Tilaknagar Industries Limited has informed the Exchange about Investor Presentation
November 13, 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 and half
year ended September 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 and half year ended September 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 – Q2 & H1 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
Q2 & H1 FY26 PERFORMANCE
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Management commentary on performance and key highlights
“
I am pleased to share that during the quarter, we gained market share across most key markets, driven by the strong performance of our existing portfolio, which continued to take share from competition and by incremental gains from the introduction of brands in new territories.
The quarter also saw the introduction of Mansion House Whisky in Odisha, Telangana and Kerala, and the launch of Monarch Legacy Edition Brandy in Hyderabad Duty Free, Odisha, Kerala and Karnataka. Under the usership agreement with Spaceman Spirits Lab Private Limited (SSL) - our investee company, we commenced distribution of Samsara Gin and Amara Vodka in Odisha, Puducherry and export markets, further strengthening our presence in the premium and craft spirits segments.
We also made a follow-on investment of INR 10.66 crore in SSL in August 2025. With this investment, Tilaknagar Industries’ stake in SSL has increased from 12.98% to 21.36% on a fully diluted basis.
On the financials front, EBITDA in Q2 stood at INR 60 crore; adjusted for the subsidy income, year-on-year growth of 8.2%, while EBITDA margins stood at 15.1%, with doubling down on A&P reinvestment rates ahead of the festive season. In Q2 we also strengthened our org structure in anticipation of Imperial Blue business coming into our fold very soon.
I would also like to highlight that we achieved a major milestone in the acquisition of the Imperial Blue business division from Pernod Ricard India. The Competition Commission of India (CCI) granted approval for the transaction on 7th October 2025. We have made substantial progress on the integration front, with a number of talented professionals joining us across various functions, further strengthening our organizational capabilities. The transaction is expected to be completed in Q3 FY26, and we look forward to welcoming Imperial Blue into our fold.
”
Mr. Amit Dahanukar Chairman & Managing Director
Q2 FY26 Performance
▪
▪
Volumes grew by 16.2% YoY, to reach 34.2 lacs cases
o Market share gain in most of the key markets
Net revenue of INR 398 crore; YoY growth of 6.2%
o
o
Adjusted for subsidy, net revenue growth of 9.3% YoY
NSR has increased from INR 1,193 in Q1 FY26 to INR 1,215 in Q2 FY26
▪
EBITDA of INR 60 crore and PAT of INR 53 crore
o
o
o
o
EBITDA margin at 15.1%
Adjusted for subsidy, YoY EBITDA growth of 8.2%
A&P reinvestment rate (as % of subsidy-adjusted net revenue) increased from 0.6% in Q2 FY25 to 2.1% in Q2 FY26
PAT margin at 13.2%, adjusted for subsidy 14 bps YoY expansion
Tilaknagar Industries Ltd.
H1 FY26 Performance
▪
▪
▪
Volumes grew by 21% YoY, to reach 66.2 lacs cases
Net revenue of INR 807 crore; YoY growth of 17.4%
o
Adjusted for subsidy, net revenue growth of 14.4%
EBITDA of INR 155 crore and PAT of INR 141 crore
o
o
o
o
EBITDA margin of 19.2% (adjusted for subsidy: 15.1%)
YoY EBITDA growth of 33.2% (adjusted for subsidy: 15.8%)
A&P reinvestment rate (as % of subsidy-adjusted net revenue) increased from 0.5% in H1 FY25 to 1.7% in H1 FY26
PAT margin adjusted for subsidy: 13.2%, with 106 bps YoY expansion
Balance Sheet Strength
▪
Gross debt of INR 47 crore and Net cash position of INR 1,086 crore on account of proceeds of INR 986 crore from preferential issue of equity & 25% of warrants’ subscription
4
Q2 & H1 FY26 – Financial Performance
NSR* (₹ per case)
Revenue (₹ crs)
Quarter
-4.7%
Half Year
-4.7%
1,274
1,215
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
1,264
1,204
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
1,250
1,200
1,150
1,100
1,050
1,000
950
900
850
800
Sequential Growth in NSR
1,182
1,193
1,215
Quarter
+6.2%
375
398
440
390
340
290
240
190
140
90
40
Half Year
+17.4%
807
688
850
800
750
700
650
600
550
500
Q2 FY25
Q2 FY26
H1 FY25
H1 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q2 FY26
H1 FY25
H1 FY26
* Fall in NSR due to price reduction in Andhra Pradesh in Q3 FY25
Note: Adjusted for the subsidy, YoY revenue growth for Q2 FY26 is 9.3% and for H1 FY26 is 14.4%
EBITDA (₹ crs) & EBITDA Margin (%)
PAT (₹ crs) & PAT Margin (%)
Quarter
Half Year
Quarter
Half Year
Margin
17.6%
15.1%
16.9%
19.2%
Margin
15.4%
13.2%
14.2%
17.3%
-8.8%
66
60
70
65
60
55
50
45
40
35
30
+33.2%
155
116
170
150
130
110
90
70
50
-9.5%
58
53
60
55
50
45
40
35
30
+43.6%
141
98
150
140
130
120
110
100
90
80
70
60
50
Q2 FY25
Q2 FY26
H1 FY25
H1 FY26
Q2 FY25
Q2 FY26
H1 FY25
H1 FY26
Note: Adjusted for the subsidy, YoY EBITDA growth for Q2 FY26 is 8.2% and for H1 FY26 is 15.8%. The margins for both the periods stand at 15.1%.
Note: Profit after tax excluding exceptional items Adjusted for the subsidy, YoY PAT growth of 10% in Q1 FY26 & 24.5% in H1 FY26
Tilaknagar Industries Ltd.
5
Q2 FY26 volumes growth at 16.2% YoY
Quarterly volumes (lacs cases)
Highest-ever Q2 volume since FY15
34.2
28.5
29.4
24.3
18.5
18.1
14.9
Q2 FY20
Q2 FY21
Q2 FY22
Q2 FY23
Q2 FY24
Q2 FY25
Q2 FY26
Tilaknagar Industries Ltd.
6
Income Statement
Particulars (₹ Crs)
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.
Q2 FY26
Q2 FY25
Y-o-Y
Q1 FY26
Q-o-Q
H1 FY26
H1 FY25
Y-o-Y
1,779
1,488
916
517
398
206
0
206
192
16
116
60
823
448
375
188
-9
179
196
14
115
66
11.2%
15.4%
6.2%
9.4%
NM
14.9%
-1.7%
15.3%
0.2%
-8.8%
864
455
409
209
-12
197
212
14
104
94
15.1%
17.6%
-248 bps
23.1%
7
53
8
58
-5.3%
-9.2%
7
87
13.3%
15.5%
-226 bps
21.3%
2
2
0
53
3
3
0
58
-37.4%
-35.8%
NM
-9.1%
3
4
0
89
13.2%
15.4%
-218 bps
21.4%
0
53
0
53
53
0
58
0
58
58
NM
-9.1%
NM
-9.5%
-9.5%
0
89
0
89
89
13.2%
2.69
15.4%
2.99
-224 bps
-10.1%
21.4%
4.54
6.0%
13.8%
-2.7%
-1.2%
NM
4.7%
-9.5%
17.2%
11.2%
-36.3%
-797 bps
0.8%
-39.4%
-803 bps
-25.4%
-49.5%
NM
-40.3%
-822 bps
NM
-40.3%
NM
-40.5%
-40.5%
-825 bps
-40.8%
972
807
415
-12
403
405
30
219
155
19.2%
15
140
17.3%
5
6
0
142
17.4%
0
142
0
141
141
17.3%
7.21
800
688
356
-19
337
351
27
207
116
16.9%
15
101
14.6%
8
5
0
98
19.6%
21.5%
17.4%
16.5%
NM
19.5%
15.3%
11.3%
5.8%
33.2%
228 bps
-5.5%
39.2%
272 bps
-34.7%
23.4%
NM
44.0%
14.2%
321 bps
0
98
0
98
98
14.2%
5.05
NM
44.0%
NM
43.6%
43.6%
316 bps
42.8%
7
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 Sept-25
As at Mar-25
208.2 1,783.0 1,991.2
193.6 688.6 882.2
5.0 0.7 36.4 5.4 47.5
42.3 0.8
10.7 1.1 48.5 5.1 65.3
31.8 0.7
50.8 97.0 38.7 9.6 51.7 290.8 2,329.5
44.7 103.1 33.1 10.9 41.0 265.2 1,212.8
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 Sept-25
As at Mar-25
354.7 40.3 1.0 0.4
31.7 0.0 37.2 7.1 19.2 491.5
367.9 3.4 1.3 0.4
21.4 0.0 63.2 5.0 5.0 467.6
173.1
165.2
0.4 458.0 829.7 294.5 0.0 6.4 75.9 1,838.1 2,329.5
8.6 410.5 15.7 87.1 0.0 8.2 49.8 745.2 1,212.8
8
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
Half year ending Sept-25
Half year ending Sept-24
141.5
16.9
158.5
(86.7)
(2.1)
69.6
(242.5)
986.9
814.0
15.7
829.7
98.3
24.7
123.0
(11.3)
(1.8)
110.0
(44.4)
(33.2)
32.4
10.3
42.8
Tilaknagar Industries Ltd.
9
Net cash position of around Rs. 1,086 crs
Debt Position (₹ Crs)(a)
Debt as of 30-Sept-25 (₹ Crs)(a)
Gross Debt
Net Cash
1,086
37
0.3
986
Net cash of INR 1,086 crore is on account of proceeds of from INR preferential issue of equity shares & 25% of warrants’ subscription
crore
27.4
16
66
19.5
42
47
107
Vendor Financing
Trade Deposits
Others
Mar-25
Sep-25
Mar-25
Sep-25
The Imperial Blue acquisition will be funded through a near equal mix of equity & debt
Tilaknagar Industries Ltd.
(a) Debt includes interest bearing trade deposits
10
AWARDS & RECOGNITION AND MARKETING INITIATIVES
Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Won multiple awards at the ‘Spiritz Conclave & Achievers’ Awards 2025
Bronze
Bronze
Monarch Legacy Edition Brandy
Mansion House Orange Flavoured Brandy
Courrier Napoleon Brandy Green
Mansion House Brandy
Mansion House Whisky
Mansion House Green Apple Flavoured Brandy
Courrier Napoleon Brandy Red
Product debut of the Year – Whisky Category
Product debut of the Year – Brandy Category
Mansion House Whisky
Mansion House Lemon Flavoured Brandy
Best Brand Promotion & Campaign
Mansion House Boyzzzz
Tilaknagar Industries Ltd.
12
Some more awards won in Q2 FY26
Event
▪
India Wine & Spirits Awards 2025
Brand
Event
▪
IMA South
Brand
▪ Mansion House Whisky| Courrier Napoleon Brandy Red
▪ Mansion House Brandy
Awards
Awards
▪ Best Indian Blended Malt Whisky – Mansion House Whisky
▪ Gold – Best Branded Content
▪
Silver Medal – Courrier Napoleon Brandy Red
▪
Silver – Best Use of Social (F&B)
▪ Bronze – Best Category Creation
Tilaknagar Industries Ltd.
13
Mansion House Boyzzzz Campaign
Event
▪
Shark Awards 2025 by ET BrandEquity
Brand
▪ Mansion House Brandy
Awards
Event
▪
E4M IDMA 2025
Brand
▪ Mansion House Brandy
Awards
▪
Silver – Best Campaign for FMCG - Beverage
▪ Bronze - Best Benchmark Branded Content
Tilaknagar Industries Ltd.
14
Monarch Legacy Edition Pure Grape Brandy
Launched in Hyderabad Duty Free, Odisha, Kerala & Karnataka markets
Hyderabad Duty Free Launch
Odisha Launch
Tilaknagar Industries Ltd.
15
Karnataka Launch
Mansion House Whisky
Launched in Odisha, Telangana & Kerala markets
Odisha Launch
Tilaknagar Industries Ltd.
16
Telangana Launch
Spaceman Spirits Lab Portfolio An exciting Indian Craft spirits play
✔ Under the usership agreement, in Q2 FY26, TI has launched Samara Gin & Amara Vodka in Odisha & Puducherry markets along with introduction of SSL brands in certain international markets
Tilaknagar Industries Ltd.
New Product Launches from SSL -
•
•
•
Launch of Samsara Pink Gin & Soda (RTD) in collaboration with Everyday Friday
Introduction of Samsara ‘Travel Retail Exclusive’ 1 litre bottles
2 new flavors of Samsara under the ‘The Secret Orchard Series’ – ‘Jamun & Pink Salt’ and ‘Raw Mango & Jalapeno’
• Contemporary Indian Mixers - Tonic Water & Sparkling Water
launched in Q2 FY26
17
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
18
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
20
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 September 2025
Tilaknagar Industries Ltd.
*Note: Business undertaken under Royalty Model
21
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 Strategic investments in Round the Cocktails Pvt. Ltd. – makers of Bartisans & Spaceman Spirits Lab Pvt. Ltd. – makers of premium craft spirits - Samsara Gin, Sitara Rum & Amara Vodka
o Signed definitive
agreements to acquire Imperial Blue, the 3rd largest IMFL brand
➢ CCI approval received on 7th October 2025, and closing expected in Q3 FY26
Tilaknagar Industries Ltd.
22
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.
23
Senior management
Amit Dahanukar Chairman & Managing Director
Shivani Dahanukar Executive Director
Abhinav Gupta Chief Financial Officer Previously CFO with Trident Limited
Ahmed Rahimtoola Chief Marketing Officer 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
Nishant Jain President - Sales 25+ years of alcobev experience with Pernod Ricard, ABD and Inbrew Beverages
Nishchal Dubey President – Institutional Sales 22+ years with Radico Khaitan
Yuvraj Singh Som Vice President – Commercial & 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
Chief Information Officer 11+ years of experience, last stint with ABD
Minuzeer Bamboat Company Secretary & Compliance Officer 21+ yrs experience
Hemangi Joshi AVP - Legal 16+ yrs experience
Tilaknagar Industries Ltd.
24
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)
CCI approval received on 7th October 2025, and closing is expected in Q3 FY26
(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.
26
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)
27
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 which includes normalized working
capital of ~€70m and deferred consideration of €28m(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
▪ Announced preferential issue of Rs. 2,296 crore of equity shares and warrants
▪ 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, CCI approval received on 7th October 2025, closing in Q3 FY26
▪ 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.
28
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.
29
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.
30
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 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
32
…in line with TI’s growth strategy and unlocking its whisky 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
▪ Steady mix of debt and equity to be
maintained for the transaction
Tilaknagar Industries Ltd.
33
Transformation of TI into a Pan-India and Multi-Category Player
Portfolio as of date
Future additions
Strategic Investments
Inorganic Acquisitions
Tilaknagar Industries
Tilaknagar Industries
2 years ago
Spaceman Spirits
Round The Cocktails
Imperial Blue Brands
Journey Ahead
Brandy-first portfolio with regional concentration towards Southern India
▪ 90%+ volume saliency
from Brandy
▪ 85%+ volume saliency from Southern India
▪ 2-brand and
1-category player
Tilaknagar Industries Ltd.
Entry into Craft Spirit space
Entry into disruptive categories
3rd Largest IMFL Brand
Organic Launches
Organic Launches in P&A Segment
Monarch Legacy Edition
Mansion House Whisky
New Launches
Entry into Luxury segment
Organic foray into Whisky
Presence across profitable price points with Pan India presence
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 respectively (a)
▪ Optimal regional mix
▪ Stepping-stone to develop premium portfolio across categories
(a) Data for LTM Mar-25
34
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.
36
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.
37
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