Tilaknagar Industries Targets ₹1,000 Crore EBITDA by FY29, Expects Net Debt to Fall to ₹1,700 Crore in FY27

Tilaknagar Industries remains confident of delivering its long-term growth targets despite facing margin pressure in the June quarter. The liquor maker expects net debt to reduce significantly by the end of FY27, supported by the successful integration of the Imperial Blue business and steady operating performance.

In an interview with CNBC-TV18, Managing Director Amit Dahanukar said the company's earlier business outlook remains unchanged, with expectations of low double-digit volume growth and revenue growth exceeding volume expansion by around 200 basis points.

FY27 Outlook Intact Despite Margin Pressure

According to Dahanukar, the integration of Imperial Blue has been completed, and the combined business is now operating as a single consolidated entity. While inflationary pressures weighed on EBITDA margins during the April-June quarter, the company expects profitability to recover in the coming quarters.

Tilaknagar Industries continues to guide for low double-digit volume growth during FY27, with revenue expected to outpace volumes. Looking further ahead, the company aims to achieve EBITDA of around ₹1,000 crore by FY29 while expanding EBITDA margins to 16-18%.

For FY27, Dahanukar said an EBITDA of around ₹650-680 crore would be a reasonable aspiration as input cost pressures gradually ease.

Net Debt to Decline, Telangana Remains a Key Monitorable

The company reported net debt of ₹2,100 crore at the end of the June quarter. Dahanukar expects debt levels to remain broadly stable through the first half of FY27 before declining to around ₹1,700 crore by the end of the financial year.

He added that this projection does not factor in any improvement in collections from Telangana, where the company has around ₹550 crore in overdue receivables. Any acceleration in recoveries could further strengthen the balance sheet.

Tilaknagar Industries is also awaiting a long-pending price revision in Telangana, where no price hike has been approved for the last three years. Dahanukar expressed confidence that discussions with the state government could result in a revision during the second quarter.

Bihar Opportunity and Long-Term Growth

Commenting on Bihar, Dahanukar said Tilaknagar Industries had no presence in the state before acquiring Imperial Blue. However, the acquired brand previously sold more than one million cases there, making Bihar a significant long-term opportunity if prohibition is lifted in the future.

Read more: Indians Reporting ₹100 Crore-Plus Income Hit Five-Year High in AY2025-26, Government Tells Parliament.

Conclusion

With the Imperial Blue integration complete, Tilaknagar Industries is shifting its focus toward margin expansion, debt reduction, and sustained earnings growth. As highlighted by Amit Dahanukar in his CNBC-TV18 interview, the company remains confident of achieving its FY27 guidance while working towards its ambitious FY29 EBITDA target of ₹1,000 crore.

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