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Tilaknagar Industries Ltd (TI)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 507205 NSE: TI Breweries & Distilleries | Small Cap | Tilaknagar Inds. Share Price
₹537 7.40 (1.40%)
As on 10-Sep'26 16:59
Tilaknagar Industries Ltd (TI)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 507205 NSE: TI Breweries & Distilleries | Small Cap | Tilaknagar Inds. Share Price
₹537 7.40 (1.40%)
As on 10-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹13,129 Cr.
Current Price
₹537
52-Week Low / High
₹372 / 594
TTM EPS
₹-1.5
TTM Sales
₹6,711 Cr.
Book Value per Share
₹118.7
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
51.6
Price to Book (P/B)
4.46
Lower than its 5-year historical median
Price to Sales (P/S)
1.96
Higher than its 5-year historical median
EV/EBITDA
28.96
Higher than its 5-year historical median
Dividend Yield
0.19%
Profitability Efficiency
Return on Equity (ROE)
1.09%
Underperforms industry median
Return on Capital Employed (ROCE)
4.31%
Underperforms industry median
Return on Assets (ROA)
0.56%
Operating Profit Margin
18.3%
Net Profit Margin
0.88%
Gross Profit Margin
6.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
69.91%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
64.47%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-91.04%
Asset Quality
Promoter Holding
31.68%
Pledged shares (%) of Promoter's holding (%)
12.40%
Reserves
₹2,689 Cr.
Equity
₹247.9 Cr.
Face Value
₹10
All Time Low / High
₹0.16 / 593.95
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Tilaknagar Industries Ltd a good quality company?
Tilaknagar Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Tilaknagar Industries Ltd performance compare with that of its Peers?
Revenue growth of Tilaknagar Industries Ltd vs industry peers?
Tilaknagar Industries Ltd revenue CAGR is 33.71%, compared to the industry median CAGR of 16.23%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Tilaknagar Industries Ltd?
Promoters hold 31.68% of the Tilaknagar Industries Ltd, with 12.40% of their stake pledged, indicating high pledge risk.
Stock return of Tilaknagar Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 42.4% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Tilaknagar Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -11.9% | -7.3% | 2.5% | 69.4% | 6.5% | 12.6% | 28.6% | 22.7% | 29.1% | 4.3% | - |
| Value Creation Index ⓘ | -1.9 | NA | NA | 4.0 | NA | -0.1 | 1.0 | 0.6 | 1.1 | -0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 381 | 308 | 489 | 649 | 549 | 783 | 1,164 | 1,394 | 1,381 | 2,346 | 6,711 |
| Sales YoY Gr. | - | -19.3% | 59% | 32.6% | -15.4% | 42.8% | 48.6% | 19.7% | -1% | 69.9% | - |
| Adj EPS ⓘ | -21.5 | -15.9 | -11.7 | 24.8 | -2.4 | 1.9 | 5.4 | 7.5 | 11.9 | 7.4 | -1.4 |
| YoY Gr. | - | NA | NA | NA | -109.5% | NA | 187.3% | 38.7% | 58.3% | -37.8% | - |
| BVPS (₹) ⓘ | 0.5 | -15.1 | -26.9 | -2.3 | -4.5 | 6.6 | 25.4 | 34.1 | 46.1 | 118.3 | 119.4 |
| Adj Net Profit ⓘ | -268 | -198 | -147 | 311 | -29.7 | 30 | 101 | 145 | 231 | 183 | -35 |
| Cash Flow from Ops. ⓘ | 26.9 | 202 | 13.5 | 208 | 71.6 | 81.3 | 84.3 | 117 | 177 | -442 | - |
| Debt/CF from Ops. ⓘ | 38.3 | 4.9 | 79.5 | 2.6 | 9.3 | 7.2 | 3 | 1 | 0.2 | -5.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 22.4% | 33.7% | 26.3% | 69.9% | ||||
| Adj EPS ⓘ | NA | NA | 10.9% | -37.8% | ||||
| BVPSⓘ | 82% | NA | 67% | 156.6% | ||||
| Share Price | 42.4% | 67.6% | 36.1% | 14% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -215.4 | 228.6 | 56.7 | -174.9 | 78 | 87.8 | 33.2 | 25.3 | 29.5 | 9.4 | -1.2 |
| Op. Profit Mgn % ⓘ | -23 | -20.5 | 11.4 | -0.7 | 10.2 | 13.6 | 11.9 | 13.6 | 18.4 | 18.3 | 7.4 |
| Net Profit Mgn % ⓘ | -70.3 | -64.4 | -30 | 47.9 | -5.4 | 3.8 | 8.6 | 10.4 | 16.7 | 7.8 | -0.5 |
| Debt to Equity ⓘ | 151.7 | -5.2 | -3.2 | -18.6 | -11.8 | 5.6 | 0.5 | 0.2 | 0.1 | 0.8 | - |
| Working Cap Days ⓘ | 442 | 500 | 223 | 128 | 117 | 89 | 70 | 68 | 76 | 93 | 69 |
| Cash Conv. Cycle ⓘ | -13 | -34 | -32 | -37 | -32 | -29 | 3 | 21 | 20 | 33 | 53 |
Valuation of Tilaknagar Inds. - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.68 | 11.57 | 12.40 | 12.40 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 515 | 578 | 661 | 653 | 549 | 783 | 1,164 | 1,394 | 1,381 | 2,346 |
| Operating Expenses ⓘ + | 612 | 575 | 605 | 705 | 495 | 671 | 1,027 | 1,209 | 1,126 | 1,926 |
| Operating Profit ⓘ | -97 | 3 | 56 | -52 | 54 | 112 | 137 | 185 | 255 | 419 |
| Operating Profit Margin (%) | -18.7% | 0.5% | 8.5% | -8.0% | 9.9% | 14.3% | 11.8% | 13.3% | 18.5% | 17.9% |
| Other Income ⓘ + | 4 | 34 | 5 | 30 | 11 | 10 | 8 | 14 | 18 | 26 |
| Interest ⓘ | 157 | 152 | 184 | 129 | 71 | 62 | 40 | 27 | 12 | 113 |
| Depreciation ⓘ | 38 | 37 | 37 | 33 | 33 | 33 | 32 | 32 | 31 | 80 |
| Profit Before Tax ⓘ | -288 | -153 | -160 | 271 | -39 | 41 | 150 | 138 | 230 | 21 |
| Tax ⓘ | -8 | -2 | -0 | 2 | -0 | -4 | -0 | 0 | -0 | 0 |
| Profit After Tax | -280 | -151 | -160 | 270 | -38 | 45 | 150 | 138 | 230 | 21 |
| PAT Margin (%) | -54.3% | -26.2% | -24.1% | 41.3% | -7.0% | 5.8% | 12.9% | 9.9% | 16.6% | 0.9% |
| Adjusted EPS (₹) | -22.4 | -12.1 | -12.8 | 21.6 | -3.1 | 2.9 | 8.1 | 7.2 | 11.9 | 0.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 3.50% | 3.10% | 7% | 8.40% | 118.40% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 15 | -134 | -292 | -22 | -60 | 117 | 468 | 646 | 872 | 2,905 | |
| Debt + | 757 | 770 | 815 | 539 | 636 | 526 | 53 | 63 | 11 | 2,028 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 166 | 163 | 195 | 155 | 148 | 171 | 129 | 121 | 148 | 337 | |
| Others Liabilities ⓘ | 412 | 484 | 563 | 408 | 287 | 199 | 361 | 204 | 182 | 891 | |
| Total Liabilities ⓘ | 1,350 | 1,284 | 1,281 | 1,080 | 1,012 | 1,013 | 1,012 | 1,033 | 1,213 | 6,160 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 542 | 587 | 552 | 502 | 469 | 439 | 420 | 396 | 370 | 3,772 | |
| CWIP ⓘ | 124 | 113 | 114 | 100 | 100 | 100 | 0 | 0 | 3 | 60 | |
| Investments ⓘ | 0 | 0 | 3 | 0 | 0 | 0 | 23 | 12 | 30 | 32 | |
| Inventories | 88 | 80 | 98 | 60 | 72 | 72 | 116 | 101 | 165 | 402 | |
| Trade Receivables | 150 | 173 | 241 | 243 | 181 | 237 | 339 | 418 | 411 | 1,272 | |
| Cash Equivalents | 6 | 68 | 53 | 40 | 48 | 71 | 44 | 39 | 103 | 360 | |
| Others Assets ⓘ | 441 | 262 | 220 | 135 | 142 | 94 | 70 | 67 | 131 | 261 | |
| Total Assets ⓘ | 1,350 | 1,284 | 1,281 | 1,080 | 1,012 | 1,013 | 1,012 | 1,033 | 1,213 | 6,160 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 26 | 175 | 65 | 191 | 85 | 65 | 71 | 117 | 178 | -445 |
| Cash Flow From Investing Activity ⓘ + | -2 | -8 | -3 | 5 | -0 | -26 | -12 | -15 | -77 | -3,570 |
| Cash Flow From Financing Activity ⓘ + | -28 | -105 | -79 | -208 | -78 | -41 | -67 | -129 | -94 | 4,217 |
| Net Cash Flow ⓘ | -5 | 62 | -17 | -13 | 8 | -2 | -8 | -26 | 7 | 202 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -276.55 | N/A | N/A | N/A | N/A | 158.41 | 51.28 | 24.78 | 30.27 | 1.09 |
| ROCE (%) | -12.04 | N/A | N/A | N/A | N/A | 15.1 | 26.14 | 21.83 | 28.5 | 4.31 |
| Asset Turnover Ratio | 0.79 | 0.98 | 1.2 | 1.27 | 1.36 | 1.78 | 2.46 | 2.91 | 2.78 | 1.42 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 0.71 | N/A | 1.44 | 0.47 | 0.85 | 0.77 | -21.19 |
| Working Capital Days | ||||||||||
| Receivable Days | 42.20 | 45.50 | 49.10 | 59.20 | 54.40 | 42.20 | 42.30 | 46.40 | 48.50 | 58.50 |
| Inventory Days | 30.30 | 23.70 | 21.10 | 19.30 | 16.90 | 14.60 | 13.80 | 13.30 | 15.60 | 19.70 |
| Payable Days | 364.90 | 422.60 | 461 | 335.60 | 421.60 | 317 | 196.30 | 139.70 | 155.40 | 192.20 |
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Tilaknagar Industries Ltd FAQs
The current trading price of Tilaknagar Inds. on 10-Sep-2026 16:59 is ₹537.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 09-Sep-2026 the market cap of Tilaknagar Inds. stood at ₹13,128.7 Cr
The latest P/E ratio of Tilaknagar Inds. as of 09-Sep-2026 is 0.00.
The latest P/B ratio of Tilaknagar Inds. as of 09-Sep-2026 is 4.44.
The 52-week high of Tilaknagar Inds. is ₹594.0 and the 52-week low is ₹371.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Tilaknagar Inds. is ₹6,711 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Tilaknagar Industries Ltd is a good quality company.
The key valuation ratios of Tilaknagar Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Tilaknagar Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Tilaknagar Industries Ltd
Tilaknagar Industries (TI) which is the erstwhile ‘The Maharashtra Sugar Mills Limited’ (MSM) was promoted in 1933 by the illustrious industrialist and visionary Mahadev L Dahanukar popularly known as Babasaheb Dahanukar. The company was then engaged in the manufacture of sugar and allied products.
Tilaknagar Distilleries & Industries was promoted as a 100% subsidiary of The Maharashtra Sugar Mills. The year 1973 saw TI diversify into the businesses of industrial alcohol, Indian Made Foreign Liquor (IMFL) and sugar cubes. Both Maharashtra Sugar Mills and Tilaknagar Distilleries & Industries Ltd have been merged to form Tilaknagar Industries (TI) with effect from August 6, 1993. Since then TI has been engaged in the business of manufacture and distribution of spirit and Indian Made Foreign Liquor (IMFL). There has been no change in the promoter of the company. The ‘Dahanukar family’ continues to be the promoter of Tilaknagar Industries, sharing the same vision and values of the founders.
Babasaheb’s efforts were guided by noted freedom fighter Lokmanya Balgangadhar Tilak, and he named the factory complex 'Tilaknagar' as a token of respect for Lokmanya Tilak. The company had an unfailing record of paying dividend for more than 50 years. In deference to the policy of the government to have all sugar businesses in the country under the control and management of co-operative societies formed by farmers, the company had to stop its sugar business in 1987.
Due to its core competency in alcoholic beverages and conscious efforts, TI swiftly established its distinct identity in the liquor industry. Today TI’s brand portfolio consists of unique and diverse brands that enjoy excellent consumer preference solely due to their quality and value for money.
The distillery of the company has the capacity to produce more than 60,000 liters of alcohol per day. In addition to TI’s own distilleries and factory at Tilaknagar (Maharashtra), India, the company also has lease/tie up with 24 more factories which cater to expanding demand in both domestic and export markets.
The exports are catered from TI’s main factory in Tilaknagar (Maharashtra) to ensure impeccable quality control and supervision. TI is exporting to many overseas markets in Africa, Caribbean Islands and Asia.
Product range of the company includes:
TI is a leading manufacturer of liquor across the major categories - Whisky, Brandy, Rum, Vodka and Gin. TI has a market leading position in the southern and western parts of India.
Whisky
- Senate Royale Whisky
- Mansion House Whisky
- Senate Whisky
- Shot Whisky
- Classic Whisky
- Royal Choice Whisky
- Hottt Silk Whisky
- Castle Club Whisky
Brandy
- Mansion House Brandy
- Courrier Napoleon Brandy
Rum
- Savoy Club Rum
- Royal Choice Rum
- Madira Rum
Vodka
- Classic Vodka
- Castle Club
Gin
- Savoy Club Dry Gin
- Royal Choice Duet Gin
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