Tilaknagar Industries Ltd — Earnings Release 2025

May 14, 2025

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May 14, 2025

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001 Scrip Code : 507205

To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051. Symbol : TI

Sub : Earnings Presentation for Audited Financial Results for Quarter and Financial Year ended March 31, 2025

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the Earnings Presentation for the Audited Financial Results for quarter and financial year ended March 31, 2025.

The same is also available on our website at www.tilind.com.

We request you to take the above information on record.

Thanking you,

Yours faithfully,

For Tilaknagar Industries Ltd.

MINUZEER Digitally signed by MINUZEER YAZDI YAZDI BAMBOAT Date: 2025.05.14 BAMBOAT 20:47:27 +05'30'

Minuzeer Bamboat

Company Secretary & Compliance Officer

Encl: A/a

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Earnings Presentation – Q4 & FY25

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Disclaimer

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This presentation may include statements which may constitute forward-looking statements including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Tilaknagar Industries ’ future business developments and economic performance. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements.

The information and opinions contained in this presentation are current. The Company undertakes no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.

Tilaknagar Industries Ltd.

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Q4 & FY25 PERFORMANCE

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Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

Management commentary on performance

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Mr. Amit Dahanukar Chairman & Managing Director

Happy to share that the Board of Directors has recommended Dividend of Rs. 1/- per equity share for FY 2024-25 to the members at the ensuing Annual General Meeting

“

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Q4 FY25 has seen a very strong close to the year; with high volume and value-led growth. Quarterly growth was driven by resumption of strong performance in our largest state of Andhra Pradesh (“AP”), both on YoY and QoQ terms. The Route to Market (“RTM”) change in AP is completed, and we expect our performance in the state to continue its growth trajectory, in-line with the industry. AP has been well supported by our other Southern states, each of which have seen market share improvements.

On the profitability front, we have seen strong growth in subsidy-adjusted EBITDA for Q4 FY25 at Rs. 65 crs (+35.5% YoY) with 16.6% margins. I am very proud to share that this is our highest-ever quarterly EBITDA. For FY25, the subsidy-adjusted EBITDA stands at Rs. 226 crs, with margin at 16.1%. The growth in profitability has been aided by strong volume growth, operating leverage and disciplined cost management.

Our focused drive on cash flow management continues, and we now stand at a net cash level of Rs. 107 crs, showcasing our Balance Sheet strength.

On the portfolio front, I am happy to share that our first luxury offering, Monarch Legacy Edition Brandy has won a Bronze at the prestigious London Spirits Competition 2025. I am also pleased to share that we have started selling the Spaceman Spirits Lab (“SSL”) portfolio, led by Samsara Gin, in select markets through the usership agreement entered into between SSL and TI.

Tilaknagar Industries Ltd.

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Q4 & FY25 – Key highlights

Q4 FY25

Volume performance:

• Volume growth of 20.1% YoY

• Back to strong growth trajectory

• AP RTM transition completed

• Strong market share gains across all key states

Financial performance:

• Net revenue of Rs. 406 crs; growth of 13.1% YoY

• Subdued growth vis-à-vis volume growth due to reduction in price in the key state of AP from Q3 FY25 onwards

• Strong 19.2% QoQ net revenue growth vis-à-vis volume growth of 13.5% (QoQ); adjusted for subsidy income, net revenue growth of 15.4% QoQ, indicating continuing premiumization trend

• EBITDA at Rs. 78 crs (+62.6% YoY); highest ever quarterly EBITDA

  • EBITDA margin of 19.3%

• Adjusted for subsidy, EBITDA at Rs. 65 crs (+35.5% YoY); EBITDA margin of 16.6%

• Profit after tax at Rs. 77 crs (+95.7% YoY)

  • Adjusted for subsidy, PAT at Rs. 64 crs (+62.6% YoY)

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FY25

Volume performance:

• Volume growth of 6.7% YoY; 5-yr (FY20-25) CAGR of 13.1%

• Subdued growth in first 9 months of FY25 due to industrywide disruptions in some of the key states

Financial performance:

• Net revenue of Rs. 1,434 crs; growth of 2.9% YoY; impact due to price reduction taken in AP as well as subdued volume growth in first 9 months of FY25

• EBITDA of Rs. 255 crs (+37.4% YoY)

• Adjusted for subsidy EBITDA of Rs. 226 crs (+21.8% YoY); EBITDA margin of 16.1%

• Profit after tax at Rs. 230 crs for FY25 (+62.9% YoY)

• Adjusted for subsidy, PAT Rs. 201 crs (+42.3% YoY)

Other material highlights:

• Gross debt further reduced; strong net cash position of Rs. 107 crs as on Mar-25

• 3rd largest P&A IMFL player in Telangana and Karnataka, largest IMFL player in Puducherry in FY25

• Dividend of Rs. 1 per share recommended by Board for FY25

Tilaknagar Industries Ltd.

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Q4 FY25 – Back to industry-beating growth…

…after moderate growth seen in first 9 months of FY25 due to industry-wide issues in certain key Southern states

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NSR (₹ per case) Revenue (₹ crs)
Quarter Full Year Quarter Full Year
-8.6% -5.3% +13.1% +2.9%
1,400 1,300 1,200 1,293 1,182 1,400 1,300 1,282 1,214 440390 359 406 1,500 1,400 1,300 1,394 1,434
1,100 1,200 340 1,200
1,000 900 1,100 1,000 900 290240 1,100 1,000 900
800 800 190 800
700 700 140 700
600 600 90 600
500 500 40 500
Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25
Fall in NSR due to price reduction taken in Andhra Pradesh
EBITDA (₹ crs) & EBITDA Margin (%) PAT (₹ crs) & PAT Margin (%)
Quarter Full Year Quarter Full Year
13.4% 19.3% 13.3% 17.8% Margin 10.9% 18.7% 10.0% 15.8%
+62.6% +37.4% +95.7% +62.9%
78 300 255 9080 77 250230 230
250 70 210
48 200 185 6050 40 190170150 141
150 40 130
30 110
100 20 90
10 70
50 0 50
Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25
Note: Adjusted for the subsidy, EBITDA for Q4 FY25 stands at Rs. 65 crs and margin at 16.6% and for FY25 stands Note: Profit after tax excluding exceptional items
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* Fall in NSR due to price reduction taken in Andhra Pradesh

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Quarter Full Year
Margin 13.4% 19.3% 13.3% 17.8%
+62.6% +37.4%
90 78 300
80 255
70 250
60 48 185
50 200
40
30 150
20 100
10
0 50
Q4 FY24 Q4 FY25 FY24 FY25
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Note: Adjusted for the subsidy, EBITDA for Q4 FY25 stands at Rs. 65 crs and margin at 16.6% and for FY25 stands at Rs. 226 crs and margin at 16.1%

Note: Profit after tax excluding exceptional items

Tilaknagar Industries Ltd.

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Q4 FY25 volumes growth at 20.1% YoY…

…Closing FY25 at 11.9 mn cases

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Quarterly volumes (lacs cases)

Q4 FY25: Highest-ever quarterly volume since FY15

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34.2
30.1
29.5 29.4
28.4 28.5 28.5
26.0
25.1 25.4
24.3
19.5
18.517.6 17.2 18.118.7 17.7
16.5
14.7 14.9
13.5
11.1
6.0
FY20 FY21 FY22 FY23 FY24 FY25
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Tilaknagar Industries Ltd.

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Income Statement

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Particulars (₹ Crs)	Q4 FY25	Q4 FY24	Y-o-Y	Q3 FY25	Q-o-Q	FY25	FY24	Y-o-Y
Revenue from Operations (Gross) 881 771 14.4% 805 9.4% 3,175 2,958 7.3%
Excise Duty 475 412 15.4% 465 2.2% 1,740 1,564 11.3%
Revenue from Operations(Net) 406 359 13.1% 340 19.2% 1,434 1,394 2.9%
Cost of Material Consumed 199 182 9.0% 210 -5.2% 765 692 10.5%
Change in Inventories 9 2 277.4% -27 NM -37 17 NM
Total Cost of Goods Sold 208 185 12.5% 182 14.1% 727 709 2.6%
Gross Profit 198 174 13.8% 158 25.1% 707 685 3.2%
Employee Expenses 14 15 -11.0% 14 -1.2% 55 47 17.3%
Other Expenses 106 110 -4.1% 84 26.0% 397 453 -12.3%
EBITDA 78 48 62.6% 60 30.0% 255 185 37.4%
EBITDA Margin(%) 19.3% 13.4% 588 bps 17.7% 160 bps 17.8% 13.3% 447 bps
Depreciation 7 8 -7.4% 8 -6.5% 31 32 -4.3%
EBIT 71 40 76.2% 53 35.3% 224 154 46.1%
EBIT Margin(%) 17.5% 11.3% 628 bps 15.4% 209 bps 15.6% 11.0% 463 bps
Finance Cost 2 5 -53.5% 2 -2.8% 12 27 -54.5%
Other Income 8 4 108.1% 4 115.2% 18 14 24.2%
Exceptional Items 0 -8 NM 0 NM 0 -3 NM
Profit Before Tax 77 31 145.8% 54 42.8% 230 138 66.5%
Profit Before Tax(%) 18.7% 8.7% 1000 bps 15.7% 294 bps 15.8% 9.8% 603 bps
Tax -0 0 NM 0 NM -0 0 NM
Profit after Tax before Share of Profit/(Loss) of Associate 77 31 145.8% 54 42.8% 230 138 66.5%
Share of Profit/(Loss)of Associate 0 0 NM 0 NM 0 0 NM
Profit After Tax 77 31 145.9% 54 43.4% 230 138 66.4%
Profit After Tax excl. Exceptional Items 77 40 95.7% 54 43.4% 230 141 62.9%
PAT Margin(%) excl. Exceptional Items 18.7% 10.9% 778 bps 15.7% 301 bps 15.8% 10.0% 580 bps
Reported Diluted EPS(Asper Profit after Tax) 3.98 1.63 144.4% 2.77 43.5% 11.81 7.16 65.0%

Tilaknagar Industries Ltd.

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Balance Sheet

Balance Sheet
Particulars (₹ Crs)	As at Mar-25	As at Mar-24
EQUITY & LIABILITIES
Equity
(a)Equityshare capital 193.6 192.7
(b)Other equity 688.6 461.2
Total Equity 882.2 653.9
Liabilities
Non‐Current Liabilities
Financial liabilities
(i)Borrowings 10.7 63.1
(ii)Lease liabilities 1.1 1.8
(iii)Other Financial Liabilities 48.5 55.0
Provisions 5.1 4.0
Total Non‐Current Liabilities 65.3 123.9
Current Liabilities
Financial liabilities
(i)Borrowings 31.8 56.1
(ii)Lease liabilities 0.7 0.4
(iii)Tradepayables; total outstandingdues of
(a)micro enterprises and small enterprises 44.7 26.1
(b)creditors other than micro enterprises and small enterprises 103.1 94.6
(iv)Other financial liabilities 33.1 46.0
Other current liabilities 10.9 9.6
Provisions 41.0 22.8
Total Current Liabilities 265.2 255.6
Total Equity & Liabilities 1,212.8 1,033.4

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Particulars (₹ Crs)	As at Mar-25	As at Mar-24
ASSETS
Non‐Current Assets
Property, plant and equipment 367.9 394.1
Capital work‐in‐progress 3.4 0.3
Right of use assets 1.3 1.8
Intangible assets 0.4 0.5
Financial Assets
(i)Investments 21.4 10.8
(ii)Loans 0.0 0.1
(iii)Other Financial Assets 63.2 29.7
Non-Current Tax Assets(Net) 5.0 5.4
Other non‐current assets 5.0 5.6
Total Non‐Current Assets 467.6 448.2
Current Assets
Inventories 165.2 100.8
Financial Assets
(i)Investments 8.6 1.0
(ii)Trade receivables 410.5 418.5
(iii)Cash and cash equivalents 15.7 8.7
(iv)Other bank balances 87.1 29.9
(v)Loans 0.0 0.0
(vi)Other financial assets 8.2 2.2
Other current assets 49.8 24.2
Total Current Assets 745.2 585.2
Total Assets 1,212.8 1,033.4

Tilaknagar Industries Ltd.

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Cash Flow

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Particulars (₹ Crs)	Year ending Mar-25	Year ending Mar-24
Cash Flow from Operating Activities
Profit before Tax 230 138
Adjustment for Non-Operating items 47 58
Operating Profit before Working Capital Changes 277 196
Changes in Working Capital -99 -78
Less: Direct Taxes paid 0 -1
Net Cash from Operating Activities 178 117
Net Cash from Investing Activities -77 -15
Net Cash from Financing Activities -94 -129
Net increase / (decrease) in Cash & Cash equivalent 7 -26
Opening cash and cash equivalents 9 35
Closing cash and cash equivalents 16 9

Tilaknagar Industries Ltd.

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Net cash position of around Rs. 107 crs

Debt Journey (₹ Crs)[(a)]

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1,119
543
492
449
361
Net debt
250
182 free
119
97 92
74
45 42 43
-25 -31 -107
Gross debt Net debt
Mar-19 Mar-21 Mar-22 Mar-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Mar-21 Mar-22 Mar-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25
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Debt as of 31-Mar-25 (₹ Crs)[(a)]

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0.4
37
18.0
66
16
24.1
Vendor Financing Trade Deposits Others
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(a) Debt includes interest bearing trade deposits

Tilaknagar Industries Ltd.

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NEW LAUNCHES, PORTFOLIO & STRATEGIC INITIATIVES

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Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

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Recent launch pipeline…

… with more to follow

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Mansion House Mansion House Mansion House Monarch Samsara Gin, Sitara
Flandy Blue Lagoon Gin Chambers Whisky Legacy Edition Rum and Amara Vodka
June-22 2023 November-23 September-24 November-24 April-25
India’s first premium Complete refresh to Meeting price need TI’s semi-premium TI’s first luxury 100% Sale through royalty
flavored brandy position as an entry- gaps in Brandy whisky pure grape brandy agreement
level aspirational gin
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Tilaknagar Industries Ltd.

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Introducing Monarch Legacy Edition

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• Tilaknagar Industries’ first luxury foray

• 100% pure grape brandy

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• Crafted from a meticulous blend of matured Indian grape spirits and French grape spirits aged up to 8 years

• Positioned as a sipping brandy for the aspirational Indian, while elevating Indian brandy to global benchmarks

• The Monarch Legacy Edition decanter, inspired by royal chalices, is a testament to the opulence and sophistication that defines the Monarch

• Launched in Maharashtra, Goa and Puducherry and soon to be launched in Karnataka and other states

• Priced at Rs. 6,750 per 750 ml bottle in Maharashtra

• Won a Bronze at the prestigious London Spirits Competition 2025 in its debut year

Tasting notes:

• Aroma: Rich grape and fruit aromas, hints of apple, nutmeg and subtle tobacco

• Taste: Gentle sweetness transitioning into creamy oak and indulgent dried fruits

Click here for Monarch AV

• Finish: Lingering notes of cinnamon, peach and clove, reminiscent of Cognac

• Tilaknagar Industries Ltd.

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Monarch wins Bronze Medal at the London Spirits Competition 2025…

… Only Indian brandy to win

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• Held annually, the London Spirits Competition is one of the most respected events in the global spirits industry

• Judging based on taste, packaging and value by an imminent jury of bartenders, retail buyers, and experts who help shape the world’s top bars and shelves

• To ensure that the judging process is fair and transparent, the taste and value scores are assigned through blind tasting. The judges only view the product packaging after all quality and value scores have been entered

• Over 500 entries from more than 30 countries in 2025

• Monarch is the only Indian brandy to win at LSC 2025

Also won:

“Excellence in Packaging” at the Ambrosia Awards 2025

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Tilaknagar Industries Ltd.

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Launch of Mansion House Whisky in its New Avatar

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• Mansion House Gold Barrel Whisky (“MHW”) launched in Eastern and North-Eastern states, soon to launch in distribution-strong states in South India

• MHW provides us with an avenue to have a strong play in the largest IMFL category in the East and North-East region (80% saliency)

• Sleek, modern bottle design includes a unique 180ml "hipster pack" aimed at younger consumers

• Crafted from select Scotch malts and Indian grain spirits, aged in oak casks for refined taste and smoothness

• The product is a testament to the company's on-going commitment to innovation and quality in the world of premium spirits

• Whisky segment in India projected to reach approx. 300 million cases by 2028, according to IWSR report

Tilaknagar Industries Ltd.

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Portfolio (1/3)

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▪ India’s first Luxury Brandy made with matured Indian and French grape spirits

• Ranked 22nd in the prestigious Spirits Business’ ‘Top 50 Innovative Spirits of 2024’

Monarch Legacy Edition Brandy

▪ Won Bronze at the prestigious London Spirits Competition 2025 in the Brandy category

Mansion House ▪ India’s largest selling brandy and 2[nd] largest selling brandy globally ▪ Brandy 5-year (FY20-25) volume CAGR of 13%

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▪ India’s first premium flavored brandy Mansion House ▪ Sold in 4 states Flandy

▪ Available in 5 flavours; Orange, Green Apple, Lemon, Cherry and Peach

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CNB Brandy

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▪ CNB family straddles across P&A and upper end of Popular segment

▪ 5-year (FY20-25) volume CAGR of 13%

Tilaknagar Industries Ltd.

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Portfolio (2/3)

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▪ Mansion House Launched in Eastern and North-Eastern states, soon to launch in distribution- Whisky strong states in South India

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Blue Lagoon Gin

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▪ An aspirational entry-level Mass Prestige gin, Blue Lagoon is infused with a perfect blend of traditional craftsmanship and contemporary design

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Madiraa Rum

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▪ Available in Kerala and CSD, Madiraa Rum is TI’s 3[rd] largest brand by volumes

Tilaknagar Industries Ltd.

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Portfolio (3/3)

TI has started selling Spaceman Spirits Lab portfolio under the usership arrangement from April 2025 onwards

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▪ Indian craft gin with presence in Indian Contemporary as well as Flavoured Gin ▪ Samsara Gin Known for its Pink Gin

▪ One of the top 3 Indian craft gin brands

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▪ Indian craft rum Sitara Rum ▪ 2 variants – White Rum and Indian Spiced Rum

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▪ Launched in Mar-25 in Goa; soon to launch in Maharashtra, Karnataka, Haryana, Delhi and Rajasthan Amara Pink ▪ First super premium pink vodka in India Vodka

▪ Pink ruby filtration, five-times distilled and crafted from a blend of grape and grain spirit

Tilaknagar Industries Ltd.

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Samsara Gin, Sitara Rum & Amara Vodka An exciting Indian Craft spirits play

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• India’s favourite Pink Gin

Portfolio consists of 6 gins (including flavoured gins) under the Samsara family of brands, 2 rum variants under the Sitara and 1 vodka under the Amara brand

Performance:

• Continuously growing market share in the Premium Gin segment; currently at 6-7%

• FY25 net revenue (provisional) of Rs. 25 crs

• FY25 volumes of 27,000+ cases

• NSR of Rs. 9,000+ per case

TI’s strategic investment:

• Commitment of Rs. 13.15 crs announced in September 2024; Rs. 4 crs already invested and balance Rs. 9.15 crs to be invested by March 2026

Resultant shareholding: 20.02% (post all 3 tranches)

• Usership agreement signed with SSL, wherein TI will sell Samsara, Sitara and Amara in some states in India, CSD and select international markets; operations begun in April 2025

Tilaknagar Industries Ltd.

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Premium ‘Ready to Pour’ Cocktail Mixers

Bartisans

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• Leading premium cocktails mixer brand

• Available in 19 flavours including Signature mixers like Raid and Run (Jamun and Himalayan Pink Salt) and Indian Summer (Mango, Cilantro and Bird’s Eye Chilli) to Classics like Margarita and Picante

• FY25 revenue of Rs. 2.8 crs

• Distribution channels include D2C (own website) as well as channels like Quick Commerce and modern retail

• Strong content focus driving customer loyalty

• Investment of Rs. 8 crs completed in October 2024 for 36.2% stake on fully diluted basis

Investment Thesis:

• Synergistic with TI’s vision of making brandy fun and exciting

• Cocktail culture proliferation

• Increase in ‘at-home’ drinking

• Profitable unit economics due to premium price point

• Large D2C opportunity providing significant consumer insights

Tilaknagar Industries Ltd.

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Well-positioned to benefit from industry trends

Cocktail culture is becoming very prevalent, with significant innovations taking place, both in spirits as well as allied products

15-20 million people are expected to enter the legal drinking age every year driving consumption trends in India

At-home consumption continues to remain strong post the pandemic

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Stake in Bartisans enables TI to change the way people perceive brandy, and help position it as an aspirational, fun and exciting drink

Driving price laddering up and down the chain within brandy, creating a bridge to consumers of whisky and other categories

Flavored brandy portfolio accounts for 5% of MHB volumes in relevant states

Usership agreement with Samsara Gin, Sitara Rum and Amara Vodka provides a play in the Indian Craft Spirits space

Premiumisation driving industry growth across all categories; on account of rising affluence and an aspirational consumer base

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Monarch enables TI to have a presence in the fast-growing Indian luxury spirits segment as well as create a premium positioning for brandy

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Tilaknagar Industries Ltd.

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Key strategic priorities

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Enhanced Category
operating ownership
management
▪
Brandy price
▪
Better growth laddering
▪ Better margins ▪ Investment in
marketing
Stronger Calibrated
Balance Sheet flanking
▪ ▪
Disciplined debt Incrementally looking
management at opportunities
▪
Focus on efficient levels beyond brandy
▪
of working capital Regional
▪ ROCE improvement diversification
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Tilaknagar Industries Ltd.

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Meeting need gaps across premium price points in brandy

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Offerings across multiple P&A segments in Brandy

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Monarch Mansion House Courrier Napoleon Mansion House Mansion House 3 Cheers Courrier Napoleon Legacy Edition Chambers Brandy Green Flandy Brandy Brandy Brandy Red 600%+ +50% +30% +25% Base price -10% -20% Latest Launch India’s first premium India’s highest Latest Launch flavoured brandy selling brandy

The percentage for each brand shows the premium/discount to MHB price in Puducherry; pricing as of Mar-25 Shows Tilaknagar Industries’ brands available in Puducherry

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Prestige & Above segment brand

Strategy to replicate across states

Tilaknagar Industries Ltd.

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AWARDS & RECOGNITION AND MARKETING INITIATIVES Giving Brandy a ‘share of voice’ commensurate to its ‘share of market’

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Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

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Mansion House Boyzzzz…

...A web series

• 21 short stories

• Launched on 8[th] October 2024

• Average duration of 8-10 mins per episode

• Target audience from Andhra Pradesh and Telangana

• ▪ Shot in Telugu language

Watch full length episodes on: Wirally YouTube

Plot:

The series revolves around engaging slice-of-life conversations over Mansion House Brandy, facilitating moments of relaxation, connection, and shared experiences; fostering camaraderie and elicits genuine, heartfelt emotions

End result:

This series not only provides entertainment but also serves as a platform to establish a strong brand identity and ritual that deeply resonates with both our current and potential audience

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Tilaknagar Industries Ltd.

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“The Warm Embrace of Fatherhood” An ode to celebrating the #DadInEveryMan

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“From bedtime stories to life lessons, a Father's love is a Father's love - irreplaceable & unbeatable. It shapes our world every single day, every solitary moment.”

Campaign Idea -

Whether it's a human dad or a pet parent, this Father’s Day our aim was to celebrate the different dimensions of Fatherhood where unconditional love and nurturing spirit is most celebrated that translates beyond biological bonds.

On this momentous occasion of Father’s Day, Mansion House honors all fathers - #ToTheDadInEveryMan embodies the true spirit of love and dedication that defines fatherhood.

Tilaknagar Industries Ltd.

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Performance Marketing Father’s Day DVC activation on
Campaign Results all MH Social channels
Total Reach
15.92 Mn+
Total Impressions
31.25 Mn+
Total View
9.61 Mn+
Total Engagement 27
25.69 Mn+
“Brand Promotion of the Year”
Earned Media at the Ambrosia Awards 2025
INR 9.62+
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Mansion House Brandy Campaigns

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Campaign Awards and Accolades

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A Warm Welcome’ – Mansion House Brandy’s brand proposition, a first step towards giving brandy the “share of voice” commensurate to its “share of market”

Digixx Awards 2025 by Ad Gully

Medals – Gold | Silver | Bronze

Category:

1. Gold | Best sector led campaign Food & Beverages: MH Boyzzzz Campaign

2. Silver | Best Use of Video: Father’s Day Campaign (Silver)

3. Bronze | Best Short video campaign – multiple platforms: Father’s Day Campaign (Bronze)

Masters of Modern Marketing Awards 2024 Medal – Gold

Categories:

1. Best Online Commercial

2. Best Digital Campaign by a Food & Beverages Enterprise

3. Best Content in a Digital Integrated Campaign

4. Indian Marketing Awards South 2024 by e4m

5. Medal – Gold

Category:

1. Stages of Brand Building – Category creation

The Video Media Awards and Summit 2024 Medal – Gold

Categories:

1. Top video content brands/enterprise

2. Best Vernacular/Local-Language Video Content on Social Platforms

3. Best Storytelling

Indian Content & Marketing Awards 2024 by e4m

Medal – Silver

Category:

1. Best Storytelling Content

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Mansion House Flandy Campaigns

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Campaign Awards and Accolades

TI’s first large scale brand anthem, launched across digital platforms. ‘Welcome The Now’ – Mansion House Flandy’s brand proposition, giving brandy a more aspirational, fun, inclusive and versatile positioning

Masters of Modern Marketing Awards 2024

Medal – Gold

Categories:

1. Best Multi Channel Campaign by a Food & Beverages Enterprise

2. Best Innovation/Creativity in a Social Media Campaign

Video Media Awards and Summit 2024

Medal – Gold

Categories:

1. Best Video Content in an Integrated Social Media Marketing Campaign

Masters of Modern Marketing Awards 2024 by INKSPELL

Medal – Gold

Categories:

1. Best Multi Channel Campaign by a Food & Beverages Enterprise

2. Best Innovation/Creativity in a Social Media Campaign

Indian Marketing Awards South 2024 by e4m

Medal – Silver & Bronze

Category:

1. Stages of Brand Building – New Product Launch F&B – Silver

2. Branded Content F&B – Bronze

Indian Content & Marketing Awards 2024 by e4m

Medal – Silver & Bronze

Category:

1. Best Use of Regional Content – Silver

2. Best Use of User-Generated Content - Bronze

Digixx Awards 2024 by Ad Gully

Medal – Silver

Category:

1. Best Launch Campaign FY24

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Courrier Napoleon Brandy becomes 3[rd] fastest growing spirits brand globally in 2023… ...Mansion House Brand 4[th] fastest rowin brand brand loball and lar est sellin brand in India y g g y g y g g y

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Growth rankings Volume rankings

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th th st nd th th
4 21 1 2 8 25
Fastest Fastest Largest Largest Largest selling Largest selling
growing brandy growing spirits selling brandy selling brandy spirits brand in spirits brand
globally brand globally in India globally India globally
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Growth rankings

Volume rankings

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2nd 3rd 3rd 7th
Fastest Fastest Largest Largest
growing brandy growing spirits selling brandy selling brandy
globally brand globally in India globally
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Source: ‘The Millionaires’ Club 2024’ by Drinks International

Tilaknagar Industries Ltd.

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Multiple awards at the Spiritz Achievers’ & Selection Awards 2024

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Mansion House Mansion House Green Orange Flavoured Brandy Apple Flavoured Brandy

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Mansion House Chamber Brandy

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Mansion House Gold Barrel Whisky

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Courrier Napoleon French Brandy Green

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Product debut of the Year Gold

Mansion House Green Apple Flavoured Brandy

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Brand promotion – Digital space Silver

Mansion House Flavoured Brandy

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Monarch Legacy Edition – Launch Event in Mumbai

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Monarch Legacy Edition – Wide Press Coverage

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Tilaknagar Industries Ltd.

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INDUSTRY & COMPANY OVERVIEW

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Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

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Brandy is the 2[nd] largest category in IMFL…

…and Southern and East India consumes ca. 70% of all IMFL

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Category-wise IMFL volume share
2.8% 0.5%
10.9%
22.1%
63.7%
Whiskey Brandy Rum Vodka Gin
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Region-wise IMFL volume share
13.2%
13.7%
56.8%
16.3%
South North East West
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Volumes are expected to grow in mid-single digits CAGR over the next 5 years Driven by premiumization, value is expected to grow in high single digits CAGR over the same period

* Industry data for FY24

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About the Company

Largest brandy manufacturer in India, with a predominant Prestige & Above (“P&A”) portfolio

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1933 21 15+ 91% 11.9mn 86%
90 years since Manufacturing units Brands across Share of Brandy as % Volumes (in cases) Share of sales to
incorporation & 50+ across 10 states products of total volumes sold South India as % of
years of experience in Owned: 4 units total volumes
alcobev Contract
manufacturing manufacturing: 17
units
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* All data is for FY25; manufacturing units is as on date

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Production and Sales footprint…

…Ca. 70% of all production takes place through contract manufacturing units, following an asset-light model

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Sales territories

Production footprint

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Sales also undertaken in institutional
markets like CSD (all India), PMF as
well as international markets
1 UNIT Jammu
1 UNIT Punjab
Arunachal Pradesh
1 UNIT Sikkim Sikkim
Assam 1 UNIT Assam
Meghalaya 1 UNIT Meghalaya
West Bengal 1 UNIT West Bengal
Orissa 1 UNIT Orissa
1 UNIT Maharashtra Maharashtra
Telangana 3 UNITS Telangana
Goa
Andhra Pradesh 5 UNITS Andhra Pradesh
3 UNITS Karnataka Karnataka
Andaman &
Pondicherry Nicobar
Tamil Nadu
Tamil Nadu
2 UNITS Kerala Kerala
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Sales also undertaken in institutional markets like CSD (all India), PMF as well as international markets

4 owned and 17 contract manufacturing units as of March 2025

*Note: Business undertaken under Royalty Model

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Our journey

The turnaround well and truly coming to fruition

1933-2007 2008-2014 2014-2017

• Founded in 1933 as Maharashtra Sugar Mills Ltd. (MSML) to manufacture sugar and allied products

• Acquired subsidiaries Vahni Distilleries (Karnataka), Prag Distilleries (Andhra), Kesarval Springs Distillers (Goa) and PunjabExpo (Punjab)

o Expansion project at Prag stalled

• Defaults in repayment to banks and financial institutions

• Sale of assets of Kesarval Springs Distillers to Indospirit Beverages Pvt. Ltd. in 2015

• Tilaknagar Distilleries and Industries Ltd. (TDIL) promoted as 100% subsidiary of MSML to manufacture industrial alcohol, IMFL and sugar cubes

• Acquired seven brands from Alcobrew Distilleries for CSD segment and IFB Agro’s IMFL business (‘Volga’ vodka and ‘Blue Lagoon’ gin) for an entry into East Indian markets of West Bengal, Assam and Odisha

• TDIL merged with MSML after MSML exits sugar business and renamed to Tilaknagar Industries

• Commissioned expansion of 50 KLPD molasses based distillery to 100 KLPD and 100 KLPD grain based distillery

• At its peak, registered net revenue of ₹ 824 crs in FY14

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2018 onwards
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• Restructuring of debt completed with EARC and one-time settlements reached with all lenders

• Enters into 10 yrs agreement to manufacture products for Pernod Ricard products in Maharashtra

• Raised more than ₹ 310 crs through preferential issue of equity + warrants, since Dec-21

• Edelweiss ARC debt refinanced through existing cash reserves & Term Loan from Kotak Mahindra Bank

• CRISIL assigns A-/Stable rating in January 2024, leading to interest rate reduction on Kotak loan from 13% to 9.95%, effective mid Q1 FY25; upward revised to A-/Positive in December 2024

• Achieved net debt free status in September 2024, well before target

• o Introduced Monarch Legacy Edition, TI’s first luxury foray

Tilaknagar Industries Ltd.

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Brand portfolio

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India’s first luxury brandy
Luxury
Monarch Legacy Edition
India’s first premium
Premium / Semi Courrier
Mansion House Mansion House flavoured brandy Mansion House
Napoleon
Premium Reserve Brandy Chambers Mansion House Whisky
Brandy Green
Flandy
#1 Premium Brandy in India Blue
Deluxe
Lagoon Gin
Mansion House Brandy
Popular Courrier Napoleon
Madiraa XXX Rum 3 Cheers Brandy
Brandy Gold
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Two millionaire brands in the portfolio

MANSION HOUSE

India’s largest and World’s second largest selling brandy

COURRIER NAPOLEON

2nd fastest growing brandy and 3rd fastest growing spirits brand Globally

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Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

Tilaknagar Industries Ltd.

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Senior management

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Shivani Dahanukar

Amit Dahanukar

Chairman & Managing Director

Executive Director

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Nishchal Dubey

Minuzeer Bamboat

Company Secretary & Compliance Officer 21+ yrs experience

President – Institutional

Sales

• 22+ years with Radico Khaitan

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Abhinav Gupta

CFO

Previously CFO with Trident Limited

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Yuvraj Singh Som

• Vice President – Strategy & Operations

• 13+ yrs with

• Radico Khaitan

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Ahmed Rahimtoola

CMO

• 14+ yrs with Allied Blenders & Distillers

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Tarun Behl

Vice President – Works

• 23+ yrs of alcobev

• experience In United Spirits/Diageo India, Shaw Wallace

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Ameya Deshpande

President – Strategy & Corp Dev Previously Investment Banker with Deutsche Bank and BNP Paribas & Co-founder at Authenticook

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Sai Amrutkumar Vegisetti

CIO

• 11+ years of experience, last stint with ABD

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FULL YEAR FINANCIALS

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Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.

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Improving business fundamentals

Premiumisation strategy to enhance margins and cash flows

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Total Volumes Sold (mn cases)

Brandy Sales (mn cases)

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Share of Brandy to total volumes sold
91% 92% 94% 93% 94% 91% 12
10
14
12 9.64 11.16 11.91 8
108 6.44 6.73 6
6 5.45 4
4
2
2
0 0
FY20 FY21 FY22 FY23 FY24 FY25
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10.82
10.44
8.98
6.33
5.86
5.03
FY20 FY21 FY22 FY23 FY24 FY25
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NSR per case (₹) Robust sales in South India (mn cases)
Share of South India sales to total volumes sold
86% 86% 86% 86% 86% 86%
1,4001,200 1,005 1,014 1,136 1,197 1,282 1,214 1210 8.33 9.55 10.25
1,000800 86 5.51 4.7 5.82
600
4
400
200 2
0 0
FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25
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Focus on margins and cashflows

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Net Revenues (₹ Crs) EBITDA (₹ Crs) and Finance Cost (₹ Crs) and
EBITDA Margin (%) 17.8 As % of Net Revenues
1600
1,434
1,394
1400 14.3
19.8
13.3
11.8
1200 1,164
9.9
1000
12.9
783
800
653
600 549
7.9
54 112 137 185 255
400 -52 3.5
1.9
200 0.8
0 -8.0 129 71 62 40 27 12
FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25
EBITDA EBITDA Margin Finance cost As % of net revenue
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(a) EBITDA for FY20 is not comparable due to write-offs impacting EBITDA Tilaknagar Industries Ltd.

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For further information, please contact:

Company :

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Tilaknagar Industries Ltd. (BSE: 507205 | NSE: TI)

Ameya Deshpande President – Strategy & Corporate Development Email: adeshpande@tilind.com

Investor Relations Advisors :

CDR India

Mr. Siddharth Rangnekar +91 97699 19966 Siddharth@cdr-india.com

Mr. Mitesh Jain +91 96194 44691 mitesh@cdr-india.com

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Thank You

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"Drink responsibly: The consumption of alcoholic beverages should always be approached responsibly and with awareness.