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Industries LimitedMain BoardEquity2025-04-012026-03-312025-11-132025-11-08INRLakhsQuarterlySecond quarterSingle segmentManufacturing and sale of IMFL2025-11-1314:35:002025-11-1316:28:00trueCash Flow IndirectNot applicabletruetrueNANAfalsetrue2025-02-04https://tilind.com/codes-and-policies/true1falseThere is no default2025-07-012025-09-30UnauditedStandalone915589000027249000918313900020618190000-133500015609500020962000691960006342965000864970200053343700005334370000000533437000000053343700005334370002081938000102.752.72002.752.72Notes to the Standalone Unaudited Results for quarter and half year ended September 2025 <BR> 1 The above standalone results have been reviewed by the Audit Committee and approved by the Board of Directors at its Meeting held on November 13, 2025. The Statutory Auditors have expressed qualified opinion. <BR> <BR> 2 The above results have been prepared in accordance with Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. <BR> <BR> 3 The Company is predominantly engaged in the business of manufacture and sale of Indian Made Foreign Liquor (IMFL) and its related products, which constitute a single business segment as per IND-AS 108: Operating Segments. Accordingly, disclosure in accordance with the provisions of Circular issued by the SEBI on July 05, 2016 is not applicable. <BR> <BR> 4 The Company expects to restart the grain distillery plant post incurring of relevant capital expenditure. In view of this, the management believes that there is no impairment in value of its ENA Plant and hence the recoverable amount of the ENA Plant is not required to be estimated. <BR> <BR> 5 Exceptional Items in the year ended March 31, 2025 includes : <BR> <BR> Over the years, the net worth of “PunjabExpo Breweries Private Ltd" a wholly owned subsidiary (referred as PE) had been fully eroded despite attempts to rationalize its administrative overheads. In the year 2022-2023 the company had assessed the situation and concluded that there is no sufficient visibility on PE northern business and return on investments. The company accordingly provided for impairment of the equity investments in PE of Rs 2,680.39 lacs in its books of accounts under exceptional items for the quarter and year ended March 31, 2023. In the following years, the management of PE increased / rationalised the capacity utilisation and contract manufacturing rates for bottling carried on for the holding company. Consequent to the financial restructuring and steps taken by PE, efficiency has improved resulting in profit during the year and positive networth at the year end. The company reassessed the value of its equity investment through an independent valuation exercise at Rs 1,002.24 lacs. The provision created in 2022-2023 was thus written back for Rs 1,002.24 lacs under exceptional items for the quarter and year ended March 31, 2025. <BR> 6 The Revenue from Operations includes Rs 3,862.27 lacs for the quarter ended June 30, 2025 Rs 1,035.74 lacs for the quarter ended September 30, 2024, Rs 3862.27 lacs for the half year ended September 30, 2025, Rs 1592.13 lacs for the half year ended September 30, 2024 and Rs 2,901.09 lacs for the year ended March 31, 2025 received as partial Subsidy from Government of Maharashtra under Package Scheme of Incentives, 2007, relating to past investments. <BR> <BR> 7 During the quarter ended September 2025, the Company continued to progress on its follow-on investment in Spaceman Spirits Lab Private Limited (“SSL”), makers of premium Indian craft gin Samsara and craft rum Sitara. As previously disclosed, the Company had entered into a Share Subscription and Investment Agreement on September 09, 2024 for a total investment commitment of Rs. 13.15 crores to be completed in three tranches. The first tranche of Rs 399.99 lacs was completed on September 20, 2024.Pursuant to the agreement (read with the Second Supplementary Agreement dated August 06, 2025), the Company has during the quarter disbursed the second and third tranches aggregating to Rs. 915.00 lacs. Further, on August 06, 2025, the Finance Committee of the Board of Directors approved an acquisition of 2,236 equity shares of SSL from an existing shareholder at a price of Rs. 6,765.79 per share, aggregating to a total consideration of Rs. 151.28 lacs vide its Share Purchase Agreement dated August 06, 2025. <BR> <BR> Post completion of the aforementioned investments, the Company’s shareholding in SSL stands increased to 21.36% on a fully diluted basis. <BR> <BR> The investments are aligned with the Company’s strategy to expand its presence in the premium craft spirts segment and build a strong portfolio in high-potential categories. <BR> 8 A body corporate has filed a suit in Bombay High Court in 2009 regarding ownership of two of the brands owned by the Company, and the Company has filed a counter claim in this regard. The Court in its order dated Dec 22, 2011 has adjudicated in favor of the Company and allowed unrestricted usage of the concerned brands throughout India by the Company. An appeal had been filed by the body corporate against the order dated Dec 22, 2011. Vide an order dated 16th July, 2025 passed by the Division Bench of the Bombay High Court, the said appeal filed by the body corporate has been dismissed and the Court has deemed it fit to upheld the order dated 22nd December, 2011 in favour of the Company. <BR> <BR> In a separate application filed in the counter claim, the Court in its order dated Feb 7, 2025 had given approval to the assignee of the body corporate to also use the name of the concerned brand in West Bengal. The Company believed it has strong case in its favor and had filed an appeal with the Division Bench of Bombay High Court against the said order. The Bombay High Court has put a stay on the order dated Feb 7, 2025, and subsequently an undertaking has been given by the assignee of body corporate that it will not act upon the order dated Feb 7, 2025. Vide an order dated 16th July, 2025 the Division Bench of Bombay High Court has allowed the appeal filed by the Company and set aside the order dated 7th February, 2025 passed by the Single Bench. <BR> <BR> Further, the Body Corporate had challenged the order dated 16th July, 2025, at Supreme Court. The Hon’ble Supreme Court of India has vide an order passed on 16th September, 2025, upheld the Order dated July 16, 2025 passed by the Division Bench of the Hon’ble Bombay High Court in favour of the Company (TI) and disposed off the Special Leave Petitions filed by UTO Nederland B.V. As a result of which the body corporate and its assignee are now restrained from using the name of the concerned brand until the final decision of the suit and the Supreme Court has ordered for the suit to be expedited. <BR> <BR> The Company continues its uninterrupted exclusive use and sale of the goods under the said brand. <BR> 9a Acquisition of Imperial Blue Business Division from Pernod Ricard India Private Limited : <BR> <BR> In July 2025, the Company and / or Grain & Grape Works Private Limited, a Wholly Owned Subsidiary of the Company entered into a Business Transfer Agreement (BTA) along with ancillary agreements to acquire the Business Undertaking of Pernod Ricard India Private Limited, as a going concern on a slump sale basis, related to the business of production, bottling, marketing and sale of alcoholic and other beverages under the Imperial Blue Brands (IB), for a lump sum consideration of EUR 413 million (approx Rs 4,150 crores), subject to the adjustments in accordance with the terms and conditions set out in the above agreements. The consideration also includes deferred consideration of EUR 28 million (approx Rs 282 crores), to be paid after four years from the date of closure of the transaction. The proposed transaction includes acquisition of the IB brands, with 22.4 million 9-litre cases sold in the year ended March 2025 across India and other markets, including two owned units and services from co-manufacturing bottlers across India. The Competition Commission of India has by its letter dated October 07, 2025 approved the proposed combination under Section 31(1) of the Competition Act, 2002. The transaction is expected to be consummated by the end of the ongoing third quarter. The Company will fund the aforementioned acquisition through a mix of debt and equity. <BR> <BR> 9b During the quarter ended September 30, 2025, the Company has allotted the issue of 1,43,80,000 Equity Shares of face value Rs. 10/- each (“Equity Shares”) for cash at a price of Rs. 382/- per equity share (including a premium of Rs. 372/- per equity share) for an amount aggregating to Rs. 5,49,31,60,000/- to the persons belonging to the non-promoter category on <BR> a preferential basis. <BR> <BR> Further the Company has issued 4,57,15,000 Convertible Warrants (“Warrants”) for cash at a price of Rs. 382/- per warrant (including a premium of Rs. 372/- per Warrants) for an amount aggregating to Rs. 1,746,31,30,000/- to the persons belonging to the promoter & non-promoter category on a preferential basis. An amount equivalent to 25% of the Total warrant price was received by the company during the quarter ended September 30, 2025. <BR> <BR> 10 Update on Expansion Plans of Wholly Owned Subsidiary – M/s. Prag Distillery (P) Ltd. (Prag) <BR> The Office of the Commissioner of Distilleries & Breweries, Andhra Pradesh, Vijayawada has extended the validity of the Letter of Intent (LOI) issued earlier for Grant of Expansion License for augmentation of Bottling capacity by 200 lakh proof litres (approx 30 lac cases per annum), in favour of Prag at its factory in Andhra Pradesh, subject to compliance with applicable rules and payment of LOI fees along with interest till the date of payment and obtaining the Expansion License up to August 31, 2025. The Company has approved the expansion project and subsequently paid Rs 33.04 crores towards LOI fees and accrued interest on August 4, 2025 and Rs 2.00 crores on August 26, 2025. Further, during the quarter, the Company has considered and approved a capital expenditure of Rs 25 crores for Prag to enhance its existing botlting capacity. <BR> 11 The previous period figures have been regrouped and reclassified wherever necessary. <BR> <BR> 2025-04-012025-09-30UnauditedStandalone17794585000707900001786537500041477200000-1195270002886810004905400013793200011943339000164471990001418176000014181760000000141817600000001418176000-276700014154090002081938000107.317.24007.317.24Excise duty5173654000Other Expenses1169311000Excise duty9720947000Other Expenses2222392000340056800052257000003555000633835000035860000036028700013527220000236646000504574800017312310003549000458029100082920320002938642000680200006339200015945926000074885900018426016000234717640002081938000180408610002012279900020122799000499320000003709290004208610004532400000046618500041110500050824000096938100014776210003856000002274326000922590005161950000028827800000033489650002347176400049055000-78785000-4792630000000-13435300000000137932000000-1694170000-81200005584300089070000000154800000-7070990007110770000002036600006907110000100000010662900000000239790008500000000000000000000000265860000-2399243000-2418365000009872654000000001000000004762400041610001000452850000-677500098688080008141154000081411540001508780008292032000Remeasurement gain /(loss) in respect of the defined benefit plans00Remeasurement gain /(loss) in respect of the defined benefit plans-2767000-276700000000-2767000Tilaknagar Industries Ltd******Amit Dahanukar******Chairman and Managing DirectorRemuneration24325000Approved2432500000Tilaknagar Industries Ltd******Shivani Amit Dahanukar******Executive DirectorRemuneration14166000Approved1416600000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorRemuneration2042000Approved204200000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorAny other transactionPerquisites amount on Employee Stock Option Scheme5839000Approved583900000Tilaknagar Industries Ltd******Abhinav Gupta******Chief Financial OfficerRemuneration6583000Approved658300000Tilaknagar Industries Ltd******Minuzeer Bamboat******Company SecretaryRemuneration3411000Approved341100000Tilaknagar Industries Ltd******Minuzeer Bamboat******Company SecretaryAny other transactionPerquisites amount on Employee Stock Option Scheme1841000Approved184100000Tilaknagar Industries Ltd******Sanaya Amit Dahanukar******Relative of Key Managerial PersonnelRemuneration1066000Approved106600000Tilaknagar Industries Ltd******Swapan Shah******Non Executive DirectorAny other transactionConsultancy Fees900000Approved90000000Tilaknagar Industries Ltd******Amit Dahanukar******Chairman and Managing DirectorAny other transactionRent Expenses883000Approved88300000Tilaknagar Industries Ltd******Dr. Priyadarshini A. Dahanukar******Relative of Key Managerial PersonnelAny other transactionRent Expenses2801000Approved280100000Tilaknagar Industries Ltd******Amit Dahanukar******Chairman and Managing DirectorAny other transactionRent Deposit0Approved08000000080000000Tilaknagar Industries Ltd******Dr. Priyadarshini A. Dahanukar******Relative of Key Managerial PersonnelAny other transactionRent Deposit0Approved02036600020366000Tilaknagar Industries Ltd******M.L.Dahanukar & Co. Pvt. Ltd.******Company in which Key Managerial Personnel has substantial interestAny other transactionRent Deposit0Approved015000001500000Tilaknagar Industries Ltd******Kishore Kumar Mathre******Independent DirectorAny other transactionDirectors Sitting Fee450000Approved45000000Tilaknagar Industries Ltd******Maj Gen. Dilawar Singh (Retd.)******Independent DirectorAny other transactionDirectors Sitting Fee475000Approved47500000Tilaknagar Industries Ltd******Satish Chand Mathur******Independent DirectorAny other transactionDirectors Sitting Fee250000Approved25000000Tilaknagar Industries Ltd******Aparna Chaturvedi******Independent DirectorAny other transactionDirectors Sitting Fee475000Approved47500000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorAny other transactionDirectors Sitting Fee250000Approved25000000Tilaknagar Industries Ltd******Swapan Shah******Independent DirectorAny other transactionDirectors Sitting Fee450000Approved45000000Tilaknagar Industries Ltd******Shrimati Malati Dahanukar Trust******Company in which Key Managerial Personnel has substantial interestAny other transactionCorporate Social Resposibility Expenses5200000Approved520000000Tilaknagar Industries Ltd******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanySale of goods or services265000Approved26500000Tilaknagar Industries Ltd******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanyPurchase of goods or services8610000Approved861000000Tilaknagar Industries Ltd******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanyAny other transactionContract Manufacturing Expenses13807000Approved1380700018960004890000Tilaknagar Industries Ltd******Prag Distilleries Pvt. Ltd.******Subsidiary CompanyAny other transactionContract Manufacturing Expenses27541000Approved2754100000Tilaknagar Industries Ltd******Vahni Distilleries Private Limited******Subsidiary CompanyAny other transactionContract Manufacturing Expenses39297000Approved3929700000Tilaknagar Industries Ltd******Prag Distilleries Pvt. Ltd.******Subsidiary CompanyInterest received4602000Approved460200000Tilaknagar Industries Ltd******Vahni Distilleries Private Limited******Subsidiary CompanyInterest received2306000Approved230600000Tilaknagar Industries Ltd******Vahni Distilleries Private Limited******Subsidiary CompanyAny other transactionLease rent received443000Approved4430000443000Tilaknagar Industries Ltd******Grain & Grape Works Pvt Ltd******Subsidiary CompanyInvestment100000Approved1000000100000Tilaknagar Industries Ltd******Grain & Grape Works Pvt Ltd******Subsidiary CompanyLoan100000Approved1000000100000Loan0Repayable on demandUnsecuredLoan given to meet the expenses of Subsidiary companyTilaknagar Industries Ltd******Prag Distilleries Pvt. Ltd.******Subsidiary CompanyLoan354411000Approved3544110003922000358333000Loan0.0757Repayable on demandUnsecuredLoan given to meet the expenses of Subsidiary companyThe net transactions movment between the opening and closing balances are reflected in transactions column as positive sign for net further loans given and negative sign for loans repaid by the parties.Tilaknagar Industries Ltd******Vahni Distilleries Private Limited******Subsidiary CompanyLoan-97000Approved-970006314000063043000Loan0.0757Repayable on demandUnsecuredLoan given to meet the expenses of Subsidiary companyThe net transactions movment between the opening and closing balances are reflected in transactions column as positive sign for net further loans given and negative sign for loans repaid by the parties.Tilaknagar Industries Ltd******Shivprabha Sugars Ltd******Subsidiary CompanyLoan17000Approved1700048130004830000Loan0Repayable on demandUnsecuredLoan given to meet the expenses of Subsidiary companyThe net transactions movment between the opening and closing balances are reflected in transactions column as positive sign for net further loans given and negative sign for loans repaid by the parties.Tilaknagar Industries Ltd******Spaceman Spirits Lab Pvt.Ltd******Associated CompanyInvestment106628000Approved106628000134788000241416000Tilaknagar Industries Ltd******Spaceman Spirits Lab Pvt.Ltd******Associated CompanyAny other transactionRoyalty Expenses1037000Approved10370000641000Tilaknagar Industries Ltd******Spaceman Spirits Lab Pvt.Ltd******Associated CompanyPurchase of goods or services1744000Approved174400000632218000Preferential Issues2025-09-2998589430002025-09-30trueCRISIL Rating LimitedfalseNANo commentsNo commentsAbhinav GuptaChief Financial OfficerMumbai2025-11-13Acquisition of Business Undertaking of Pernod Ricard India Private Limited, as a going concern on a slump sale basis related to the business of production, bottling, marketing and sale of alcoholic and other beverages under the Imperial Blue Brands. No deviation from original object13000000000000Working CapitalNo deviation from original object5000000000000For General Corporate PurposeNo deviation from original object4956300000000The total amount raised through the Issue as on 30th September 2025 is Rs 98,589.43 lacs . The Company parked Rs. 17,500 lacs as Fixed Deposit in ICICI Bank and the balance amount Rs.81,089.43 lacs is lying in the Preferential Designated Bank ( ICICI Bank) as on 30th September 2025 <br></br> <br></br> Funds raised during 20th September 2025 to 29th September 2025