Tilaknagar Industries Limited (TI)

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Tilaknagar Industries Limited (TI) · mywealthgrid

About

Tilaknagar Industries manufactures and distributes beverages through breweries and distilleries in India's Consumer Staples sector. With a ₹14,076 Cr market cap and recent quarterly revenues of ₹900–2,250 Cr, it operates as an established mid-cap player in alcoholic beverages.

Face value: ₹10

Market cap

₹13,428 Cr

P/E

—

P/B

4.5×

Dividend yield

0.4%

ROE

1.1%

ROCE

11.7%

Debt / equity

0.77

OPM

EPS (TTM)

₹-1.3

Book value

₹120.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Severe earnings volatility: Dec 2025 and Mar 2026 quarters posted net losses of ₹14–105 Cr despite stable 7.4–7.6% OPM, indicating operational or external challenges unresolved.
ROE of 1.08% signals poor capital efficiency; the company must improve earnings consistency before valuations normalize.
Thin operating margins of 7.4–7.6% leave minimal buffer against input-cost shocks; a small COGS increase swings profit to loss, as recent quarters show.
Alcohol sector faces regulatory risk on excise duties and consumption restrictions; verify exposure to state-level policy changes.

Generated analysis · source review pending

Growth drivers

Operating margins held at 7.4–7.6% even in loss quarters, showing operational discipline; if net profit recovers to Sep–Jun levels (₹31–53 Cr/quarter), ROE would improve materially.
Regular dividend payouts (2025, 2024, 2023, 2022) despite losses indicate strong cash generation; once profit stabilises, this could reduce D/E from 0.77 or fund reinvestment.
Earnings recovered to positive ₹33 Cr in Jun 2026 after Dec 2025–Mar 2026 losses; verify whether this reflects sustainable operational improvement or seasonal recovery.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹542.6-1.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.4% (3-yr avg)
+High return on capital employed of 21.5%
+Revenue CAGR of 29.9% over the last 5 years

Cons

−Thin operating margin of 8%
−Profit declined 48.2% a year over the last 3 years
−Promoter holding fell 8.3 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

37/100

Business quality: 22
Growth: 50
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,295	1,525	1,483	1,418	1,792	2,469	2,958	3,175	5,248
COGS	284	320	352	277	382	616	709	727	1,255
Gross profit	1,011	1,206	1,131	1,141	1,410	1,853	2,249	2,447	3,993
	1,008	1,150	1,183	1,087	1,298	1,716	2,064	2,193	3,573
	3	56	-52	54	112	137	185	255	420
OPM %	0.2%	3.7%	-3.5%	3.8%	6.3%	5.6%	6.3%	8%	8%
Depreciation	37	37	33	33	33	32	32	31	80
Interest	152	184	129	71	62	40	27	12	113
	33	5	485	11	24	85	11	18	-206
Profit before tax	-153	-160	271	-39	41	150	138	230	21
Tax	-2	-0	2	-0	-4	-0	0	-0	0
Tax %	-1.1%	-0.1%	0.6%	-0.5%	-9.7%	-0%	0%	-0%	0%
	-151	-160	270	-38	45	150	138	230	21
PAT margin %	-11.7%	-10.5%	18.2%	-2.7%	2.5%	6.1%	4.7%	7.2%	0.4%
EPS (₹)	-12.1	-12.8	21.6	-3.1	3.2	8.8	7.2	11.9	1
EPS adjusted (₹)	—	—	—	-3.1	2.9	8.1	7.2	11.9	0.8
	—	—	0%	—	3.2%	2.8%	6.9%	8.4%	103.1%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	125	159	185	193	194	247
Reserves	-181	-25	298	461	689	2,735
Minority interest	—	—	—	—	0	—
	702	585	253	119	42	2,295
	365	295	276	260	288	883
Total equity & liabilities	1,012	1,013	1,012	1,033	1,213	6,160
	469	439	420	396	370	3,772
CWIP	100	100	0	0	3	60
Investments	0	0	23	12	30	32
	443	474	569	625	810	2,295
Total assets	1,012	1,013	1,012	1,033	1,213	6,160

₹ Cr	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13	10	85	65	71	121	178	-445
	-3	-0	-0	-26	-12	-17	-77	-3,570
	-27	-12	-78	-41	-67	-129	-94	4,217
Net cash flow	-17	-3	8	-2	-8	-24	7	202
Free cash flow	—	—	85	62	60	113	172	-3,978
CFO / Operating profit %	—	—	158%	58.1%	52%	65.1%	70%	-106.1%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79%	76.3%	80.4%	78.7%	75%	76%	77.1%	76.1%
EBITDA margin %	3.7%	-3.5%	3.8%	6.3%	5.6%	6.3%	8%	8%
EBIT margin %	1.3%	-5.7%	1.5%	4.4%	4.2%	5.2%	7.1%	6.5%
PAT margin %	-10.5%	18.2%	-2.7%	2.5%	6.1%	4.7%	7.2%	0.4%
Working capital
Receivable days	—	—	47	48	50	52	47	88
Inventory days	—	—	95	69	69	52	83	117
Payable days	—	—	195	164	76	62	74	98
NWC days	—	—	-53	-46	42	41	56	107
Leverage
Current ratio	—	—	0.66	0.96	1.27	2.3	2.81	2.5
Debt to EBITDA	—	—	12.98	5.22	1.85	0.64	0.17	5.47
Debt to equity	—	—	-12.6	4.38	0.52	0.18	0.05	0.77
Interest coverage	0.1	-0.4	0.5	1.5	2.8	6.3	19.9	3.2
Asset turnover	—	—	1.4	1.77	2.44	2.86	2.62	0.85
Return ratios
Return on assets %	—	—	-3.8%	4.5%	14.8%	13.4%	18.9%	0.3%
Return on capital employed %	—	—	6.5%	16.8%	19.5%	24.7%	28%	11.7%
Return on equity %	—	—	68.9%	33.8%	31%	21.1%	26%	0.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	41.97%	40.26%	40.19%	40.17%	40.14%	40%	40%	39.97%	37.2%	31.71%	31.71%	31.68%
	11.33%	11.57%	11.38%	11.69%	12.4%	13.96%	15.33%	15.29%	19.44%	18.41%	16.87%	16.88%
	0.02%	0.17%	0.1%	0.35%	1.19%	1.35%	1.25%	1.38%	3.81%	4.9%	5.92%	6.27%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	46.68%	48%	48.33%	47.79%	46.27%	44.69%	43.42%	43.36%	39.55%	44.98%	45.5%	45.17%
No. of shareholders	—	—	—	—	—	—	—	—	1,30,598	1,37,389	1,31,914	1,29,086

Promoter holding down 10.29 percentage points since Sep 2023.

46 deals · 5 Aug 2021 – 24 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Jul 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	15,08,925	₹488.34	₹73.69 Cr
24 Jul 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	14,71,948	₹489.30	₹72.02 Cr
23 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,86,795	₹464.05	₹45.79 Cr
23 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,85,753	₹464.02	₹45.74 Cr
22 Jul 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	12,82,561	₹449.26	₹57.62 Cr
22 Jul 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	12,63,929	₹451.02	₹57.01 Cr
22 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	11,14,129	₹445.59	₹49.64 Cr
22 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	11,12,126	₹446.47	₹49.65 Cr
21 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	19,17,560	₹425.64	₹81.62 Cr
21 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	19,16,678	₹425.76	₹81.60 Cr

1–10 of 46

1 / 5

Mr. Amit DahanukarExecutive Director-Chairperson related to Promoter-MD
Mrs. Shivani Amit DahanukarExecutive Director
Mr. Satish Chand MathurNon-Executive - Independent Director
Mr. Dilawar SinghNon-Executive - Independent Director
Ms. Aparna ChaturvediNon-Executive - Independent Director
Mrs. Swapna Vinodchandra ShahNon-Executive - Non Independent Director
Mr. Chemangala Ramachar RameshExecutive Director
Mr. Jenamejayan Kamalam ShivanNon-Executive - Independent Director
Ms. Bhumika BatraNon - Executive Independent Director
Mr. Rajesh ChoudharyChief Financial Officer
Mr. Minuzeer BamboatCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.12%

of the company's equity

All mutual funds

2.44%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.89 L	16.21	0.65%	0.117%	-6,325
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	1,977	0.11	0.03%	0.001%	+9
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	308	0.02	0.03%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

13

Final dividend15 Sept 2026 · ex-date₹1
Final dividend23 Sept 2025 · ex-date₹1
Final dividend20 Sept 2024 · ex-date₹0.5
Final dividend21 Sept 2023 · ex-date₹0.25
Dividend dividend19 Aug 2022 · ex-date₹0.1
Dividend dividend18 Sept 2014 · ex-date₹0.8
Final dividend3 Sept 2013 · ex-date₹0.8
Final dividend13 Sept 2012 · ex-date₹0.8
Final dividend29 Aug 2011 · ex-date₹0.8
Final dividend23 Aug 2010 · ex-date₹2.5
Final dividend23 Jul 2009 · ex-date₹2.5
Final dividend29 Jul 2008 · ex-date₹2.1
Final dividend13 Aug 2007 · ex-date₹1.5

1

Board meeting to consider results27 Jul 2026

2

Bonus 2:128 Sept 2010 · ex-date
Bonus 2:12 Sept 2009 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

10 announcementsExport CSV

2 Sept 2026, 11:34 amCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79%	76.3%	80.4%	78.7%	75%	76%	77.1%	76.1%
EBITDA margin %	3.7%	-3.5%	3.8%	6.3%	5.6%	6.3%	8%	8%
EBIT margin %	1.3%	-5.7%	1.5%	4.4%	4.2%	5.2%	7.1%	6.5%
PAT margin %	-10.5%	18.2%	-2.7%	2.5%	6.1%	4.7%	7.2%	0.4%
Working capital
Receivable days	—	—	47	48	50	52	47	88
Inventory days	—	—	95	69	69	52	83	117
Payable days	—	—	195	164	76	62	74	98
NWC days	—	—	-53	-46	42	41	56	107
Leverage
Current ratio	—	—	0.66	0.96	1.27	2.3	2.81	2.5
Debt to EBITDA	—	—	12.98	5.22	1.85	0.64	0.17	5.47
Debt to equity	—	—	-12.6	4.38	0.52	0.18	0.05	0.77
Interest coverage	0.1	-0.4	0.5	1.5	2.8	6.3	19.9	3.2
Asset turnover	—	—	1.4	1.77	2.44	2.86	2.62	0.85
Return ratios
Return on assets %	—	—	-3.8%	4.5%	14.8%	13.4%	18.9%	0.3%
Return on capital employed %	—	—	6.5%	16.8%	19.5%	24.7%	28%	11.7%
Return on equity %	—	—	68.9%	33.8%	31%	21.1%	26%	0.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
United Spirits LimitedUNITDSPRUNITDSPR	₹97,115 Cr	₹97,121 Cr	₹28,118 Cr	₹2,281 Cr	8.2%	₹1,884 Cr	6.6%	27.2%	21.6%	63
Radico Khaitan LimitedRADICORADICO	₹56,733 Cr	₹57,065 Cr	₹21,531 Cr	₹1,138 Cr	4.9%	₹704 Cr	2.9%	26.2%	19.9%	113
United Breweries LimitedUBLUBL	₹31,432 Cr	₹32,607 Cr	₹18,002 Cr	₹777 Cr	4.6%	₹396 Cr	2.4%	12.7%	9.3%	86
Allied Blenders And Distillers LimitedABDLABDL	₹19,004 Cr	₹20,150 Cr	₹7,604 Cr	₹546 Cr	7.2%	₹221 Cr	2.9%	26.7%	14.2%	77
Tilaknagar Industries LimitedTITI	₹13,428 Cr	₹15,723 Cr	₹6,711 Cr	₹494 Cr	8%	₹-32 Cr	0.4%	11.7%	1.1%	107
Piccadily Agro Industries LimitedPICCADILPICCADIL	₹5,729 Cr	₹6,260 Cr	₹1,177 Cr	₹239 Cr	20.6%	₹141 Cr	12.1%	32.5%	24.8%	297
Globus Spirits LimitedGLOBUSSPRGLOBUSSPR	₹2,290 Cr	₹2,805 Cr	₹3,813 Cr	₹279 Cr	7.2%	₹101 Cr	2.5%	13.4%	8.8%	41
Gm Breweries LimitedGMBREWGMBREW	₹2,171 Cr	₹2,171 Cr	₹2,977 Cr	₹181 Cr	6.1%	₹157 Cr	5.3%	19.1%	14.5%	17
India Glycols LimitedINDIAGLYCOINDIAGLYCO	₹2,002 Cr	₹3,580 Cr	₹10,312 Cr	₹669 Cr	6.6%	₹316 Cr	3%	11.9%	11.3%	27
Som Distilleries & Breweries LimitedSDBLSDBL	₹1,558 Cr	₹1,770 Cr	₹2,026 Cr	₹30 Cr	3.7%	₹-30 Cr	0.5%	6.1%	1.2%	21
Associated Alcohols & Breweries Ltd.ASALCBRASALCBR	₹1,228 Cr	₹1,294 Cr	₹1,049 Cr	₹136 Cr	13.8%	₹83 Cr	8.6%	19.2%	14.6%	89
Sula Vineyards LimitedSULASULA	₹1,105 Cr	₹1,399 Cr	₹599 Cr	₹102 Cr	17.4%	₹25 Cr	4.3%	9.7%	4.4%	375

Date	Category	Subject	Filing
2 Sept 2026, 11:34 am	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
1 Sept 2026, 12:36 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

Tilaknagar Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

13

1

2

Announcements

13

1

2

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Tilaknagar Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends13

Board meetings1

Bonus issues2

Announcements

Dividends13

Board meetings1

Bonus issues2

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

13

1

2

13

1

2