Analysts/Institutional Investor Meet/Con. Call Updates

August 4, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block-G, Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai 400001 Mumbai-400 051. Scrip Code : 507205 Symbol : TI Sub: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Transcript of Earnings Conference Call held for Q1 FY27 results Dear Sir/Madam, With reference to our letter dated July 21, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the earnings conference call with analysts and investors held on Tuesday, July 28, 2026 to discuss the Q1 FY27 results. The same is available on the website of the Company at www.tilind.com. Kindly take the above on record and acknowledge receipt. Thanking you, Yours faithfully, For Tilaknagar Industries Ltd. Minuzeer Bamboat Company Secretary, Compliance Officer & Head – Legal Encl: a/a Tilaknagar Industries Limited Q1 FY27 Earnings Conference Call Transcript July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Tilaknagar Industries Limited’s Earnings Conference Call. I now hand the conference over to Mr. Siddharth Rangnekar from CDR India. Thank you, and over to you, sir. Siddharth Rangnekar: Thank you. Good morning, everyone, and thank you for joining us on Tilaknagar Industries Limited's Q1 FY27 Earnings Conference Call. We are joined today by Chairman and Managing Director, Mr. Amit Dahanukar, Chief Strategy Officer, Mr. Ameya Deshpande, Chief Financial Officer, Mr. Rajesh Choudhary, and General Manager - Growth and Innovation, Ms. Sanaya Dahanukar. We shall commence with views from Mr. Dahanukar on the brief performance and financial highlights, followed by commentary by Mr. Deshpande on the strategy going ahead. This shall be followed by an interactive question-and-answer session. Before we commence, I would like to state that certain statements made on today's call could be forward-looking in nature, and a disclaimer to this effect has been included in the results presentation that was shared with you earlier and which is also available on the stock exchange website. I would now like to request Mr. Dahanukar to make his opening remarks. Over to you, sir. Amit Dahanukar: Good morning, everyone. Happy to have you all join us on this earnings call to discuss the Q1 FY27 results. I will provide an update on the current quarter's performance, which will be followed by Ameya taking you through the updates on Imperial Blue integration and guidance on future performance. Before I begin with the quarterly performance, there are a few achievements I wanted to highlight. Firstly, we achieved the highest ever monthly volume of 3.4 million cases in June'26 with Imperial Blue emerging as the largest selling Deluxe Whisky. Page 1 of 12 Secondly, Tilaknagar maintained its position as the largest P&A player in India amongst domestic companies and the third largest overall. In our stronghold region of South India, Tilaknagar is the largest P&A player overall with 40% market share, ex-Tamil Nadu. In fact, in the state of Telangana, Tilaknagar emerged as the largest IMFL player overall in the month of June. As promised, we have delivered on our guidance to introduce Imperial Blue in newer markets by reintroducing the brand in Delhi during July'26. We have high hopes for the brand in Delhi and are committed to taking it back to its historical legacy and beyond. In Q1, our overall volumes increased by 172% on a YoY basis and 9% on a QoQ basis. The quarterly growth was led primarily by IB, which increased by 18% to reach 5.4 million cases. On a YoY basis, MHB has grown by 7%. We have achieved this growth despite some disruptions in the month of April. Now moving over to the financial performance. The overall NSR increased by 1.5% to Rs. 1,183 per case for Q1 FY27 from Rs. 1,166 per case in Q4 FY26 and by 5.3% from Rs. 1,123 per case in Q1 FY26. We witnessed a strong growth of 166% YoY basis to reach a net revenue of Rs. 1,046 crore during the quarter. Adjusted for subsidy, we recorded a growth of 189% to reach Rs. 1,026 crore. The ongoing geopolitical tensions led to inflationary pressures across packaging inputs, particularly glass, resulting in a meaningful increase in packaging costs during the quarter. Consequently, gross margins were under pressure. However, these pressures were partly offset by softened ENA prices. Adjusted for subsidy, we have achieved a gross profit of Rs. 432 crore in Q1 FY27 and a margin of 42.1% compared to 45.2% in Q4 FY26. Excluding the impact of inflationary pressures, the margin would have been higher, closer to 44.5%. EBITDA stood at Rs. 169 crore for Q1 FY27, clocking a growth of 79% YoY and margin of 16.1%. Adjusted for subsidy, the EBITDA grew by 166% to reach Rs. 148 crore and a 14.5% margin on the combined business. Excluding the impact of inflationary pressures, the margin would have been approximately 17%. Looking ahead, we remain confident of improving upon the 15.5% baseline EBITDA margin achieved in Q4 FY26. PAT adjusted for exceptional items and acquisition-related amortization stood at Rs. 96 crore for Q1 FY27, clocking a growth of 9% YoY and margin of 9.4%. Adjusted Page 2 of 12 for subsidy, the PAT grew by 52% to reach Rs. 76 crore and a 7.4% margin on the combined business. Excluding the impact of inflationary pressures and subsidy, the margin would have been approximately 10%. We incurred an exceptional expense to the tune of Rs. 30 crore during Q1 FY27, predominantly on account of TSMA fees and integration-related expenses. As on 30th June 2026, our gross debt stood at Rs. 2,241 crore and net debt stood at Rs. 2,100 crore. The increase in net debt is primarily on account of complete working capital cycle investment. However, I want to reassure you that our target is to take the net debt in March '27 to approximately Rs. 1,700 crore. I wanted to reiterate that our focus going forward will be divided into 4 parts: 1. Continue our journey to generate and fulfil demands for our brands to deliver a double-digit volume growth 2. Optimize packaging, processes and supply chain and reap benefits of operating leverage and economies of scale, helping us achieve an EBITDA margin of 16%-18% on combined business in the next 2 years 3. Focus on efficient capital deployment, disciplined debt management and working capital investments, facilitating the reduction of net debt-to-EBITDA below 1.0x by FY29 4. Ride on the pan-India distribution strength of Imperial Blue and Mansion House franchises to expand TI's luxury and premium portfolio, including SSL On the brand front, our priorities have been clear, increase trade and consumer engagements for Imperial Blue. We have successfully carried out new activations in 28,000 outlets during Q1 with consistent on-ground communications. Lastly, I wanted to update on the Super Premium and Luxury side of the business housed within House of TI. We have expanded the presence of our Luxury brands, Monarch Legacy Edition Brandy, Seven Islands Pure Malt Whisky and Samsara Gin owned by Spaceman Spirits in West Bengal during the quarter. SSL has more than doubled their sales in Q1 FY27 v/s Q1 FY26, demonstrating strong market for craft spirits in India. The growth is led by Samsara Pink and the new launches with Indian flavors, Jamun & Pink Salt and Raw Mango & Jalapeno. SSL has also launched a ready-to-pour drink in the fast-growing agave and tequila space called House:Pour Picante towards end of Q1. Page 3 of 12 During the quarter, we also doubled down on our investment in Bartisans by increasing our stake from 36.2% to 41.5%. The proceeds from this investment will be used to expand within the quick commerce segment, product and packaging innovation and for collaborative launches with TI. We are extremely optimistic on our luxury play, both organic [Showing first 8,000 characters — download PDF for full document]