Tilaknagar Industries Q2 FY27 Earnings Call Transcript Released
Tilaknagar Industries' Q2 FY27 earnings call transcript reveals 173% YoY net revenue growth to ₹1,035 crore. Flagship brands saw volume growth, boosting market share. The company invested ₹22 crore for a 30% stake in Bodega Suprema No. 5 Tequila. Guidance includes double-digit volume growth and 16-18% EBITDA margins by FY29.
The announcement provides detailed financial results, strategic initiatives including a new investment, and forward-looking guidance, which are all material to investors and significantly impact the company's valuation and outlook.
The company reported strong year-on-year revenue growth, market share gains for key brands, and strategic investments in new categories. Despite inflationary pressures, management provided positive future guidance on volume, margins, and debt reduction.
Tilaknagar Industries Limited (TI) has released the transcript of its Q2 FY27 earnings conference call, held on October 31, 2026. The call featured insights from Chairman and Managing Director, Mr. Amit Dahanukar, and Chief Strategy Officer, Mr. Ameya Deshpande, among others.
Mr. Dahanukar highlighted robust secondary volume growth for flagship brands Imperial Blue Whisky (8.5%) and Mansion House Brandy (7.1%) in Q2 FY27 compared to Q1 FY27, leading to market share increases. Overall volumes increased by 160% year-on-year. The Net Sales Realization (NSR) moderated slightly to ₹1,174 per case in Q2 FY27 from ₹1,183 in Q1 FY27 but grew 3.2% year-on-year. Net revenue reached ₹1,035 crore, a 173% year-on-year increase.
Despite inflationary pressures on packaging inputs and ENA prices impacting gross margins, the company achieved a gross profit of ₹432 crore and a margin of 41.8% in Q2 FY27, with adjusted EBITDA at ₹148 crore (14.3% margin). Profit After Tax (PAT) adjusted for exceptional items stood at ₹68 crore (6.6% margin). The company incurred an exceptional expense of ₹11 crore for TSMA fees and integration expenses. Gross debt was ₹2,202 crore and net debt was ₹2,074 crore as of September 30, 2026, with a target to reduce net debt below March 2026 levels by March 2027.
Strategic priorities include achieving double-digit volume growth over 2-3 years, optimizing operations for an EBITDA margin of 16%-18% by FY29, reducing Net Debt to EBITDA below 1.0x by FY29, and expanding the premium portfolio. The company also announced a strategic investment of ₹22 crore for a 30% stake in Black Tiger Distilleries, makers of Bodega Suprema No. 5 Tequila.
Guidance for the combined business includes high single-digit to low double-digit volume growth for FY27, and mid-teens volume and revenue growth beyond FY27. Consolidated EBITDA margins are expected to reach 16%-18% by FY29. The company expects exceptional integration costs of ₹10-₹11 crore per quarter for Q3 and Q4 FY27.
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