The shares of this Indian Made Foreign Liquor company surged by approximately 4 percent on Wednesday after sources said that the company is on the verge of acquiring Imperial Blue.
With a market capitalization of Rs 6,999 crores, the shares of Tilaknagar Industries Ltd are currently trading at Rs 361 per share, down by 21 percent from its 52-week high of Rs 457.30 per share. As of March 2025, Barclays Wealth Trustees India Pvt Ltd holds a 6.14 percent stake in the company.
As per sources, Tilaknagar Industries is in the frontrunner to acquire French alcobev major Pernod Ricard’s Imperial Blue whisky. The whisky brand is said to have an Enterprise Value of Rs 5,157 crores, and with this deal (if closed) will be the largest M&A in India’s liquor industry in more than a decade after Diageo’s buyout of United Spirits in 2013 for Rs 16,332 crore.
Inbrew Beverages is also said to be in the race to acquire it, however, Pernod Ricard has found Tilaknagar’s offer better. The company is directed to submit its binding bid by 23 June 2025.
Imperial Blue is ranked as the eighth best-selling whisky globally in 2023, selling 2.28 crore nine-litre cases, though down from 2.63 crore cases in 2019. Introduced in India by Seagram in 1997, it became part of Pernod Ricard’s portfolio after Seagram’s sale in 2001. Relaunched in 2002 with the famous slogan “Men will be men,” the brand gained massive popularity and is now Pernod Ricard’s largest brand by volume in India. Its advertising played a major role in building a loyal consumer base.
Financial Highlights
The company reported a revenue of Rs 1,434 crores in FY25, up by 2.87 percent from its FY24 revenue of Rs 1,394 crores. Additionally, it reported a net profit growth of 67 percent to Rs 230 crores in FY25 from Rs 138 crores in FY24.
The stock has delivered an ROE and ROCE of 29.89 percent and 28.43 percent respectively, and is currently trading at a P/E of 30.46x as compared to its industry average of 30.18x.
Tilaknagar Industries Ltd. is an Indian manufacturer and exporter of Indian Made Foreign Liquor (IMFL), which includes brandy, whisky, rum, and gin (brandy under a variety of brands, including Mansion House, Courier Napoleon, Senate Royale, Madiraa, and gin positioned at Blue Lagoon). They also manufacture extra neutral alcohol and export it to Africa, the Middle East, Southeast Asia, and Europe. It is the fifth-largest alcoholic beverage firm by market capitalization.
Written by Satyajeet Mukherjee
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