Tilaknagar Industries Limited · NSE:TI
Tilaknagar Industries — Q2 & H1 FY26 Earnings Presentation
39 slides from Tilaknagar Industries's earnings presentation, Nov 13, 2025
Slide 1: Cover letter to stock exchanges
November 13, 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
Slide 2: Earnings Presentation – Q2 & H1 FY26
Tilaknagar Industries Limited Earnings Presentation – Q2 & H1 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: Q2 & H1 FY26 Performance
Q2 & H1 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 “ 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 introd
Slide 6: Q2 & H1 FY26 – Financial Performance
Q2 & H1 FY26 – Financial Performance NSR* (₹ per case) Revenue (₹ crs) Quarter Half Year Quarter Half Year -4.7% -4.7% Sequential Growth in NSR +6.2% +17.4% 1,274 1,182 1,193 1,215 807 ,400 1,215 1,264 1,250 375 398 850 1,204 1,400 440 ,300 1,200 800 1,300 390 ,200 1,150 688 1,200 750 340 ,100 1,100
Slide 7: Q2 FY26 volumes growth at 16.2% YoY
Q2 FY26 volumes growth at 16.2% YoY Quarterly volumes (lacs cases) Highest-ever Q2 volume since FY15 34.2 29.4 28.5 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
Slide 8: Income Statement
Income Statement Particulars (₹ Crs) Q2 FY26 Q2 FY25 Y-o-Y Q1 FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Revenue from Operations (Gross) 916 823 11.2% 864 6.0% 1,779 1,488 19.6% Excise Duty 517 448 15.4% 455 13.8% 972 800 21.5% Revenue from Operations (Net) 398 375 6.2% 409 -2.7% 807 688 17.4% Cost of Materia
Slide 9: Balance Sheet
Balance Sheet As at As at As at As at Particulars (₹ Crs) Particulars (₹ Crs) Sept-25 Mar-25 Sept-25 Mar-25 EQUITY & LIABILITIES ASSETS Equity Non‐Current Assets (a) Equity share capital 208.2 193.6 Property, plant and equipment 354.7 367.9 (b) Other equity 1,783.0 688.6 Capital work‐in‐progress 40.
Slide 10: Cash Flow
Cash Flow Half year ending Half year ending Particulars (₹ Crs) Sept-25 Sept-24 Cash Flow from Operating Activities Profit before Tax 141.5 98.3 Adjustment for Non-Operating items 16.9 24.7 Operating Profit before Working Capital Changes 158.5 123.0 Changes in Working Capital (86.7) (11.3) Less: Dir
Slide 11: Net cash position of around Rs. 1,086 crs
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 37 0.3 1,086 Net cash of INR 1,086 crore is on account of proceeds of INR 986 crore from 66 preferential issue of equity shares & 25% of warrants’ 19.5 subscription 27.4 16 42 47 1
Slide 12: 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 13: Won multiple awards at the Spiritz Conclave & Achievers' Awards 2025
Won multiple awards at the ‘Spiritz Conclave & Achievers’ Awards 2025 Bronze Bronze Monarch Legacy Mansion House Courrier Napoleon Mansion House Mansion House Whisky Mansion House Green Courrier Napoleon Edition Brandy Orange Flavoured Brandy Green Brandy Apple Flavoured Brandy Red Brandy Brandy Pro
Slide 14: Some more awards won in Q2 FY26
Some more awards won in Q2 FY26 Event Event ▪ India Wine & Spirits Awards 2025 ▪ IMA South Brand 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 – Cou
Slide 15: Mansion House Boyzzzz Campaign
Mansion House Boyzzzz Campaign Event Event ▪ Shark Awards 2025 by ET BrandEquity ▪ E4M IDMA 2025 Brand Brand ▪ Mansion House Brandy ▪ Mansion House Brandy Awards Awards ▪ Silver – Best Campaign for FMCG - Beverage ▪ Bronze - Best Benchmark Branded Content Tilaknagar Industries Ltd. 14
Slide 16: Monarch Legacy Edition Pure Grape Brandy
Monarch Legacy Edition Pure Grape Brandy Launched in Hyderabad Duty Free, Hyderabad Duty Free Launch Odisha Launch Odisha, Kerala & Karnataka markets Karnataka Launch Tilaknagar Industries Ltd. 15
Slide 17: Mansion House Whisky Launched in Odisha, Telangana & Kerala
Mansion House Whisky Launched in Odisha, Telangana & Kerala Odisha Launch markets Telangana Launch Tilaknagar Industries Ltd. 16
Slide 18: Spaceman Spirits Lab Portfolio
Spaceman Spirits Lab Portfolio An exciting Indian Craft spirits play New Product Launches from SSL - ✔ Under the usership agreement, in Q2 FY26, TI has • Launch of Samsara Pink Gin & Soda (RTD) in collaboration with launched Samara Gin & Amara Vodka in Odisha & Everyday Friday Puducherry markets alo
Slide 19: Courrier Napoleon 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: Senior management
Senior management Amit Dahanukar Shivani Dahanukar Abhinav Gupta Ahmed Rahimtoola Ameya Deshpande Nishant Jain Chairman & Executive Director Chief Financial Officer Chief Marketing Officer President – Strategy & Corp Dev President - Sales Managing Director Previously CFO with 14+ yrs with Allied Pre
Slide 26: 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 27: 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) CCI approval received on 7th October 2025, and clo
Slide 28: 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 29: 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 which includes normalized working cap
Slide 30: 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 31: 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 32: Portfolio & Strategy Post Acquisition
Portfolio & Strategy Post Acquisition Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 33: Imperial Blue will strengthen TI's portfolio
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 34: In line with TI's growth strategy and whisky premiumisation strategy
…in line with TI’s growth strategy and unlocking its whisky 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 e
Slide 35: Transformation of TI into a Pan-India and Multi-Category Player
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 Entry into Craft Entry in
Slide 36: Full Year Financials
FULL YEAR FINANCIALS Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.
Slide 37: 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 38: 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 39: 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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