Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 15 Sep - Completed first tranche investment of ₹5.999 crore in Black Tiger Distilleries; 12.5% stake acquired.
Source: Bse
Tilaknagar Industries Limited (TI)
Micro CapFMCG stocks · Micro cap · NSE
Tilaknagar Industries Limited (TI) is an Indian alcoholic beverage company. It is India's largest brandy player with Mansion House Brandy surpassing 10 million cases in FY26. Post-Imperial Blue acquisition, TI is transitioning to a pan-India, pan-category player with a focus on premiumization and luxury segments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result28 Jul, 12:03 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
37BearishMACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 53
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TID candles · FIT view+11.5%Latest close ₹515.70 on 2026-10-21
Bar
-5.4%
RSI
37
MACD hist
-3.22
52W pos
59%
2026-10-21O ₹545.00H ₹547.70L ₹510.00C ₹515.70Vol 7.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TINifty FMCGNifty 500
- TI
- +15.9%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- +22.4 pp
Chart stats
21 Oct 2026- From 52W high
- -15.2%
- 52W range position
- 59%
- ATR (14)
- 3.8%
- Volume vs 20D
- 0.80x
- Avg traded value
- ₹48.1 Cr
- 20D price channel
- ₹510 - ₹607.8
₹607.8
₹381.6 - ₹607.8
₹19.8
Latest completed session
20-session average
32.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +155.8% · PAT -64.0% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model-33.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -64% YoY · margin compression · Rev +156% YoY · +10% QoQ
Filed 27 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,046 Cr | +155.8% | +10.2% |
| EBITDA | ₹169 Cr | +79.8% | +9.0% |
| Operating margin | 16.0% | -700 bps | +0 bps |
| PAT | ₹32 Cr | -64.0% | NDF |
| PAT margin | 3.1% | -1870 bps | +464 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 59.90
- P/B
- 4.52
- EV/EBITDA
- 25.90
- Market Cap
- 13550.00Cr
Profitability
- ROE
- 12.60%
- ROCE
- 11.40%
- ROA
- -0.58%
- Dividend Y
- 0.18%
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 53.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 0.77
- Interest Coverage
- 2.79×
- Altman Z
- 4.11
- Book Value
- 121.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- -445.00 Cr
- EPS TTM
- -1.05
Shareholding
- Promoter Hold
- 31.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 74%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,046+10.2% vs prev
Net Profit
₹ CrLatest: 32.0+313.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 37.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 35% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
74
RS percentile
Stage 2 UptrendEstablished S2
1M return
-11.0%
3M return
+15.9%
6M return
+10.5%
1Y return
+1.2%
RS 1D
-2
RS 20D
-5
Sector rank
#13
Industry rank
#46
Stage evidence
- Price is 7.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.2%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
12 Aug 2026
S2 age
48 trading sessions
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 120.13-4.37%
RS vs Nifty 500120
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth20/25
Quality0/20
Balance Sheet4/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 20/25 to the score.
- Cash flow contributes 3/10 to the score.
- Balance sheet contributes 4/15 to the score.
Main drags
- Fair-value margin of safety is negative at -33.1%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
59.9
PB
4.5
EV/EBITDA
25.9
ROE
12.6%
ROCE
11.4%
FCF Yield
—
Debt/Equity
0.8
MoS
-33.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-33.1%
Previous: -33.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
32
32
32
32
32
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
45.0
Growth-justified Value
—
-33.1% MoS
PEG
1.15
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MANORAMA
Micro
Manorama Industries Limited
Retail
match 107
58
48.9
39.3%
+8%
FAIR VALUE
TRIVENI
Micro
Triveni Engineering & Industries Limited
Retail
match 104
31
21.5
8.7%
-188%
OVERVALUED
PICCADIL
Micro
Piccadily Agro Industries Limited
Retail
match 102
54
41.4
17.4%
+10%
FAIR VALUE
RENUKA
Micro
Shree Renuka Sugars Limited
Retail
match 102
14
—
—
—
OVERVALUED
LTFOODS
Large
LT Foods Limited
Retail
match 101
57
22.7
14.7%
+51%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T07:39:38.974Z
Management commentary snapshot
TI reports strong Q4 FY26 volume growth of 135% YoY to 8mn cases, driven by Imperial Blue acquisition. FY26 combined business volume grew 68% YoY to 20mn cases, with Mansion House Brandy reaching 10mn cases. EBITDA margin for Q4 and FY26 stood at 15.5%.
The acquisition of Imperial Blue has significantly boosted volumes and expanded TI's footprint. While integration costs and debt have increased, management has clear targets for margin expansion, debt reduction, and premium portfolio growth. The successful integration and realization of synergies are critical for the thesis.
Current business mix
Volume Saliency (LTM Mar-25)
Latest issuer-disclosed distribution across 2 reported categories.
Whisky65.0%
Brandy30.0%
Growth engines
Imperial Blue Integration & Market Share
Regain peak market share for Imperial Blue and expand its pan-India distribution.
Premiumization & Luxury Portfolio
Utilize IB's distribution strength to proliferate premium brands like Seven Islands Pure Malt Whisky and SSL portfolio in 10+ states.
Brandy Category Leadership
Deliver growth in P&A brandy and continue as category leaders, ensuring brandy gets its 'Share of Voice'.
Manufacturing Footprint Expansion
Planned expansion in manufacturing footprint to ensure supply-side safety and optimize overall footprint for operating leverage.
Capacity and execution
Andhra Pradesh Distillery Expansion
Government nod received for six-fold capacity expansion at Prag Distillery in Andhra Pradesh, from 6 lakh to 36 lakh cases per annum.
AP Capex Investment
INR 59 crore capex investment for AP expansion is 100% completed, expected to cover ~50% of TI's AP requirements.
Manufacturing Footprint Expansion
Successfully expanded TI’s manufacturing footprint across India in terms of units and bottling capacity, a mix of new units and brownfield expansion.
Tailwinds
Imperial Blue Acquisition
Acquisition of Imperial Blue provides pan-India distribution strength and significantly boosts combined business volumes.
Cost Optimization Initiatives
Identified non-disruptive initiatives for packaging changes and new bottling arrangements to reduce costs, aiming for 250-400 bps margin expansion on acquired business.
India-UK FTA
Reduction in customs under India-UK FTA from 150% to 75% for scotch import.
Andhra Pradesh Market Growth
AP is a 40 mn case IMFL market, growing at 15% p.a., where TI is the #1 P&A player.
Headwinds
Input Cost Pressure
Expect some pressure on input costs on account of current geo-political tensions, though hopeful impact will be short-lived.
Business Disruptions
Small business disruptions in the first couple of weeks of April 2026 due to TSMA exit, but bounced back in May.
Risk radar
Integration Challenges
Successful integration of Imperial Blue business, including manufacturing transition and cultural alignment, is ongoing.
High Debt Levels
Total Gross Debt increased to INR 2,295 crore in Mar-26 from INR 42 crore in Mar-25, with Net Debt at INR 1,911 crore.
Finance Costs
Finance cost increased significantly to INR 69 crore in Q4 FY26 and INR 113 crore in FY26 due to acquisition-related borrowings.
Exceptional Items
Q4 FY26 includes INR 63 crores of exceptional items (TSMA/TSSA, transaction costs, labor code changes), impacting reported PAT.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing the impact of the Imperial Blue acquisition on overall growth and profitability. QoQ comparison is important to monitor the sequential progress of Imperial Blue integration and manufacturing transition.
Sector KPIs management disclosed
Volume Growth (Combined Business)
Q4 FY26 volumes grew 134.7% YoY to 8.0 mn cases. FY26 volumes grew 67.6% YoY to 20.0 mn cases.
Volume Growth (Ex-IB Business)
Ex-IB business delivered 0.2% YoY volume growth in Q4 FY26 and 14.0% YoY growth in FY26.
Mansion House Brandy Sales
Mansion House Brandy surpassed 10 million cases in sales in FY26, up from 8.7 million cases in FY25.
NSR (Combined Business)
NSR for the combined business stands at INR 1,177/case in Q4 FY26, a 5.4% increase YoY.
Management forward view
FY27 & 3-Year Guidance Unchanged
Guidance for FY27 and next 3 years remains unchanged on both volume and margin fronts.
EBITDA Margin Target
Target to achieve an EBITDA margin of 16-18% on combined business by FY29.
Net Debt/EBITDA Target
Reduce Net Debt / EBITDA below 1.0x.
Volume Growth Target
Deliver a double-digit volume growth for existing brands including Imperial Blue; new launches will be additional.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Imperial Blue TSMA Exit | 3 states remain under TSMA. | Full exit from TSMA by Q4 FY27 and smooth transition of manufacturing operations. |
| EBITDA Margin | 15.5% (Q4 & FY26). | Progress towards 16-18% EBITDA margin target by FY29, indicating successful cost optimization and operating leverage. |
| Net Debt / EBITDA | 5.43x (INR 1,911 cr Net Debt / INR 352 cr FY26 EBITDA). | Reduction in Net Debt / EBITDA below 1.0x, indicating disciplined debt management and capital deployment. |
| Volume Growth (Ex-IB) | 14.0% YoY in FY26. | Sustained double-digit volume growth in the ex-IB business, alongside IB integration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 5th percentile within FMCG. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
78 docs text-extracted · 22 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · FMCG: 5th pctile, median 79 · Micro: 13th pctile, median 73
Evidence depth
Financial-only
78 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
60
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 5.5%.
- ▸Operating cash flow is negative at ₹-445 Cr.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -8.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Tilaknagar Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 4 Sep - Corrects Annexure A for Black Tiger Distilleries investment update; no other changes.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 2 Sep - Tilaknagar Industries to invest ₹22 crore in Black Tiger Distilleries for 30% stake and tequila entry.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.