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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

₹434.15 6.55 (1.53%)

As on 12-Jun'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

₹434.15 6.55 (1.53%)

As on 12-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹10,582 Cr.
Current Price
₹434.2
52-Week Low / High
₹335 / 550
TTM EPS
₹0.8
TTM Sales
₹5,248 Cr.
Book Value per Share
₹121.3
P/E Ratio
514.99
Higher than its 5-year historical median
Industry PE
54.3
Price to Book (P/B)
3.52
Lower than its 5-year historical median
Price to Sales (P/S)
2.02
Higher than its 5-year historical median
EV/EBITDA
28.22
Higher than its 5-year historical median
Dividend Yield
0.42%
Profitability Efficiency
Return on Equity (ROE)
30.91%
Outperforms industry median
Return on Capital Employed (ROCE)
29.14%
Outperforms industry median
Return on Assets (ROA)
21.10%
Operating Profit Margin
17.7%
Net Profit Margin
16.69%
Gross Profit Margin
8.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
2.88%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
33.84%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
64.3%
Asset Quality
Promoter Holding
31.71%
Pledged shares (%) of Promoter's holding (%)
12.40%
Reserves
₹2,755 Cr.
Equity
₹247.5 Cr.
Face Value
₹10
All Time Low / High
₹0.16 / 550.00

Tilaknagar Industries stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Tilaknagar Industries Ltd a good quality company?
Tilaknagar Industries Ltd is a good quality company, based on a consistently good 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?
Q.1 Revenue growth of Tilaknagar Industries Ltd vs industry peers?
Tilaknagar Industries Ltd revenue CAGR is 17.20%, compared to the industry median CAGR of 15.31%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Tilaknagar Industries Ltd?
Promoters hold 31.71% of the Tilaknagar Industries Ltd, with 12.40% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Tilaknagar Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 39% based on the current price.

10 Year X-Ray : Login to view analysis.

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -13.2%-11.9%-7.3%2.5%69.4%6.5%12.6%28.6%22.7%29.1%-
Value Creation
Index
-1.9-1.9NANA4.0NA-0.11.00.61.1-

Growth Parameters

Sales 3723813084896495497831,1641,3941,4345,248
Sales YoY Gr.-2.4%-19.3%59%32.6%-15.4%42.8%48.6%19.7%2.9%-
Adj EPS -20.5-21.5-15.9-11.724.8-2.41.95.47.511.90.8
YoY Gr.-NANANANA-109.5%NA187.3%38.7%58.3%-
BVPS (₹) 13.50.5-15.1-26.9-2.3-4.56.625.434.146.1121.3
Adj Net
Profit
-256-268-198-147311-29.73010114523121
Cash Flow from Ops. 1926.920213.520871.681.384.3117177-
Debt/CF from Ops. 44.438.34.979.52.69.37.2310.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 16.2%17.2%22.3%2.9%
Adj EPS NA-13.7%84.8%58.3%
BVPS14.7%NA91.7%35.4%
Share Price 39.3% 63.8% 43.3% 18.9%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-68.8-215.4228.656.7-174.97887.833.225.329.51
Op. Profit
Mgn %
-26.3-23-20.511.4-0.710.213.611.913.617.77.9
Net Profit
Mgn %
-68.7-70.3-64.4-3047.9-5.43.88.610.416.10.4
Debt to
Equity
5151.7-5.2-3.2-18.6-11.85.60.50.20.10.7
Working Cap
Days
4894425002231281178970687469
Cash Conv.
Cycle
-6-13-34-32-37-32-293212153

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3723813084896495497831,1641,3941,434
Operating Expenses + 4854713714376574936791,0311,2051,181
Manufacturing Costs13715381176220208281453496538
Material Costs11011881101188131184279326315
Employee Cost 30261824191621334451
Other Costs 208174191137231138193265338275
Operating Profit -113-90-6352-956104134189254
Operating Profit Margin (%) -30.2%-23.6%-20.5%10.7%-1.4%10.2%13.3%11.5%13.6%17.7%
Other Income + 1432219121061417
Exceptional Items 00004550097-010
Interest 1201531341681256558402712
Depreciation 37363635313131313029
Profit Before Tax -268-275-201-149309-2925166146239
Tax -2-7-301-0-4-00-0
Profit After Tax -266-268-198-149308-2929166146239
PAT Margin (%) -71.4%-70.3%-64.4%-30.5%47.5%-5.3%3.7%14.2%10.5%16.7%
Adjusted EPS (₹)-21.3-21.5-15.9-11.924.6-2.31.89.07.612.4
Dividend Payout Ratio (%)0%0%0%0%0%0%5.50%2.80%6.60%8.10%

Valuation of Tilaknagar Inds - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 2327-189-337-29-56104471656893
Share Capital 125125125125125125159185193194
Reserves 107-118-314-462-154-182-55285464699
Debt +821727742792513607525526311
Long Term Debt226000489459381246311
Short Term Debt595727742792241481442800
Minority Interest0000000000
Trade Payables126120103151140133162126120147
Others Liabilities 244391346547386271192356201179
Total Liabilities 1,4231,2441,0031,1541,0119559821,0051,0401,230

Fixed Assets

Net Fixed Assets +530494541506481450422403380354
Gross Block715711793793800799802814820823
Accumulated Depreciation184217252287318349380410440469
CWIP 15151515000003
Investments 42424848484864443361
Inventories84705076597172116101165
Trade Receivables778668177237175231333418411
Cash Equivalents 743121215634237102
Others Assets 6675322793201731961326771134
Total Assets 1,4231,2441,0031,1541,0119559821,0051,0401,230

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 192720213208728184114177
PBT -268-275-201-149309-2925166146239
Adjustment 224225255264-200108114-185236
Changes in Working Capital 6578143-99101-8-63-63-81-99
Tax Paid -2-14-2-215-0-20
Cash Flow From Investing Activity + -9-1-2500-0-46-19-11-75
Capex -12-3-23-1-0-0-3-10-7-6
Net Investments 10-50000-2112-16
Others 22311-0-4312-16-52
Cash Flow From Financing Activity + -23-28-178-5-208-69-12-67-129-94
Net Proceeds from Shares 00000092198326
Net Proceeds from Borrowing 15000000000
Interest Paid -76-19-13-83-213-55-57-37-25-10
Dividend Paid -0-0-00-0-0-0-2-5-10
Others 37-10-165785-15-48-227-132-80
Net Cash Flow -13-3-290223-2-257

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-88.38-306.79N/AN/AN/AN/A121.9857.7225.8630.91
ROCE (%)-13.2-11.88N/AN/AN/AN/A12.628.5722.6929.14
Asset Turnover Ratio0.440.470.350.731.381.451.862.52.912.82
PAT to CFO Conversion(x)N/AN/AN/AN/A0.68N/A2.790.510.780.74
Working Capital Days
Receivable Days55.7047.6070.8056.4050.7052.704141.304647.30
Inventory Days50.2044.9055.602916.5016.8014.5013.8013.3015.20
Payable Days413.10381.60504458.70282.40378.80292.20188.30137.40154.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.009.6811.5712.40
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Tilaknagar Industries Ltd FAQs

The current trading price of Tilaknagar Inds on 12-Jun-2026 16:59 is ₹434.1.

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 11-Jun-2026 the market cap of Tilaknagar Inds stood at ₹10,582 Cr

The latest P/E ratio of Tilaknagar Inds as of 11-Jun-2026 is 515.0.

The latest P/B ratio of Tilaknagar Inds as of 11-Jun-2026 is 3.52.

The 52-week high of Tilaknagar Inds is ₹550.0 and the 52-week low is ₹335.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Tilaknagar Inds is ₹5,248 ( 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 Semi Strong which suggest that the price of Tilaknagar Industries Ltd is likely to Rise-somewhat 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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