Tilaknagar Industries Limited · NSE:TI
Tilaknagar Industries — Q1 FY26 Earnings Presentation
40 slides from Tilaknagar Industries's earnings presentation, Aug 11, 2025
Slide 1: Cover letter to BSE and NSE
August 11, 2025 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block-G, Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai 400001 Mumbai-400 051. Scrip Code : 507205 Symbol : TI Sub: Earnings Presentation for Unaudited Financial Re
Slide 2: Tilaknagar Industries Limited Earnings Presentation – Q1 FY26
Tilaknagar Industries Limited Earnings Presentation – Q1 FY26 Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 3: Disclaimer
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
Slide 4: Q1 FY26 Performance
Q1 FY26 PERFORMANCE Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 5: Management commentary on performance and key highlights
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%. Th
Slide 6: Q1 FY26 Performance Highlights
Q1 FY26 Performance Highlights NSR* (₹ per case) Revenue (₹ crs) Quarter Previous Full Year Quarter Previous Full Year +1.0% +30.6% +2.9% -5.3% 1,252 1,193 1,394 1,434 1,300 1,182 1,282 409 1,500 1,214 1,400 440 1,400 1,200 313 1,300 390 1,300 1,100 1,200 1,200 340 1,000 1,100 1,100 290 1,000 1,000
Slide 7: Q1 FY26 volumes growth at 26.5% YoY
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
Slide 8: Income Statement
Income Statement Particulars (₹ Crs) Q1 FY26 Q1 FY25 Y-o-Y Q4 FY25 Q-o-Q FY25 FY24 Y-o-Y Revenue from Operations (Gross) 864 665 29.9% 881 (2.0%) 3,175 2,958 7.3% Excise Duty 455 352 29.3% 475 (4.3%) 1,740 1,564 11.3% Revenue from Operations (Net) 409 313 30.6% 406 0.8% 1,434 1,394 2.9% Cost of Mate
Slide 9: Net cash position and debt journey
Net cash position of around INR 163 crs Debt Journey (₹ Crs)(a) Debt as of 30-Jun-25 (₹ Crs)(a) 1,119 37 0.3 543 66 492 17.5 449 361 Net debt 250 free 16 182 119 42 39 74 21.3 -107 -163 Mar-21 Vendor Financing Trade Deposits Others Mar-19 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Jun-25 Mar-22 Mar-23 Mar-2
Slide 10: Acquisition of Imperial Blue Business
Acquisition of Imperial Blue Business Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 11: Transformational opportunity marking a strategic expansion into the whisky category
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 a
Slide 12: Imperial Blue at a glance
Imperial Blue at a glance India is the largest spirits(a) and whisky market, No. 1 +9.3% 20m Rise in middle-class with attractive volume and value growth Whisky market volume people over LDA(c) consumers Spirits market(a) CAGR 2020-2024(b) added annually Scaled pan-India presence enabling TI to bett
Slide 13: Transaction overview
Transaction overview Imperial Blue overview ▪ Imperial Blue is a superior blend of Indian grain spirits and imported Scotch malts launched in India in 1997 ▪ 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 inclu
Slide 14: Transaction perimeter
Transaction perimeter Business continuity Trademarks Intellectual property Manufacturing footprint Raw material supply and support ▪ "Imperial Blue” and ▪ Blending recipe for IB ▪ Mix of owned and ▪ Long-term supply ▪ PRI to transfer certain allied trademarks shared units to support agreement with C
Slide 15: Potential to capture significant growth and cost synergies
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
Slide 16: Portfolio & Strategy Post Acquisition
Portfolio & Strategy Post Acquisition Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 17: Imperial Blue will strengthen TI's portfolio, providing a strong expansion platform
Imperial Blue will strengthen TI’s portfolio, providing a strong expansion platform… Brandy East Monarch Legacy Mansion House Mansion House Mansion House Mansion House Courrier Napoleon 13% North Edition Reserve Brandy Chambers Brandy Flandy Brandy 23% West Whisky 14% Imperial Blue brands South 50%
Slide 18: In line with TI's growth strategy and premiumisation strategy
…in line with TI’s growth strategy and unlocking its premiumisation strategy Achieve regional Enhance product portfolio diversification ▪ Build scale to capture growth within the ▪ Complementary geographic highly attractive Indian whisky market exposures within India ▪ Geographical presence enables
Slide 19: Transformation of TI into a Pan-India and Multi-Category Player
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 Tilaknagar Industries Tilaknagar Industries 2 years ago Journey ahead Spaceman Spir
Slide 20: Prag Distillery
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 (a) Inclu
Slide 21: Awards & Recognition and Marketing Initiatives
AWARDS & RECOGNITION AND MARKETING INITIATIVES Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 22: Brand of the Masses
An Ultimate Collaboration Brand God of the of the Masses Masses Tilaknagar Industries Ltd. 21
Slide 23: NBK x Mansion House: The Big Idea
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
Slide 24: A Warm Welcome Always Breaks the Ice
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
Slide 25: Winning Awards with Distinction
Winning Awards with Distinction Awards (a) (a) From 2023 till Jun-25 Tilaknagar Industries Ltd. 24
Slide 26: Monarch and Mansion House – Honoured for Craftsmanship
Monarch and Mansion House – Honoured for Craftsmanship Event Event ▪ London Spirits Competition ▪ World Drinks Awards Brand Brand ▪ Monarch Legacy Edition Brandy ▪ Monarch Legacy Edition Brandy | Mansion House Brandy Awards Awards ▪ Bronze - Monarch Legacy Edition Brandy ▪ Speciality World's Best Br
Slide 27: Monarch and Mansion House – Honoured for Craftsmanship
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) – Mo
Slide 28: Mansion House Boyzzzz Campaign
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 Awa
Slide 29: Courrier Napoleon continues to be 3rd fastest growing brandy globally
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 Largest Largest Largest selling Largest selling growing brandy
Slide 30: Multiple awards at the Spiritz Achievers' & Selection Awards 2024
Multiple awards at the Spiritz Achievers’ & Selection Awards 2024 Mansion House Mansion House Green Mansion House Mansion House Gold Courrier Napoleon Orange Flavoured Brandy Apple Flavoured Brandy Chamber Brandy Barrel Whisky French Brandy Green Product debut of the Year Brand promotion – Digital s
Slide 31: Company Overview as of Today
COMPANY OVERVIEW AS OF TODAY Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 32: About the Company
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 Manufacturing units Brands across Share of Brandy as % Volumes (in cases) Share of sales to incorporation & 50+ across 10 states products of total v
Slide 33: Production and Sales footprint
Production and Sales footprint… …Ca. 70% of all production takes place through contract manufacturing units, following an asset-light model Production footprint Sales territories Sales also undertaken in institutional markets like CSD (all India), PMF as well as international markets 1 UNIT Jammu 1
Slide 34: Our journey
Our journey The turnaround well and truly coming to fruition 1933-2007 2008-2014 2014-2017 2018-2023 2024 onwards o Founded in 1933 as o Acquired subsidiaries o Expansion project at Prag o Restructuring of debt o CRISIL assigns A-/Stable Maharashtra Sugar Mills Vahni Distilleries stalled completed w
Slide 35: Two millionaire brands in the portfolio
Two millionaire brands in the portfolio MANSION HOUSE COURRIER NAPOLEON India’s largest 3rd fastest and World’s growing brandy second largest Globally selling brandy Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness. Tilaknagar Indus
Slide 36: Senior management
Senior management Amit Dahanukar Shivani Dahanukar Abhinav Gupta Ahmed Rahimtoola Ameya Deshpande Chairman & Executive Director CFO CMO President – Strategy & Corp Dev Managing Director Previously CFO with 14+ yrs with Allied Blenders Previously Investment Banker with Trident Limited & Distillers De
Slide 37: Full Year Financials
FULL YEAR FINANCIALS Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 38: Improving business fundamentals
Improving business fundamentals Premiumisation strategy to enhance margins and cash flows Total Volumes Sold (mn cases) Brandy Sales (mn cases) Share of Brandy to total volumes sold 91% 92% 94% 93% 94% 91% 12 10.44 10.82 10 8.98 14 11.16 11.91 6.33 8 12 9.64 5.86 10 5.03 6.73 6 8 6.44 5.45 4 6 4 2 2
Slide 39: Focus on margins and cashflows
Focus on margins and cashflows Net Revenues (₹ Crs) EBITDA (₹ Crs) and Finance Cost (₹ Crs) and EBITDA Margin (%) 17.8 As % of Net Revenues 1600 1,434 1,394 1400 14.3 19.8 13.3 1,164 11.8 1200 9.9 1000 12.9 800 783 653 600 549 7.9 54 112 137 185 255 -52 3.5 400 1.9 200 0.8 -8.0 129 71 62 40 27 0 12
Slide 40: Thank You
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 Mr. Mitesh Jain +91 97699 19966 Siddharth@cd
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