Tilaknagar Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 33.7% CAGR over last 5 years
- Institutional investors have been accumulating - FII+DII up 5.9pp
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (126.7% of PBT)
- Recent results are weak - TTM profit is down 110.9% versus prior year
- Promoter holding has decreased over last 2 years: -8.5pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.38x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UNITDSPR | 1397.20 | 53.94 | 101625.46 | 1.22 | 463.00 | 11.03 | 6122.00 | -2.75 | 27.86 | 7.01 |
| RADICO | 4366.95 | 83.16 | 58509.44 | 0.21 | 229.60 | 75.91 | 5867.69 | 10.43 | 22.64 | 6.07 |
| UBL | 1255.85 | 83.93 | 33205.32 | 0.80 | 166.28 | -9.65 | 5919.44 | 10.01 | 11.92 | 4.77 |
| ABDL | 631.85 | 79.98 | 17673.49 | 0.85 | 45.42 | -18.65 | 1809.15 | 1.85 | 18.53 | 6.38 |
| TI | 520.50 | 0.00 | 12903.09 | 0.19 | 31.59 | -64.31 | 2252.43 | 160.74 | 4.31 | 7.50 |
| PICCADIL | 602.65 | 42.27 | 5940.45 | 0.17 | 214.35 | 1063.05 | 2705.03 | 1081.24 | 18.01 | 16.20 |
| TRUALT | 416.30 | 24.05 | 3569.88 | 0.00 | 592.71 | 12444.13 | 6268.83 | 1962.85 | 10.57 | 21.18 |
| GLOBUSSPR | 839.60 | 26.27 | 2641.49 | 0.78 | 26.48 | 49.69 | 1151.88 | 21.05 | 11.34 | 6.66 |
| GMBREW | 908.50 | 13.23 | 2075.64 | 0.99 | 377.40 | 524.21 | 8029.00 | 1110.77 | 20.40 | 5.79 |
| SDBL | 70.03 | 0.00 | 1455.93 | 0.00 | 1.56 | -96.29 | 609.19 | -31.13 | 18.52 | 2.46 |
| ASALCBR | 677.55 | 16.46 | 1360.47 | 0.30 | 17.83 | -24.60 | 286.30 | 5.96 | 18.06 | 10.43 |
| SULA | 136.35 | 46.49 | 1151.44 | 1.47 | 1.06 | -45.36 | 120.79 | 2.11 | 7.57 | 13.74 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 640 | 750 | 798 | 771 | 665 | 823 | 805 | 859 | 864 | 916 | 1,453 | 2,090 | 2,252 | |
| 602 | 703 | 746 | 722 | 615 | 757 | 745 | 781 | 769 | 855 | 1,343 | 1,936 | 2,195 | |
| Operating Profit | 38 | 47 | 51 | 48 | 50 | 66 | 60 | 78 | 94 | 60 | 110 | 155 | 57 |
| OPM % | 6.00% | 6.32% | 6.44% | 6.26% | 7.55% | 8.01% | 7.49% | 9.13% | 10.93% | 6.57% | 7.57% | 7.40% | 2.53% |
| 1 | 6 | 8 | -4 | 2 | 3 | 4 | 8 | 4 | 2 | -157 | -56 | 35 | |
| Interest | 6 | 8 | 8 | 5 | 4 | 3 | 2 | 2 | 3 | 2 | 39 | 69 | 66 |
| Depreciation | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 20 | 46 | 45 |
| Profit before Tax | 26 | 37 | 44 | 31 | 40 | 58 | 54 | 77 | 89 | 53 | -106 | -15 | 32 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -0.01% | 0.00% | 0.00% | -0.00% | -0.00% | 0.00% |
| Net Profit | 0 | 0 | 0 | 0 | 40 | 58 | 54 | 77 | 89 | 53 | -105 | -15 | 32 |
| 1.37 | 1.93 | 2.28 | 1.65 | 2.08 | 3.02 | 2.79 | 4.01 | 4.57 | 2.71 | -4.67 | -0.60 | 1.28 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 515 | 578 | 661 | 653 | 549 | 783 | 1,164 | 1,394 | 1,381 | 2,346 | 6,711 | |
| 612 | 575 | 605 | 705 | 495 | 671 | 1,027 | 1,209 | 1,126 | 1,926 | 6,329 | |
| Operating Profit | -97 | 3 | 56 | -52 | 54 | 112 | 137 | 185 | 255 | 419 | 382 |
| OPM % | -18.74% | 0.50% | 8.49% | -7.96% | 9.86% | 14.31% | 11.78% | 13.30% | 18.46% | 17.87% | 5.69% |
| 4 | 34 | 5 | 485 | 11 | 24 | 85 | 11 | 18 | -206 | -175 | |
| Interest | 157 | 152 | 184 | 129 | 71 | 62 | 40 | 27 | 12 | 113 | 177 |
| Depreciation | 38 | 37 | 37 | 33 | 33 | 33 | 32 | 32 | 31 | 80 | 118 |
| Profit before Tax | -288 | -153 | -160 | 271 | -39 | 41 | 150 | 138 | 230 | 21 | -36 |
| Tax % | 2.88% | 1.12% | 0.06% | 0.57% | 0.46% | -9.70% | -0.00% | 0.00% | -0.00% | 0.00% | -0.00% |
| Net Profit | -280 | -151 | -160 | 270 | -38 | 45 | 150 | 138 | 230 | 21 | -36 |
| EPS | -22.41 | -12.11 | -12.76 | 21.49 | -3.07 | 3.08 | 8.56 | 7.16 | 11.86 | 0.84 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.51% | 3.09% | 6.98% | 8.43% | 118.43% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 34%
- 3 Years:
- 26%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -48%
STOCK PRICE CAGR
- 10 Years:
- 42%
- 5 Years:
- 67%
- 3 Years:
- 38%
- 1 Year:
- 11%
RETURN ON EQUITY
- 10 Years:
- -1%
- 5 Years:
- 53%
- 3 Years:
- 19%
- Last Year:
- 1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 125 | 125 | 125 | 125 | 125 | 159 | 185 | 193 | 194 | 247 |
| -110 | -258 | -417 | -148 | -185 | -42 | 283 | 453 | 679 | 2,657 | |
| 1,122 | 1,140 | 1,252 | 822 | 782 | 635 | 307 | 120 | 60 | 2,279 | |
| Trade Payables | 166 | 163 | 195 | 155 | 148 | 171 | 129 | 121 | 148 | 337 |
| 47 | 115 | 126 | 125 | 141 | 90 | 107 | 147 | 132 | 640 | |
| Total Liabilities | 1,350 | 1,284 | 1,281 | 1,080 | 1,012 | 1,013 | 1,012 | 1,033 | 1,213 | 6,160 |
| 542 | 587 | 552 | 502 | 469 | 439 | 420 | 396 | 370 | 3,772 | |
| Capital Work in Progress | 124 | 113 | 114 | 100 | 100 | 100 | 0 | 0 | 3 | 60 |
| 0 | 0 | 3 | 0 | 0 | 0 | 23 | 12 | 30 | 32 | |
| 88 | 80 | 98 | 60 | 72 | 72 | 116 | 101 | 165 | 402 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 418 | 411 | 1,272 | |
| Cash & Bank | 6 | 68 | 53 | 40 | 48 | 71 | 44 | 39 | 103 | 360 |
| 590 | 435 | 461 | 378 | 323 | 331 | 408 | 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 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 27 | 171 | 71 | 192 | 83 | 60 | 72 | 117 | 178 | -445 | |
| Cash from Investing | -2 | -8 | -3 | 5 | -0 | -26 | -12 | -15 | -77 | -3,570 |
| Cash from Financing | -28 | -105 | -79 | -208 | -78 | -41 | -67 | -129 | -94 | 4,217 |
| -5 | 62 | -17 | -13 | 8 | -2 | -8 | -26 | 7 | 202 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Tilaknagar Industries Limited has informed the Exchange regarding Allotment of 4,24,025 Shares towards ESOP Allotment
2026-09-07 - Tilaknagar Industries Limited has informed the Exchange about Copy of Newspaper Publication regarding the special window for re-lodgement of transfer requests of physical shares of the Company which were lodged prior to the deadline of April 01, 2019 and rejected/returned due to deficiencies in the documents
2026-09-04 - Tilaknagar Industries Limited has informed the Exchange about Investment in Black Tiger Distilleries Private Limited Update
2026-09-02 - Tilaknagar Industries Limited has informed the Exchange regarding a press release dated September 02, 2026, titled "Press Release pursuant to Regulation 30 of the SEBI (LODR) Regulations 2015 Tilaknagar Industries enters the Tequila market through a ₹22 Crore Strategic Investment in Black Tiger Distilleries, Maker of Bodega Suprema No. 5
2026-09-02 - Tilaknagar Industries Limited has informed the Exchange about Investment in Black Tiger Distilleries Private Limited
2026-09-01 - Tilaknagar Industries Limited has informed the Exchange about Copy of Newspaper Publication regarding completion of dispatch of the Notice for 91st Annual General Meeting along with Annual Report for financial year 2025-2026
2026-08-31 - Tilaknagar Industries Limited has informed the Exchange that Record date for the purpose of Dividend is 15-Sep-2026.
2026-08-31 - Tilaknagar Industries Limited has informed the Exchange about the Letter sent to Shareholders containing the weblink (including navigating path) and QR code for accessing the Notice for 91st Annual General Meeting and Annual Report for financial year 2025-26 to those Members who have not registered/ updated their email addresses with Company/Registrar and Share Transfer Agent/ Depositary Participant
2026-08-31 - Tilaknagar Industries Limited has informed the Exchange regarding 'Intimation for Book Closure and Record Date for payment of Dividend'.
News
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