Tag Archives: Tilaknagar Industries

Tilaknagar Industries PAT jumps 95.7%; EBITDA grows 62.6% in Q4 FY 25

IMFL manufacturer Tilaknagar Industries Limited (TI) has reported a major spurt in revenue and profit for Q1 2025. The company’s net revenue from operations grew 13.1% from ₹359 crore to ₹406 crore in the corresponding quarter last year. While the profit after tax (PAT), excluding exceptional items, showed a growth of 95.7%, rising to ₹77.35 crore from the ₹39.52 crore reported in the year-ago period.

TI reported a 62.6% growth in EBITDA from ₹48 crore to ₹78 crore in Q4 FY24, and they attribute this to improved operational efficiencies and volume-led growth,. Adjusted for subsidy income, the EBITDA stood at ₹65 crore, a 35.5% Y-o-Y growth.

The EBITDA margin registered a growth of 588 basis points; rising from 13.4% to 19.3% during the period under reference. In Q4 FY 25, the company recorded a volume growth of 20.1% Y-o-Y, signaling a strong return to its growth trajectory. This performance was reinforced by the successful completion of the Andhra Pradesh Route to Market (RTM) transition, which had previously impacted volumes. The company also reported significant market share gains across all key states, further reinforcing its competitive position in the Indian IMFL landscape.

Speaking on the performance, Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries said, “We anticipate sustained momentum, supported by continued market share gains across all major Southern states.”

For FY25, TI reported consolidated net revenue of ₹1,434 crore, up 2.9% Y-o-Y, impacted by a price reduction in Andhra Pradesh and muted volume growth in the first nine months. Despite modest growth in net revenue, EBITDA rose by 37.4% to ₹255 crore while PAT surged 62.9% Y-o-Y to ₹230 crore.

In FY25, TI made further progress in reinforcing its balance sheet, reducing gross debt and achieving a net cash position of ₹107 crore as of March 31, 2025. The Board of Directors has recommended a dividend of ₹1 per equity share for FY25.

During the year, TI strengthened its market presence, maintaining its position as the third-largest player in the Prestige & Above (P&A) IMFL segment in Telangana and Karnataka and the largest IMFL player in Puducherry, reflecting strong brand equity and deep market penetration. Additionally, TI has commenced distribution of the Spaceman Spirits Lab (Spaceman) portfolio, including Samsara Gin, in select markets. This follows the usership agreement signed between Spaceman and TI, marking a strategic step towards expanding TI’s presence in the premium craft spirits segment.

Tilaknagar Industries reports 82% PAT growth in Q2

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Expansion plans in East and North-East markets
TI leverages Samsara brand equity, soon to launch range of luxury products

Leading Indian-Made Foreign Liquor (IMFL) manufacturer, Tilaknagar Industries Limited (TI) has reported a profit after tax excluding exceptional items (PAT) of ₹58.2 crore, implying a growth of 82.4% over the ₹31.9 crore PAT reported in the corresponding quarter last year. The earnings before interest, tax, depreciation and amortisation (EBITDA) at ₹66 crore grew 39% over the ₹47.4 crore EBITDA reported in Q2 of the previous year.

Significantly, the company’s EBITDA margin expanded 422 basis points year-on-year (YoY) to 17.6%. Adjusted for the subsidy income, EBITDA came in at ₹56 crore, at a margin of 15.3%, showing 188 basis points expansion YoY. This growth in profitability was witnessed despite muted growth in net revenue from operations, at 5.8%, to ₹374.9 crore due to a temporary slow-down in growth, caused by policy transition in one of company’s key markets, Andhra Pradesh, which has recently opened liquor retail to private parties in the state.

Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries said, “With retail going private in Andhra Pradesh mid-October onwards, we expect to continue with our industry-beating growth trajectory, achieved through a combination of doubling down on our market share gains from our brandy portfolio as well as our new product launches across categories.”

The company that has a strong foothold in key markets of South India, as well as certain markets in East India, recently launched Mansion House Gold Barrel Whisky in Assam. With this launch, the company plans to further expand into the East and the North-East markets where whisky enjoys an 80% share of IMFL market in the East and North-East markets.

TI’s flagship brand Mansion House Brandy is India’s highest selling brandy and the eighth-largest selling spirits brand across categories, while its second millionaire brand, Courrier Napoleon Brandy has emerged as the third-fastest growing spirits brand globally. The company plans to creatively invest in advertising and sales promotion to provide a meaningful share of voice to the brandy category in the overall IMFL market.

During the quarter under reference the company become net debt free, nearly six months ahead of its original target date for achieving the net debt-free status. “From a peak debt more than ₹1,100 crore in March 2019, to achieving the net debt free status, we have come a long way. This transformation was achieved through a combination a financial prudence and achieving industry-beating profitable growth,” Dahanukar added.

The company attributes the growth in profitability to superior brand-mix as well as effective cost-optimisation initiatives. With the worst of the inflationary cycle over, the company anticipates further growth in profitability in the upcoming quarters.

Recently, the company moved to increase its investment in Spaceman Spirits Lab Pvt. Ltd. (SSL), maker of Samsara Gin and Sitara Rum, to 20% from the earlier 10%. TI will leverage the Samsara brand equity to showcase a robust luxury portfolio, along with its soon-to-be launched range of luxury products.

Tilaknagar Industries Launches Green Apple Flavoured Brandy

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Tilaknagar Industries Limited, a leading Indian-Made Foreign Liquor Manufacturer (IMFL), has unveiled a new flavour innovation under its Flandy (premium flavoured Brandy) range. Mansion House Flandy has now been launched in an all-new Green Apple flavour in the state of Telangana, to begin with.

Mr Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries said, “Our Mansion House Premium Flavoured Brandy is a category-first innovation. It has been well-received across markets and its saliency, as a percentage of Mansion House Brandy in relevant states, has grown significantly. The launch of the all-new Green Apple flavour is a testimony to Flandy’s strong performance since its introduction in FY23, and is in line with our plans to further enhance our premium Brandy portfolio while strengthening our regional foothold.”

TI has seen very encouraging response to its Flandy range in the state, aiding the Company’s jump to become the fourth-largest IMFL player and the third-largest IMFL Prestige & Above (“P&A”) player, in Telangana, in FY24.

Tilaknagar Industries, which is one of India’s largest manufacturers of premium Brandy, had earlier rolled out its Mansion House Flandy range in Orange, Cherry and Peach flavours. Telangana is one of the prominent IMFL markets and has one of the highest Prestige & Above (“P&A”) segment with over 50 per cent saliencies across IMFL industry in India. It is estimated that the Brandy P&A segment in the state has grown by 18 per cent in FY24, as compared to almost 8 per cent growth in IMFL P&A segment over the same period. Additionally, in terms of flavours, Green Apple is the largest selling flavour in the flavoured spirits category in the state, providing a large canvas to the brand to gain market share.

First movers in premium flavoured brandy

Mr Ahmed Rahimtoola, Chief Marketing Officer, Tilaknagar Industries said, “We are first-movers in the premium flavoured Brandy category in India. In addition to this, an elevated demand for flavoured drinks and the predominant cocktail culture trend gives Tilaknagar Industries a competitive advantage across markets. The new Green Apple variant of Mansion House Flandy is another step by TI to enrich consumer experience and drive growth.”

The Mansion House Flandy range has a unique blend of natural fruit flavours. The latest offering has been infused with sweet green apple essence which is complemented by the nuanced richness of oaky undertones, delivering a truly palate-enriching experience to consumers.

In the financial year ended March 2024, Tilaknagar Industries volumes grew 16 per cent, year-on-year, in comparison to the overall IMFL industry growth of 2-3 per cent for the same period, making it fastest growing IMFL company in India for the 2^nd year running.

India stands out as one of the largest markets for Brandy, globally. Within IMFL, Brandy is the second-largest product category, accounting for more than 20 per cent share of the industry by volume. Moreover, the premium Brandy industry in India is expected to continue expanding market share within the overall Prestige and Above IMFL segment.

Founded in 1933 by Shri Mahadev L. Dahanukar as Maharashtra Sugar Mills, the company has nine decades of excellence in the consumer goods category. The Dahanukar family continues to be the promoter of TI sharing the same vision and values as the founders. Under the current leadership of Amit Dahanukar, the company has grown to be the largest manufacturer of premium brandy in India. Its portfolio comprises of two ‘Millionaire’ brandy brands, Mansion House and Courrier Napoleon. TI has presence in whisky, rum and gin categories through Mansion House Whisky, Madiraa Rum and Blue Lagoon Gin.