| Revenue growth | 166% YoY reported; adjusted for subsidy growth is 189%. |
|---|---|
| Margins | Gross margins under pressure from glass costs; offset by softened ENA. |
| Demand visibility | Strong; record monthly volume of 3.4 million cases in June'26. |
| Management confidence | High; confident in improving 15.5% baseline EBITDA margin. |
Growth
Volumes surged 172% YoY, primarily driven by Imperial Blue integration; MHB grew 7%. Net revenue reached Rs. 1,026 crore adjusted for subsidy.
Outlook
Targeting net debt of Rs. 1,700 crore by March '27. EBITDA margin guidance of 16%-18% for combined business by FY29.
Risks
Inflationary pressures in packaging (glass) impacted gross margins. Ongoing TSMA-related issues in select states like Odisha and Punjab.
Last quarter's promises, checked
Delivered
- Exit TSMA for significant ops by Q4 FY26 → 75% exited (= BEAT)
- Mansion House volume benchmark 10m cases → Achieved in FY26 (= BEAT)
- Volume growth high-single/low-double digit → 172% YoY (= BEAT)
Partly delivered
- Net debt-to-EBITDA <1.0x by FY29 → FY26 gross debt Rs 2,295cr (= PARTIAL)
Missed
- EBITDA margin 16%-18% → 15.5% in Q4 FY26 (= MISS)
Earnings Call Transcript filed with BSE, NSE: TI. Summary written with AI assistance from the document.
Tilaknagar Industries Ltd: key numbers
- Share price
- ₹581.70
- Market cap
- ₹14,420 Cr
- Revenue (annual)
- ₹2,346 Cr
- Net profit (annual)
- ₹20.87 Cr
- P/E (TTM)
- -400.1×Sector 29.0×
- Promoter holding
- 31.68%-0.03% QoQ
- FII holding
- 16.88%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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