Tilaknagar Industries Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Tilaknagar Industries Ltd-$ filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Tilaknagar Industries reported its first full quarter including the Imperial Blue business, with overall volumes up 135% year-on-year in Q4 FY26 crossing 8 million cases, and net revenue growing 148% to Rs 949 crore. Management changed its revenue presentation to net selling expenses against gross revenue, which it said would lower reported revenue and gross margin but raise EBITDA and PAT margins with no change to absolute EBITDA or PAT. The company also outlined TSMA exit progress on the Imperial Blue integration and provided guidance on volume growth, margins and debt reduction for coming years.
Numbers mentioned
Overall volume growth: 68% (FY26)
p. 3
“In FY26, our overall volumes increased by 68%.”
Amit Dahanukar, page 3 of the filed PDF · View the filing
Ex-IB volume growth: 14% to 13.6 million cases (FY26)
p. 3
“Ex-IB, our volumes increased by 14% to reach 13.6 million cases in sales.”
Amit Dahanukar, page 3 of the filed PDF · View the filing
Overall volume growth: 135% year-on-year, crossing 8 million cases (Q4 FY26)
p. 3
“During Q4, our overall volumes increased by 135% on a year-on-year basis, crossing 8 million cases, of which IB was 4.6 million cases.”
Amit Dahanukar, page 3 of the filed PDF · View the filing
NSR: INR 1,177 per case (Q4 FY26)
p. 3
“The overall NSR increased by 5.4% to INR 1,177 per case for Q4 FY26 from INR 1,116 per case in Q4 FY25.”
Amit Dahanukar, page 3 of the filed PDF · View the filing
Net revenue: INR 949 crore (Q4 FY26)
p. 3
“We witnessed a strong growth of 148% year-on-year basis to reach a net revenue of INR 949 crore during the quarter.”
Amit Dahanukar, page 3 of the filed PDF · View the filing
EBITDA: INR 155 crore, 16.3% margin (Q4 FY26)
p. 3
“EBITDA stood at INR 155 crore for Q4 FY26, clocking”
Amit Dahanukar, page 3 of the filed PDF · View the filing
Revenue: INR 2,346 crore, 70% growth (FY26)
p. 4
“For the year ending March-26, our revenues grew by 70% versus FY25 to reach INR 2,346 crore.”
Amit Dahanukar, page 4 of the filed PDF · View the filing
EBITDA: INR 419 crore, 64% growth (FY26)
p. 4
“In the same period, EBITDA grew by 64% to reach INR 419 crore.”
Amit Dahanukar, page 4 of the filed PDF · View the filing
Exceptional expense: INR 63 crore (Q4 FY26)
p. 4
“We incurred an exceptional expense to the tune of INR 63 crore during Q4 FY26, predominantly on account of TSMA fees and impact of changes in labor code.”
Amit Dahanukar, page 4 of the filed PDF · View the filing
Gross debt: INR 2,295 crore (as on 31st March 2026)
p. 4
“As on 31st March 2026, our gross debt stood at INR 2,295 crore and net debt stood at INR 1,911 crore.”
Amit Dahanukar, page 4 of the filed PDF · View the filing
Dividend: INR 1 per share (FY25-'26)
p. 4
“Lastly, the Board of Directors have recommended a dividend of INR 1 per share for FY25-'26 to the members at the ensuing Annual General Meeting.”
Amit Dahanukar, page 4 of the filed PDF · View the filing
Prag capacity: increased to 36 lakh cases per annum
p. 4
“The capacity has now increased from 6 lakh cases per annum to 36 lakh cases per annum.”
Amit Dahanukar, page 4 of the filed PDF · View the filing
Bottling cost savings: INR 10 crore per annum
p. 4
“On the back of this expansion, TI expects savings in bottling costs to the tune of INR 10 crore per annum.”
Amit Dahanukar, page 4 of the filed PDF · View the filing
Workforce: increased from around 350 to 850 employees (as of March)
p. 5
“having increased our workforce from around 350 employees to 850 employees as of March.”
Ameya Deshpande, page 5 of the filed PDF · View the filing
TSMA exit: 75% of IB business exited TSMA (Q4 FY26)
p. 5
“75% of the IB business has exited TSMA till Q4 FY26.”
Ameya Deshpande, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Volume growth — high-single digit to low-double digit · FY27
stated firmly by Ameya Deshpande
p. 5
“For FY27, we expect to achieve a high-single digit to low-double digit volume growth for the combined business, which will be followed by a double-digit volume growth over the next couple of years.”
Ameya Deshpande, page 5 of the filed PDF · View the filing
Volume growth CAGR — double digit CAGR · next 3 years
stated firmly by Ameya Deshpande
p. 5
“We expect a double digit volume CAGR over the next 3 years.”
Ameya Deshpande, page 5 of the filed PDF · View the filing
EBITDA margin — 16%-18% · next 24 to 36 months
stated firmly by Ameya Deshpande
p. 5
“In terms of margins, we expect the consolidated EBITDA margins to reach 16%-18% for the combined business over the next 24 to 36 months.”
Ameya Deshpande, page 5 of the filed PDF · View the filing
Net debt-to-EBITDA — below 1.0x · FY29
stated firmly by Ameya Deshpande
p. 6
“As guided in the past as well, we expect the net debt-to-EBITDA ratio to go below 1.0x by FY29.”
Ameya Deshpande, page 6 of the filed PDF · View the filing
Capex — approximately INR 25 crore per year · FY27-28
stated firmly by Amit Dahanukar
p. 7
“Approximately, we can take INR 25 crore in each of the years.”
Amit Dahanukar, page 7 of the filed PDF · View the filing
Net debt — approximately INR 1,700 crore · by end of March-27
stated firmly by Ameya Deshpande
p. 8
“By the end of March-27, you are looking at a net debt of approximately INR 1,700 crore or thereabouts.”
Ameya Deshpande, page 8 of the filed PDF · View the filing
TSMA fees — full year impact of INR 55 crore to INR 60 crore
stated firmly by Ameya Deshpande
p. 8
“you can consider TSMA fees to be decreasing quarter-on-quarter with a full year impact of, let us call it, anywhere between INR 55 crore to INR 60 crore.”
Ameya Deshpande, page 8 of the filed PDF · View the filing
TSMA transition completion — full transition · end of FY27
stated firmly by Ameya Deshpande
p. 10
“We would be transitioned by end of FY27 itself.”
Ameya Deshpande, page 10 of the filed PDF · View the filing
Working capital cycle — 53 to 55 days of gross revenue
stated firmly by Ameya Deshpande
p. 12
“So I think on an ongoing basis, Mehul, we can look at the working capital cycle in the range of 53 to 55 days of gross revenue.”
Ameya Deshpande, page 12 of the filed PDF · View the filing
Brandy expansion to non-South markets — launch in northern markets · FY27
stated firmly by Ameya Deshpande
p. 14
“But having said so, we are in the process of doing that in FY27.”
Ameya Deshpande, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed it to a high base in Andhra Pradesh in Q4 FY25 due to a route-to-market change, with underlying business growing around 5%.
Answered by Amit Dahanukar
Asked by Chetan Mahadik: What led to flattish volume growth in the ex-IB business in Q4?
p. 6
“So one of the reasons is that Q4 last year in Andhra Pradesh was very high because the route to market has just recently changed in October / November of 2024.”
Amit Dahanukar, page 6 of the filed PDF · View the filing
Management said the customs duty impact would be limited to 60-100 bps at the combined business level, with the rest coming from cost optimization and potential price increases.
Answered by Ameya Deshpande
Asked by Chetan Mahadik: How much of the expected margin expansion comes from customs duty reduction versus operational initiatives?
p. 6
“On the combined business basis, the margin benefit will be to the tune of 60-100 bps.*”
Ameya Deshpande, page 6 of the filed PDF · View the filing
Management guided to maintenance capex of around Rs 25 crore per year and said net debt, not gross debt, was the better metric given a 2-year moratorium.
Answered by Ameya Deshpande
Asked by Mehul Desai: What is the outlook for gross debt and capex over FY27-28?
p. 7
“So gross debt may not be the best way”
Ameya Deshpande, page 7 of the filed PDF · View the filing
Management said only a deferred consideration of EUR 28 million remains payable to Pernod Ricard.
Answered by Ameya Deshpande
Asked by Heer Gogri: Are there further costs related to Imperial Blue expected?
p. 8
“There is a deferred consideration of EUR 28 million that we need to pay to Pernod Ricard.”
Ameya Deshpande, page 8 of the filed PDF · View the filing
Management said the base should be 15.5%, already achieved in FY26, with the lower end reflecting geopolitical cost pressure and the higher end reflecting cost optimization, operating leverage and price increases.
Answered by Ameya Deshpande
Asked by Karan Kamdar: Can you give a path to the 16-18% margin guidance from the current base?
p. 11
“I would use 15.5% as the base for our guidance.”
Ameya Deshpande, page 11 of the filed PDF · View the filing
Management confirmed the upper end of guidance includes the UK FTA benefit and partly includes a potential Telangana price hike.
Answered by Ameya Deshpande
Asked by Mehul Desai: Does the margin guidance factor in the UK FTA benefit and Telangana price hike?
p. 12
“The upper end of the guidance, Mehul, includes UK FTA benefit.”
Ameya Deshpande, page 12 of the filed PDF · View the filing
Management said FY27 revenue will exceed the FY25 acquisition-year level in volume terms, but due to the accounting change deducting selling costs, reported revenue will be lower than Rs 5,000 crore.
Answered by Ameya Deshpande
Asked by Raghav Rathi: When will Imperial Blue reach the revenue levels it had before acquisition, and can the combined business exceed Rs 5,000 crore?
p. 13
“But now that we are deducting it, it will be lesser than INR 5,000 crore.”
Ameya Deshpande, page 13 of the filed PDF · View the filing
Management expects a further uptake in volumes following the MRP reduction, citing significant past growth after a similar price cut.
Answered by Amit Dahanukar
Asked by Venkatesh D: What effect will the Karnataka policy change have on Imperial Blue and Tilaknagar?
p. 14
“So with the reduction in the MRP, we may expect a further uptake in the volumes going forward.”
Amit Dahanukar, page 14 of the filed PDF · View the filing
Risks flagged
Geopolitical scenario pressuring input costs and margins
p. 5
“On the margin front, because of the current ongoing geopolitical scenario, we do expect some pressure on the input costs and margins.”
Ameya Deshpande, page 5 of the filed PDF · View the filing
Business disruptions following TSMA exit in some states
p. 5
“After the exit of TSMA in some of the states in Q4, we faced small business disruptions in the first couple of weeks of April.”
Ameya Deshpande, page 5 of the filed PDF · View the filing
Short-term margin impact from input cost inflation in Q1
p. 12
“And we have faced certain input cost inflations in Q1.”
Ameya Deshpande, page 12 of the filed PDF · View the filing
Outstanding dues situation in Telangana
p. 9
“Telangana dues from January onwards, they have been stable in terms of number of days.”
Amit Dahanukar, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.