Tilaknagar Industries Limited has informed the Exchange about Investor Presentation
May 14, 2025
To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001 Scrip Code : 507205
To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051. Symbol : TI
Sub: Earnings Presentation for Audited Financial Results for Quarter and Financial
Year ended March 31, 2025
Dear Sir/Madam,
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the Earnings Presentation for the Audited Financial Results for quarter and financial year ended March 31, 2025.
The same is also available on our website at www.tilind.com.
We request you to take the above information on record.
Thanking you,
Yours faithfully,
For Tilaknagar Industries Ltd.
Minuzeer Bamboat Company Secretary & Compliance Officer
Encl: A/a
Tilaknagar Industries Limited
Earnings Presentation – Q4 & FY25
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness. Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Disclaimer
This presentation may include statements which may constitute forward-looking statements including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Tilaknagar Industries’ future business developments and economic performance. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements.
The information and opinions contained in this presentation are current. The Company undertakes no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.
Tilaknagar Industries Ltd.
2
Q4 & FY25 PERFORMANCE
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Management commentary on performance
“
Q4 FY25 has seen a very strong close to the year; with high volume and value-led growth. Quarterly growth was driven by resumption of strong performance in our largest state of Andhra Pradesh (“AP”), both on YoY and QoQ terms. The Route to Market (“RTM”) change in AP is completed, and we expect our performance in the state to continue its growth trajectory, in-line with the industry. AP has been well supported by our other Southern states, each of which have seen market share improvements.
Mr. Amit Dahanukar Chairman & Managing Director
Happy to share that the Board of Directors has recommended Dividend of Rs. 1/- per equity share for FY 2024-25 to the members at the ensuing Annual General Meeting
Tilaknagar Industries Ltd.
On the profitability front, we have seen strong growth in subsidy-adjusted EBITDA for Q4 FY25 at Rs. 65 crs (+35.5% YoY) with 16.6% margins. I am very proud to share that this is our highest-ever quarterly EBITDA. For FY25, the subsidy-adjusted EBITDA stands at Rs. 226 crs, with margin at 16.1%. The growth in profitability has been aided by strong volume growth, operating leverage and disciplined cost management.
Our focused drive on cash flow management continues, and we now stand at a net cash level of Rs. 107 crs, showcasing our Balance Sheet strength.
On the portfolio front, I am happy to share that our first luxury offering, Monarch Legacy Edition Brandy has won a Bronze at the prestigious London Spirits Competition 2025. I am also pleased to share that we have started selling the Spaceman Spirits Lab (“SSL”) portfolio, led by Samsara Gin, in select markets through the usership agreement entered into between SSL and TI.
“
4
Q4 & FY25 – Key highlights
Q4 FY25 Volume performance: ▪ Volume growth of 20.1% YoY
‒ Back to strong growth trajectory ‒ AP RTM transition completed ‒ Strong market share gains across all key states
Financial performance: ▪ Net revenue of Rs. 406 crs; growth of 13.1% YoY
‒ Subdued growth vis-à-vis volume growth due to reduction
in price in the key state of AP from Q3 FY25 onwards
‒ Strong 19.2% QoQ net revenue growth vis-à-vis volume growth of 13.5% (QoQ); adjusted for subsidy income, net revenue growth of 15.4% QoQ, indicating continuing premiumization trend
▪ EBITDA at Rs. 78 crs (+62.6% YoY); highest ever quarterly
EBITDA ‒ EBITDA margin of 19.3% ‒ Adjusted for subsidy, EBITDA at Rs. 65 crs (+35.5% YoY);
EBITDA margin of 16.6%
▪ Profit after tax at Rs. 77 crs (+95.7% YoY)
‒ Adjusted for subsidy, PAT at Rs. 64 crs (+62.6% YoY)
FY25 Volume performance: ▪ Volume growth of 6.7% YoY; 5-yr (FY20-25) CAGR of 13.1% ‒ Subdued growth in first 9 months of FY25 due to industry-
wide disruptions in some of the key states
Financial performance: ▪ Net revenue of Rs. 1,434 crs; growth of 2.9% YoY; impact due to price reduction taken in AP as well as subdued volume growth in first 9 months of FY25 ▪ EBITDA of Rs. 255 crs (+37.4% YoY)
‒ Adjusted for subsidy EBITDA of Rs. 226 crs (+21.8% YoY);
EBITDA margin of 16.1%
▪ Profit after tax at Rs. 230 crs for FY25 (+62.9% YoY)
‒ Adjusted for subsidy, PAT Rs. 201 crs (+42.3% YoY)
Other material highlights: ▪ Gross debt further reduced; strong net cash position of Rs.
107 crs as on Mar-25
▪ 3rd largest P&A IMFL player in Telangana and Karnataka,
largest IMFL player in Puducherry in FY25
▪ Dividend of Rs. 1 per share recommended by Board for FY25
Tilaknagar Industries Ltd.
5
Q4 FY25 – Back to industry-beating growth… …after moderate growth seen in first 9 months of FY25 due to industry-wide issues in certain key Southern states
NSR* (₹ per case)
Revenue (₹ crs)
Quarter
-8.6%
1,293
1,182
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
Full Year
-5.3%
1,282
1,214
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
Quarter
+13.1%
359
406
440
390
340
290
240
190
140
90
40
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
Full Year
+2.9%
1,394
1,434
Q4 FY24
Q4 FY25
FY24
FY25
Q4 FY24
Q4 FY25
FY24
FY25
* Fall in NSR due to price reduction taken in Andhra Pradesh
EBITDA (₹ crs) & EBITDA Margin (%)
PAT (₹ crs) & PAT Margin (%)
Quarter
Full Year
Quarter
Full Year
Margin
13.4%
19.3%
13.3%
17.8%
Margin
10.9%
18.7%
10.0%
15.8%
+62.6%
78
48
90
80
70
60
50
40
30
20
10
0
300
250
200
150
100
50
+37.4%
255
185
+95.7%
77
90
80
70
60
50
40
30
20
10
0
40
141
250
230
210
190
170
150
130
110
90
70
50
+62.9%
230
Q4 FY24
Q4 FY25
FY24
FY25
Q4 FY24
Q4 FY25
FY24
FY25
Note: Adjusted for the subsidy, EBITDA for Q4 FY25 stands at Rs. 65 crs and margin at 16.6% and for FY25 stands at Rs. 226 crs and margin at 16.1%
Note: Profit after tax excluding exceptional items
Tilaknagar Industries Ltd.
6
Q4 FY25 volumes growth at 20.1% YoY… …Closing FY25 at 11.9 mn cases
Quarterly volumes (lacs cases)
Q4 FY25: Highest-ever quarterly volume since FY15
28.4
26.0
24.3
28.5
29.5
28.5
25.1
25.4
34.2
30.1
29.4
18.5
17.6
13.5
14.7
17.2
16.5
14.9
18.7
18.1
19.5
17.7
11.1
6.0
FY20
FY21
FY22
FY23
FY24
FY25
Tilaknagar Industries Ltd.
7
Income Statement
Particulars (₹ Crs)
Q4 FY25
Q4 FY24
Y-o-Y
Q3 FY25
Q-o-Q
Revenue from Operations (Gross)
Excise Duty
Revenue from Operations (Net)
Cost of Material Consumed
Change in Inventories
Total Cost of Goods Sold
Gross Profit
Employee Expenses
Other Expenses
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
EBIT Margin (%)
Finance Cost
Other Income
Exceptional Items
Profit Before Tax
Profit Before Tax (%)
Tax
Profit after Tax before Share of Profit/(Loss) of Associate
Share of Profit/(Loss) of Associate
Profit After Tax
Profit After Tax excl. Exceptional Items
PAT Margin (%) excl. Exceptional Items
Reported Diluted EPS (As per Profit after Tax)
Tilaknagar Industries Ltd.
881
475
406
199
9
208
198
14
106
78
771
412
359
182
2
185
174
15
110
48
19.3%
13.4%
7
71
8
40
17.5%
11.3%
2
8
0
77
5
4
-8
31
18.7%
8.7%
-0
77
0
77
77
0
31
0
31
40
18.7%
3.98
10.9%
1.63
14.4%
15.4%
13.1%
9.0%
277.4%
12.5%
13.8%
-11.0%
-4.1%
62.6%
588 bps
-7.4%
76.2%
628 bps
-53.5%
108.1%
NM
145.8%
1000 bps
NM
145.8%
NM
145.9%
95.7%
778 bps
144.4%
805
465
340
210
-27
182
158
14
84
60
17.7%
8
53
15.4%
2
4
0
54
15.7%
0
54
0
54
54
15.7%
2.77
9.4%
2.2%
19.2%
-5.2%
NM
14.1%
25.1%
-1.2%
26.0%
30.0%
160 bps
-6.5%
35.3%
209 bps
-2.8%
115.2%
NM
42.8%
294 bps
NM
42.8%
NM
43.4%
43.4%
301 bps
43.5%
FY25
3,175
1,740
1,434
765
-37
727
707
55
397
255
17.8%
31
224
15.6%
12
18
0
230
15.8%
-0
230
0
230
230
15.8%
11.81
FY24
2,958
1,564
1,394
692
17
709
685
47
453
185
13.3%
32
154
11.0%
27
14
-3
138
9.8%
0
138
0
138
141
10.0%
7.16
Y-o-Y
7.3%
11.3%
2.9%
10.5%
NM
2.6%
3.2%
17.3%
-12.3%
37.4%
447 bps
-4.3%
46.1%
463 bps
-54.5%
24.2%
NM
66.5%
603 bps
NM
66.5%
NM
66.4%
62.9%
580 bps
65.0%
8
Balance Sheet
Particulars (₹ Crs)
EQUITY & LIABILITIES
Equity
(a) Equity share capital
(b) Other equity
Total Equity
Liabilities Non‐Current Liabilities Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Other Financial Liabilities
Provisions Total Non‐Current Liabilities
Current Liabilities
Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Trade payables; total outstanding dues of
(a) micro enterprises and small enterprises
(b) creditors other than micro enterprises and small enterprises
(iv) Other financial liabilities
Other current liabilities
Provisions
Total Current Liabilities
Total Equity & Liabilities
Tilaknagar Industries Ltd.
As at Mar-25
As at Mar-24
193.6
688.6
882.2
192.7
461.2
653.9
10.7
1.1
48.5
5.1
65.3
31.8
0.7
44.7
103.1
33.1
10.9
41.0
63.1
1.8
55.0
4.0
123.9
56.1
0.4
26.1
94.6
46.0
9.6
22.8
265.2
1,212.8
255.6
1,033.4
Particulars (₹ Crs)
ASSETS Non‐Current Assets Property, plant and equipment Capital work‐in‐progress Right of use assets Intangible assets
Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets Non-Current Tax Assets (Net) Other non‐current assets Total Non ‐ Current Assets
Current Assets Inventories
Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Loans (vi) Other financial assets Other current assets Total Current Assets Total Assets
As at Mar-25
As at Mar-24
367.9 3.4 1.3 0.4
21.4 0.0 63.2 5.0 5.0 467.6
394.1 0.3 1.8 0.5
10.8 0.1 29.7 5.4 5.6 448.2
165.2
100.8
8.6 410.5 15.7 87.1 0.0 8.2 49.8 745.2 1,212.8
1.0 418.5 8.7 29.9 0.0 2.2 24.2 585.2 1,033.4
9
Cash Flow
Particulars (₹ Crs)
Cash Flow from Operating Activities
Profit before Tax
Adjustment for Non-Operating items
Operating Profit before Working Capital Changes
Changes in Working Capital
Less: Direct Taxes paid
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net increase / (decrease) in Cash & Cash equivalent
Opening cash and cash equivalents
Closing cash and cash equivalents
Year ending Mar-25
Year ending Mar-24
230
47
277
-99
0
178
-77
-94
7
9
16
138
58
196
-78
-1
117
-15
-129
-26
35
9
Tilaknagar Industries Ltd.
10
Net cash position of around Rs. 107 crs
Debt Journey (₹ Crs)(a)
Debt as of 31-Mar-25 (₹ Crs)(a)
1,119
543
449
250
492
361
119
97
92
45
42
182
74
43
Net debt free
-25
-31 -107
9 1 - r a M
1 2 - r a M
2 2 - r a M
3 2 - r a M
4 2 - r a M
4 2 - n u J
4 2 - p e S
4 2 - c e D
5 2 - r a M
1 2 - r a M
2 2 - r a M
3 2 - r a M
4 2 - r a M
4 2 - n u J
4 2 - p e S
4 2 - c e D
5 2 - r a M
Gross debt
Net debt
37
18.0
16
0.4
66
24.1
Vendor Financing
Trade Deposits
Others
(a) Debt includes interest bearing trade deposits
Tilaknagar Industries Ltd.
11
NEW LAUNCHES, PORTFOLIO & STRATEGIC INITIATIVES
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Recent launch pipeline… …with more to follow
Mansion House Flandy
Blue Lagoon Gin
Mansion House Chambers
Mansion House Whisky
Monarch Legacy Edition
Samsara Gin, Sitara Rum and Amara Vodka
June-22
2023
November-23
September-24
November-24
April-25
India’s first premium flavored brandy
Complete refresh to position as an entry- level aspirational gin
Meeting price need gaps in Brandy
TI’s semi-premium whisky
TI’s first luxury 100% pure grape brandy
Sale through royalty agreement
Tilaknagar Industries Ltd.
13
Introducing Monarch Legacy Edition
▪ Tilaknagar Industries’ first luxury foray
▪ 100% pure grape brandy
▪ Crafted from a meticulous blend of matured Indian grape spirits and French
grape spirits aged up to 8 years
▪ Positioned as a sipping brandy for the aspirational Indian, while elevating Indian
brandy to global benchmarks
▪ The Monarch Legacy Edition decanter, inspired by royal chalices, is a testament
to the opulence and sophistication that defines the Monarch
▪ Launched in Maharashtra, Goa and Puducherry and soon to be launched in
Karnataka and other states
▪ Priced at Rs. 6,750 per 750 ml bottle in Maharashtra
▪ Won a Bronze at the prestigious London Spirits Competition 2025 in its debut
year
Tasting notes:
‒ Aroma: Rich grape and fruit aromas, hints of apple, nutmeg and subtle
tobacco
‒ Taste: Gentle sweetness transitioning into creamy oak and indulgent dried
fruits
‒ Finish: Lingering notes of cinnamon, peach and clove, reminiscent of Cognac
Tilaknagar Industries Ltd.
Click here for Monarch AV
14
Monarch wins Bronze Medal at the London Spirits Competition 2025… …Only Indian brandy to win
▪ Held annually, the London Spirits Competition is one of the most respected events in the global spirits industry
▪
Judging based on taste, packaging and value by an imminent jury of bartenders, retail buyers, and experts who help shape the world’s top bars and shelves
▪ To ensure that the judging process is fair and
transparent, the taste and value scores are assigned through blind tasting. The judges only view the product packaging after all quality and value scores have been entered
▪ Over 500 entries from more than 30 countries in 2025
▪ Monarch is the only Indian brandy to win at LSC 2025
Also won:
“Excellence in Packaging” at the Ambrosia Awards 2025
Tilaknagar Industries Ltd.
15
Launch of Mansion House Whisky in its New Avatar
• Mansion House Gold Barrel Whisky (“MHW”) launched in Eastern and North-Eastern states, soon to launch in distribution-strong states in South India
• MHW provides us with an avenue to have a strong play in the largest IMFL category in the East and North-East region (80% saliency)
•
Sleek, modern bottle design includes a unique 180ml "hipster pack" aimed at younger consumers
• Crafted from select Scotch malts and Indian grain spirits, aged in oak casks for refined taste and smoothness
•
The product is a testament to the company's on-going commitment to innovation and quality in the world of premium spirits
• Whisky segment in India projected to reach approx. 300
million cases by 2028, according to IWSR report
Tilaknagar Industries Ltd.
16
Portfolio (1/3)
Monarch Legacy Edition Brandy
▪ India’s first Luxury Brandy made with matured Indian and French grape spirits ▪ Ranked 22nd in the prestigious Spirits Business’ ‘Top 50 Innovative Spirits of
2024’
▪ Won Bronze at the prestigious London Spirits Competition 2025 in the Brandy
category
Mansion House Brandy
▪ India’s largest selling brandy and 2nd largest selling brandy globally ▪ 5-year (FY20-25) volume CAGR of 13%
Mansion House Flandy
▪ India’s first premium flavored brandy ▪ Sold in 4 states ▪ Available in 5 flavours; Orange, Green Apple, Lemon, Cherry and Peach
CNB Brandy
▪ CNB family straddles across P&A and upper end of Popular segment ▪ 5-year (FY20-25) volume CAGR of 13%
Tilaknagar Industries Ltd.
17
Portfolio (2/3)
Mansion House Whisky
▪ Launched in Eastern and North-Eastern states, soon to launch in distribution-
strong states in South India
Blue Lagoon Gin
▪ An aspirational entry-level Mass Prestige gin, Blue Lagoon is infused with a
perfect blend of traditional craftsmanship and contemporary design
Madiraa Rum
▪ Available in Kerala and CSD, Madiraa Rum is TI’s 3rd largest brand by volumes
Tilaknagar Industries Ltd.
18
Portfolio (3/3) TI has started selling Spaceman Spirits Lab portfolio under the usership arrangement from April 2025 onwards
Samsara Gin
▪ Indian craft gin with presence in Indian Contemporary as well as Flavoured Gin ▪ Known for its Pink Gin ▪ One of the top 3 Indian craft gin brands
Sitara Rum
▪ Indian craft rum ▪ 2 variants – White Rum and Indian Spiced Rum
Amara Pink Vodka
▪ Launched in Mar-25 in Goa; soon to launch in Maharashtra, Karnataka,
Haryana, Delhi and Rajasthan
▪ First super premium pink vodka in India ▪ Pink ruby filtration, five-times distilled and crafted from a blend of grape and
grain spirit
Tilaknagar Industries Ltd.
19
Samsara Gin, Sitara Rum & Amara Vodka An exciting Indian Craft spirits play
▪
India’s favourite Pink Gin
▪ Portfolio consists of 6 gins (including flavoured gins) under the Samsara family of brands, 2 rum variants under the Sitara and 1 vodka under the Amara brand
Performance:
▪ Continuously growing market share in the Premium Gin
segment; currently at 6-7%
▪
▪
FY25 net revenue (provisional) of Rs. 25 crs
FY25 volumes of 27,000+ cases
▪ NSR of Rs. 9,000+ per case
TI’s strategic investment:
▪ Commitment of Rs. 13.15 crs announced in September 2024; Rs. 4 crs already invested and balance Rs. 9.15 crs to be invested by March 2026
▪ Resultant shareholding: 20.02% (post all 3 tranches)
▪ Usership agreement signed with SSL, wherein TI will sell
Samsara, Sitara and Amara in some states in India, CSD and select international markets; operations begun in April 2025
Tilaknagar Industries Ltd.
20
Bartisans Premium ‘Ready to Pour’ Cocktail Mixers
▪
Leading premium cocktails mixer brand
▪ Available in 19 flavours including Signature mixers like Raid and Run (Jamun and Himalayan Pink Salt) and Indian Summer (Mango, Cilantro and Bird’s Eye Chilli) to Classics like Margarita and Picante
▪
FY25 revenue of Rs. 2.8 crs
▪ Distribution channels include D2C (own website) as well as
channels like Quick Commerce and modern retail
▪ Strong content focus driving customer loyalty
▪
Investment of Rs. 8 crs completed in October 2024 for 36.2% stake on fully diluted basis
Investment Thesis:
▪ Synergistic with TI’s vision of making brandy fun and exciting
▪ Cocktail culture proliferation
▪ Increase in ‘at-home’ drinking
▪ Profitable unit economics due to premium price point
▪ Large D2C opportunity providing significant consumer insights
Tilaknagar Industries Ltd.
21
Well-positioned to benefit from industry trends
15-20 million people are expected to enter the legal drinking age every year driving consumption trends in India
Cocktail culture is becoming very prevalent, with significant innovations taking place, both in spirits as well as allied products
At-home consumption continues to remain strong post the pandemic
Premiumisation driving industry growth across all categories; on account of rising affluence and an aspirational consumer base
Driving price laddering up and down the chain within brandy, creating a bridge to consumers of whisky and other categories
Flavored brandy portfolio accounts for 5% of MHB volumes in relevant states
Stake in Bartisans enables TI to change the way people perceive brandy, and help position it as an aspirational, fun and exciting drink
Usership agreement with Samsara Gin, Sitara Rum and Amara Vodka provides a play in the Indian Craft Spirits space
Monarch enables TI to have a presence in the fast-growing Indian luxury spirits segment as well as create a premium positioning for brandy
Tilaknagar Industries Ltd.
22
Key strategic priorities
Enhanced operating management
▪ Better growth ▪ Better margins
Category ownership
▪ Brandy price laddering
▪ Investment in marketing
Stronger Balance Sheet
▪ Disciplined debt management
▪ Focus on efficient levels
of working capital ▪ ROCE improvement
Calibrated flanking
▪ Incrementally looking
at opportunities beyond brandy
▪ Regional
diversification
Tilaknagar Industries Ltd.
23
Meeting need gaps across premium price points in brandy
Offerings across multiple P&A segments in Brandy
Monarch Legacy Edition
Mansion House Chambers
Courrier Napoleon Brandy Green
Mansion House Flandy
Mansion House Brandy
3 Cheers Brandy
Courrier Napoleon Brandy Red
600%+
+50%
+30%
+25%
Base price
-10%
-20%
Latest Launch
India’s first premium flavoured brandy
India’s highest selling brandy
Latest Launch
The percentage for each brand shows the premium/discount to MHB price in Puducherry; pricing as of Mar-25 Shows Tilaknagar Industries’ brands available in Puducherry
Prestige & Above segment brand
Tilaknagar Industries Ltd.
24
Strategy to replicate across states
AWARDS & RECOGNITION AND MARKETING INITIATIVES Giving Brandy a ‘share of voice’ commensurate to its ‘share of market’
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Mansion House Boyzzzz… ...A web series
▪ 21 short stories ▪ Launched on 8th October 2024 ▪ Average duration of 8-10 mins per episode ▪ Target audience from Andhra Pradesh and Telangana ▪ Shot in Telugu language
Watch full length episodes on: Wirally YouTube
Plot: The series revolves around engaging slice-of-life conversations over Mansion House Brandy, facilitating moments of relaxation, connection, and shared experiences; fostering camaraderie and elicits genuine, heartfelt emotions
End result: This series not only provides entertainment but also serves as a platform to establish a strong brand identity and ritual that deeply resonates with both our current and potential audience
Tilaknagar Industries Ltd.
26
“The Warm Embrace of Fatherhood” An ode to celebrating the #DadInEveryMan
Performance Marketing Campaign Results
Father’s Day DVC activation on all MH Social channels
“From bedtime stories to life lessons, a Father's love is a Father's love - irreplaceable & unbeatable. It shapes our world every single day, every solitary moment.”
Campaign Idea -
Whether it's a human dad or a pet parent, this Father’s Day our aim was to celebrate the different dimensions of Fatherhood where unconditional love and nurturing spirit is most celebrated that translates beyond biological bonds.
On this momentous occasion of Father’s Day, Mansion House honors all fathers - #ToTheDadInEveryMan embodies the true spirit of love and dedication that defines fatherhood. Tilaknagar Industries Ltd.
Total Reach
15.92 Mn+
Total Impressions
31.25 Mn+
Total View
9.61 Mn+
Total Engagement
25.69 Mn+
Earned Media
INR 9.62+
27
“Brand Promotion of the Year” at the Ambrosia Awards 2025
Mansion House Brandy Campaigns
Campaign Awards and Accolades
A Warm Welcome’ – Mansion House Brandy’s brand proposition, a first step towards giving brandy the “share of voice” commensurate to its “share of market”
Digixx Awards 2025 by Ad Gully Medals – Gold | Silver | Bronze Category: 1. Gold | Best sector led campaign Food & Beverages: MH Boyzzzz Campaign 2. Silver | Best Use of Video: Father’s Day
Campaign (Silver)
Masters of Modern Marketing Awards 2024 Medal – Gold Categories: 1. Best Online Commercial 2. Best Digital Campaign by a Food &
Beverages Enterprise
The Video Media Awards and Summit 2024 Medal – Gold Categories: 1. Top video content brands/enterprise 2. Best Vernacular/Local-Language Video
Content on Social Platforms
3. Best Content in a Digital Integrated
3. Best Storytelling
3. Bronze | Best Short video campaign –
Campaign
multiple platforms: Father’s Day Campaign (Bronze)
Indian Marketing Awards South 2024 by e4m Medal – Gold Category: 1. Stages of Brand Building – Category
creation
Indian Content & Marketing Awards 2024 by e4m Medal – Silver Category: 1. Best Storytelling Content
Tilaknagar Industries Ltd.
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Mansion House Flandy Campaigns
Campaign Awards and Accolades
TI’s first large scale brand anthem, launched across digital platforms. ‘Welcome The Now’ – Mansion House Flandy’s brand proposition, giving brandy a inclusive and versatile more aspirational, positioning
fun,
Masters of Modern Marketing Awards 2024
Video Media Awards and Summit 2024
Medal – Gold
Categories:
Medal – Gold
Categories:
1. Best Multi Channel Campaign by a Food &
1. Best Video Content in an Integrated Social
Beverages Enterprise
Media Marketing Campaign
2. Best Innovation/Creativity in a Social Media
Campaign
Masters of Modern Marketing Awards 2024 by INKSPELL Medal – Gold Categories: 1. Best Multi Channel Campaign by a Food
& Beverages Enterprise
2. Best Innovation/Creativity in a Social
Media Campaign
Indian Marketing Awards South 2024 by e4m Medal – Silver & Bronze Category: 1. Stages of Brand Building – New Product
Launch F&B – Silver
2. Branded Content F&B – Bronze
Indian Content & Marketing Awards 2024 by e4m Medal – Silver & Bronze Category: 1. Best Use of Regional Content – Silver 2. Best Use of User-Generated Content - Bronze
Digixx Awards 2024 by Ad Gully Medal – Silver Category: 1. Best Launch Campaign FY24
Tilaknagar Industries Ltd.
29
Courrier Napoleon Brandy becomes 3rd fastest growing spirits brand globally in 2023… ...Mansion House Brandy 4th fastest growing brandy brand globally and largest selling brandy in India
Growth rankings
Volume rankings
4th
21th
1st
2nd
8th
25th
Fastest growing brandy globally
Fastest growing spirits brand globally
Largest selling brandy in India
Largest selling brandy globally
Largest selling spirits brand in India
Largest selling spirits brand globally
Growth rankings
Volume rankings
2nd
3rd
3rd
7th
Fastest growing brandy globally
Fastest growing spirits brand globally
Largest selling brandy in India
Largest selling brandy globally
Tilaknagar Industries Ltd.
Source: ‘The Millionaires’ Club 2024’ by Drinks International
30
Multiple awards at the Spiritz Achievers’ & Selection Awards 2024
Mansion House Orange Flavoured Brandy
Mansion House Green Apple Flavoured Brandy
Mansion House Chamber Brandy
Mansion House Gold Barrel Whisky
Courrier Napoleon French Brandy Green
Product debut of the Year Gold
Mansion House Green Apple Flavoured Brandy
Brand promotion – Digital space Silver
Mansion House Flavoured Brandy
Tilaknagar Industries Ltd.
31
Monarch Legacy Edition – Launch Event in Mumbai
Tilaknagar Industries Ltd.
32
Monarch Legacy Edition – Wide Press Coverage
Tilaknagar Industries Ltd.
33
INDUSTRY & COMPANY OVERVIEW
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Brandy is the 2nd largest category in IMFL… …and Southern and East India consumes ca. 70% of all IMFL
Category-wise IMFL volume share
Region-wise IMFL volume share
2.8%
0.5%
10.9%
22.1%
13.2%
13.7%
63.7%
16.3%
56.8%
Whiskey
Brandy
Rum Vodka
Gin
South
North
East West
Volumes are expected to grow in mid-single digits CAGR over the next 5 years Driven by premiumization, value is expected to grow in high single digits CAGR over the same period
* Industry data for FY24
Tilaknagar Industries Ltd.
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About the Company Largest brandy manufacturer in India, with a predominant Prestige & Above (“P&A”) portfolio
1933
21
15+
91%
11.9mn
86%
90 years since incorporation & 50+ years of experience in alcobev manufacturing
Manufacturing units across 10 states Owned: 4 units Contract manufacturing: 17 units
* All data is for FY25; manufacturing units is as on date
Tilaknagar Industries Ltd.
Brands across products
Share of Brandy as % of total volumes
Volumes (in cases) sold
Share of sales to South India as % of total volumes
36
Production and Sales footprint… …Ca. 70% of all production takes place through contract manufacturing units, following an asset-light model
Production footprint
Sales territories
1 UNIT
Jammu
1 UNIT
Punjab
1 UNIT
Sikkim
Assam
1 UNIT
Meghalaya 1 UNIT
West Bengal
1 UNIT
Orissa
1 UNIT
Sales also undertaken in institutional markets like CSD (all India), PMF as well as international markets
Arunachal Pradesh
Sikkim
Assam
Meghalaya
West Bengal
Orissa
1 UNIT
Maharashtra
Telangana
3 UNITS
3 UNITS
Karnataka
Andhra Pradesh
5 UNITS
Maharashtra
Goa
Karnataka
Telangana
Andhra Pradesh
2 UNITS
Kerala
Tamil Nadu*
Kerala
Pondicherry
Tamil Nadu*
Andaman & Nicobar
4 owned and 17 contract manufacturing units as of March 2025
Tilaknagar Industries Ltd.
*Note: Business undertaken under Royalty Model
37
Our journey The turnaround well and truly coming to fruition
1933-2007
2008-2014
2014-2017
2018 onwards
o Founded in 1933 as Maharashtra
Sugar Mills Ltd. (MSML) to manufacture sugar and allied products
o Tilaknagar Distilleries and Industries
Ltd. (TDIL) promoted as 100% subsidiary of MSML to manufacture industrial alcohol, IMFL and sugar cubes
o TDIL merged with MSML after
MSML exits sugar business and renamed to Tilaknagar Industries
o Acquired subsidiaries Vahni Distilleries (Karnataka), Prag Distilleries (Andhra), Kesarval Springs Distillers (Goa) and PunjabExpo (Punjab)
o Acquired seven brands from Alcobrew Distilleries for CSD segment and IFB Agro’s IMFL business (‘Volga’ vodka and ‘Blue Lagoon’ gin) for an entry into East Indian markets of West Bengal, Assam and Odisha
o Commissioned expansion of 50
KLPD molasses based distillery to 100 KLPD and 100 KLPD grain based distillery
o At its peak, registered net revenue of
₹ 824 crs in FY14
o Expansion project at Prag stalled
o Defaults in repayment to banks and
financial institutions
o Sale of assets of Kesarval Springs
Distillers to Indospirit Beverages Pvt. Ltd. in 2015
o Restructuring of debt completed with EARC and one-time settlements reached with all lenders
o Enters into 10 yrs agreement to
manufacture products for Pernod Ricard products in Maharashtra
o Raised more than ₹ 310 crs through
preferential issue of equity + warrants, since Dec-21
o Edelweiss ARC debt refinanced
through existing cash reserves & Term Loan from Kotak Mahindra Bank
o CRISIL assigns A-/Stable rating in
January 2024, leading to interest rate reduction on Kotak loan from 13% to 9.95%, effective mid Q1 FY25; upward revised to A-/Positive in December 2024
o Achieved net debt free status in
September 2024, well before target
o Introduced Monarch Legacy Edition,
TI’s first luxury foray
Tilaknagar Industries Ltd.
38
Brand portfolio
Luxury
India’s first luxury brandy
Monarch Legacy Edition
Premium / Semi Premium
Mansion House Reserve Brandy
Mansion House Chambers
Courrier Napoleon Brandy Green
India’s first premium flavoured brandy
Mansion House Flandy
Mansion House Whisky
Deluxe
Popular
#1 Premium Brandy in India
Mansion House Brandy
Blue Lagoon Gin
Madiraa XXX Rum
Courrier Napoleon Brandy Gold
3 Cheers Brandy
Tilaknagar Industries Ltd.
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Two millionaire brands in the portfolio
MANSION HOUSE India’s largest and World’s second largest selling brandy
COURRIER NAPOLEON 2nd fastest growing brandy and 3rd fastest growing spirits brand Globally
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Tilaknagar Industries Ltd.
40
Senior management
Amit Dahanukar Chairman & Managing Director
Shivani Dahanukar Executive Director
Abhinav Gupta CFO Previously CFO with Trident Limited
Ahmed Rahimtoola CMO 14+ yrs with Allied Blenders & Distillers
Ameya Deshpande President – Strategy & Corp Dev Previously Investment Banker with Deutsche Bank and BNP Paribas & Co-founder at Authenticook
Nishchal Dubey President – Institutional Sales 22+ years with Radico Khaitan
Minuzeer Bamboat Company Secretary & Compliance Officer 21+ yrs experience
Yuvraj Singh Som Vice President – Strategy & Operations 13+ yrs with Radico Khaitan
Tarun Behl Vice President – Works 23+ yrs of alcobev experience In United Spirits/Diageo India, Shaw Wallace
Sai Amrutkumar Vegisetti CIO 11+ years of experience, last stint with ABD
Tilaknagar Industries Ltd.
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FULL YEAR FINANCIALS
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Improving business fundamentals
Premiumisation strategy to enhance margins and cash flows
Total Volumes Sold (mn cases)
Share of Brandy to total volumes sold
91%
92%
94%
93%
94%
6.44
5.45
6.73
9.64
11.16
91%
11.91
FY20
FY21
FY22
FY23
FY24
FY25
NSR per case (₹)
1,005
1,014
1,136
1,197
1,282
1,214
14
12
10
8
6
4
2
0
1,400
1,200
1,000
800
600
400
200
0
Brandy Sales (mn cases)
10.44
10.82
8.98
5.86
5.03
6.33
FY20
FY21
FY22
FY23
FY24
FY25
Robust sales in South India (mn cases)
Share of South India sales to total volumes sold
86%
86%
86%
86%
5.51
4.7
5.82
8.33
86%
9.55
86%
10.25
12
10
8
6
4
2
0
12
10
8
6
4
2
0
FY20
FY21
FY22
FY23
FY24
FY25
FY20
FY21
FY22
FY23
FY24
FY25
Tilaknagar Industries Ltd.
43
Focus on margins and cashflows
Net Revenues (₹ Crs)
EBITDA (₹ Crs) and EBITDA Margin (%)
17.8
Finance Cost (₹ Crs) and As % of Net Revenues
1600
1400
1200
1000
800
600
400
200
0
783
653
549
1,394
1,434
1,164
14.3
13.3
11.8
9.9
19.8
12.9
54
112
137
185
255
-52
-8.0
7.9
3.5
129
71
62
40
1.9
27
0.8
12
FY20
FY21
FY22
FY23
FY24
FY25
FY20
FY21
FY22
FY23
FY24
FY25
FY20
FY21
FY22
FY23
FY24
FY25
EBITDA
EBITDA Margin
Finance cost
As % of net revenue
(a) EBITDA for FY20 is not comparable due to write-offs impacting EBITDA Tilaknagar Industries Ltd.
44
For further information, please contact:
Company :
Tilaknagar Industries Ltd. (BSE: 507205 | NSE: TI)
Ameya Deshpande President – Strategy & Corporate Development Email: adeshpande@tilind.com
Investor Relations Advisors :
CDR India
Mr. Siddharth Rangnekar +91 97699 19966 Siddharth@cdr-india.com
Siddharth@cdr-india.com
Mr. Mitesh Jain +91 96194 44691 mitesh@cdr-india.com
mitesh@cdr-india.com
"Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Thank You