Tilaknagar Industries share price
NSE: TIBSE: 507205BeveragesSmall Cap
Share price at the NSE close on 29 Oct 2026. Previous close ₹503.55.
29 Oct: open ₹503.55, high ₹504.40, low ₹492.05
- Next results date: the board meets on 30 Oct 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹12,327 Cr558th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Lossover the last 12 months
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 4.13
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.20%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- −1.9%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹262 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 11.7%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 7.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.77
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 3,37,58751.2% delivered
About Tilaknagar Industries
Tilaknagar Industries makes and sells Indian Made Foreign Liquor (IMFL), branded spirits such as brandy, whisky, rum and gin, mostly in the higher-priced Prestige & Above segment.1 It sells across India through state government corporations, distributors, wholesalers, direct sales and the Canteen Stores Department, and exports to Africa, the Middle East, Asia, North America and Europe.1
Its main brands are Mansion House Brandy, Courrier Napoleon Brandy and Imperial Blue Whisky, alongside Madiraa Rum and Blue Lagoon Gin.2 Its House of TI platform of emerging and premium brands includes its own Monarch Legacy Edition Brandy and a pure malt whisky, and stakes in Spaceman Spirits Lab, maker of Samsara Gin, Sitara Rum and Amara Vodka, and Round The Cocktails, maker of Bartisans cocktail mixers.3 It makes its products at more than 40 units, 6 of them its own.4
Mahadev L. Dahanukar founded the company in 1933 to make sugar, and it moved into alcoholic beverages in the 1970s.54 It bought the Imperial Blue whisky business from Pernod Ricard India for a lump-sum cash consideration of ₹3,442 crore, subject to post-closing adjustments, plus a deferred payment of €28 million due on 30 Nov 2029; the deal completed on 1 Dec 2025.67 The Dahanukar family is its promoter, and Amit Dahanukar is Chairman and Managing Director.58
Tilaknagar Industries key points
Results
- In the year to Mar 2026, consolidated revenue from operations net of excise duty rose 69.9% to ₹2,346 crore from ₹1,381 crore. Volume, including the acquired Imperial Blue, rose 67.6% to 20 million cases from 11.9 million, and 14.0% without it.910
- In the year to Mar 2026, EBITDA (earnings before interest, tax, depreciation and amortisation) rose 64.5% to ₹419 crore from ₹255 crore, a 17.9% margin; profit after tax before one-time items and acquisition-related amortisation rose 30.3% to ₹299 crore from ₹230 crore.11
- In the quarter to Jun 2026, net revenue rose 166% from a year earlier to ₹1,046 crore, the first quarter above ₹1,000 crore; growth was led mainly by Imperial Blue.1213
- In the quarter to Jun 2026, EBITDA rose 79% to ₹169 crore, a 16.1% margin. Profit after tax before ₹30 crore of one-time items and ₹35 crore of acquisition-related amortisation rose 9% to ₹96 crore.1415
Market position
- In the quarter to Jun 2026, the company was the largest Prestige & Above (higher-priced) IMFL company among domestic companies in India and the third largest overall, and the largest Prestige & Above company in South India, with 40% market share excluding Tamil Nadu.16
- Mansion House Brandy sold more than 10 million cases in the year to Mar 2026; the company says it is the largest-selling premium brandy in India.9
- Imperial Blue was India's third-largest whisky brand by volume in the year to Mar 2025, before the company bought it; the company says it was the largest-selling deluxe whisky in June 2026.1718
Where revenue comes from
Imperial Blue integration
- As of its earnings call of 28 Jul 2026, 90% of the Imperial Blue business had moved from a transition services and manufacturing agreement (TSMA) into units the company operates; 1 state remained, with an outer date of March 2027.22
- In its presentation of 27 Jul 2026, the company said it expects cost savings within 24 months to add 250 to 400 basis points (hundredths of a percentage point) to the acquired business's margin.23
What the company expects
- On its earnings call of 28 Jul 2026, the company said it expects high single-digit to low double-digit volume growth in the year to Mar 2027, then mid-teens annual volume growth, with revenue growing at least about 300 basis points faster than volume.24
- On its earnings call of 28 Jul 2026, the company said it expects consolidated EBITDA margin to rise from 15.5% in the quarter to Mar 2026 to 16% to 18% by the year to Mar 2029, and net debt below 1.0 times EBITDA by then.25
- On its earnings call of 28 Jul 2026, the company said gross debt was ₹2,241 crore and net debt (borrowings less cash) ₹2,100 crore on 30 Jun 2026, and it targets net debt of about ₹1,700 crore by March 2027.26
Recent events
- On 2 Sep 2026, the company agreed to invest ₹22 crore for 30% of Black Tiger Distilleries, maker of Bodega Suprema No. 5 tequila; the first tranche of ₹6 crore, for about 12.5%, was completed on 15 Sep 2026.2728
- On 29 May 2026, the board approved merging 2 wholly owned subsidiaries, Punjabexpo Breweries and Vahni Distilleries, into the company; as of its annual report of 31 Aug 2026, the scheme still needed approval from shareholders, creditors and the National Company Law Tribunal.2930
- On 14 May 2026, subsidiary Prag Distillery received Andhra Pradesh approval to produce at its expanded plant, raising bottling capacity to 36 lakh cases a year from 6 lakh, enough for nearly 50% of the company's volume in the state.31
Litigation and regulatory matters
- The auditor qualified its opinion on the accounts for the year to Mar 2026 because 1 extra neutral alcohol (ENA, the base spirit) plant was not tested for impairment (a fall in value); management sees none, expecting to restart the plant after capital spending.32
- Brand ownership suit. A body corporate's 2009 Bombay High Court suit disputes ownership of one of the company's brands; on 16 Sep 2025 the Supreme Court barred it and its assignee from using the brand until trial. The documents give no outcome of a 15 Jun 2026 hearing.33
- In its exchange filing of 31 Mar 2026, the company said the Commissioner of Income Tax (Appeals) had cut the tax officer's additions to its income for assessment years 2016-17 to 2024-25 by about ₹169 crore, and saw no material impact.3435
Last updated
All 35 sources, each with its page
- 1. Annual report, 31 Aug 2026, page 28
- 2. Exchange filing, 14 May 2026, page 2
- 3. Annual report, 31 Aug 2026, page 28
- 4. Annual report, 31 Aug 2026, page 28
- 5. Exchange filing, 2 Sep 2026, page 5
- 6. Annual report, 31 Aug 2026, page 31
- 7. Exchange filing, 1 Dec 2025, page 2
- 8. Annual report, 31 Aug 2026, page 6
- 9. Annual report, 31 Aug 2026, page 28
- 10. Annual report, 31 Aug 2026, page 28
- 11. Annual report, 31 Aug 2026, page 28
- 12. Earnings call, 28 Jul 2026, page 3
- 13. Investor presentation, 27 Jul 2026, page 9
- 14. Earnings call, 28 Jul 2026, page 3
- 15. Investor presentation, 27 Jul 2026, page 6
- 16. Earnings call, 28 Jul 2026, page 3
- 17. Exchange filing, 1 Dec 2025, page 2
- 18. Earnings call, 28 Jul 2026, page 2
- 19. Annual report, 31 Aug 2026, page 8
- 20. Annual report, 31 Aug 2026, page 47
- 21. Annual report, 31 Aug 2026, page 18
- 22. Earnings call, 28 Jul 2026, page 5
- 23. Investor presentation, 27 Jul 2026, page 12
- 24. Earnings call, 28 Jul 2026, page 5
- 25. Earnings call, 28 Jul 2026, page 5
- 26. Earnings call, 28 Jul 2026, page 4
- 27. Exchange filing, 2 Sep 2026, page 2
- 28. Exchange filing, 15 Sep 2026, page 1
- 29. Annual report, 31 Aug 2026, page 31
- 30. Annual report, 31 Aug 2026, page 32
- 31. Exchange filing, 14 May 2026, page 2
- 32. Annual report, 31 Aug 2026, page 60
- 33. Annual report, 31 Aug 2026, page 144
- 34. Exchange filing, 31 Mar 2026, page 1
- 35. Exchange filing, 31 Mar 2026, page 2
Results
Consolidated; ₹ crore.Tilaknagar Industries quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +98.9%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −113.0%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹2,252 Crup 7.77%
- Net profitNet profit. Under it, net profit in the quarter before. A change in per cent is not worked out where either period is a loss or nothing. Net profit in the glossary
- ₹32 CrQuarter to Mar 2026: −₹15 Cr
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 1.4%
Revenue by quarter
Net profit by quarter, a loss in red
- Net profit
- Loss
The quarters either side of a change of basis do not compare. From the quarter to Mar 2026, the company's revenue for the year to Mar 2026, ₹5,248 Cr, differs from its quarters added, ₹5,323 Cr.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 823what Revenue, Sep 2024, includes. This period's revenue includes excise duty of ₹448 crore, a tax on the goods the company makes that it collects and pays to the government. | 805what Revenue, Dec 2024, includes. This period's revenue includes excise duty of ₹465 crore, a tax on the goods the company makes that it collects and pays to the government. | 881what Revenue, Mar 2025, includes. This period's revenue includes excise duty of ₹475 crore, a tax on the goods the company makes that it collects and pays to the government. | 864what Revenue, Jun 2025, includes. This period's revenue includes excise duty of ₹455 crore, a tax on the goods the company makes that it collects and pays to the government. | 916what Revenue, Sep 2025, includes. This period's revenue includes excise duty of ₹517 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,453what Revenue, Dec 2025, includes. This period's revenue includes excise duty of ₹789 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,090what Revenue, Mar 2026, includes. This period's revenue includes excise duty of ₹1,141 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,252what Revenue, Jun 2026, includes. This period's revenue includes excise duty of ₹1,206 crore, a tax on the goods the company makes that it collects and pays to the government. |
| Net profit | 58 | 54 | 77 | 89 | 53 | −105 | −15 | 32 |
| Net margin | 7.1% | 6.7% | 8.8% | 10.2% | 5.8% | −7.3% | −0.7% | 1.4% |
Year to Mar 2026, against the year before
- Revenue
- ₹5,248 Cr
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹21 Crdown 90.91%
- Net margin
- 0.4%
Revenue by year
Net profit by year, a loss in red
- Net profit
- Loss
The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹1,525 Cr, differs from its quarters added, ₹1,558 Cr. From the year to Mar 2026, the company's revenue for that year, ₹5,248 Cr, differs from its quarters added, ₹5,323 Cr.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 487 | 1,295what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹714 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,525what Revenue, Mar 2019, includes. This period's revenue includes excise duty of ₹864 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,483what Revenue, Mar 2020, includes. This period's revenue includes excise duty of ₹831 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,418what Revenue, Mar 2021, includes. This period's revenue includes excise duty of ₹870 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,792what Revenue, Mar 2022, includes. This period's revenue includes excise duty of ₹1,009 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,469 | 2,958what Revenue, Mar 2024, includes. This period's revenue includes excise duty of ₹1,564 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,175what Revenue, Mar 2025, includes. This period's revenue includes excise duty of ₹1,740 crore, a tax on the goods the company makes that it collects and pays to the government. | 5,248what Revenue, Mar 2026, includes. This period's revenue includes excise duty of ₹2,902 crore, a tax on the goods the company makes that it collects and pays to the government. |
| Net profit | −277 | −151 | −160 | 270 | −38 | 45 | 150 | 138 | 230 | 21 |
| Net margin | −56.9% | −11.7% | −10.5% | 18.2% | −2.7% | 2.5% | 6.1% | 4.7% | 7.2% | 0.4% |
Business segments
In the year to Mar 2026 the company reports one business segment, Manufacturung and Sale of IMFL, which carries all its revenue.
Valuation
Today, against the company's own history. Not shown, P/E: loss, last twelve months. Its history crosses a change of basis in the accounts in the years to Mar 2019 and Mar 2026: days before it are of the company before the change.Tilaknagar Industries PE ratio and valuation
At or below today's level on 9% of 599 trading days over the last 3 years.
At or below today's level on 90% of 2,456 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +76.0% | −92.9% | +2,368.4% | 0.2% |
| 3 years | +54.9% | −52.9% | +228.3% | 0.3% |
| 5 years | +70.1% | – | – | 0.3% |
Mutual fund holdings
20 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 7 of the 12 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 20 funds holding Tilaknagar Industries
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 4
- AddedAdded. Funds that held more shares than at the end of the month before.
- 5
- CutCut. Funds that held fewer shares than at the end of the month before.
- 7
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 4
| Fund | |||
|---|---|---|---|
| 14,49,438 | 0.22% | ₹78.4 Cr | |
| 11,01,233 | 2.85% | ₹59.5 Cr | |
| 10,82,750 | 0.78% | ₹58.5 Cr | |
| 9,99,440 | 1.01% | ₹54.0 Cr | |
| 6,22,908 | 1.09% | ₹33.7 Cr | |
| 4,28,423 | 0.41% | ₹23.2 Cr | |
| 3,01,601 | 0.68% | ₹16.3 Cr | |
| 2,63,006 | 0.53% | ₹14.2 Cr | |
| 2,19,550 | 0.19% | ₹11.9 Cr | |
| 1,58,000 | 1.89% | ₹8.54 Cr |
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Tilaknagar Industries insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Promoters and promoter group: no market trade · 3 pledge filings of unclear kind
- Others: no market trade
Tilaknagar Industries competitors and peers
Breweries & Distilleries, 29 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Tilaknagar Industries in market cap.FMCG companies
Tilaknagar Industries is not on the chart: it has no P/E today
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 93,792 | 50.77 | 10.35 | +0.3% | +12.8% | 21.2% | 21.6% | 1.32% | |
| 56,744 | 71.26 | 15.46 | +14.3% | +74.0% | 24.0% | 27.9% | 0.21% | |
| 31,509 | 65.05 | 6.91 | +5.1% | +32.2% | 10.9% | 10.6% | 0.84% | |
| 19,865 | 87.06 | 12.10 | −3.4% | −11.2% | 14.3% | 15.5% | 0.76% | |
| 5,652 | 40.22 | 6.27 | +29.7% | +30.5% | 17.8% | 14.7% | 0.17% | |
| 2,311 | 22.99 | – | +6.4% | +298.5% | 9.6% | 11.3% | 0.89% | |
| 2,214 | – | – | +11.4% | +29.8% | – | – | 0.46% | |
| 1,838 | 10.62 | 1.62 | +23.3% | +20.9% | 16.3% | 17.2% | 1.12% |
Dividends
Per share, by the year it was paid for, and the latest payments.Tilaknagar Industries dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 15 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹1.00 |
| 23 Sep 2025 | Final | ₹1.00 |
| 20 Sep 2024 | Final | ₹0.50 |
| 21 Sep 2023 | Final | ₹0.25 |
| 19 Aug 2022 | Final | ₹0.10 |
| 18 Sep 2014 | Final | ₹0.80 |
Latest announcements
Routine notices left out.Tilaknagar Industries announcements
Oct 2026
27 Oct · Analysts
24 Oct · Board meeting
12 Oct · Management
9 Oct · Management
Tilaknagar Industries share price by year
Each calendar year to 2025.Tilaknagar Industries share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 457.45 | +8.3% | 528.10 | 218.91 |
| 2024 | 422.25 | +75.2% | 430.75 | 184.20 |
| 2023 | 240.95 | +118.4% | 280.40 | 99.75 |
| 2022 | 110.30 | +18.2% | 110.30 | 51.80 |
| 2021 | 93.35 | +213.3% | 93.35 | 26.05 |
| 2020 | 29.80 | +123.2% | 30.85 | 12.90 |
| 2019 | 13.35 | −16.3% | 19.00 | 11.85 |
| 2018 | 15.95 | −20.8% | 22.90 | 13.80 |
| 2017 | 20.15 | +35.2% | 23.95 | 10.60 |
| 2016 | 14.90 | −32.9% | 23.40 | 14.00 |
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 486.50 | 506.40 | 483.45 | 503.55 | 501.79 | 9,52,107 | 60.3% |
| 27 Oct 2026 | 485.75 | 499.85 | 482.60 | 489.15 | 488.53 | 7,34,740 | 57.4% |
| 26 Oct 2026 | 489.00 | 501.10 | 477.10 | 486.20 | 491.39 | 3,19,527 | 52.7% |
| 23 Oct 2026 | 506.00 | 508.05 | 478.20 | 491.15 | 490.62 | 7,12,876 | 46.2% |
| 22 Oct 2026 | 513.00 | 522.70 | 506.95 | 510.85 | 514.68 | 3,38,284 | 44.3% |
| 21 Oct 2026 | 545.00 | 547.70 | 510.00 | 515.70 | 520.79 | 7,11,706 | 50.3% |
| 19 Oct 2026 | 551.50 | 560.20 | 542.10 | 544.30 | 550.51 | 4,91,670 | 47.1% |
| 16 Oct 2026 | 550.00 | 553.45 | 543.05 | 551.50 | 549.35 | 2,83,896 | 57.2% |
| 15 Oct 2026 | 543.35 | 551.65 | 542.65 | 548.85 | 546.96 | 3,75,459 | 59.3% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus share history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 28 Sep 2010 | Bonus | 0.3333 | Holders received 2 bonus shares for every 1 held. |
| 2 Sep 2009 | Price move | – | Between two trading sessions the price fell 47% or more, or rose 90% or more. No corporate action is on record. Earlier prices are not shown. |
Company details
- NSE symbol
- TI
- BSE code
- 507205
- ISIN
- INE133E01013
- Industry
- Beverages
- Website
- www.tilind.com
- CIN
- L15420PN1933PLC133303
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1933
- Registered office
- P. O. Tilaknagar, Tal. Shrirampur, Dist. Ahmednagar, 413720, Maharashtra
- Share registrar
- Bigshare Services Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments