Tilaknagar Industries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹12,316 Cr
- P/E
- 54.50
- ROE
- 12.57%
- PEG
- 1.09
- Price to sales
- 4.09
- Debt to equity
- 0.77
- 52W high / low
- ₹602 / ₹389
- Sales growth (5Y)
- 33.71%
- EBITDA margin
- 16.37%
- Net profit margin
- 10.35%
- Promoter holding
- 31.62%
- Sales (last year)
- ₹3,016 Cr
Tilaknagar Industries Ltd. is primarily involved in manufacturing and sale of Indian Made Foreign Liquor (IMFL). [1]
Guidance scorecard · Q1 FY27 call
What Tilaknagar Industries Ltd's management guided
and where it ranks in Beverages
Beverages
RevenueQ1 FY27 call
10–20%- FY27 guidance: High single-digit to low double-digit volume growth for the combined business (Tilaknagar + Imperial Blue).
- Post-FY27: Expect annual volume growth in mid-teens over the next couple of years.
- Revenue growth is expected to be ~300 basis points higher than volume growth.
- EBITDA margins for the combined business targeted at 16%-18% by FY29, with an upward bias.
- New product launches planned from FY28 onwards to drive mid-double-digit volume growth and revenue CAGR of mid-teens till FY29.
- Focus on expanding the premium and luxury portfolio leveraging pan-India distribution network.
2 more points from Tilaknagar Industries Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ1 FY27 call
Up 2%+See what Tilaknagar Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Tilaknagar doubled down on its investment in Bartisans, increasing its stake from 36.2% to 41.5%.
- The proceeds from this strategic investment in Bartisans will be used to expand within the quick commerce segment, focus on product and packaging innovation, and support collaborative launches with Tilaknagar Industries.
- The focus remains on integration of Imperial Blue and growing existing business volumes, expanding distribution, and launching new premium products rather than significant new capex.
FundraisingQ1 FY27 call
See what Tilaknagar Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company is focused on the successful integration of the Imperial Blue business, which was completed rapidly within 4 months.
- There is emphasis on expanding distribution, especially for Imperial Blue and the premium/luxury portfolio.
- The business is targeting double-digit volume growth for the combined entity in FY27, with mid-teens CAGR volumes expected over the next couple of years.
- New launches planned from FY28 onwards suggest a pipeline of future products contributing to order demand.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Beverages
on management's own guidance
- Varun BeveragesGood growth2
- Strong growth1
- FratelliVineyardGood growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Beverages companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹5,815 Cr | 41.4 | |
| 2 | Varun Beverages | 20–40% | Flat | ₹1.46L Cr | 43.0 |
| 3 | FratelliVineyard | 20–40% | Flat | ₹537 Cr | — |
| 4 | 10–20% | Up 2%+ | ₹19,866 Cr | 89.0 | |
| 5 | Tilaknagar Industries LtdThis stock | 10–20% | Up 2%+ | ₹13,672 Cr | 60.5 |
| 6 | 10–20% | Flat | ₹31,771 Cr | 91.9 |
Sign up free to see every company in the sector ranking and track Tilaknagar Industries Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Beverages rankingFinancials of Tilaknagar Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Tilaknagar Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 303 | 357 | 304 | 354 | 377 | 359 | 313 | 375 | 340 | 406 | 409 | 398 | 664 |
| Expenses + | 262 | 314 | 266 | 307 | 325 | 311 | 263 | 309 | 280 | 327 | 315 | 338 | 554 |
| Operating Profit | 41 | 43 | 38 | 47 | 51 | 48 | 50 | 66 | 60 | 78 | 94 | 60 | 110 |
| OPM % | 13% | 12% | 13% | 13% | 14% | 13% | 16% | 18% | 18% | 19% | 23% | 15% | 17% |
| Other Income + | 52 | 31 | 1 | 6 | 8 | -4 | 2 | 3 | 4 | 8 | 4 | 2 | -157 |
| Interest | 9 | 8 | 6 | 8 | 8 | 5 | 4 | 3 | 2 | 2 | 3 | 2 | 39 |
| Depreciation | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 20 |
| Profit before tax | 76 | 59 | 26 | 37 | 44 | 31 | 40 | 58 | 54 | 77 | 89 | 53 | -106 |
| Tax % | 0% | -0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% | 0% | 0% | 0% |
| Net Profit + | 76 | 59 | 26 | 37 | 44 | 31 | 40 | 58 | 54 | 77 | 89 | 53 | -105 |
| EPS in Rs | 4.17 | 3.19 | 1.34 | 1.93 | 2.28 | 1.63 | 2.08 | 3.02 | 2.79 | 3.99 | 4.57 | 2.53 | -4.26 |
Financials of Tilaknagar Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 824 | 748 | 458 | 515 | 578 | 661 | 653 | 549 | 783 | 1,164 | 1,394 | 1,434 | 1,877 |
| Expenses + | 654 | 653 | 580 | 609 | 575 | 605 | 705 | 495 | 671 | 1,027 | 1,208 | 1,179 | 1,534 |
| Operating Profit | 170 | 95 | -122 | -94 | 3 | 56 | -52 | 54 | 112 | 137 | 185 | 255 | 343 |
| OPM % | 21% | 13% | -27% | -18% | 1% | 8% | -8% | 10% | 14% | 12% | 13% | 18% | 18% |
| Other Income + | 4 | 2 | 3 | 2 | 33 | 5 | 485 | 11 | 24 | 85 | 11 | 18 | -142 |
| Interest | 64 | 97 | 125 | 157 | 152 | 184 | 129 | 71 | 62 | 40 | 27 | 12 | 46 |
| Depreciation | 25 | 28 | 39 | 38 | 37 | 37 | 33 | 33 | 33 | 32 | 32 | 31 | 41 |
| Profit before tax | 85 | -28 | -283 | -288 | -153 | -160 | 271 | -39 | 41 | 150 | 138 | 230 | 113 |
| Tax % | 31% | 44% | -0% | -3% | -1% | -0% | 1% | -0% | -10% | -0% | 0% | -0% | |
| Net Profit + | 58 | -40 | -282 | -280 | -151 | -160 | 270 | -38 | 45 | 150 | 138 | 230 | 113 |
| EPS in Rs | 4.71 | -3.22 | -22.58 | -22.41 | -12.11 | -12.75 | 21.56 | -3.06 | 2.85 | 8.09 | 7.16 | 11.86 | 6.83 |
| Dividend Payout % | 17% | -2% | 0% | 0% | 0% | 0% | 0% | 0% | 4% | 3% | 7% | 8% |
Financials of Tilaknagar Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 124 | 125 | 125 | 125 | 125 | 125 | 125 | 125 | 159 | 185 | 193 | 194 | 208 |
| Reserves | 459 | 417 | 131 | -104 | -255 | -412 | -143 | -181 | -25 | 298 | 461 | 689 | 1,783 |
| Borrowings + | 832 | 825 | 885 | 1,072 | 1,031 | 1,111 | 579 | 702 | 585 | 256 | 121 | 44 | 49 |
| Other Liabilities + | 250 | 349 | 387 | 258 | 383 | 457 | 519 | 365 | 295 | 273 | 258 | 286 | 290 |
| Total Liabilities | 1,665 | 1,716 | 1,528 | 1,350 | 1,284 | 1,281 | 1,080 | 1,012 | 1,013 | 1,012 | 1,033 | 1,213 | 2,330 |
| Fixed Assets + | 461 | 608 | 579 | 542 | 587 | 552 | 502 | 469 | 439 | 420 | 396 | 370 | 356 |
| CWIP | 234 | 123 | 124 | 124 | 113 | 114 | 100 | 100 | 100 | 0 | 0 | 3 | 40 |
| Investments | 2 | 3 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 23 | 12 | 30 | 32 |
| Other Assets + | 968 | 982 | 824 | 685 | 583 | 612 | 478 | 443 | 474 | 569 | 625 | 810 | 1,901 |
| Total Assets | 1,665 | 1,716 | 1,528 | 1,350 | 1,284 | 1,281 | 1,080 | 1,012 | 1,013 | 1,012 | 1,033 | 1,213 | 2,330 |
Financials of Tilaknagar Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 56 | 213 | 13 | 26 | 175 | 91 | 191 | 85 | 65 | 71 | 121 | 178 |
| Cash from Investing Activity + | -123 | -85 | -3 | -2 | -8 | -3 | 5 | -0 | -26 | -12 | -16 | -77 |
| Cash from Financing Activity + | 55 | -113 | -27 | -28 | -105 | -104 | -208 | -78 | -41 | -67 | -129 | -94 |
| Net Cash Flow | -12 | 15 | -17 | -5 | 62 | -17 | -13 | 8 | -2 | -8 | -24 | 7 |
| Free Cash Flow | -62 | 127 | 4 | 22 | 162 | 88 | 190 | 85 | 62 | 61 | 113 | 172 |
| CFO/OP | 40% | 224% | -15% | -28% | 5,763% | 171% | -371% | 152% | 54% | 53% | 66% | 70% |
Financials of Tilaknagar Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 99 | 72 | 91 | 106 | 109 | 133 | 136 | 120 | 110 | 106 | 110 | 104 |
| Inventory Days | 124 | 237 | 134 | 194 | 206 | 252 | 115 | 200 | 144 | 152 | 113 | 191 |
| Days Payable | 68 | 289 | 218 | 365 | 418 | 502 | 298 | 412 | 340 | 169 | 135 | 171 |
| Cash Conversion Cycle | 154 | 21 | 7 | -65 | -103 | -117 | -46 | -91 | -86 | 89 | 87 | 125 |
| Working Capital Days | 38 | 9 | -148 | -441 | -583 | -550 | -12 | -147 | -42 | 16 | 76 | 94 |
| ROCE % | 11% | 5% | -13% | -11% | -0% | 3% | -8% | 5% | 13% | 15% | 22% | 28% |
Guidance history
How Tilaknagar Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q4 FY26 call → | 10–20% | Up 2%+ | None planned | — | — |
| Q3 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
63 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −2.4% | 58% |
| Last 6 months | +7.1% | 63% |
| Last 3 months | +6.5% | 74% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Tilaknagar Industries Ltd: 0.4 × 58 + 0.4 × 63 + 0.2 × 74 = 63.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Tilaknagar Industries Ltd's management said in earlier quarters
- Q2 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
Others in Beverages this season
- Globus Spirits Ltd (Q2 FY27)
Q2 FY27 Revenue from Operations: INR 7,624 Mn, up 15% YoY (Page 9, Page 6) . Key investor presentation takeaways from Globus Spirits Ltd's Q2 FY27 investor pres
- Varun Beverages Ltd (Q2 FY27)
Q3 CY2026 consolidated sales volume: 354.4 million cases, up 28.7% YoY (Q3 CY2025: 275.3 million cases) . Key investor presentation takeaways from Varun Beverag
- Allied Blenders (Q3 FY26)
Post UK FTA**: Opportunity to enter and profitably participate in the value Scotch segment (about 50% of luxury segment volumes), currently untapped. Key…
- Suraj Industries Ltd (Q1 FY27)
Revenue from operations for Q1FY27: Rs 73 Cr (Page 24) . Key investor presentation takeaways from Suraj Industries Ltd's Q1 FY27 investor presentation — and how