Tilaknagar Industries logo

Tilaknagar Industries share price

NSE: TIBSE: 507205BeveragesSmall Cap

Tilaknagar Industries Limited · Face value ₹10 · Listed Oct 2001 on BSE, Jul 2010 on NSE
Last close ₹497.25down ₹6.30 (1.25%)BSE ₹497.65

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

52-week range of traded prices to 29 Oct 2026
₹381.55Low, 23 Jan 2026₹607.80High, 23 Sep 2026
Market cap
₹12,327 Cr558th largest listed
P/E
Lossover the last 12 months
P/B
4.13
Dividend yield
0.20%
ROE
−1.9%
ROE without one-offs
11.7%
ROCE
7.1%
Debt to equity
0.77
Volume, NSE
3,37,58751.2% delivered

Tilaknagar Industries share price chart

Daily closes since Sep 2009, BSE closes Jan 2007 to Jul 2010, adjusted for splits and bonuses. Earlier closes are left out: on 2 Sep 2009 the price changed in a way no corporate action on record explains.

−2.4%over a year · Nifty Microcap 250 +2.5% · Nifty 500 −8.4%

Results20-session average 7,21,725 shares a day, 50.0% 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

  • The company's brands are sold in 27 states and 7 union territories of India. Exports were 1.16% of standalone turnover in the year to Mar 2026, export volume grew 33%, and its brands, led by Mansion House, reached 19 countries.192021

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

Results

Consolidated; ₹ crore.Tilaknagar Industries quarterly results

Revenue growth, 12 months
+98.9%
Net profit growth, 12 months
−113.0%

Quarter to Jun 2026, against the quarter before

Revenue
₹2,252 Crup 7.77%
Net profit
₹32 CrQuarter to Mar 2026: −₹15 Cr
Net margin
1.4%

Revenue by quarter

₹823 CrSep 24₹805 CrDec 24₹881 CrMar 25₹864 CrJun 25₹916 CrSep 25₹1,453 CrDec 25₹2,090 CrMar 26₹2,252 CrJun 26

Net profit by quarter, a loss in red

  • Net profit
  • Loss
₹58 CrSep 24₹54 CrDec 24₹77 CrMar 25₹89 CrJun 25₹53 CrSep 25−₹105 CrDec 25−₹15 CrMar 26₹32 CrJun 26
Back to profit in the quarter to Jun 2026, ₹32 CrA loss in 2 of the 8 quarters shown

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.

₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue8238058818649161,4532,0902,252
Net profit5854778953−105−1532
Net margin7.1%6.7%8.8%10.2%5.8%−7.3%−0.7%1.4%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

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

Price to book

At or below today's level on 9% of 599 trading days over the last 3 years.

LowestHighest
Its median7.77Industry median1.85
Dividend yield

At or below today's level on 90% of 2,456 trading days over the last 10 years.

LowestHighest
Its median0.00%Industry median0.79%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend 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%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 1, 3 and 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 1 and 3 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2023 and Mar 2026.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Tilaknagar Industries shareholding pattern

Shareholding by group

  • Promoters31.62%
  • Foreign institutions17.29%
  • Indian institutions8.14%
  • Individuals and others42.95%
Holder
SHIVANI AMIT DAHANUKARPromoter13.30%
AMIT DAHANUKARPromoter11.20%
AXANA ESTATES LLPOther non-institutions3.96%
THINK INDIA OPPORTUNITIES MASTER FUND LPForeign portfolio investors, category I3.89%
M L DAHANUKAR AND CO PVT LTDPromoter3.84%
Barclays Wealth Trustees India Pvt LtdOther non-institutions3.25%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Promoters have pledged 12.40% of their shares. Since Jun 2026: promoters −0.06 pts, foreign institutions +0.41 pts, Indian institutions +1.87 pts, mutual funds +0.44 pts.

The filing reports 9,30,000 of its 24,78,97,900 shares locked in.

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 time
4
Added
5
Cut
7
Held unchanged
4
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

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
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

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

Return on equity across, P/E up, size is market cap
Company
United Spirits logoUnited SpiritsUNITDSPR93,79250.7710.35+0.3%+12.8%21.2%21.6%1.32%
Radico Khaitan logoRadico KhaitanRADICO56,74471.2615.46+14.3%+74.0%24.0%27.9%0.21%
United Breweries logoUnited BreweriesUBL31,50965.056.91+5.1%+32.2%10.9%10.6%0.84%
Allied Blenders and Distillers logoAllied Blenders and DistillersABDL19,86587.0612.10−3.4%−11.2%14.3%15.5%0.76%
Piccadily Agro Industries logoPiccadily Agro IndustriesPICCADIL5,65240.226.27+29.7%+30.5%17.8%14.7%0.17%
Globus Spirits logoGlobus SpiritsGLOBUSSPR2,31122.99–+6.4%+298.5%9.6%11.3%0.89%
India Glycols logoIndia GlycolsINDIAGLYCO2,214––+11.4%+29.8%––0.46%
GM Breweries logoGM BreweriesGMBREW1,83810.621.62+23.3%+20.9%16.3%17.2%1.12%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

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

Mar 17Mar 18Mar 19Mar 20Mar 210.1Mar 220.3Mar 230.5Mar 241Mar 251Mar 26
Highest ₹1.00 a share, years to Mar 2025 and Mar 2026.
Ex-dateTypePer share
15 Sep 2026Final₹1.00
23 Sep 2025Final₹1.00
20 Sep 2024Final₹0.50
21 Sep 2023Final₹0.25
19 Aug 2022Final₹0.10
18 Sep 2014Final₹0.80
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Tilaknagar Industries announcements

Tilaknagar Industries share price by year

Each calendar year to 2025.Tilaknagar Industries share price history

YearClose at year endChangeHighest closeLowest close
2025457.45+8.3%528.10218.91
2024422.25+75.2%430.75184.20
2023240.95+118.4%280.4099.75
2022110.30+18.2%110.3051.80
202193.35+213.3%93.3526.05
202029.80+123.2%30.8512.90
201913.35−16.3%19.0011.85
201815.95−20.8%22.9013.80
201720.15+35.2%23.9510.60
201614.90−32.9%23.4014.00
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 2026486.50506.40483.45503.55501.799,52,10760.3%
27 Oct 2026485.75499.85482.60489.15488.537,34,74057.4%
26 Oct 2026489.00501.10477.10486.20491.393,19,52752.7%
23 Oct 2026506.00508.05478.20491.15490.627,12,87646.2%
22 Oct 2026513.00522.70506.95510.85514.683,38,28444.3%
21 Oct 2026545.00547.70510.00515.70520.797,11,70650.3%
19 Oct 2026551.50560.20542.10544.30550.514,91,67047.1%
16 Oct 2026550.00553.45543.05551.50549.352,83,89657.2%
15 Oct 2026543.35551.65542.65548.85546.963,75,45959.3%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Bonus share history

Ex-dateEventPrice factorWhat happened
28 Sep 2010Bonus0.3333Holders received 2 bonus shares for every 1 held.
2 Sep 2009Price 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.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Where an event has no factor that can be worked out, the chart leaves out the closes before it.

Company details

Chairperson and managing director
Amit Dahanukar
At the end of the quarter to Jun 2026
NSE symbol
TI
BSE code
507205
ISIN
INE133E01013
Industry
Beverages
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