Conference Call with Tilaknagar Industries Management and Analysts on Q1FY26 Performance and Outlook. Listen to the full earnings transcript.
Breweries & Distilleries company Tilaknagar Industries announced Q1FY26 results Volume growth of 26.5% YoY, with market share improvement for TI in each of the key markets. Net revenue from operations stands at Rs 409.1 crore vs Rs 313.2 crore, i.e. 30.6% YoY growth; Adjusted for the subsidy income of INR 38.6 crore, the growth was still robust at 20.5%. EBITDA grew by 88.0% to Rs 94.5 crore vs Rs 50.2 crore; adjusted for subsidy income, the EBITDA stands at Rs 55.8 crore, i.e. a growth of 25.0% YoY. Adjusted for subsidy, EBITDA margin improved by 55 basis points YoY, standing at 15.1% as against 14.5%. PAT excl. exceptional items increased by 120.8% to Rs 88.5 crore from Rs 40.1 crore; adjusted for subsidy, PAT excl. exceptional items increased by 44.5% YoY. Reported EPS (Diluted) stood at Rs 4.54 per share. Amit Dahanukar, Chairman & Managing Director, said: “Q1FY26 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 Rs 38.6 crore, the net revenue growth was still robust at 20.5%. The Southern region has seen strong growth momentum in Q1, with market share improvement in each of the key markets. Our EBITDA (excluding subsidy income) has grown by 25.0%. Our acquisition of the Imperial Blue business division from Pernod Ricard India is subject to CCI approval, which we expect to receive by the end of calendar year 2025. The acquisition is being made on a slump sale basis, for a lump sum consideration basis enterprise value of ~EUR 413 million. This includes a normalised working capital of ~EUR 70 mn and a deferred consideration of EUR 28 million, payable at the end of 4 years, i.e. in FY30. The consideration would be subject to certain closing adjustments. Additionally, during the quarter, the Hon’ble Bombay High Court has upheld TI’s ownership of Mansion House and Savoy Club trademarks, ensuring continued, uninterrupted and exclusive sale under these brands. We would also like to announce that the Board has approved investment of INR 59 crore, including the license fees and interest payments of around Rs 34 crore for expansion at Prag Distillery, increasing the capacity from 6 lakh to 36 lakh cases p.a.” Result PDF