACC
34%21%8.8%−3.9%−16%%12%12.7%FY14FY20FY26
34%21%8.8%−3.9%−16%%12%12.7%FY14FY20FY26
Q4 FY26: ROCE 6.9% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
27%21%15%8.9%3.1%%6.9%11.3%Q1 FY24Q2 FY25Q4 FY26
27%21%15%8.9%3.1%%6.9%11.3%Q1 FY24Q2 FY25Q4 FY26
11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Tilaknagar Industries Ltd carries total debt of ₹2,301 Cr against shareholder equity of ₹2,982 Cr as of Mar 26, a debt-to-equity of 0.77. On the annual view that ratio went from 4.37 in FY22 to 0.77 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹2,301 Cr against shareholder equity of ₹2,982 Cr — a debt-to-equity of 0.77. On the annual view, debt-to-equity went from 4.37 (FY22) to 0.77 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹2,301 Cr at 0.77× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
2.5k4.7×1.9k3.5×1.2k2.2×6211.0×0−0.3×₹ Cr×₹2,3010.77×FY22FY24FY26
2.5k4.7×1.9k3.5×1.2k2.2×6211.0×0−0.3×₹ Cr×₹2,3010.77×FY22FY24FY26
Mar 26: debt ₹2,301 Cr, debt-to-equity 0.77 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
2.5k0.8×1.9k0.6×1.2k0.4×6210.2×00.0×₹ Cr×₹2,3010.77×Jun 23Sep 24Mar 26
2.5k0.8×1.9k0.6×1.2k0.4×6210.2×00.0×₹ Cr×₹2,3010.77×Jun 23Sep 24Mar 26
12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 8.5 points of Tilaknagar Industries Ltd over 8 quarters, the biggest move on the register. That takes promoters to 31.7% of the company. Domestic institutions moved +5.9 points over the same window, to 6.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −8.5 points over 8 quarters to 31.7%; Domestic institutions: +5.9 points over 8 quarters to 6.3%; Foreign institutions: +5.2 points over 8 quarters to 16.9%.

🚨 Why the register moved: promoters drove it (−8.5 points), absorbed on the other side by domestic institutions (+5.9 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −8.5 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
52%38%24%10%−3.7%%31.7%16.9%5.9%45.5%Mar 24Mar 25Mar 26
52%38%24%10%−3.7%%31.7%16.9%5.9%45.5%Mar 24Mar 25Mar 26
Promoters cut 8.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
52%38%24%10%−3.9%%31.7%16.9%6.3%45.2%Jun 23Dec 24Jun 26
52%38%24%10%−3.9%%31.7%16.9%6.3%45.2%Jun 23Dec 24Jun 26
13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tilaknagar Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

14 · Related companies · Alcoholic Beverages
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Radico Khaitan LtdRADICO 78.6/100Favorable setup100% evidence LEADER 31.2/35 Revenue 19.3% · PAT 76.4% · OPM change 6 pp 100% evidence 20.6/25 ROCE 24.2% · OPM 21% 100% evidence 7.2/20 P/E 81.8× · PEG 1.91 100% evidence 19.6/20 RS sector 35.4% · RS bench 34.6% · 1Y 60.6%12 of 12 weeks ahead 100% evidence
Exact sum: 31.2 + 20.6 + 7.2 + 19.6 = 78.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2G M Breweries LtdGMBREW 69.3/100Favorable setup74% evidence ASLEEP 28.7/35 Revenue 21.3% · PAT 30% · OPM change 4 pp 95% evidence 15.6/25 ROCE 18% · OPM 23% 95% evidence 11.5/20 P/E 14.9× · PEG — 15% evidence 13.5/20 RS sector 37.3% · RS bench -7.1% · 1Y 25.4%0 of 10 weeks ahead 70% evidence
Exact sum: 28.7 + 15.6 + 11.5 + 13.5 = 69.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Piccadily Agro Industries LtdPICCADIL 64.3/100Mixed-positive evidence83% evidence TURNING 22.7/35 Revenue 26.8% · PAT 34% · OPM change -5 pp 88% evidence 16.3/25 ROCE 18% · OPM 21% 100% evidence 11.0/20 P/E 52.6× · PEG 1.75 65% evidence 14.3/20 RS sector 4.3% · RS bench 18.3% · 1Y 20.8%3 of 10 weeks ahead 70% evidence
Exact sum: 22.7 + 16.3 + 11 + 14.3 = 64.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4India Glycols LtdINDIAGLYCO 63.9/100Mixed-positive evidence96% evidence BREAKING OUT 20.1/35 Revenue 11.7% · PAT 26.8% · OPM change 0 pp 88% evidence 15.9/25 ROCE 12.4% · OPM 17% 100% evidence 12.3/20 P/E 26.3× · PEG 0.77 100% evidence 15.6/20 RS sector 17.8% · RS bench 17.1% · 1Y 32.9%9 of 12 weeks ahead 100% evidence
Exact sum: 20.1 + 15.9 + 12.3 + 15.6 = 63.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5United Spirits LtdUNITDSPR 60.0/100Mixed-positive evidence100% evidence BREAKING OUT 15.5/35 Revenue 3.1% · PAT 24.4% · OPM change -5 pp 100% evidence 18.7/25 ROCE 26.4% · OPM 16% 100% evidence 9.0/20 P/E 59.5× · PEG 3.12 100% evidence 16.8/20 RS sector 11% · RS bench 10.3% · 1Y 15.8%3 of 12 weeks ahead 100% evidence
Exact sum: 15.5 + 18.7 + 9 + 16.8 = 60 · Decision use: Price leads the evidence: RS versus the benchmark is 10.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6IFB Agro Industries LtdIFBAGRO 58.5/100Mixed-positive evidence74% evidence TURNING 28.1/35 Revenue 38.9% · PAT 90.3% · OPM change 1 pp 95% evidence 11.6/25 ROCE 12.7% · OPM 8% 95% evidence 11.3/20 P/E 15.4× · PEG — 15% evidence 7.5/20 RS sector -7% · RS bench -6.2% · 1Y 20.8%10 of 10 weeks ahead 70% evidence
Exact sum: 28.1 + 11.6 + 11.3 + 7.5 = 58.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Globus Spirits LtdGLOBUSSPR 50.0/100Mixed-positive evidence83% evidence ASLEEP 27.8/35 Revenue 7.9% · PAT 100% · OPM change 2 pp 100% evidence 8.6/25 ROCE 11.4% · OPM 10% 100% evidence 10.8/20 P/E 25.6× · PEG — 15% evidence 2.8/20 RS sector -11.5% · RS bench -12.4% · 1Y -29%0 of 12 weeks ahead 100% evidence
Exact sum: 27.8 + 8.6 + 10.8 + 2.8 = 50 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.5% and the one-year return is -29%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8Allied Blenders & Distillers LtdABDL 48.4/100Mixed-negative evidence93% evidence LEADER 14.4/35 Revenue 8% · PAT -12.5% · OPM change 0 pp 100% evidence 14.4/25 ROCE 18.4% · OPM 12% 100% evidence 4.2/20 P/E 77.7× · PEG 4.13 65% evidence 15.4/20 RS sector 11.1% · RS bench 10.1% · 1Y 34.7%12 of 12 weeks ahead 100% evidence
Exact sum: 14.4 + 14.4 + 4.2 + 15.4 = 48.4 · Decision use: Price leads the evidence: RS versus the benchmark is 10.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9Associated Alcohols & Breweries LtdASALCBR 40.9/100Mixed-negative evidence81% evidence ASLEEP 9.2/35 Revenue -5.3% · PAT -4.6% · OPM change -3 pp 95% evidence 14.0/25 ROCE 18% · OPM 11% 95% evidence 13.3/20 P/E 18.5× · PEG — 50% evidence 4.4/20 RS sector -20.9% · RS bench -17% · 1Y -30.2%3 of 10 weeks ahead 70% evidence
Exact sum: 9.2 + 14 + 13.3 + 4.4 = 40.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10Tilaknagar Industries Ltdthis pageTI 37.5/100Mixed-negative evidence85% evidence ASLEEP 9.3/35 Revenue 100% · PAT -80% · OPM change -7 pp 100% evidence 11.0/25 ROCE 11.8% · OPM 16% 80% evidence 8.3/20 P/E 50.9× · PEG — 50% evidence 8.9/20 RS sector 1.5% · RS bench 0.8% · 1Y -6.5%0 of 12 weeks ahead 100% evidence
Exact sum: 9.3 + 11 + 8.3 + 8.9 = 37.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Sula Vineyards LtdSULA 34.9/100Adverse evidence77% evidence ASLEEP 9.2/35 Revenue -4% · PAT -63.5% · OPM change -2.1 pp 83% evidence 11.3/25 ROCE 7.5% · OPM 20.6% 95% evidence 10.2/20 P/E 53.2× · PEG — 50% evidence 4.2/20 RS sector -29.5% · RS bench -16.4% · 1Y -41.8%0 of 10 weeks ahead 70% evidence
Exact sum: 9.2 + 11.3 + 10.2 + 4.2 = 34.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12United Breweries LtdUBL 34.2/100Adverse evidence79% evidence BASING 11.5/35 Revenue 3.6% · PAT -6.8% · OPM change -2 pp 88% evidence 6.3/25 ROCE 10.7% · OPM 6% 100% evidence 8.5/20 P/E 110× · PEG — 15% evidence 7.9/20 RS sector -11.4% · RS bench -12.2% · 1Y -30.2%0 of 12 weeks ahead 100% evidence
Exact sum: 11.5 + 6.3 + 8.5 + 7.9 = 34.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Jagatjit Industries LtdJAGAJITIND 33.6/100Thin evidence · provisional58% evidence TURNING 14.5/35 Revenue -48.3% · PAT 100% · OPM change -8 pp 62% evidence 5.1/25 ROCE 10.5% · OPM -13% 76% evidence 9.4/20 P/E 60.1× · PEG — 15% evidence 4.6/20 RS sector -15.4% · RS bench -17.4% · 1Y -34.4%2 of 11 weeks ahead 70% evidence
Exact sum: 14.5 + 5.1 + 9.4 + 4.6 = 33.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14Som Distilleries & Breweries LtdSDBL 22.5/100Adverse evidence70% evidence ASLEEP 5.2/35 Revenue -14.8% · PAT -80% · OPM change -36 pp 83% evidence 5.6/25 ROCE 5.7% · OPM -24% 95% evidence 8.7/20 P/E 105× · PEG — 15% evidence 3.0/20 RS sector -36.3% · RS bench -28.9% · 1Y -54.3%2 of 10 weeks ahead 70% evidence
Exact sum: 5.2 + 5.6 + 8.7 + 3 = 22.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is Tilaknagar Industries Ltd's share price today?

Tilaknagar Industries Ltd trades at ₹465, −8.0% over the past year. The company is valued at ₹11,511 Cr. The stock sits at 55% of its 52-week range of ₹389–₹528, +6.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 61 weeks in. — as of 31 July 2026.

What were Tilaknagar Industries Ltd's latest quarterly results?

Tilaknagar Industries Ltd reported revenue of ₹1,046 Cr and net profit of ₹32.0 Cr for the Jun 26 quarter. Revenue rose 155.7% and profit fell 64.0% year on year. Earnings per share were ₹1.28. The operating margin was 16.0%, 7.0 pp lower than a year earlier. — as of 31 July 2026.

What is Tilaknagar Industries Ltd's revenue?

Tilaknagar Industries Ltd reported revenue of ₹1,046 Cr in the Jun 26 quarter, +155.7% year on year. For the full FY26 fiscal year, revenue was ₹2,346 Cr (+63.6%). Over the last 10 years revenue compounded at 17.7% a year. — as of 31 July 2026.

What is Tilaknagar Industries Ltd's profit?

Tilaknagar Industries Ltd earned ₹32.0 Cr of net profit in the Jun 26 quarter, −64.0% year on year. Full-year FY26 profit was ₹21.0 Cr. The operating margin ran 16.0% in the latest quarter. — as of 31 July 2026.

What is Tilaknagar Industries Ltd's market cap?

Tilaknagar Industries Ltd's market capitalisation is ₹11,511 Cr at a share price of ₹465. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Tilaknagar Industries Ltd's P/E ratio?

Tilaknagar Industries Ltd trades at a P/E of 50.9×, at the 92nd percentile of its own 5-year range, against a long-run median of 37.0×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Tilaknagar Industries Ltd pay a dividend?

Yes — Tilaknagar Industries Ltd's dividend payout was 118% of profit in FY26, and it recorded a payout in 6 of its last 13 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.

Is Tilaknagar Industries Ltd overvalued?

On its own history, Tilaknagar Industries Ltd looks expensive against its own history: its P/E of 50.9× sits at the 92nd percentile of its 5-year range (long-run median 37.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.

Is Tilaknagar Industries Ltd growing?

Not right now — Tilaknagar Industries Ltd's latest numbers are shrinking: latest-quarter revenue +155.7% year on year, profit −64.0%, and the margin −7.0 pp at 16.0%. The earnings engine currently reads: deteriorating — as of 31 July 2026.

How is Tilaknagar Industries Ltd performing?

Tilaknagar Industries Ltd is in a confirmed uptrend, 61 weeks in. Its latest quarter's revenue rose 155.7% and profit fell 64.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Tilaknagar Industries Ltd in?

Deteriorating — profit and EPS growth are shrinking (profit growth −112.6% latest against +312.5% at its 12-quarter best), ROCE slipping at 4.3%. The read comes from the last 12 quarters of growth (revenue growth +100.0% latest, profit growth −112.6% latest, eps growth −107.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Tilaknagar Industries Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 61 of stage 2), trading +6.3% versus its 200-day average and at 55% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is Tilaknagar Industries Ltd beating the market?

On recent form, yes — Tilaknagar Industries Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +2,661% against the NIFTY 500's +276% — ahead of the index over the full window. — as of 31 July 2026.

Will Tilaknagar Industries Ltd's share price go up?

This page publishes no price forecast for Tilaknagar Industries Ltd. What it measures instead: the share price is ₹465, the price is in a confirmed uptrend 61 weeks in. Its P/E of 50.9× sits at the 92nd percentile of its own 5-year range. — as of 31 July 2026.

Who owns Tilaknagar Industries Ltd?

Promoters hold 31.7% of Tilaknagar Industries Ltd, foreign institutions 16.9%, domestic institutions 6.3% and the public 45.2% (latest quarter). The biggest move on the register over the last two years: Promoters cut 8.5 points over 8 quarters. — as of 31 July 2026.

Does Tilaknagar Industries Ltd have too much debt?

It is moderate — Tilaknagar Industries Ltd's debt-to-equity is 0.77, and operating profit covers the interest bill 4×. FY26 borrowings were ₹2,301 Cr against equity of ₹2,982 Cr. Read the returns on this page with that leverage in mind — as of 31 July 2026.

What is Tilaknagar Industries Ltd's capex?

Tilaknagar Industries Ltd spent ₹3,555 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹3,539 Cr, with ₹60.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is Tilaknagar Industries Ltd's cash flow?

Tilaknagar Industries Ltd generated ₹−445 Cr of operating cash flow in FY26 and ₹−3,984 Cr of free cash flow after ₹3,539 Cr of capital spending. Reported profit that year was ₹21.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is Tilaknagar Industries Ltd's profit real cash?

Not fully — over the last 3 fiscal years, −38% of Tilaknagar Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−445 Cr against reported profit of ₹21.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 31 July 2026.

Where is Tilaknagar Industries Ltd in its business cycle?

Tilaknagar Industries Ltd's FY26 operating margin was 18.0%, against a 13-year band of −27.0%–21.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the Tilaknagar Industries Ltd story?

The sharpest disagreement: the price moved −8.0% in a year while annual EPS moved −92.9% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is Tilaknagar Industries Ltd a stock worth studying right now?

This is not investment advice. The machine read: Tilaknagar Industries Ltd's price has outrun its earnings. −8.0% in a year against EPS −92.9% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

Chat with this pageChat with pageChatChatGPTClaudePerplexityGoogle AI