Tilaknagar Industries Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Beverages | Market Cap: ₹12.4K Cr
Q3 FY25 volume growth (ex-AP) was 10% YoY; January 2025 saw further acceleration to 14% YoY. Q3 FY25 EBITDA margin stood at 17.7%; future EBITDA margins expected in the range of 15.5% to 17.5%, with a slight bias toward the higher end.
From Tilaknagar Industries Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹576
Market Cap
₹12.4K Cr
P/E Ratio
54.9
How does Tilaknagar Industries Ltd rank in Beverages?
Compare Tilaknagar Industries Ltd against every Beverages company this quarter on revenue, margins and earnings-call signals.
Tilaknagar Industries Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹664 Cr, net profit ₹-105 Cr.
Full financials →📊 Revenue & Sales Performance
- →Q3 FY25 volume growth (ex-AP) was 10% YoY; January 2025 saw further acceleration to 14% YoY.
- →Post-Route-to-Market (RTM) transition in Andhra Pradesh, primary volumes showing strong recovery with 14% growth in January 2025.
- →Expectation of stable NSR (Net Sales Realization) in Q4 FY25 with continued premiumization strategies.
- →Industry growth anticipated as new RTM policies in AP drive overall expansion; new entrants expected to enlarge market rather than cannibalize.
- →Market share in Andhra Pradesh improved to 11.5% in December 2024, indicating robust brand equity.
- →Expansion plans for Mansion House Whisky into Southern states, supporting category and geographic growth.
- →Anticipate maintaining volume momentum and revenue growth backed by strong brand portfolio and favorable regulatory tailwinds.
📈 Profitability & Margins
- →Q3 FY25 EBITDA margin stood at 17.7%; future EBITDA margins expected in the range of 15.5% to 17.5%, with a slight bias toward the higher end.
- →PAT increased by 23% in Q3 and 50% over the first nine months YoY, indicating strong profitability growth.
- →Volume growth excluding Andhra Pradesh (AP) was 10% YoY in Q3, with January 2025 volume growth accelerating to 14% YoY, signaling strong market momentum.
- →AP market saw volume degrowth due to RTM transition, but secondary volumes grew 8% and primary volumes bounced back by 14% in January 2025, expected to sustain going forward.
- →Pricing correction in AP is completed; NSR expected to stabilize in Q4 FY25.
- →Continued investment in A&SP anticipated, supporting premiumization and brand building.
- →CAPEX plans include ~Rs. 20 crore maintenance and potential Rs. 50 crore expansion of Andhra Pradesh distillery capacity, supporting medium-term revenue growth.
- →Overall, company aims for sustainable profitable growth driven by brand strength, geographic expansion, and operational efficiencies.
🏗️ Capital Expenditure Plans
- →Maintenance CAPEX for FY26 is guided at approximately Rs. 20 crore.
- →The company is exploring an additional investment of around Rs. 50 crore to expand Prag Distillery in Andhra Pradesh.
- →The expansion aims to increase capacity from 6 lakh cases to 36 lakh cases annually.
- →This investment is expected to yield significant operating savings by bottling in their own unit rather than relying on outside contract units.
- →The company remains open to tactical and strategic inorganic acquisitions, focusing on startups in the craft segment, similar to their 20% stake acquisition in Samsara Gin.
- →They continuously evaluate acquisition opportunities to grow their product portfolio and geographic presence prudently.
- →No formal policy on surplus cash utilization yet; decisions will be made with the Board's involvement to deliver long-term stakeholder value.
💰 Fundraising & Capital Structure
- →The company currently is virtually debt-free and has been reducing its gross debt, with a net cash balance of Rs. 31 crore as of Q3 FY25.
- →There is no explicit mention of any new fundraising through debt or equity in the provided transcript.
- →Management highlighted a prudent financial management approach and stressed leveraging internal cash flows for growth, acquisitions, and capex.
- →No formal plans for raising fresh capital through equity or debt were disclosed.
- →Any major capital deployment or acquisitions will be managed prudently with a focus on stakeholder value.
- →The company will continue to evaluate acquisition opportunities and organic growth leveraging existing financial strength.
📋 Order Book & Pipeline
- →The company has received orders for the assessment year (AY) 2023-24 related to a search operation.
- →Orders for AY 2024-25 have not yet been received.
- →Once the orders for AY 2024-25 are received, the company will be able to decide on the necessary tax provisions related to these orders.
- →The company has decided to appeal against the current order received.
- →No specific mention of the monetary value or number of pending orders beyond tax-related assessments was provided.
Key Metrics
Frequently Asked Questions
What were Tilaknagar Industries Ltd Q3 FY25 results?
Q3 FY25 volume growth (ex-AP) was 10% YoY; January 2025 saw further acceleration to 14% YoY. Q3 FY25 EBITDA margin stood at 17.7%; future EBITDA margins expected in the range of 15.5% to 17.5%, with a slight bias toward the higher end.
What is Tilaknagar Industries Ltd share price analysis?
Tilaknagar Industries Ltd currently shows a neutral. The stock trades at a P/E of 54.9 with a market cap of ₹12,397 Cr. Investors should review the full earnings analysis for detailed insights.
Is Tilaknagar Industries Ltd planning capital expenditure?
Maintenance CAPEX for FY26 is guided at approximately Rs.
Keep Tilaknagar Industries Ltd on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.