Q1 2027 Tilaknagar Industries Ltd Earnings Call Transcript
Key Points
- Achieved highest-ever monthly volume of 3.4 million cases in June 2026, with Imperial Blue emerging as the largest-selling Deluxe Whisky.
- Overall volumes increased 172% year-over-year, led by Imperial Blue's 18% quarterly growth to 5.4 million cases.
- Net revenue grew 166% year-over-year to INR1,046 crores, with adjusted EBITDA up 166% to INR148 crores.
- Successfully integrated 90% of Imperial Blue business into Tilaknagar-operated units, with only one state remaining under TSMA.
- Expects mid-teens annual volume growth from FY28 onwards, with consolidated EBITDA margins reaching 16%-18% by FY29.
- Gross margins pressured by inflationary packaging costs, particularly glass, partly offset by softened ENA prices.
- Adjusted gross profit margin fell to 42.1% from 45.2% in Q4 FY26, with inflation impact estimated at 2.5 percentage points.
- Net debt increased to INR2,100 crores due to working capital cycle investment, though target is INR1,700 crores by March 2027.
- Exceptional expense of INR30 crores incurred in Q4 FY26 for TSMA fees and integration-related costs.
- TSMA-related disruptions impacted Imperial Blue volumes in states like Odisha, Punjab, and Uttarakhand during the quarter.
Ladies and gentlemen, good day, and welcome to the Tilaknagar Industries Limited earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Siddharth Rangnekar from CDR India. Thank you, and over to you, sir.
Thank you. Good morning, everyone, and thank you for joining us on Tilaknagar Industries Limited's quarter one FY27 earnings conference call. We are joined today by Chairman and Managing Director, Mr. Amit Dahanukar; Chief Strategy Officer, Mr. Ameya Deshpande; and Chief Financial Officer of the company, Mr. Rajesh Choudhary; and Growth and Innovation, Ms. Sanaya Dahanukar. We shall commence with views from Mr. Dahanukar on the brief performance and financial highlights, followed by commentary by Mr. Deshpande on the strategy going ahead.
This shall be followed by an interactive question-and-answer session. Before we commence, I would like to state that certain statements made on today's call could be
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