Tilaknagar Industries Q1 FY27: Volumes surge 172%, Net Revenue ₹1,046 Cr
Tilaknagar Industries reported Q1 FY27 results with volumes up 172% YoY to 5.4 million cases. Net revenue reached ₹1,046 crore, a 166% YoY increase. EBITDA stood at ₹169 crore. The company aims for double-digit volume growth and an EBITDA margin of 16-18% by FY29, targeting net debt reduction to ₹1,700 crore by March 2027.
The substantial increase in volumes and revenue, coupled with strategic targets for future growth, margin improvement, and debt reduction, indicates a significant positive impact on the company's financial standing and market position.
The company reported significant year-on-year growth in volumes and revenue, along with positive commentary on future outlook and strategic initiatives like brand integration and debt reduction.
Tilaknagar Industries Limited (TI) announced its Q1 FY27 results, highlighting a significant 172% year-on-year increase in overall volumes to 5.4 million cases, driven primarily by a 18% growth in Imperial Blue (IB).
The company achieved its highest ever monthly volume of 3.4 million cases in June 2026. TI maintained its position as the largest P&A player in India among domestic companies and third largest overall, with a 40% market share in South India (ex-Tamil Nadu). In Telangana, TI emerged as the largest IMFL player in June 2026.
Net revenue for the quarter grew by 166% YoY to ₹1,046 crore. Adjusted for subsidy, net revenue saw a 189% growth to ₹1,026 crore. Gross profit stood at ₹432 crore with a margin of 42.1%, impacted by inflationary pressures on packaging costs, partially offset by softened ENA prices.
EBITDA increased by 79% YoY to ₹169 crore, with a margin of 16.1%. Adjusted for subsidy, EBITDA grew by 166% to ₹148 crore with a 14.5% margin. Profit After Tax (PAT), adjusted for exceptional items and acquisition-related amortization, was ₹96 crore, a 9% YoY growth.
Gross debt stood at ₹2,241 crore and net debt at ₹2,100 crore as of June 30, 2026. The company targets reducing net debt to approximately ₹1,700 crore by March 2027.
TI plans to focus on achieving double-digit volume growth, optimizing operations for an EBITDA margin of 16%-18% in the next two years, disciplined debt management to bring net debt-to-EBITDA below 1.0x by FY29, and expanding its luxury and premium portfolio.
Integration of Imperial Blue is progressing well, with 90% of the business transitioned into TI-operated units. The company expects to transition the remaining state by March 2027. Guidance for FY27 remains a high single-digit to low double-digit volume growth for the combined business, with an upgrade for beyond FY27 to mid-teens annual volume growth over the next couple of years. Consolidated EBITDA margins are projected to reach 16%-18% by FY29.
The company also increased its stake in Bartisans from 36.2% to 41.5% to expand within the quick commerce segment and for product innovation.
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