Tilaknagar Industries Limited has informed the Exchange about Investor Presentation
August 11, 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 Unaudited Financial Results for Quarter ended
June 30, 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 Unaudited Financial Results for quarter ended June 30, 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 – Q1 FY26
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
Q1 FY26 PERFORMANCE
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Management commentary on performance and key highlights
“
Q1 FY26 marked our strong and consistent industry beating growth. We have delivered a YoY growth of 26.5% in volumes and 30.6% in net revenue. Adjusted for subsidy income of INR 38.6 crore, the net revenue growth was still robust at 20.5%. The Southern region has seen strong growth momentum in Q1 with market share improvement in each of the key markets. Our EBITDA (excluding subsidy income) has grown by 25.0%.
Our acquisition of the Imperial Blue business division from Pernod Ricard India is subject to CCI approval, which we expect to receive by end of calendar year 2025. The acquisition is being made on a slump sale basis, for a lump sum consideration basis enterprise value of ~EUR 413 mn. This includes a normalised working capital of ~EUR 70 mn and a deferred consideration of EUR 28 mn, payable at the end of 4 years, i.e. in FY30. The consideration would be subject to certain closing adjustments.
Additionally, during the quarter, the Hon’ble Bombay High Court has upheld TI’s ownership of Mansion House and Savoy Club trademarks ensuring continued, uninterrupted and exclusive sale under these brands.
We would also like to announce that the Board has approved investment of INR 59 crore, including the license fees and interest payments of around INR 34 crore for expansion at Prag Distillery, increasing the capacity from 6 lakh to 36 lakh cases p.a.
”
Mr. Amit Dahanukar Chairman & Managing Director
Q1 FY26 Performance
Balance Sheet Strength
▪
▪
Volumes grew by 26.5% YoY, to reach 32.1 lakh cases
▪
Gross debt of INR 39.1 crore and Net cash position of INR 163.4 crore
o Market share gain in each of the key markets
Net revenue of INR 409 crore; YoY growth of 30.6%
Imperial Blue Acquisition
o
o
o
Net revenue growth of 20.5%, excluding impact of subsidy
▪
Consideration of ~EUR 413 mn, subject to certain closing adjustments
Subdued growth vis-à-vis volume growth on a year-on-year basis due to reduction in price in the key state of AP from Q3 FY25 onwards
o
o
Includes a normalised working capital of ~EUR 70 mn
Includes a deferred consideration of EUR 28 mn payable after 4 years, i.e. FY30
NSR has increased from INR 1,182 in Q4 FY25 to INR 1,193 in Q1 FY26
▪
LTM Mar-25 performance:
▪
EBITDA of INR 94 crore; highest ever quarterly EBITDA and PAT of INR 89 crore
EBITDA margin of 23.1% (adjusted for subsidy: 15.1%)
o
o
Volume of 22+ mn cases
INR 3,000+ crore of revenue
YoY EBITDA growth of 88.0% (adjusted for subsidy: 25.0%)
▪
Transaction perimeter:
PAT margin adjusted for subsidy: 13.3%, with 44.5% YoY growth
o
o
16 units including 2 owned units
TSMA with Pernod India and long-term CAB Supply Agreement with Chivas Brothers
Tilaknagar Industries Ltd.
4
o
o
o
Q1 FY26 Performance Highlights
NSR* (₹ per case)
Revenue (₹ crs)
Quarter
+1.0%
1,252
1,182
1,193
1,300
1,200
1,100
1,000
900
800
700
600
500
Previous Full Year
-5.3%
1,282
1,214
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
Quarter
+30.6%
409
313
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
Previous Full Year
+2.9%
1,394
1,434
Q1 FY25
Q4 FY25
Q1 FY26
FY24
FY25
Q1 FY25
Q1 FY26
FY24
FY25
* Fall in NSR YoY due to price reduction in Andhra Pradesh
EBITDA (₹ crs) & EBITDA Margin (%)
PAT (₹ crs) & PAT Margin (%)
Quarter
Previous Full Year
Quarter
Previous Full Year
Margin
16.0%
23.1%
13.3%
17.8%
Margin
12.7%
21.4%
10.0%
15.8%
+88.0%
94
50
100
90
80
70
60
50
40
30
20
10
0
300
250
200
150
100
50
+37.4%
255
185
+120.8%
89
100
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
Q1 FY25
Q1 FY26
FY24
FY25
Q1 FY25
Q1 FY26
FY24
FY25
Note: Adjusted for the subsidy, EBITDA for Q1 FY26 stands at INR 55.8 crs and margin at 15.1% and for Q1 FY25 stands at INR 44.7 crs and margin at 14.5%
Note: Profit after tax excluding exceptional items
Tilaknagar Industries Ltd.
5
Q1 FY26 volumes growth at 26.5% YoY…
Quarterly volumes (lacs cases)
Highest-ever Q1 volume since FY15
32.1
25.1
25.4
17.7
13.5
11.1
6.0
Q1FY20
Q1FY21
Q1FY22
Q1FY23
Q1FY24
Q1FY25
Q1FY26
Tilaknagar Industries Ltd.
6
Income Statement
Particulars (₹ Crs)
Q1 FY26
Q1 FY25
Y-o-Y
Q4 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.
864
455
409
209
(12)
197
212
14
104
94
665
352
313
168
(10)
158
155
13
92
50
23.1%
16.0%
7
87
8
43
21.3%
13.6%
3
4
0
89
4
2
0
40
21.4%
12.7%
0
89
0
89
89
0
40
0
40
40
21.4%
4.54
12.7%
2.06
29.9%
29.3%
30.6%
24.4%
NM
24.7%
36.7%
6.9%
13.0%
88.0%
705 bps
(5.7%)
105.1%
773 bps
(32.5%)
144.7%
NM
121.1%
871 bps
NM
121.1%
NM
120.8%
120.8%
868 bps
120.5%
881
475
406
199
9
208
198
14
106
78
19.3%
7
71
17.5%
2
8
0
77
18.7%
(0)
77
0
77
77
18.7%
3.98
(2.0%)
(4.3%)
0.8%
4.9%
NM
(5.3%)
7.3%
2.1%
(1.8%)
20.5%
376 bps
0.3%
22.5%
377 bps
22.5%
(49.6%)
NM
14.6%
277 bps
NM
14.6%
NM
14.4%
14.4%
274 bps
14.1%
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%
7
Net cash position of around INR 163 crs
Debt Journey (₹ Crs)(a)
Debt as of 30-Jun-25 (₹ Crs)(a)
1,119
543
449
37
0.3
250
119
42
39
492
361
182
74
Net debt free
-107
-163
17.5
16
66
21.3
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
5 2 - r a M
5 2 - n u J
1 2 - r a M
2 2 - r a M
3 2 - r a M
4 2 - r a M
5 2 - r a M
5 2 - n u J
Gross debt
Net debt
Vendor Financing
Trade Deposits
Others
(a) Debt includes interest bearing trade deposits
Tilaknagar Industries Ltd.
8
Acquisition of Imperial Blue Business
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Transformational opportunity marking a strategic expansion into the whisky category
A definitive agreement has been signed with Pernod Ricard to purchase Imperial Blue for a lump sum consideration based on an enterprise value of ~€413 million(a),(b) (~INR 4,150cr)
Largest transaction in the Indian alcoholic beverage space by an Indian company
(a) This amount includes a normalised working capital of ~EUR 70 mn and a deferred
consideration of EUR 28 mn, payable at the end of 4 years, i.e. in FY30 (b) Consideration payable would be subject to certain closing adjustments
Tilaknagar Industries Ltd.
10
Imperial Blue at a glance
India is the largest spirits(a) and whisky market, with attractive volume and value growth
No. 1 Spirits market(a)
+9.3% Whisky market volume CAGR 2020-2024(b)
20m people over LDA(c) added annually
Rise in middle-class consumers
Scaled pan-India presence enabling TI to better compete with peers
22.4m 9-litre cases (9Lc) sold in LTM Mar-25(d)
~9% Volume share in the whisky segment
Presence in 27 States and UTs
Nationwide supply and distribution network with strong mindshare
Presence across all key large markets
Strong heritage with “top- of-mind” brand recall
Robust financial track record, despite limited focus in the last few years
INR 3,067 crs LTM Mar-25 Revenue
Imperial Blue has a strong heritage with impressive track record delivered on the back of premiumization trend
(a) For Western style spirits only, by volume (b) Dec-YE IWSR data (c) Legal Drinking Age per IWSR in 2024 Tilaknagar Industries Ltd.
(d) Including export Source: IWSR (Dec-YE)
11
Transaction overview
Imperial Blue overview
▪ Imperial Blue is a superior blend of Indian grain spirits and imported Scotch malts launched in India in 1997
Transaction structure
▪ TI is acquiring IB via slump sale, for a lump sum consideration basis enterprise value of €412.6 million (~INR 4,150cr as on date) which includes normalized working capital of ~€70m (~INR 700cr as on date) and deferred consideration of €28m (~INR 282cr as on date)(a)
▪ The deferred consideration is to be paid after 4 years from the transaction closing date, i.e., in FY30
▪ Proposed transaction includes acquisition of Imperial Blue and other related brands and assets from Pernod Ricard India (PRI)
Transaction funding
▪ TI intends to finance the transaction with a mix of equity and debt
▪ TI, in line with its prudent balance sheet management, aims to reduce Net Debt to EBITDA ratio to <1.0x by end of FY29
Impact on TI financials
▪ Expected to be cash EPS accretive post-closing
▪ Synergy benefits to support EBITDA margin expansion
▪ TI expects sustained top-line growth and EBITDA margins with strong RoCEs to be maintained in the future
Additional considerations
▪ UK / India FTA is expected to be a major tailwind leading to potentially expanded EBITDA margins for the IB business division
Transaction timelines
▪ TI will enter into a Transition Manufacturing and Services Agreement (TSMA) with PRI to ensure a smooth transition
▪ Definitive agreements have been signed, closing anticipated in six months from signing, subject to regulatory approval (CCI)
▪ Operational integration to commence shortly post-closing
Note: FY refers to financial year ending March (a) Subject to adjustments in accordance with the terms and conditions set out in the Business Transfer Agreement Tilaknagar Industries Ltd.
12
Transaction perimeter
Trademarks
Intellectual property
Manufacturing footprint
Raw material supply
▪ "Imperial Blue” and allied trademarks including "Imperial Black“, and "Imperial Red" brands globally
▪ Trademark license
agreement for the use of “Seagram’s” in connection with IB for a short transition period
▪ Blending recipe for IB
▪ Mix of owned and
▪ Long-term supply
▪ Rights and ownership of the “Imperial Blue” trademarks, copyrights, technical know-how and goodwill in relation to IB
shared units to support the continued volume production for IB
▪ Operations are supported by 16 manufacturing units distributed across India including 2 owned units
agreement with Chivas Brothers for CAB (Concentrated Alcoholic Beverage), an essential raw material for manufacturing IB products
▪ Procurement arrangement can be extended with mutual discussions between the parties ensuring no disruption in business
Business continuity and support
▪ PRI to transfer certain
resources to TI as part of the transaction
▪ TI will enter into a TSMA with PRI for smooth transition of the business
Tilaknagar Industries Ltd.
13
Potential to capture significant growth and cost synergies
Growth synergies
Cost synergies
Increased scale and cross-selling, access to export markets
Opportunities to reap operating leverage
Strong position in value segment, boosting premiumization
Go-to-market and distribution network optimization
Drive penetration, unlock underserved regions
Future ready formats
Distribution multiplier
Potential scale efficiencies in areas such as advertising
Potential overhead and administration cost efficiencies
Multiple synergy levers to boost growth and enhance EBITDA margin
Tilaknagar Industries Ltd.
14
Portfolio & Strategy Post Acquisition
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Imperial Blue will strengthen TI’s portfolio, providing a strong expansion platform…
Brandy
Monarch Legacy Edition
Mansion House Reserve Brandy
Mansion House Chambers
Mansion House Brandy
Mansion House Flandy
Courrier Napoleon Brandy
Whisky
Imperial Blue brands
East 13%
North 23%
West 14%
Mansion House Gold Whisky
Imperial Blue
Imperial Black
Gin, Rum & Vodka
Spaceman Spirits Lab portfolio
Other 2%
Brandy 31%
South 50%
Whisky 67%
Blue Lagoon Gin
Madiraa Rum
Samsara Gin
Sitara Rum
Amara Pink Vodka
Tilaknagar Industries Ltd.
Note: Data for LTM Mar-25
16
…in line with TI’s growth strategy and unlocking its premiumisation strategy
Enhance product portfolio
▪ Build scale to capture growth within the highly attractive Indian whisky market
▪ Geographical presence enables
navigation through state-wise regulation and local constraints
Achieve regional diversification
▪ Complementary geographic
exposures within India
▪ Strengthen TI’s presence in non-Southern regions of India
Explore new category opportunities
▪ Diversify the product portfolio of the company beyond brandy into whisky
▪ Build long-term value by leveraging
premiumisation strategy across the portfolio
Disciplined debt management
▪ Focus on efficient deployment
of capital
▪ Optimal mix of debt and equity to be maintained for the acquisition
Tilaknagar Industries Ltd.
17
Transformation of TI into a Pan-India and Multi-Category Player
Strategic Investments, Organic Launches and Inorganic Acquisitions in last couple of years
Strategic Investments
Organic Launches
Inorganic Acquisitions
Spaceman Spirits
Monarch Legacy Edition
Entry into Craft Spirit space
Entry into Luxury segment
Imperial Blue Brands
Acquired 3rd Largest IMFL Brand
Round The Cocktails
Mansion House Whisky
Entry into disruptive categories
Organic foray into Whisky
Tilaknagar Industries
2 years ago
Brandy-first portfolio with regional concentration towards Southern India
▪ 90%+ volume saliency
from Brandy
▪ 85%+ volume saliency from Southern India
▪ 2-brands and 1-category
player
Tilaknagar Industries
Journey ahead
Pan-India Player with 2 of the largest brands in 2 of the largest IMFL Categories
▪ 65%+ and 30%+ volume saliency from Whisky and Brandy
▪ Optimal regional mix
▪ Stepping-stone to develop premium portfolio across categories
Tilaknagar Industries Ltd.
18
Prag Distillery
TI has approved the expansion of Prag Distillery, its bottling unit, at Andhra Pradesh
Plans to increase its capacity from 6L to 36L cases annually at a cost of INR 59 crore(a)
This expansion enables us to safeguard supply in one of the fastest growing IMFL markets in India
Includes license fees and interest payments of around INR 34 crore
(a) Tilaknagar Industries Ltd.
19
AWARDS & RECOGNITION AND MARKETING INITIATIVES
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
An Ultimate Collaboration
Brand of the Masses
God of the Masses
Tilaknagar Industries Ltd.
21
NBK x Mansion House: The Big Idea
Transforming NBK’s power into a feeling of invitation - a call to
open up, celebrate and embrace life with grandeur.
At its core, "Dil Open Cheyyi. Life Welcome Cheyyi." is a call to
live life expansively.
The campaign encourages people to embrace life with an open
heart, to celebrate without inhibitions, and to extend warmth to
those around them - mirroring the values of togetherness and
celebration that Mansion House stands for (cue from “A Warm
Welcome”)
It’s not just about enjoying a drink; it’s about embracing the full
spectrum of life’s experiences with passion and openness.
Tilaknagar Industries Ltd.
22
A Warm Welcome Always Breaks the Ice
Campaign Idea: “A Warm Welcome Always Breaks the Ice”
Theme & Concept: Using relatable, everyday scenarios to diffuse social anxiety
Two distinct narratives:
The Hero – moment: Product Integration
▪ Scenario 1: Daughter introducing her boyfriend to her father for
▪ The dialogue-driven moments
the 1st time
▪ Scenario 2: New employee meeting & interacting with the
company’s CEO for the 1st time
▪
(“Do you take it with ice or without it?” / “With Ice sir”) that deliver humor and relief
Tilaknagar Industries Ltd.
23
Winning Awards with Distinction
Awards(a)
(a) From 2023 till Jun-25 Tilaknagar Industries Ltd.
24
Monarch and Mansion House – Honoured for Craftsmanship
Event
▪
London Spirits Competition
Brand
Event
▪ World Drinks Awards
Brand
▪ Monarch Legacy Edition Brandy
▪ Monarch Legacy Edition Brandy | Mansion House Brandy
Awards
Awards
▪ Bronze - Monarch Legacy Edition Brandy
▪
Speciality World's Best Brandy - Monarch Legacy Edition Brandy
▪ World Brandy Awards Gold - Monarch Legacy Edition Brandy
▪ Design Silver - Monarch Legacy Edition Brandy
Tilaknagar Industries Ltd.
25
Monarch and Mansion House – Honoured for Craftsmanship
Event
▪ ABBY Awards at Goafest 2025 ▪ Afaqs Marketers' Excellence Awards 2025
Brand
▪ Monarch Legacy Edition Brandy
▪ Mansion House Chambers
Awards
▪ Best Packaging Design (Bronze) – Monarch Legacy
Edition Brandy
▪ Packaging Design (Bronze) – Monarch Legacy
Edition Brandy
▪ Packaging Design (Merit) – Mansion House
Chambers Brandy
Tilaknagar Industries Ltd.
26
Mansion House Boyzzzz Campaign
Event
▪ MOMMY Awards 2025 by Mad Over Marketing
▪ DigiXX by AdGully
Campaign
▪ Mansion House Boyzzzz
Awards
▪ Runner Up - Best Promotion of a Web Series
on Social Media
▪ Gold Award - Mansion House Boyzzzz - Best
sector-led campaign - F&B Category
▪ Silver & Bronze Award - Mansion House
Father's Day Campaign - Best use of video & Best Short Video Campaign
Tilaknagar Industries Ltd.
27
Courrier Napoleon continues to be 3rd fastest growing brandy globally in 2024… ...Mansion House Brandy continues to be largest selling brandy in India and 2nd largest globally
Growth rankings
Volume rankings
9th
1st
2nd
7th
29th
Fastest growing brandy 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
3rd
13th
3rd
5th
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 2025’ by Drinks International
28
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.
29
COMPANY OVERVIEW AS OF TODAY
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
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
31
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 June 2025
Tilaknagar Industries Ltd.
*Note: Business undertaken under Royalty Model
32
Our journey The turnaround well and truly coming to fruition
1933-2007
2008-2014
2014-2017
2018-2023
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
2024 onwards
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
o Signs definitive
agreements to acquire Imperial Blue, the 3rd largest IMFL brand
Tilaknagar Industries Ltd.
33
Two millionaire brands in the portfolio
MANSION HOUSE India’s largest and World’s second largest selling brandy
COURRIER NAPOLEON 3rd fastest growing brandy Globally
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Tilaknagar Industries Ltd.
34
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.
35
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.
37
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.
38
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