Tilaknagar Industries logo

Tilaknagar Industries

TI NSE

Key Fundamentals

MicrocapBreweries & DistilleriesBeverages
Market Cap
₹13,510 Cr
Volatility
Moderate
P/E Ratio
-373.2
EBITDA
₹187 Cr
Return on Equity
26.05%
Debt to Equity
0.77
Book Value
₹120.31
EPS
₹8.05
52W High
₹607.8
52W Low
₹381.55

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 44.6%

Weaknesses

3
  • Tax rate seems low
  • Company has high debtors of 198 days.
  • Promoter holding has decreased over last 3 years: -10.3%

Growth Rate

Revenue Growth
61.57% higher than 3Y
Net Income Growth
-91.04% lower than 3Y
Cash Flow Change
47.76% lower than 3Y
ROE
23.4% lower than 3Y
ROCE
20.54% higher than 3Y
EBITDA Margin (Avg.)
-57.91% lower than 3Y

AI Analysis — Bull vs Bear

10d ago
AI opinion · based on fundamentals
Risk high

Tilaknagar Industries, with a market cap of ~₹14,370 Cr, has delivered strong revenue growth (26% CAGR over 3 years, 100% TTM sales growth) and impressive stock returns (70% CAGR over 5 years), but currently trades at a negative P/E of -399.9 with a last-year ROE declining to 13% from a 5-year average of 20%, alongside elevated debtor days of 198 and a notable 10.4% decline in promoter holding over three years.

Bull Case 8
  • TTM sales growth of 100% indicates a sharp acceleration in top-line revenue, suggesting strong demand or successful capacity expansion
  • 5-year compounded sales CAGR of 34% reflects sustained revenue momentum well above the FMCG sector average
  • 5-year compounded profit CAGR of 54% demonstrates significant operating leverage and improving profitability over the medium term
  • Stock price CAGR of 70% over 5 years and 43% over 10 years shows consistent long-term value creation for shareholders
  • 3-year ROE of 19% and 5-year ROE of 20% indicate historically efficient capital allocation and healthy return generation
  • Healthy dividend payout ratio of 44.6% signals management's willingness to share profits with shareholders despite being in a growth phase
  • Company is expected to deliver a good upcoming quarter, pointing to near-term operational momentum
  • 10-year sales CAGR of 18% shows the business has compounded meaningfully even through cycles, including periods of sector stress
Bear Case 8
  • Negative P/E of -399.9 implies the company is currently loss-making on a trailing basis, raising questions about near-term earnings quality
  • Last-year ROE has declined to 13% from a 3-year average of 19% and 5-year average of 20%, indicating deteriorating return on equity
  • Debtor days of 198 are extremely elevated for an FMCG company, suggesting significant working capital stress and potential collection risk
  • Promoter holding has decreased by 10.4% over the last three years, which may signal reduced insider confidence or dilution
  • TTM compounded profit growth is -19%, meaning profits have contracted in the most recent period despite 100% sales growth — pointing to margin compression or one-off charges
  • P/B ratio of 4.82 is relatively high, meaning the stock trades at nearly 5x book value even as current earnings are negative
  • Tax rate appears low, which could mean profits are being supported by tax adjustments or deferrals that may not be sustainable
  • Dividend yield of just 0.17% offers negligible income return relative to risk-free alternatives, despite the stated high payout ratio

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

4d ago
Positives 2
  • FY27 double-digit volume growth target Sep 1

    Management targets double-digit volume growth in FY27, with revenue growth expected to beat volume growth by 250 bps. It also plans a sixfold expansion in Prag production capacity.

  • Tequila entry via Black Tiger Sep 2

    The board approved a ₹22 crore investment for a 30% stake in Black Tiger Distilleries, targeting India's growing tequila and agave spirits market. On Sep 15 the company completed an initial ₹6 crore tranche for about 12.5%.

Neutral 2
  • 91st AGM, ₹1 dividend approved Sep 22

    The 91st AGM was held by video conference on September 22, 2026. Members adopted the FY26 financials and approved a final dividend of ₹1 per share.

  • Anand Rathi conference investor meet Sep 17

    Management will meet analysts and investors one-to-one and in groups at the Anand Rathi Annual Flagship Conference at Taj Santacruz, Mumbai, on September 21, 2026.

TL;DR: Tilaknagar is focused on growth: it guides to double-digit FY27 volume growth with revenue growing 250 bps faster, which points to premiumisation and better pricing. It is also expanding Prag capacity sixfold and taking a staged 30% stake in tequila maker Black Tiger Distilleries. The news flow shows no clear headwinds, but the main risks are execution on the capacity expansion, a small early-stage bet in a niche agave category, and the usual state excise and input-cost exposure in Indian alcobev. The trend looks positive, and delivery on the FY27 volume and mix targets will be the key thing to watch in the coming quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
304
354
377
359
313
375
340
384
409
398
623
949
1,046
Expenses
266
307
325
311
263
309
280
305
315
338
513
795
877
Operating Profit
38
47
51
48
50
66
60
78
94
60
110
155
169
OPM %
13%
13%
14%
13%
16%
18%
18%
20%
23%
15%
18%
16%
16%
Other Income
1
6
8
-4
2
3
4
8
4
2
-157
-56
-26
Interest
6
8
8
5
4
3
2
2
3
2
39
69
66
Depreciation
8
8
8
8
8
8
8
7
7
7
20
46
45
PBT
26
37
44
31
40
58
54
77
89
53
-106
-15
31
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Net Profit
26
37
44
31
40
58
54
77
89
53
-105
-15
32
EPS in Rs
1.34
1.93
2.28
1.63
2.08
3.02
2.79
3.99
4.57
2.53
-4.26
-0.6
1.28
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
748
458
515
578
661
653
549
783
1,164
1,394
1,434
2,346
3,016
Expenses
653
580
609
575
605
705
495
671
1,027
1,208
1,179
1,926
2,523
Operating Profit
95
-122
-94
3
56
-52
54
112
137
185
255
419
494
OPM %
13%
-27%
-18%
0.5%
8%
-8%
10%
14%
12%
13%
18%
18%
16%
Other Income
2
3
2
33
5
485
11
24
85
11
18
-206
-236
Interest
97
125
157
152
184
129
71
62
40
27
12
113
177
Depreciation
28
39
38
37
37
33
33
33
32
32
31
80
118
PBT
-28
-283
-288
-153
-160
271
-39
41
150
138
230
21
-37
Tax %
44%
0%
-3%
-1%
0%
1%
0%
-10%
0%
0%
0%
0%
—
Net Profit
-40
-282
-280
-151
-160
270
-38
45
150
138
230
21
-36
EPS in Rs
-3.22
-22.58
-22.41
-12.11
-12.75
21.56
-3.06
2.85
8.09
7.16
11.86
0.84
-1.05
Div. Payout %
-2%
0%
0%
0%
0%
0%
0%
4%
3%
7%
8%
118%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
125
125
125
125
125
125
125
159
185
193
194
247
Reserves
417
131
-104
-255
-412
-143
-181
-25
298
461
689
2,735
Borrowings
825
885
1,072
1,031
1,111
579
702
585
256
121
44
2,301
Other Liabilities
349
387
258
383
457
519
365
295
273
258
286
877
Total Liabilities
1,716
1,528
1,350
1,284
1,281
1,080
1,012
1,013
1,012
1,033
1,213
6,160
Fixed Assets
608
579
542
587
552
502
469
439
420
396
370
3,772
CWIP
123
124
124
113
114
100
100
100
0
0
3
60
Investments
3
0
0
0
3
0
0
0
23
12
30
32
Other Assets
982
824
685
583
612
478
443
474
569
625
810
2,295
Total Assets
1,716
1,528
1,350
1,284
1,281
1,080
1,012
1,013
1,012
1,033
1,213
6,160
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
213
13
26
175
91
191
85
65
71
121
178
-445
Investing
-85
-3
-2
-8
-3
5
0
-26
-12
-16
-77
-3,570
Financing
-113
-27
-28
-105
-104
-208
-78
-41
-67
-129
-94
4,217
Net Cash Flow
15
-17
-5
62
-17
-13
8
-2
-8
-24
7
202
Free Cash Flow
127
4
22
162
88
190
85
62
61
113
172
-3,978
CFO/OP
224
-15
-28
5,763
171
-371
152
54
53
66
70
-105
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
72
91
106
109
133
136
120
110
106
110
104
198
Inventory Days
237
134
194
206
252
115
200
144
152
113
191
117
Days Payable
289
218
365
418
502
298
412
340
169
135
171
98
Cash Conversion Cycle
21
7
-65
-103
-117
-46
-91
-86
89
87
125
217
Working Capital Days
9
-148
-441
-583
-550
-12
-147
-42
16
76
94
148
ROCE %
5%
-13%
-11%
0%
3%
-8%
5%
13%
15%
22%
28%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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65 extracted metrics + investor summaries across FY07–FY27.

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Shareholding Pattern

Promot.31.68%Public23.64%DIIs6.27%FIIs16.88%Others21.53%As ofJun 2026
12.40% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Tilaknagar Industries

What does Tilaknagar Industries Ltd do?
Tilaknagar Industries Ltd. is primarily involved in manufacturing and sale of Indian Made Foreign Liquor (IMFL). [1]
Where is Tilaknagar Industries Ltd (TI) listed?
Tilaknagar Industries Ltd trades as TI on the NSE and under code 507205 on the BSE.
Which sector does Tilaknagar Industries Ltd belong to?
Tilaknagar Industries Ltd is classified under the Beverages sector, in the Breweries & Distilleries industry.
What is the market capitalisation of Tilaknagar Industries Ltd?
Tilaknagar Industries Ltd has a market capitalisation of ₹13,510 Cr, which places it in the Mid Cap band.
What is the PE ratio of Tilaknagar Industries Ltd?
Tilaknagar Industries Ltd trades at a PE ratio of -373.20, on earnings per share of ₹8.05, against a book value of ₹120.31 per share.
What is the 52-week high and low of Tilaknagar Industries Ltd?
Over the last 52 weeks Tilaknagar Industries Ltd has traded between ₹381.55 and ₹607.8.
Does Tilaknagar Industries Ltd pay dividends?
Tilaknagar Industries Ltd has a dividend yield of 0.18%.
What is the Return on Equity (ROE) of Tilaknagar Industries Ltd?
Tilaknagar Industries Ltd reported a return on equity of 26.05%. Its debt-to-equity ratio is 0.77.

Company Information

Tilaknagar Industries Ltd. is primarily involved in manufacturing and sale of Indian Made Foreign Liquor (IMFL). [1]

Website tilind.com
CEO Mr. Amit A. Dahanukar B.E (Elec.), M.S(USA)
Employees 388
Listed 2010-07-16
Face Value ₹ 10
Issued Size 20,81,93,750

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