Tilaknagar Industries Ltd(TI)

NSE: TIBSE: 507205

₹ 490.7-3.98%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 12,164 crWebsite: www.tilind.comUpdated: 24 Oct 2026

About

Tilaknagar Industries (TI) makes Indian-made foreign liquor (IMFL). Most of its portfolio sits in the Prestige & Above segment and covers brandy, whisky, rum and gin. Its best-known brands are Mansion House Brandy and Imperial Blue whisky, which it acquired in November 2025. In FY26 sales volume rose 67.6% to 20 million cases, and in December 2025 TI became India's largest domestic Prestige & Above IMFL player by volume.^[1][2]

Brands and volumes

Mansion House Brandy is the flagship brand and India's largest-selling premium brandy, selling more than 10 million cases in FY26.^[1]
Courrier Napoleon Brandy is the company's second 'Millionaire' brand.^[1]
Imperial Blue whisky was acquired on 30 November 2025. It sold 4.6 mn cases in Q4 FY26 and 5.4 mn cases in Q1 FY27.^[2]
Volumes excluding Imperial Blue grew 14.0% year on year in FY26, against industry growth of about 3.5%.^[1]
Luxury tier 'House of TI': Monarch Legacy Edition Brandy, Seven Islands Pure Malt Whisky (MRP INR 5,200 per 750 ml, launched in Maharashtra in Nov 2025) and Samsara Gin.^[3]
Spaceman Spirits Lab craft brands (Samsara Gin, Amara Vodka, Sitara Rum) are sold by TI under a usership agreement. Their volumes in Q1 FY27 were 2.2x those of Q1 FY26.^[4]
Spaceman Spirits Lab launched House:Pour Picante, an agave spirit, in Q1 FY27.^[4]

Market position

In December 2025 TI became India's largest domestic Prestige & Above IMFL player by volume and the largest Prestige & Above player in South India.^[1]
TI ranks #1 in the Andhra Pradesh Prestige & Above segment, with a market share of about 41% (FY26 annual report).^[1]
Imperial Blue's market share rose by about 150 bps quarter on quarter in Q1 FY27, with gains in the North, West, South and East.^[4]

Operations and manufacturing

As of FY26, manufacturing runs across more than 40 units, 6 of them owned. The mother plant is at Shrirampur in Ahilyanagar district, Maharashtra.^[1]
Prag Distillery in Andhra Pradesh was expanded from 6 lakh to 36 lakh cases per annum at a capex of INR 59 cr. Approval came in Q4 FY26, and the plant is expected to meet about 50% of TI's Andhra Pradesh needs.^[2]
Bottling savings of 60-70% at Prag were captured in Q1 FY27, with annualised savings of INR 10 cr expected.^[4]
By Q1 FY27, 90% of Imperial Blue operations had moved off the transition services agreement. One state remains, with an outer exit date of March 2027.^[4]
TI had more than 850 employees and workforce as of FY26.^[1]

Key operating numbers

Sales volume rose 67.6% to 20 million cases in FY26, from 11.9 million in FY25.^[1]
Total volume was 8.7 mn cases in Q1 FY27 (+172% YoY, +9% QoQ). Monthly volume reached a record 3.4 mn cases in June 2026.^[4]
Net sales realisation was INR 1,183 per case in Q1 FY27 (+5.3% YoY), INR 1,177 per case in Q4 FY26, and INR 1,165 per case for full FY26.^[4]
In FY25, southern states made up 86% of volume and brandy made up 91%.^[5]
Maharashtra's Maharashtra Made Liquor (MML) policy in H1 FY26 led to price increases for IMFL brands.^[1]

Customers and distribution

The distribution network has 834 distribution points or depots and 87,407 outlets (FY26 annual report).^[1]
TI sells through state corporations, direct sales, wholesalers, distributors and the Canteen Store Department.^[1]
In FY26 TI brands were present in 19 countries, and export sales grew 33% by volume.^[1]
TI activated more than 28,000 outlets in Q1 FY27.^[4]
In Q4 FY26 Karnataka cut the consumer price of Imperial Blue and Mansion House Brandy by INR 20 per 180 ml nip.^[2]
TI's Nigeria subsidiary has about 2.5 lakh cases of existing business and is set to receive investment of up to INR 30 cr.^[2]

Expansion and capex

Capex for FY27 and FY28 is guided at maintenance level, about INR 25 cr a year.^[2]
Imperial Blue was reintroduced in Delhi in July 2026. The target is to recover its past peak of about 0.5 mn cases a year within 12-18 months.^[4]
House of TI luxury brands are planned for launch in 10+ markets in FY27, using Imperial Blue's distribution network.^[4]
New organic Prestige & Above whisky brands are planned from FY28 onwards.^[4]
TI says it is open to investments, partnerships and acquisitions in craft and emerging segments.^[1]

Group structure and recent developments

As of FY26 TI had 5 subsidiaries and 3 associates. It set up Grain & Grape Works during the year and plans to merge Punjabexpo Breweries and Vahni Distilleries into itself.^[1]
CFO Rajesh Choudhary resigned effective 8 October 2026. Anil Singal was appointed to oversee Finance & Accounts from 9 October 2026.^[6]
TI raised its stake in Bartisans from 36.2% to 41.5% in Q1 FY27 through a primary infusion of INR 2 crore.^[4]
The India-UK Free Trade Agreement took effect in mid-July 2026 and cut customs duty on imported scotch from 150% to 75%.^[4]
A preferential issue of shares and warrants totalling INR 2,296 cr was announced; INR 986 cr was received in Q2 FY26, partly funding the Imperial Blue acquisition.^[3]

Market Cap

₹12,164 Cr

High / Low

₹608 / 372

Stock P/E

-486.4

Price / Book

4.3

Book Value

₹121

EPS

₹0.8

No. of Shares

24.72 Cr

ROCE

11.3%

ROE

1.1%

OPM

6.9%

Debt / Equity

0.77

Sales

₹5,248 Cr

Net Profit

₹21 Cr

Promoter holding

31.6%

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