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INDUSTRIES LIMITEDMain BoardEquity2025-04-012026-03-312026-05-292026-05-25INRLakhsQuarterlyFourth quarterSingle segmentManufacturing and sale of IMFL2026-05-2915:15:002026-05-2917:35:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNoNofalsetrue2026-05-29https://tilind.com/codes-and-policies/true1falseStandalone Notes <BR> Sr No Particulars <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 May 29, 2026. The Statutory Auditors have completed the audit of the financial results and 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 there is no other separate segment. <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 includes : <BR> <BR> a) For the year ended March 31, 2026 <BR> <BR> i) Acquisition of Imperial Blue Business Division from Pernord Ricard India Private Limited <BR> During the quarter ended December 31, 2025, the Company had completed the acquisition of the Imperial Blue business division (“IB”) from Pernod Ricard India Private Limited (“PRI”) pursuant to a Business Transfer Agreement executed on July 23, 2025, through a slump sale on a going concern basis. <BR> <BR> The transaction was completed for a lump-sum cash consideration of Rs. 3,442 crores, subject to post-closing adjustments in accordance with the terms of the Business Transfer Agreement. In addition, a deferred consideration of EUR 28 million (approximately Rs. 290 crores) is payable after four years from the date of closure of the transaction. The Competition Commission of India (CCI) approved the transaction on October 07, 2025, and the acquisition was completed on December 01, 2025. <BR> <BR> Pursuant to the acquisition, the Company has acquired the Imperial Blue brand and allied trademarks, including Imperial Black and Imperial Red, along with associated intellectual property. The Company has entered into a Trademark License Agreement for use of the “Seagram’s” trademark for a defined transition period, a long-term supply agreement for Concentrated Alcoholic Beverage (CAB), and a Transitional Services and Manufacturing Agreement (TSMA) with PRI to facilitate a smooth transition. The manufacturing footprint includes two owned units in Punjab and Maharashtra and two exclusive sub-leased units in Telangana and Punjab, along with access to shared units during the TSMA period. <BR> <BR> The Company has accounted for this acquisition in accordance with Ind AS 103 - Business Combination. The deferred consideration has been recognised at its fair value as at the acquisition date. Acquisition-related expenses, being non-recurring in nature, have been disclosed under “Exceptional Items” in the standalone financial results amounting to Rs. 5,064.66 lakhs for the quarter ended March 31, 2026 and Rs. 2,2006.72 lakhs for the year ended March 31, 2026. <BR> <BR> ii) Gratuity <BR> On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively "new Labour Codes") - consolidating 29 existing labour laws. In accordance with the new Labour Codes, the Company has currently estimated the incremental impact on retiral benefits to be Rs 1,189.83 lakhs for the year ended March 31, 2026. <BR> <BR> Considering material, regulatory-driven and non-recurring nature of this impact, this has been presented under "Exceptional Items" in the financial results. The Company continues to monitor developments on the Rules to be notified by regulatory authorities, including clarifications/additional guidance from authorities and will continue to assess the accounting implications, basis such developments/guidance. <BR> <BR> <BR> <BR> b) For the year ended March 31, 2025: <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> <BR> <BR> <BR> 6 The Revenue from Operations includes Rs 858.45 lacs for the quarter ended March 31, 2026 and Rs 6,692.44 lacs for the year ended March 31, 2026, received as partial Subsidy from Government of Maharashtra under Package Scheme of Incentives, 2007, relating to past investments. <BR> <BR> 7 A body corporate had filed a suit in the Bombay High Court in 2009 disputing ownership of one of the Company’s brands, against which the Company filed a counterclaim. By order dated December 22, 2011, the Court ruled in favor of the Company, permitting unrestricted nationwide use of the brand. An appeal against this order was dismissed by the Division Bench on July 16, 2025, thereby affirming the Company’s rights. Separately, a Single Bench order dated February 7, 2025 had permitted the body corporate’s assignee to use the brand name in West Bengal; however, this order was stayed and subsequently set aside by the Division Bench on July 16, 2025, pursuant to the Company’s appeal, and the assignee undertook not to act upon it. The body corporate challenged the Division Bench decision before the Supreme Court, which on September 16, 2025 upheld the July 16, 2025 order and disposed of the Special Leave Petitions, resulting in the body corporate and its assignee being restrained from using the brand name until final adjudication of the suit and the cancellation of permission granted to the assignee of the Body Corporate in West Bengal. The matter is presently pending before the Bombay High Court, where the Assignee of the Body Corporate has filed their evidence and the Company has filed an interim application to file additional written statement, this interim application of the Company is allowed and the matter is adjourned to 15th June, 2026, the body corporate has informed the Court that they will be filing their evidence before the scheduled date. Meanwhile, the Company continues uninterrupted and exclusive use and sale of goods under the brand. <BR> <BR> 8 During the quarter ended September 30, 2025, the Company had 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 had 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 Rs 15,43,75,75,000/- was received by the company till the period ended March 31, 2026. <BR> 9 Rebates, discounts, and similar incentives extended to customers and distributors, being directly attributable to sales transactions, have been presented as a deduction from Revenue from Operations / Gross Sales. Consequently, revenue from operations for the current quarter as well as the corresponding comparative periods has been reported net of such amounts. <BR> This presentation is purely a matter of classification and does not affect the Company’s profit before tax, profit after tax, earnings per share, cash flows, or total equity. <BR> <BR> 10 The Income Tax Department conducted a search operation under section 132 of the Income Tax Act,1961 on 2nd February’24 at the premises of the Company and key persons. The Deputy Commissioner of Income tax (DCIT) has reassessed the income pursuant to the search and has passed the assessment orders from AY 2016-17 to AY 2024-25. Certain additions/disallowances were made to the returned income of the company against which the company had filed an appeal before the Commissioner of Income-tax (Appeals) – CIT(A). Subsequently, an order under section 250 of the Act was passed by the Hon’ble CIT (A) wherein a partial relief amounting to Rs 16869.11 lakhs was granted. Based on the Company’s risk-assessment process and applicable laws, there is no material impact on the financial position, operation, or other activities of the Company. The company will be filing further appeals before the Tribunal against the above CIT(A) orders and expects a favourable outcome. <BR> <BR> 11 The Board of Directors of the Company “Transferee Company” at their Board Meeting held on May 29, 2026, approved the Composite Scheme of Amalgamation under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 read with relevant rules and regulations. The Scheme, inter alia, provides for amalgamation of two wholly-owned subsidiaries of the Company, viz. (i) Punjabexpo Breweries Private Limited; (ii) Vahni Distilleries Private Limited; collectively referred to as the “Transferor Companies” and individually referred to as the “Transferor Company” with and into the transferee company. <BR> <BR> The appointed date for the Scheme is proposed to be 1 April 2026 or such other date as may be approved by the Hon’ble National Company Law Tribunal(s) for the purposes of the Scheme. The Scheme shall be subject to necessary approvals by the Shareholders, Creditors, Jurisdictional Bench of National Company Law Tribunal (“NCLT”) and other statutory and regulatory authorities, as may be required. <BR> <BR> 12 The Board of Directors recommended payment of Dividend of Rs. 1/- per equity share of Rs. 10/- each for the financial year ended March 31, 2026 subject to the approval of the Members at the ensuing Annual General Meeting. <BR> <BR> 13 The figures for the quarter ended March 31, 2026 and March 31, 2025 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the financial year. <BR> <BR> 14 The previous period figures have been regrouped and reclassified wherever necessary. <BR> <BR> <BR> 2026-01-012026-03-31AuditedStandalone209012090004448400020945693000466465800004934000004198390006890840004510910001377107700020489149000456544000-625449000-1689050000000-1689050000000-16890500031772000-137133000247170800010-0.68-0.6800-0.68-0.682025-04-012026-03-31AuditedStandalone5247574400025021400052725958000134822330000-934075000937367000113059700078041000034804288000502008200002525138000-23196550002054830000000205483000000020548300055029000260512000247170800010275456960000.960.95000.960.95Excise Duty11406295000Other Expenses2364782000Excise Duty29019922000Other Expenses57843660004783096000164965000585160009496550003177963200063383500025000051076600011448510000474405000393551200004018936000134000127181320002173794000141487500056618700060550001687917700014890900002238720300061742323000247170800027545696000300174040003001740400020277262000250958100022786843000213964000230008070002660542000417036000293887300033559090006803070006696758000973334000105402000087241120003172491900061742323000Other non-current financial assets510766000Other non-current assets0Other non-current assets390230000Tax - Non Current asset ( Net)84175000Other current financial assets6055000Other current assets1489090000Lease Liabilities38460000Other Financial Liabilities2471121000Other current financial liabilities655896000Lease Liabilities24411000Other current liabilities9733340001130596000-2385053000-86210580000000-130030500000058818520000780411000000000012716400017165000000-1189830001520850000-4590454000-4384971000000379350000-44229060000001067290000000425000348893930008296838000811052300000000000000000001271640000-1044549000-35726767000002097289800000000242000000001842669000145240001930470008842940000-65775000421725890002022916000020229160001508780002173794000Remeasurement gain / ( loss) in respect of the defined benefit plans3177200031772000Remeasurement gain / ( loss) in respect of the defined benefit plans5502900055029000003177200055029000Tilaknagar Industries Ltd******Amit Dahanukar******Chairman and Managing DirectorRemuneration24325000Approved2432500000Tilaknagar Industries Ltd******Shivani Amit Dahanukar******Executive DirectorRemuneration14389000Approved1438900000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorRemuneration3682000Approved368200000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorAny other transactionESOP Perquisites8540000Approved854000000Tilaknagar Industries Ltd******Abhinav Gupta******Chief Financial OfficerRemuneration11887000Approved1188700000Tilaknagar Industries Ltd******Abhinav Gupta******Chief Financial OfficerAny other transactionESOP Perquisites15344000Approved1534400000Tilaknagar Industries Ltd******Minuzeer Bamboat******Company SecretaryRemuneration7369000Approved736900000Tilaknagar Industries Ltd******Minuzeer Bamboat******Company SecretaryAny other transactionESOP Perquisites5307000Approved530700000Tilaknagar Industries Ltd******Rajesh Choudhary******Chief Financial OfficerRemuneration3251000Approved325100000Tilaknagar Industries Ltd******Rajesh Choudhary******Chief Financial OfficerAny other transactionPerquisites ( House rent)78000Approved7800000Tilaknagar Industries Ltd******Sanaya Amit Dahanukar******Relative of Key Managerial PersonnelRemuneration1128000Approved112800000Tilaknagar Industries Ltd******Amit Dahanukar******Chairman and Managing DirectorAny other transactionRent Expenses911000Approved91100000Tilaknagar Industries Ltd******Dr. Priyadarshini A. 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Dilawar Singh (Retd.)******Independent DirectorAny other transactionDirectors Sitting Fees425000Approved42500000Tilaknagar Industries Ltd******Satish Chand Mathur******Independent DirectorAny other transactionDirectors Sitting Fees100000Approved10000000Tilaknagar Industries Ltd******Swapna Shah******Non Executive DirectorAny other transactionDirectors Sitting Fees275000Approved27500000Tilaknagar Industries Ltd******Aparna Chaturvedi******Independent DirectorAny other transactionDirectors Sitting Fees250000Approved25000000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorAny other transactionDirectors Sitting Fees150000Approved15000000Tilaknagar Industries Ltd******Mr. Jenamejayan Kamalam Shivan******Independent DirectorAny other transactionDirectors Sitting Fees150000Approved15000000Tilaknagar Industries Ltd******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanySale of goods or services239000Approved23900000Tilaknagar Industries Ltd******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanyPurchase of goods or services4509000Approved450900000Tilaknagar Industries Ltd******Prag Distilleries Pvt. Ltd.******Subsidiary CompanyAny other transactionContract manufacturing expenses24629000Approved2462900000Tilaknagar Industries Ltd******Vahni Distilleries Private Limited******Subsidiary CompanyAny other transactionContract manufacturing expenses41102000Approved4110200000Tilaknagar Industries Ltd******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanyAny other transactionContract manufacturing expenses14047000Approved1404700000Tilaknagar Industries Ltd******Vahni Distilleries Private Limited******Subsidiary CompanyInterest received2196000Approved219600000Tilaknagar Industries Ltd******Prag Distilleries Pvt. Ltd.******Subsidiary CompanyInterest received16407000Approved1640700000Tilaknagar Industries Ltd******Vahni Distilleries Private Limited******Subsidiary CompanyAny other transactionLease rent income308000Approved30800000Tilaknagar Industries Ltd******Prag Distilleries Pvt. Ltd.******Subsidiary CompanyLoan0Approved145923000358350000504273000Loan0.077Repayable 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 CompanyLoan0Approved-60920006304300056951000Loan0.077Repayable 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 CompanyLoan0Approved3300048300004863000Loan0Repayable 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******Grain & Grape Works Pvt Ltd.******Subsidiary CompanyLoan0Approved0100000100000Loan0Repayable 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******Shrimati Malati Dahanukar Trust******Company in which Key Managerial Personnel has substantial interestAny other transactionCorporate Social Resposibility Expenses2400000Approved000Tilaknagar Industries Ltd******Vahni Distilleries Private Limited******Subsidiary CompanyAny other transactionLease rent receivable0Approved-240000443000203000The net transactions movment between the opening and closing balances are reflected in transactions column as positive sign for paid and n and negative sign for recived from the parties.Tilaknagar Industries Ltd******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanyAny other transactionContarct manufacturing expenses payable0Approved513000-4890000-4377000The net transactions movment between the opening and closing balances are reflected in transactions column as positive sign for paid and n and negative sign for recived from the parties.Tilaknagar Industries Ltd******Spaceman Spirits Lab Pvt Ltd******Associated CompanyAny other transactionRoyalty Expenses2519000Approved-1277000272000-1005000The net transactions movment between the opening and closing balances are reflected in transactions column as positive sign for paid and n and negative sign for recived from the parties.Tilaknagar Industries Ltd******Spaceman Spirits Lab Pvt Ltd******Associated CompanyPurchase of goods or services608000Approved1480000-148000The net transactions movment between the opening and closing balances are reflected in transactions column as positive sign for paid and n and negative sign for recived from the parties.Tilaknagar Industries Ltd******Swapna Shah******Non Executive DirectorAny other transactionConsultancy Charges900000Approved90000000344267000AuditedQualified opinionM/s Harshil Shah & Cotrue2026-06-30527259580005272595800050200820000502008200002054830002054830000.960.96617423230006174232300031724919000317249190003001740400030017404000Exceptional Item Income (Expenses) [Above Net profit figure includes exceptional item]Exceptional Item Income (Expenses) [Above Net profit figure includes exceptional item]-2319655000-2319655000The Company has not carried out impairment analysis of one of the ENA plants that is not in operation, as required by Indian Accounting Standard (Ind AS 36) Impairment of Assets though there is an indication of impairment. Reference is invited to Note no. 4 of the standalone annual financial results.Qualified opinionRepetitiveNANAThe 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.Refer II (a) (i) above Amit DahanukarRajesh ChoudharyAparna ChaturvediHarshil Shah & CompanyHimmat sharma ( Partner)Mumbai2026-05-29Preferential Issues2025-09-20229363000002026-03-31trueCRISIL Ratings LimitedfalseRajesh ChoudharyChief Financial OfficerMumbai2026-05-291. Acquisition 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 object1300000000013000000000129678000000No deviationWorking CapitalNo deviation from original object5000000000500000000049949000000No deviationFor general corporate purposesNo deviation from original object4956300000495630000029680000000No deviation