About Tilaknagar Industries Ltd.

Tilaknagar Industries Ltd. (TI) is an Indian spirits company incorporated in 1933 and listed on both NSE and BSE. The Company manufactures and sells Indian Made Foreign Liquor (IMFL) with a strong portfolio across brandy, whisky, vodka, gin and rum categories. TI operates through a networked manufacturing footprint of 21 units across 10 states—4 are directly owned, with the remainder operated via partners—supporting distribution to 40,000 depots across 14 states. The Company also exports to 10 countries. 

As of March 31, 2025, TI had 4 subsidiaries and 2 associate companies. Notable milestones in the latest period include achieving net debt-free status as of September 30, 2024; reducing gross debt from Rs 1,119 crore in March 2019 to Rs 42 crore by March 2025; and recording its highest-ever EBITDA of Rs 255 crore in FY25, alongside a net cash position of Rs 107 crore.

Tilaknagar Industries Ltd. Key Management

• Amit Dahanukar – Chairman & Managing Director
• Shivani Amit Dahanukar – Executive Director
• C. R. Ramesh – Whole-time Director
• Abhinav Gupta – Chief Financial Officer
• Minuzeer Bamboat – Company Secretary
• Ameya Deshpande – President, Corporate Development & Strategy

Latest Updates on Tilaknagar Industries Ltd.

• Strategic and financial milestones: TI became net debt-free as of September 30, 2024, after a multi-year deleveraging programme; gross debt declined from Rs 1,119 crore in March 2019 to Rs 42 crore in March 2025, delivering a net cash position of Rs 107 crore.
• Operating performance: Highest-ever EBITDA of Rs 255 crore in FY25, supported by disciplined cost management and financial resilience.
• Banking and ratings: The Company fully repaid its outstanding term loan from Kotak Mahindra Bank during FY 2024-25; there was no amount outstanding against working capital facilities from Kotak at year-end. ICICI Bank sanctioned working capital limits of Rs 10,000 Lakh during FY 2024-25, with no amount outstanding as at March 31, 2025. CRISIL Ratings Limited revised its outlook on TI’s long-term bank facilities to “Positive” and reaffirmed the rating at “CRISIL A-”.
• Portfolio and recognition: Mansion House Brandy won World’s Best Speciality Brandy at the World Brandy Awards 2025, and the Company earned accolades for packaging at Ambrosia Awards 2025 and for supply chain excellence (People’s Choice, Alden Global 2025). TI’s Annual Report was elevated to Platinum in the LACP International Awards 2024–25, ranking 34 in the Top 100 Global Reports.
• Market reach: Exports expanded to 10 countries with export growth of nearly 70% year-on-year.
• Investments: TI acquired 36.17% (fully diluted) in Round the Cocktails Private Limited (“Bartisans”) in FY 2024-25 and recognised its share of cumulative losses of Rs 19.33 Lakh for the year ended March 31, 2025.