Tilaknagar Inds.

** HDFC Securities starts coverage of India's alcoholic beverages sector, saying it is entering a decade of structural change, driven by regulatory shifts, demographics and premiumization

** Rates Radico Khaitan RADC.NS, United Spirits UNSP.NS and Tilaknagar Industries TILK.NS with "Buy"; PTs at 5,300 rupees, 1,750 rupees and 700 rupees, respectively

** Starts Allied Blenders and Distillers ALLE.NS with "Add", PT at 685 rupees; United Breweries UBBW.NS with "Reduce", PT at 1,325 rupees

** Sees UNSP benefiting from Indian spirits growth and parent Diageo's DGE.L premium global portfolio

** Says RADC's enhanced execution will continue to get regulatory support; potential market openings in Bihar and Tamil Nadu state could support growth and margins

** Expects TILK to accelerate premium-and-above innovation and brand investment, aided by debt repayment

** Says ALLE needs to diversify growth beyond a single brand

** Remains cautious on UBBW due to competition, regulatory hurdles and supply rebalancing

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

** Shares of Indian alcohol company Tilaknagar Industries TILK.NS rise as much as 0.7% to 549.25 rupees

** The Mansion House, Imperial Blue maker says it will invest 220 million rupees ($2.32 million) in tequila maker Black Tiger Distilleries

** TILK shares were down 2.6% prior to company's announcement

** The investment marks company's entry into tequila and agave-based beverage category

** All three analysts covering stock rate it "buy" or "strong buy"; median PT is 583 rupees: LSEG-compiled data

** Stock up 20.1%, YTD

($1 = 94.9475 Indian rupees)

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

August 26 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 0930 GMT on Wednesday:

** France's BNP Paribas BNPP.PA and South Korea's KB Kookmin Bank are in separate talks to acquire at least a 15% stake in Vietnam's Techcombank TCB.HM as strategic investors, in a deal that could be worth $2 billion, two sources said.

nL6N44N0DX

** Property developer Ingenia Communities INA.AX offered to buy Peet PPC.AX in a deal valuing the residential property developer at A$992.5 million ($710.93 million), to expand its presence in the Australian housing market.

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** FleetPartners FPR.AX said it had received an A$813.1 million ($582.3 million) offer from a consortium led by Japan's Sumitomo Corp 8053.T, making it the fourth bidder for the Australian vehicle leasing firm in less than a month.

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** India's Tilaknagar Industries TILK.NS is open to another large deal after its nearly $500 million purchase of the Imperial Blue whisky brand from Pernod Ricard PERP.PA, a top executive said, as consolidation gathers pace in India's liquor market.

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(Compiled by Rajarshi Roy and Pragyan Kalita in Bengaluru)

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** Shares of Tilaknagar Industries TILK.NS down 3.4% at 448.5 rupees

** Q1 consol net profit falls 64.3% to 315.9 million rupees ($3.30 million)

** Q1 consol rev from ops more than doubles to 22.52 billion rupees

** Co records an exceptional one-time charge of 301.2 million rupees related to its acquisition of Imperial Blue business from Pernod Ricard India

** Gross margins were under pressure due to ongoing geopolitical tensions, leading to inflationary pressures across packaging inputs, particularly glass, resulting in a meaningful increase in packaging costs during the quarter, co says in its earnings statement

** YTD, stock down 3.9%

($1 = 95.7950 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

** Shares of India's alcohol manufacturers rise 1.6% to 2.8% as UK-India trade deal set to take effect next month

** India said its concerns over the UK's forthcoming steel tariff regime, ‌which threatened to delay implementation of the agreement, have been addressed

** Shares of United Spirits UNSP.NS up 2.8%, Radico Khaitan RADC.NS rises 1.8%, Allied Blenders and Distillers ALLE.NS up 1.7%

** Tilaknagar Industries TILK.NS rises 1.8%, and Sula Vineyards SULA.NS up 1.6%

** YTD, UNSP down 6.7%, RADC up 10.1%, ALLE up 4.2%, TILK down 4.8%, and SULA down 26.3%

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

Corrects to drop extraneous characters in the first bullet and clarify shares rise 1.8%

** Tilaknagar Industries TILK.NS rises 1.8% to 450.3 rupees

** JM Financial starts with "Buy", PT of 550 rupees

** Notes liquor maker a formidable player in two of largest IMFL sub-segments - whisky and brandy, accounting for ~65% and ~20% of industry, respectively

** Says co's November 2025 acquisition of Imperial Blue broadens its South India portfolio into larger whisky category, positioning it to benefit from premiumisation-driven growth

** Expects ~11% CAGR in volume over FY26-FY28 by leveraging its South India strength to scale up Imperial Blue, strengthening sales team in north to tap larger markets

** Believes co's strong brands, integrated manufacturing, capable leadership position it well to capture sizeable IMFL opportunity

** YTD, TILK down 2%

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

March 12 (Reuters) - Shri Gang Industries and Allied Products Ltd SRGI.BO:

• ENTERS AGREEMENT WITH TILAKNAGAR INDUSTRIES FOR BOTTLING IMFL BRANDS

Source text: ID:nBSE7DnQvP

Further company coverage: SRGI.BO

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Adds details in paragraphs 2-7

March 6 (Reuters) - Thirsty young techies and professionals in the state home to India's Silicon Valley are expected to get easier access to a pint as authorities plan to scrap government-administered price controls on alcoholic beverages from April 2026.

Karnataka, home to technology hub Bengaluru, is one of India's most lucrative alcohol markets, with its large base of young professionals and multinational workforce driving demand for premium brands from global drinks makers like Diageo DGE.L, Pernod Ricard PERP.PA, Anheuser-Busch InBev ABI.BR and Carlsberg CARLb.CO.

Shares of Indian alcohol makers including United Breweries UBBW.NS, Tilaknagar Industries TILK.NS and Radico Khaitan RADC.NS rose following the policy announcement, with United Spirits UNSP.NS, owned by Diageo, jumping 5.4% and United Breweries, backed by Heineken HEIN.AS, gaining 2.6%.

India is the world's eighth-largest alcohol market with annual revenues of $45 billion; each state has its own regulations and pricing.

In Karnataka, the government controls retail alcohol pricing. Manufacturers declare ex-factory prices, based on which the state fixes the maximum retail price.

The state has among the highest alcohol taxes in India, with liquor classified into multiple price sections, each attracting an additional excise duty.

Karnataka now plans to introduce an alcohol-in-beverage-based excise duty structure that taxes alcohol based on its strength and reduce pricing categories to eight from 16, while allowing producers to decide on prices.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Thomas Derpinghaus)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Feb 13 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES LTD DEC-QUARTER CONSOL NET LOSS 1.05 BILLION RUPEES

• TILAKNAGAR INDUSTRIES LTD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 14.53 BILLION RUPEES

Further company coverage: TILK.NS

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Jan 27 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES LTD - RAJESH CHOUDHARY APPOINTED AS CFO

• TILAKNAGAR INDUSTRIES LTD - ABHINAV GUPTA RELINQUISHES ROLE AS CFO

Source text: ID:nBSE36rVw6

Further company coverage: TILK.NS

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Sept 18 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES - SUPREME COURT UPHOLDS BOMBAY HIGH COURT ORDER IN FAVOR OF CO

• TILAKNAGAR INDUSTRIES LTD - CONTINUES EXCLUSIVE RIGHTS TO MANSION HOUSE AND SAVOY CLUB

• TILAKNAGAR INDUSTRIES LTD - UTO/ABD RESTRAINED FROM MARKETING MANSION HOUSE AND SAVOY CLUB IN INDIA

Source text: ID:nBSE3r0lFb

Further company coverage: TILK.NS

(([email protected];))

By Chandini Monnappa and Hritam Mukherjee

Aug 12 (Reuters) - Radico Khaitan RADC.NS, the maker of "Magic Moments" vodka, will invest up to $4.56 million and team up with Bollywood actor Shah Rukh Khan and Zerodha co-founder Nikhil Kamath to launch a premium tequila brand, marking its foray into the category.

The Indian liquor maker, known for premium offerings such as Rampur Indian Single Malt and Jaisalmer Indian Craft Gin, will roll out the brand D'YAVOL Añejo — a premium spirit made from agave and aged about two years in wine casks.

D'YAVOL, a luxury brand founded in 2022 by Shah Rukh Khan's son Aryan Khan, along with Leti Blagoeva and Bunty Singh, is headquartered in Amsterdam and offers vodka, blended malt Scotch whisky and premium streetwear.

D'YAVOL Añejo is set to launch by December and depending on state excise duty, will be priced between 20,000 rupees ($228.21) and 30,000 rupees, Radico Khaitan Managing Director Abhishek Khaitan told Reuters on Tuesday.

The launch comes as affluent Indians increasingly splurge on everything from luxury dining to premium alcohol, housing and cars. Alcohol sales in the country, according to data from analytics firm Crisil, are projected to grow as much as 10% to $61.35 billion in fiscal 2026.

Tequila is one of the fastest growing segments globally and India is catching on very fast. The market size in the country is about 300,000 cases, out of which 15% is the Añejo (Spanish word meaning 'aged') category, Khaitan said.

"We believe that in the next five years, tequila can reach a volume of about a million cases in India plus global market, so I think it was a great opportunity," he said.

Under the partnership, Radico Khaitan and Shah Rukh Khan's family will each hold a 47.5% stake in the venture, while Kamath will own 5%.

The deal also underscores the fierce competition in mass and premium liquor segments. Just three weeks ago, peer Tilaknagar Industries TILK.NS bought the "Imperial Blue" whisky brand from Pernod Ricard PERP.PA for $486 million.

($1 = 87.6370 Indian rupees)

(Reporting by Chandini Monnappa and Hritam Mukherjee in Bengaluru; Editing by Shilpi Majumdar)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Aug 11 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES JUNE-QUARTER CONSOL NET PROFIT 885.1 MILLION RUPEES

• TILAKNAGAR INDUSTRIES JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 8.64 BILLION RUPEES

• TILAKNAGAR INDUSTRIES LTD - APPROVED 250 MILLION RUPEES CAPITAL EXPENDITURE FOR PRAG DISTILLERY

Source text: ID:nBSE48LQ1N

Further company coverage: TILK.NS

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July 29 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES - TO ISSUE SHARES WORTH UP TO 5.49 BILLION RUPEES

• TILAKNAGAR INDUSTRIES - TO ISSUE WARRANTS OF UPTO 17.46 BILLION RUPEES ON PREFERENTIAL BASIS

Source text: [ID:]

Further company coverage: TILK.NS

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Adds transaction value details in paragraph 1 and 2

PARIS, July 23 (Reuters) - France's Pernod Ricard PERP.PA has agreed to sell its Imperial Blue whisky brand to India's Tilaknagar Industries TILK.NS for an enterprise value of 412.6 million euros ($486 million), as the spirits group boosts its focus on premium labels.

Pernod Ricard sold 22.4 million 9 litre cases of Imperial Blue whisky in the fiscal year ended March 2025 across India and other markets. Its sale of the brand includes a 28 million euro deferred payment due four years after the deal closes.

The world's second-largest Western spirits maker by revenue after Diageo DGE.L on Wednesday said the deal would be "immediately and meaningfully accretive" to Pernod Ricard India's margin and sales growth upon closing.

The French group has been streamlining its business and focusing on its core portfolio of pricey, global brands amid a sector-wide downturn in sales.

Chairman and CEO Alexandre Ricard said the sale would "sharpen our focus on more profitable and faster growing brands in India, as in the rest of the world".

Jean Touboul, CEO of Pernod Ricard India, said the deal would notably allow Pernod Ricard to allocate resources more effectively towards high-growth brands in India such as Royal Stag and Blenders Pride, as well as international brands like Chivas, Jameson, Absolut and Ballantine's.

Pernod Ricard sees India, the group's second-largest market after the United States, as key to future growth. Alcohol sales in India are projected to hit $61.35 billion in fiscal 2025–26, showed data from analytics firm CRISIL.

Imperial Blue, a leading mass-market whisky, competes with United Spirits' McDowell's No.1 in India. Pernod Ricard regards it as a local-value brand, less central than its premium global labels like Chivas Regal.

For Tilaknagar Industries, a dominant player in India's brandy market with Mansion House, the deal marks a strategic shift into whisky - a faster-growing, higher-margin segment.

Earlier this month, Reuters reported that Inbrew Beverages and Tilaknagar Industries each sought to bid around $500 million for Imperial Blue.

Global spirits makers are reworking strategies as post-pandemic liquor demand slumps amid inflation, interest rate hikes, tariff risk and shifting consumer habits.

($1 = 0.8491 euros)

(Reporting by Dominique Vidalon in Paris and Chandini Monnappa in Bengaluru; Editing by Mark Potter and Christopher Cushing)

(([email protected]; +33149495432; Reuters Messaging: [email protected]))

PARIS, July 23 (Reuters) - Pernod Ricard PERP.PA said on Wednesday it agreed to sell its Imperial Blue whisky business division to Indian liquor maker Tilaknagar Industries TILK.NS, as the French spirits maker boosts its focus on premium labels in its portfolio.

The world's No. 2 Western spirits maker said that upon closing, the transaction, the amount of which has not been disclosed, was expected to be "immediately and meaningfully accretive" to Pernod Ricard India's operating margin and net sales growth rate.

The transaction remains subject to approval from the competition commission of India, and closing is expected within the coming months, the statement said.

(Reporting by Dominique Vidalon; Editing by Benoit Van Overstraeten)

(([email protected]; +33149495432; Reuters Messaging: [email protected]))

July 21 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• NOT RECEIVED ANY COMMUNICATION ON CHARGESHEET FILED BY ANDHRA PRADESH POLICE

Source text: [ID:]

Further company coverage: TILK.NS

(([email protected];;))

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, July 14 (Reuters) - Indian liquor makers Inbrew Beverages and Tilaknagar Industries TILK.NS are seeking to tap the private credit market as they compete with each other to acquire Pernod Ricard's PERP.PA Imperial Blue, according to three sources familiar with the matter.

The companies are looking to raise around $500 million each and have reached out to private credit funds to back their acquisition, the sources, who did not want to be named as they are not authorised to speak to media, said last week.

Imperial Blue, India's third-largest whiskey brand by sales, has been valued at about $600 million to $650 million, according to a report in the Business Standard newspaper.

"Both the companies have reached out to private credit funds to back them up whenever they win the bid," said a fund manager at a private credit fund, which has provided commitments to both the firms.

"Many funds have given commitments to both the issuers, as only one of them will actually go ahead with the borrowing."

Avendus Capital is the banker for Tilaknagar Industries, while Standard Chartered Bank will be acting as the banker for Inbrew Beverages, two of the sources said.

Inbrew Beverages, Tilaknagar Industries, Avendus Capital and Standard Chartered Bank did not immediately reply to Reuters' emails seeking comment.

Fund managers expect the Imperial Blue acquisition to be finalised over the next month as the companies are in an advanced stage of talks.

If the deal goes through, it will be the largest in India's alcoholic beverage industry in more than a decade. The last big acquisition happened in 2013, when Diageo bought United Spirits for $1.9 billion.

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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** Shares of Tilaknagar Industries TILK.NS jump 9.2% to 330.60 rupees

** Breweries and distilleries co's Q4 consol profit more than doubles to 773.5 mln rupees ($9.03 mln) from 314.5 mln rupees year ago

** Revenue up 14.4% Y/Y at 8.81 bln rupees

** Trading vols at 4.8 mln shares, over 3x the 30-day average

** Stock set to gain for fourth straight session

** TILK down ~22% YTD

($1 = 85.6310 Indian rupees)

(Reporting by Vijay Malkar)

(([email protected];))

Feb 4 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• DEC-QUARTER CONSOL NET PROFIT 539.3 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 8.05 BILLION RUPEES

Source text: ID:nBSE8w5VC5

Further company coverage: TILK.NS

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** Shares of Tilaknagar Industries TILK.NS rise 8% to 314 rupees

** Stock set for best one-day pct gain since June 5

** The Mansion House brandy maker posts 57% jump in Q2 consol net profit; rev from ops up ~10% Y/Y

** Co says growth aided by superior brand mix and cost optimization

** Over 3.3 mln shares traded, 4.3x its 30-day avg

** Stock up 31% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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Nov 4 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES SEPT-QUARTER CONSOL NET PROFIT 582.3 MILLION RUPEES

• TILAKNAGAR INDUSTRIES SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 8.23 BILLION RUPEES

Source text: ID:nBSE5QNh3w

Further company coverage: TILK.NS

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Oct 4 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES- APPROVES INVESTMENT OF 80.3 MILLION RUPEES IN ROUND COCKTAILS

• TILAKNAGAR INDUSTRIES - COMPLETES INVESTMENT IN ROUND THE COCKTAILS

Source text for Eikon: ID:nNSE1yL7md

Further company coverage: TILK.NS

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Sept 19 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES - TO INVEST 80.3 MILLION RUPEES IN ROUND THE COCKTAILS

Source text for Eikon: ID:nBSE6ZzQ1P

Further company coverage: TILK.NS

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Sept 17 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES - GETS 103.6 MILLION RUPEES AS PARTIAL SUBSIDY FROM GOVERNMENT OF MAHARASHTRA

Source text for Eikon: ID:nBSE6Fk1BJ

Further company coverage: TILK.NS

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** Shares of Tilaknagar Industries TILK.NS rise 4.1% to 251.2 rupees

** Indian alcohol beverages maker reported a 56% rise in Q1 consolidated net profit, rev from ops up 4% Y/Y

** Stable raw material costs pushed co's EBITDA margin to 16% from 12.6%

** More than 2.2 mln shares change hands, 2.8x its 30-day avg

** Day's gaind take stock up 5% for the year

(Reporting by Ashna Teresa Britto in Bengaluru)

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Aug 12 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES JUNE-QUARTER CONSOL NET PROFIT 400.9 MILLION RUPEES

• TILAKNAGAR INDUSTRIES JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 6.65 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: TILK.NS

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May 30 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• COMMISSIONER OF DISTILLERIES & BREWERIES, ANDHRA PRADESH ISSUED NOTICE TO UNIT PRAG DISTILLERY

• BALANCE LETTER OF INTENT FEES AGGREGATING TO 347.2 MILLION RUPEES

Source text for Eikon: ID:nBSE3d1NN

Further company coverage: TILK.NS

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** Shares of Tilaknagar Industries TILK.NS down 5.4% at 226.50 rupees

** Stock of the Indian alcohol beverages maker posts its worst intraday drop since March 13

** Co on Tuesday reported ~47% drop in Q4 profit

** Tilaknagar stock has slipped 6% YTD

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

May 21 (Reuters) - Tilaknagar Industries Ltd TILK.NS:

• TILAKNAGAR INDUSTRIES MARCH-QUARTER CONSOL NET PROFIT 314.5 MILLION RUPEES VERSUS PROFIT 591 MILLION RUPEES

• TILAKNAGAR INDUSTRIES MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 7.71 BILLION RUPEES VERSUS 7.17 BILLION RUPEES

Source text for Eikon: ID:nBSE3fDsdR

Further company coverage: TILK.NS

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