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INDUSTRIES LIMITEDMain BoardEquity2026-04-012027-03-312026-10-302026-10-24INRLakhsHalf YearlyHalf yearlySingle segmentManufacturung and Sale of IMFL2026-10-3014:15:002026-10-3016:45:00trueCash Flow IndirectNot applicabletruetrueNANAfalsetrue2025-05-29https://tilind.com/codes-and-policies/true1falseNot Applicable2026-04-012026-09-30UnauditedStandalone468993270007471400046974041000121129080000-16517100091061300013564840009058500003087789400045998578000975463000-41065400056480900000005648090000000564809000-186850005461240002478979000102.282.28002.282.28 <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 October 30, 2026. The Statutory Auditors have expressed qualified conclusion. <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 period ended September 30, 2026: <br /> <br /> During the quarter ended September 30, 2026, the Company continues to incur non-recurring expenses in connection with the integration of the Imperial Blue business division acquired from Pernod Ricard India Private Limited ("PRI"). These expenses primarily comprise post-acquisition integration costs and transition and implementation costs. Accordingly, such expenses results amounting to Rs.1,094.62 lacs for the quarter ended September 30, Rs. 3,011.92 lacs for the quarter ended June 30, 2026 and Rs. 4,106.54 lacs for the period ended September 30, 2026 have been disclosed as "Exceptional Items" in the financial results, as they are not expected to recur in the ordinary course of business. <br /> <br /> <br /> <br /> b) 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 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 lacs for the quarter ended March 31, 2026 and Rs. 2,2006.72 lacs 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 lacs 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 /> 6 The Revenue from Operations includes Rs 191.3 lacs for the quarter ended September 30, 2026, Rs 2046.47 lacs for the quarter ended June 30, 2026, NIL for the quarter ended September 30, 2025, Rs 2,237.77 lacs for the period ended September 30, 2026, Rs 3,862.27 lacs for the period ended September 30, 2025 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 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 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 has filed an appeal before the Tribunal against the above CIT(A) orders and expects a favorable outcome. <br /> <br /> 8 During the quarter ended September 2026, the Company continued to strengthen its investment in Round the Cocktails Private Limited (“RTCP”), makers of premium craft spirits under the brand Bartisans. Pursuant to the First Supplementary Agreement dated June 26, 2026, to the original Share Subscription Agreement, Shareholders’ Agreement and Share Purchase Agreement, all dated September 19, 2024, the Company has made a further investment of Rs 200.00 lacs by subscribing to 1,569 Compulsorily Convertible Preference Shares (“CCPS”) of RTCP at a price of Rs 12,752 per share. The aforesaid investment was disbursed on July 07, 2026. <br /> <br /> The investment is aligned with the Company’s strategy to expand its presence in the premium craft spirits segment and strengthen its portfolio through strategic investments in emerging beverage businesses. <br /> <br /> Post completion of the aforementioned investments, the Company’s shareholding in RTCP stands increased to 41.45% on a fully diluted basis. The Company has accordingly accounted for its share of losses from RTCP of Rs. 11.60 lacs in the financial results for the half year ended September 30, 2026. <br /> <br /> <br /> 9 During the quarter ended September 2026, the Company completed the first tranche of its investment in Black Tiger Distilleries Private Limited (“BTD”), an Indian spirits company engaged in the business of tequila and agave spirits through its brand Bodega Suprema No. 5. Pursuant to the Share Subscription Agreement dated September 02, 2026, the Company invested Rs 599.99 lacs by subscribing to 14,628 Compulsorily Convertible Preference Shares (“CCPS”) and 100 equity shares of BTD. Pursuant to the allotment of these securities on September 15, 2026, the Company's shareholding in BTD stands at approximately 12.5% on a fully diluted basis. <br /> <br /> The investment is aligned with the Company's strategy to expand its presence in the tequila and agave spirits segment and thus strengthen its portfolio. <br /> <br /> 10 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 /> 11 The previous period figures have been regrouped and reclassified wherever necessary. <br /> <br /> <br /> Excise Duty26086566000Other Expenses479132800046361230001612650005465400094965500031079982000071384200002500006515390001365631000041783300038665143000530630400013800015551143000715380000449272000577549000205110000174985920001002130001239552000241446610000062809804000247897900027930414000304093930003040939300020347521000000259879000022946311000145344000230916550001658762000908477000337300300042814800001305374000724561600012353380008278020000093087560003240041100062809804000Other non-current financial assets651539000Other non-current assets417833000Other current financial assets205110000Other current assets1239552000Lease Liabilities33679000Other Financial Liabilities2565111000Other current financial liabilities1279861000Lease Liabilities25513000Other current liabilities12353380001356485000-1299869000-28330110000000-275964000000133526200009058490000000000367760001792400000001790260000-651074000-86265000000160370000-10230200000080008000000004807300054660000000000000002170000000367760000954456000868400000007583900000000420395000052830770001511100089000120602400000-2224512000-14584140000-14584140002173794000715380000Total Comprehensive Income-18685000-186850000-18685000Tilaknagar Industries Ltd******Amit Dahanukar******Chairman and Managing DirectorRemuneration25009000Approved2500900000Tilaknagar Industries Ltd******Shivani Amit Dahanukar******Executive DirectorRemuneration14611000Approved1461100000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorRemuneration3575000Approved357500000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorAny other transactionESOP Perquisites9113000Approved911300000Tilaknagar Industries Ltd******Minuzeer Bamboat******Company SecretaryRemuneration7296000Approved729600000Tilaknagar Industries Ltd******Minuzeer Bamboat******Any other transactionAny other transactionESOP Perquisites23117000Approved2311700000Tilaknagar Industries Ltd******Rajesh Choudhary******Chief Financial OfficerRemuneration13207000Approved1320700000Tilaknagar Industries Ltd******Rajesh Choudhary******Chief Financial OfficerAny other transactionRent Expenses930000Approved93000000Tilaknagar Industries Ltd******Amit Dahanukar******Chairman and Managing DirectorAny other transactionRent Expenses971000Approved97100000Tilaknagar Industries Ltd******Dr. Priyadarshini A. 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Dilawar Singh (Retd.)******Independent DirectorAny other transactionDirectors Sitting Fees300000Approved30000000Tilaknagar 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 Fees150000Approved15000000Tilaknagar Industries Ltd******C R Ramesh******Whole Time DirectorAny other transactionDirectors Sitting Fees100000Approved10000000Tilaknagar Industries Ltd******Bhumika Batra******Independent DirectorAny other transactionDirectors Sitting Fees50000Approved5000000Tilaknagar Industries Ltd******Shrimati Malati Dahanukar Trust******Company in which Key Managerial Personnel has substantial interestAny other transactionCorporate Social Resposibility Expenses2400000Approved240000000Tilaknagar Industries Ltd******Prag Distilleries Pvt. 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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******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanyPurchase of goods or services3125000Approved312500000Tilaknagar Industries Ltd******PunjabExpo Breweries Pvt Ltd******Subsidiary CompanySale of goods or services635000Approved63500000301916000Preferential Issues2025-09-20229563000002026-09-30trueCrisil Ratings LimitedfalsefalsefalsefalseMinuzeer BamboatCompany Secretary and Compliance OfficerMumbai2026-10-30Acquisition 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 object1300000000013000000000129678000000Working CapitalNo deviation from original object5000000000500000000049949000000For general corporate purposesNo deviation from original object4956300000495630000029680000000