Tilaknagar Industries: Q4 FY26 Results & FY27 Outlook - Volume Growth & Margin Expansion
Tilaknagar Industries reported Q4 FY26 net revenue of ₹949 crore (up 148%) and full-year revenue of ₹2,346 crore (up 70%). EBITDA for Q4 was ₹155 crore (up 97%). The company targets 16-18% EBITDA margins and aims to reduce net debt-to-EBITDA below 1.0x by FY29. FY27 volume growth is projected at high-single to low-double digits.
The announcement details significant financial performance improvements, strategic initiatives for margin expansion and debt reduction, and future growth projections, all of which are material to investors and have a high impact on the company's valuation and outlook.
The company reported strong year-on-year growth in revenue and EBITDA for Q4 and FY26, exceeding expectations. Positive outlook for future volume growth and margin expansion, along with debt reduction targets, contribute to a positive sentiment.
Tilaknagar Industries Limited (TI) held an earnings conference call on May 30, 2026, to discuss its Q4 and full-year FY26 results. The company reported significant volume growth, with overall volumes increasing by 68% in FY26. Mansion House Brandy crossed 10 million cases in FY26, becoming India's largest P&A brandy. The company's net revenue for Q4 FY26 reached ₹949 crore, a 148% year-on-year increase, with EBITDA at ₹155 crore, up 97%. For the full year FY26, revenue grew 70% to ₹2,346 crore, and EBITDA stood at ₹419 crore.
TI highlighted a change in revenue recognition, now presenting selling expenses as a reduction from gross revenue, which impacts reported revenue and gross margins but positively affects EBITDA and PAT margins without altering absolute EBITDA, PAT, or EPS.
The company outlined a four-part focus for the future: driving double-digit volume growth, optimizing operations to achieve 16%-18% EBITDA margins, disciplined debt management to reduce net debt-to-EBITDA below 1.0x by FY29, and expanding its luxury and premium portfolio.
Operations at the expanded Prag distillery in Andhra Pradesh, with a capacity increase to 36 lakh cases per annum, have commenced, entailing an investment of ₹59 crore and expected savings of ₹10 crore annually. As of March 31, 2026, gross debt was ₹2,295 crore and net debt was ₹1,911 crore. The Board recommended a dividend of ₹1 per share for FY25-26.
Regarding the Imperial Blue (IB) business integration, 75% has exited TSMA support services, with full transition expected by March 2027. TI anticipates high-single digit to low-double digit volume growth for the combined business in FY27, followed by double-digit CAGR over the next three years. Consolidated EBITDA margins are projected to reach 16%-18% within 24-36 months.
The company also mentioned plans to invest up to ₹30 crore in its Nigerian subsidiary, which currently handles around 2.5 lakh cases, and is exploring new vodka launches and expanding its luxury portfolio, including through its partnership with Spaceman Spirits Lab. Further details on new product development (NPD) and luxury launches are expected in upcoming quarters.
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Tilaknagar Industries Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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