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Tilaknagar Industries

TI NSE
₹473.60 +8.50 (+1.83%)
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹473.60 −16.30 −3.33% 1Y
Start ₹489.90

Key Fundamentals

MicrocapBeveragesFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
11.40%
Debt to Equity
0.77
EPS (TTM)
−₹1.05
Book Value
₹121.76
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
3.89
ROE
12.60%
Dividend Yield
0.22%
EBITDA
₹445 Cr
52W High
₹607.80
52W Low
₹381.55
Day Range
₹462.75 – ₹474.85
Volume
2,67,697

Peer Comparison

Fast Moving Consumer Goods › Beverages › Breweries & Distilleries

Tilaknagar Industries peer comparison
United Spirits
₹1,419.3054.78₹1,00,884 Cr11.391.23%21.40%26.40%₹12,626 Cr₹1,884 Cr
Radico Khaitan
₹4,396.5083.70₹57,961 Cr16.050.21%20.30%24.20%₹6,228 Cr₹704 Cr
United Breweries
₹1,204.5080.51₹32,064 Cr6.980.84%7.69%10.70%₹9,442 Cr₹395 Cr
Allied Blenders & Distillers
₹697.5088.29₹19,494 Cr11.890.78%14.30%18.40%₹3,979 Cr₹210 Cr
Tilaknagar Industries (this company)
₹473.60—₹11,718 Cr3.890.22%12.60%11.40%₹3,016 Cr−₹35 Cr
Piccadily Agro Industries
₹594.3041.68₹5,848 Cr6.500.17%17.40%18.00%₹1,075 Cr₹141 Cr
Globus Spirits
₹669.1019.32₹2,115 Cr1.610.99%8.76%11.20%₹2,799 Cr₹99 Cr
Median 7 companies₹697.5067.65₹19,494 Cr6.980.78%14.30%18.00%₹3,979 Cr₹210 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

49 Average

Data confidence 91/100

Category scores

Quality
42
Weak
Returns, margins, earnings quality 22% weight
Valuation
19
Poor
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
30
Poor
Solvency, leverage, coverage 9% weight
Momentum
60
Good
Trend strength, vol-adjusted 12% weight
Ownership
69
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 44.6%

Weaknesses

3
  • Tax rate seems low
  • Company has high debtors of 198 days.
  • Promoter holding has decreased over last 3 years: -10.3%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1162
OscillatorsBearish261
Moving AveragesStrong Bearish901

Key readings

RSI (14)
33.02
Neutral
MACD (12,26,9)
−19.56
Bearish
SMA (50)
538.00
Bearish
SMA (200)
471.99
Bullish

As of

Analyst Rating

Based on 6 analysts
BUY100%

6 of 6 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
6
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+17.75%
5Y+33.71%
3Y+26.32%
1Y+69.88%
TTM+100.00%

Net profit

Net profit growth by window
10YTurned to profit
5YTurned to profit
3Y−48.08%
1Y−90.87%
TTMTurned to loss

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YTurned negative
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+44.50 pp
5Y+8.02 pp
3Y+6.09 pp
1Y−0.60 pp
TTM−3.38 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹515 Cr
Mar 2018₹578 Cr
Mar 2019₹661 Cr
Mar 2020₹653 Cr
Mar 2021₹549 Cr
Mar 2022₹783 Cr
Mar 2023₹1,164 Cr
Mar 2024₹1,394 Cr
Mar 2025₹1,381 Cr
Mar 2026₹2,346 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹280 Cr
Mar 2018−₹151 Cr
Mar 2019−₹160 Cr
Mar 2020₹270 Cr
Mar 2021−₹38.00 Cr
Mar 2022₹45.00 Cr
Mar 2023₹150 Cr
Mar 2024₹138 Cr
Mar 2025₹230 Cr
Mar 2026₹21.00 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹682 Cr +53.1% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 6 Oct 2026
AI opinion · based on fundamentals
Risk high

As of the 2026-10-06 close, Tilaknagar Industries traded at Rs 547.8, giving a market cap of Rs 13,579.85 crore. That is about 9.9% below its 52-week high of Rs 607.8 and 43.6% above its 52-week low of Rs 381.55. TTM sales grew 100% and 5-year sales CAGR is 34%, but TTM profit fell 19% and TTM EPS is negative at Rs -1.05, so P/E is not meaningful. Current returns are thin, with ROE at 0.69% and ROCE at 2.53%, against a debt-to-equity ratio of 0.77 and a price-to-book of 4.66.

Bull Case 7
  • TTM sales grew 100%, and sales have compounded at 26% over 3 years and 34% over 5 years. This points to a sharp increase in the company's scale.
  • Profit has compounded at 51% over 3 years and 53% over 5 years, well ahead of the 10-year profit CAGR of 11%. This shows strong earnings growth across the recent multi-year cycle.
  • Historical ROE was healthy, averaging 19% over 3 years and 20% over 5 years. This suggests the business has earned solid returns on equity before.
  • The stock has compounded at 67% over 5 years, 36% over 3 years and 42% over 10 years. That is a long record of shareholder value creation.
  • The company has kept a dividend payout of 44.6%, which signals a commitment to returning cash to shareholders.
  • At Rs 547.8 the stock is about 9.9% below its 52-week high of Rs 607.8. It has held most of its gain from the 52-week low of Rs 381.55, a rise of about 43.6%.
  • The company is expected to report a good quarter. If that happens, it could help earnings recover from the TTM EPS of Rs -1.05.
Bear Case 8
  • TTM EPS is negative at Rs -1.05 and TTM profit fell 19% even though sales doubled (+100%). Revenue growth is not currently turning into earnings.
  • Current return ratios are very weak, with ROE at 0.69% and ROCE at 2.53%. This is a sharp drop from the 13% ROE of last year and the 3-year average of 19%.
  • The stock trades at 4.66 times book value while ROE is just 0.69%. The valuation assumes returns will recover a lot from current levels.
  • Debtors stand at 198 days, which ties up a large amount of working capital. It also raises the risk of slow collections, especially from state-run liquor distribution channels.
  • Debt-to-equity is 0.77. Combined with a ROCE of 2.53%, this means the capital employed is currently earning below what debt typically costs.
  • Promoter holding has fallen by 10.3% over the last 3 years, which some investors may read as reduced promoter alignment.
  • The tax rate looks low, so reported earnings may not be sustainable once the tax rate normalises. This adds to the pressure on already negative TTM EPS of Rs -1.05.
  • The dividend yield is only 0.19%. A 44.6% payout alongside negative TTM EPS also raises questions about how sustainable the payout is.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

27d ago

TL;DR: The recent news on Tilaknagar Industries is routine corporate activity: the FY26 accounts were adopted, a ₹1 dividend was approved, and management met investors. None of the articles points to a headwind. The ₹6 crore stake of about 12.5% in Black Tiger Distilleries is small but is a strategic step, and the word 'initial' leaves room for a bigger commitment. The trend looks stable, and the next things to watch are any follow-on investment in Black Tiger and what management said at the September 21 conference.

Positives 1
  • 12.5% stake in Black Tiger Sep 15

    Tilaknagar Industries completed an initial ₹6 crore investment in Black Tiger Distilleries for about a 12.5% stake. Calling it an 'initial' investment suggests the company may put in more capital later.

Neutral 2
  • 91st AGM approves ₹1 dividend Sep 22

    Tilaknagar held its 91st AGM by video conference on September 22, 2026. Members adopted the FY26 financials and approved a final dividend of ₹1 per share.

  • Anand Rathi conference investor meet Sep 17

    Management was scheduled to meet analysts and investors at the Anand Rathi Annual Flagship Conference at Taj Santacruz, Mumbai, on September 21, 2026. The format was one-to-one and group meetings.

Quarterly Results

₹ Cr
TI quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
304
354
377
359
313
375
340
384
409
398
623
949
1,046
Expenses
266
307
325
311
263
309
280
305
315
338
513
795
877
Operating Profit
38
47
51
48
50
66
60
78
94
60
110
155
169
OPM %
13%
13%
14%
13%
16%
18%
18%
20%
23%
15%
18%
16%
16%
Other Income
1
6
8
−4
2
3
4
8
4
2
−157
−56
−26
Interest
6
8
8
5
4
3
2
2
3
2
39
69
66
Depreciation
8
8
8
8
8
8
8
7
7
7
20
46
45
PBT
26
37
44
31
40
58
54
77
89
53
−106
−15
31
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Net Profit
26
37
44
31
40
58
54
77
89
53
−105
−15
32
EPS (₹)
1.34
1.93
2.28
1.63
2.08
3.02
2.79
3.99
4.57
2.53
−4.26
−0.6
1.28

Profit & Loss

₹ Cr
TI profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
748
458
515
578
661
653
549
783
1,164
1,394
1,381
2,346
3,016
Expenses
653
580
609
575
605
705
495
671
1,027
1,208
1,126
1,926
2,523
Operating Profit
95
−122
−94
3
56
−52
54
112
137
185
255
419
494
OPM %
13%
−27%
−18%
0.5%
8%
−8%
10%
14%
12%
13%
18%
18%
16%
Other Income
2
3
2
33
5
485
11
24
85
11
18
−206
−236
Interest
97
125
157
152
184
129
71
62
40
27
12
113
177
Depreciation
28
39
38
37
37
33
33
33
32
32
31
80
118
PBT
−28
−283
−288
−153
−160
271
−39
41
150
138
230
21
−37
Tax %
44%
0%
−3%
−1%
0%
1%
0%
−10%
0%
0%
0%
0%
—
Net Profit
−40
−282
−280
−151
−160
270
−38
45
150
138
230
21
−36
EPS (₹)
−3.22
−22.58
−22.41
−12.11
−12.75
21.56
−3.06
2.85
8.09
7.16
11.86
0.84
−1.05
Div. Payout %
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
0%
0%
0%
0%
0%
0%
4%
3%
7%
8%
118%
—

Balance Sheet

₹ Cr
TI balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
125
125
125
125
125
125
125
159
185
193
194
247
Reserves
417
131
−104
−255
−412
−143
−181
−25
298
461
689
2,735
Borrowings
825
885
1,072
1,031
1,111
579
702
585
256
121
44
2,301
Other Liabilities
349
387
258
383
457
519
365
295
273
258
286
877
Total Liabilities
1,716
1,528
1,350
1,284
1,281
1,080
1,012
1,013
1,012
1,033
1,213
6,160
Fixed Assets
608
579
542
587
552
502
469
439
420
396
370
3,772
CWIP
123
124
124
113
114
100
100
100
0
0
3
60
Investments
3
0
0
0
3
0
0
0
23
12
30
32
Other Assets
982
824
685
583
612
478
443
474
569
625
810
2,295
Total Assets
1,716
1,528
1,350
1,284
1,281
1,080
1,012
1,013
1,012
1,033
1,213
6,160

Cash Flow

₹ Cr
TI cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
213
13
26
175
91
191
85
65
71
121
178
−445
Investing
−85
−3
−2
−8
−3
5
0
−26
−12
−16
−77
−3,570
Financing
−113
−27
−28
−105
−104
−208
−78
−41
−67
−129
−94
4,217
Net Cash Flow
15
−17
−5
62
−17
−13
8
−2
−8
−24
7
202
Free Cash Flow
127
4
22
162
88
190
85
62
61
113
172
−3,978
CFO/EBITDA
224
−15
−28
5,763
171
−371
152
54
53
66
70
−105

Ratios

TI financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
72
91
106
109
133
136
120
110
106
110
109
198
Inventory Days
237
134
194
206
252
115
200
144
152
113
191
319
Days Payable
289
218
365
418
502
298
412
340
169
135
171
267
Cash Conversion Cycle
21
7
−65
−103
−117
−46
−91
−86
89
87
129
249
Working Capital Days
9
−148
−441
−583
−550
−12
−147
−42
16
76
97
148
ROCE %
5%
−13%
−11%
0%
3%
−8%
5%
13%
15%
22%
28%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Tilaknagar Industries insights

65 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 31.62%
  • Public 22.88%
  • Others 20.06%
  • FIIs 17.29%
  • DIIs 8.14%

12.40% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Tilaknagar Industries

What does Tilaknagar Industries Ltd do?
Tilaknagar Industries Ltd. is primarily involved in manufacturing and sale of Indian Made Foreign Liquor (IMFL).
Where is Tilaknagar Industries Ltd (TI) listed?
Tilaknagar Industries Ltd trades as TI on the NSE and under code 507205 on the BSE.
Which sector does Tilaknagar Industries Ltd belong to?
Tilaknagar Industries Ltd is classified under the Beverages sector, in the Breweries & Distilleries industry.
What is the 52-week high and low of Tilaknagar Industries Ltd?
Over the last 52 weeks Tilaknagar Industries Ltd has traded between ₹381.55 and ₹607.8 as of 4 Nov 2026.
Does Tilaknagar Industries Ltd pay dividends?
Tilaknagar Industries Ltd has a dividend yield of 0.22%.
What is the Return on Equity (ROE) of Tilaknagar Industries Ltd?
Tilaknagar Industries Ltd reported a return on equity of 12.60%. Its debt-to-equity ratio is 0.77.

Company Information

Tilaknagar Industries Ltd. is primarily involved in manufacturing and sale of Indian Made Foreign Liquor (IMFL).

Website tilind.com
CEO Mr. Amit A. Dahanukar B.E (Elec.), M.S(USA)
Employees 388
Listed 16 Jul 2010
Face Value ₹10

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