BSE: 507205 | NSE: TI | Breweries & Distilleries | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Tilaknagar Industries Ltd is a average quality company.
The key valuation ratios of Tilaknagar Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Tilaknagar Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 4.8% | -13.2% | -11.9% | -7.3% | 2.5% | 69.4% | 6.5% | 12.6% | 28.6% | 22.7% | - |
| Value Creation Index ⓘ | -0.7 | -1.9 | -1.9 | NA | NA | 4.0 | NA | -0.1 | 1.0 | 0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 551 | 372 | 381 | 308 | 489 | 649 | 549 | 783 | 1,164 | 1,394 | 3,056 |
| Sales YoY Gr. | - | -32.5% | 2.4% | -19.3% | 59% | 32.6% | -15.4% | 42.8% | 48.6% | 19.7% | - |
| Adj EPS ⓘ | -2.7 | -20.5 | -21.5 | -15.9 | -11.7 | 24.8 | -2.4 | 1.9 | 5.4 | 7.5 | 9.4 |
| YoY Gr. | - | NA | NA | NA | NA | NA | -109.5% | NA | 187.3% | 38.7% | - |
| BVPS (₹) ⓘ | 34.8 | 13.5 | 0.5 | -15.1 | -26.9 | -2.3 | -4.5 | 6.6 | 25.4 | 34.1 | 39.1 |
| Adj Net Profit ⓘ | -34 | -256 | -268 | -198 | -147 | 311 | -29.7 | 30 | 101 | 145 | 182 |
| Cash Flow from Ops. ⓘ | 178 | 19 | 26.9 | 202 | 13.5 | 208 | 71.6 | 81.3 | 84.3 | 117 | - |
| Debt/CF from Ops. ⓘ | 4.4 | 44.4 | 38.3 | 4.9 | 79.5 | 2.6 | 9.3 | 7.2 | 3 | 1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.9% | 23.3% | 36.4% | 19.7% | ||||
| Adj EPS ⓘ | NA | NA | NA | 38.7% | ||||
| BVPSⓘ | -0.2% | NA | NA | 34.1% | ||||
| Share Price | 31.8% | 98.2% | 67.3% | 70.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -6.5 | -68.8 | -215.4 | 228.6 | 56.7 | -174.9 | 78 | 87.8 | 33.2 | 25.3 | 25.7 |
| Op. Profit Mgn % ⓘ | 15.4 | -26.3 | -23 | -20.5 | 11.4 | -0.7 | 10.2 | 13.6 | 11.9 | 13.6 | 7.2 |
| Net Profit Mgn % ⓘ | -6.2 | -68.7 | -70.3 | -64.4 | -30 | 47.9 | -5.4 | 3.8 | 8.6 | 10.4 | 6 |
| Debt to Equity ⓘ | 1.8 | 5 | 151.7 | -5.2 | -3.2 | -18.6 | -11.8 | 5.6 | 0.5 | 0.2 | 0.1 |
| Working Cap Days ⓘ | 421 | 489 | 442 | 500 | 223 | 128 | 117 | 89 | 70 | 68 | 37 |
| Cash Conv. Cycle ⓘ | 47 | -6 | -13 | -34 | -32 | -37 | -32 | -29 | 3 | 21 | 21 |
Sales growth is growing at healthy rate in last 3 years 36.44%
Debt to equity has declined versus last 3 years average to 0.18
Return on Equity has declined versus last 3 years average to 25.70%
Net Profit has been subdued in last 3 years 0.00%
Sales growth is not so good in last 4 quarters at 9.77%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 9.4 | 9 |
| TTM Sales (₹ Cr.) | 3,056 | 3,056 |
| BVPS (₹.) ⓘ | 39.1 | 38.5 |
| Reserves (₹ Cr.) ⓘ | 563 | 552 |
| P/BV ⓘ | 10.45 | 10.60 |
| PE ⓘ | 43.38 | 45.55 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 182.60 / 444.00 |
| All Time Low / High (₹) | 0.16 / 444.00 |
| Market Cap (₹ Cr.) | 7,905 |
| Equity (₹ Cr.) | 193.6 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 84.9 |
| Pledged * | 85.66 | 85.66 | 79.97 | 79.97 | 75.82 | 23.86 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 551 | 372 | 381 | 308 | 489 | 649 | 549 | 783 | 1,164 | 1,394 |
| Operating Expenses ⓘ | 467 | 485 | 471 | 371 | 437 | 657 | 493 | 679 | 1,031 | 1,205 |
| Manufacturing Costs | 181 | 137 | 153 | 81 | 176 | 220 | 208 | 281 | 453 | 496 |
| Material Costs | 148 | 110 | 118 | 81 | 101 | 188 | 131 | 184 | 279 | 326 |
| Employee Cost | 14 | 30 | 26 | 18 | 24 | 19 | 16 | 21 | 33 | 44 |
| Other Costs ⓘ | 125 | 208 | 174 | 191 | 137 | 231 | 138 | 193 | 265 | 338 |
| Operating Profit ⓘ | 84 | -113 | -90 | -63 | 52 | -9 | 56 | 104 | 134 | 189 |
| Operating Profit Margin (%) | 15.3% | -30.2% | -23.6% | -20.5% | 10.7% | -1.4% | 10.2% | 13.3% | 11.5% | 13.6% |
| Other Income ⓘ | 2 | 1 | 4 | 32 | 2 | 19 | 12 | 10 | 6 | 14 |
| Interest ⓘ | 82 | 120 | 153 | 134 | 168 | 125 | 65 | 58 | 40 | 27 |
| Depreciation ⓘ | 27 | 37 | 36 | 36 | 35 | 31 | 31 | 31 | 31 | 30 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 455 | 0 | 0 | 97 | 0 |
| Profit Before Tax ⓘ | -23 | -268 | -275 | -201 | -149 | 309 | -29 | 25 | 166 | 146 |
| Tax ⓘ | 11 | -2 | -7 | -3 | 0 | 1 | 0 | -4 | 0 | 0 |
| Profit After Tax | -35 | -266 | -268 | -198 | -149 | 308 | -29 | 29 | 166 | 146 |
| PAT Margin (%) | -6.3% | -71.4% | -70.3% | -64.4% | -30.4% | 47.5% | -5.2% | 3.7% | 14.2% | 10.5% |
| Adjusted EPS (₹) | -2.8 | -21.3 | -21.5 | -15.9 | -11.9 | 24.6 | -2.3 | 1.8 | 9.0 | 7.6 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5% | 3% | 7% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 498 | 232 | 7 | -189 | -337 | -29 | -56 | 104 | 471 | 656 |
| Share Capital ⓘ | 125 | 125 | 125 | 125 | 125 | 125 | 125 | 159 | 185 | 193 |
| Reserves ⓘ | 374 | 107 | -118 | -314 | -462 | -154 | -182 | -55 | 285 | 464 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 769 | 821 | 727 | 742 | 792 | 513 | 607 | 525 | 52 | 78 |
| Long Term Debt | 211 | 226 | 0 | 0 | 0 | 489 | 459 | 381 | 24 | 63 |
| Short Term Debt | 558 | 595 | 727 | 742 | 792 | 24 | 148 | 144 | 28 | 15 |
| Trade Payables | 123 | 126 | 120 | 103 | 151 | 140 | 133 | 162 | 126 | 120 |
| Others Liabilities ⓘ | 206 | 244 | 391 | 346 | 547 | 386 | 271 | 192 | 356 | 187 |
| Total Liabilities ⓘ | 1,596 | 1,423 | 1,244 | 1,003 | 1,154 | 1,011 | 955 | 982 | 1,005 | 1,040 |
Fixed Assets | ||||||||||
| Gross Block | 704 | 715 | 711 | 793 | 793 | 800 | 799 | 802 | 814 | 820 |
| Accumulated Depreciation | 149 | 184 | 217 | 252 | 287 | 318 | 349 | 380 | 410 | 440 |
| Net Fixed Assetsⓘ | 555 | 530 | 494 | 541 | 506 | 481 | 450 | 422 | 403 | 380 |
| CWIP ⓘ | 15 | 15 | 15 | 15 | 15 | 0 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 46 | 42 | 42 | 48 | 48 | 48 | 48 | 64 | 44 | 33 |
| Inventories | 100 | 84 | 70 | 50 | 76 | 59 | 71 | 72 | 116 | 101 |
| Trade Receivables | 127 | 77 | 86 | 68 | 177 | 237 | 175 | 231 | 333 | 418 |
| Cash Equivalents | 22 | 7 | 4 | 3 | 12 | 12 | 15 | 63 | 42 | 40 |
| Others Assetsⓘ | 731 | 667 | 532 | 279 | 320 | 173 | 196 | 132 | 67 | 68 |
| Total Assets ⓘ | 1,596 | 1,423 | 1,244 | 1,003 | 1,154 | 1,011 | 955 | 982 | 1,005 | 1,040 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 178 | 19 | 27 | 202 | 13 | 208 | 72 | 81 | 84 | 117 |
| PBT ⓘ | -23 | -268 | -275 | -201 | -149 | 309 | -29 | 25 | 166 | 146 |
| Adjustment ⓘ | 110 | 224 | 225 | 255 | 264 | -200 | 108 | 114 | -18 | 52 |
| Changes in Working Capital ⓘ | 93 | 65 | 78 | 143 | -99 | 101 | -8 | -63 | -63 | -79 |
| Tax Paid ⓘ | -3 | -2 | -1 | 4 | -2 | -2 | 1 | 5 | 0 | -2 |
| Cash Flow From Investing Activity ⓘ | -84 | -9 | -1 | -25 | 0 | 0 | 0 | -46 | -19 | -12 |
| Capex | -85 | -12 | -3 | -23 | -1 | 0 | 0 | -3 | -10 | -7 |
| Net Investments | -1 | 1 | 0 | -5 | 0 | 0 | 0 | 0 | -21 | 12 |
| Others ⓘ | 2 | 2 | 2 | 3 | 1 | 1 | 0 | -43 | 12 | -18 |
| Cash Flow From Financing Activityⓘ | -81 | -23 | -28 | -178 | -5 | -208 | -69 | -12 | -67 | -129 |
| Net Proceeds from Shares ⓘ | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 92 | 198 | 32 |
| Net Proceeds from Borrowing ⓘ | -51 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -82 | -76 | -19 | -13 | -83 | -213 | -55 | -57 | -37 | -25 |
| Dividend Paid ⓘ | -12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -5 |
| Others ⓘ | 60 | 37 | -10 | -165 | 78 | 5 | -15 | -48 | -227 | -132 |
| Net Cash Flow ⓘ | 12 | -13 | -3 | -2 | 9 | 0 | 2 | 23 | -2 | -24 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -7.64 | -88.38 | -306.79 | N/A | N/A | N/A | N/A | 121.98 | 57.72 | 25.86 |
| ROCE (%) | 4.76 | -13.2 | -11.88 | N/A | N/A | N/A | N/A | 12.6 | 28.57 | 22.69 |
| Asset Turnover Ratio | 0.53 | 0.44 | 0.47 | 0.35 | 0.73 | 1.38 | 1.45 | 1.86 | 2.5 | 2.91 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | 0.68 | N/A | 2.79 | 0.51 | 0.8 | Working Capital Days |
| Receivable Days | 68 | 56 | 48 | 71 | 56 | 51 | 53 | 41 | 41 | 46 |
| Inventory Days | 45 | 50 | 45 | 56 | 29 | 17 | 17 | 14 | 14 | 13 |
| Payable Days | 206 | 413 | 382 | 504 | 459 | 282 | 379 | 292 | 188 | 137 |
Tilaknagar Industries (TI) which is the erstwhile ‘The Maharashtra Sugar Mills Limited’ (MSM) was promoted in 1933 by the illustrious industrialist and visionary Mahadev L Dahanukar popularly known as Babasaheb Dahanukar. The company was then engaged in the manufacture of sugar and allied products.
Tilaknagar Distilleries & Industries was promoted as a 100% subsidiary of The Maharashtra Sugar Mills. The year 1973 saw TI diversify into the businesses of industrial alcohol, Indian Made Foreign Liquor (IMFL) and sugar cubes. Both Maharashtra Sugar Mills and Tilaknagar Distilleries & Industries Ltd have been merged to form Tilaknagar Industries (TI) with effect from August 6, 1993. Since then TI has been engaged in the business of manufacture and distribution of spirit and Indian Made Foreign Liquor (IMFL). There has been no change in the promoter of the company. The ‘Dahanukar family’ continues to be the promoter of Tilaknagar Industries, sharing the same vision and values of the founders.
Babasaheb’s efforts were guided by noted freedom fighter Lokmanya Balgangadhar Tilak, and he named the factory complex 'Tilaknagar' as a token of respect for Lokmanya Tilak. The company had an unfailing record of paying dividend for more than 50 years. In deference to the policy of the government to have all sugar businesses in the country under the control and management of co-operative societies formed by farmers, the company had to stop its sugar business in 1987.
Due to its core competency in alcoholic beverages and conscious efforts, TI swiftly established its distinct identity in the liquor industry. Today TI’s brand portfolio consists of unique and diverse brands that enjoy excellent consumer preference solely due to their quality and value for money.
The distillery of the company has the capacity to produce more than 60,000 liters of alcohol per day. In addition to TI’s own distilleries and factory at Tilaknagar (Maharashtra), India, the company also has lease/tie up with 24 more factories which cater to expanding demand in both domestic and export markets.
The exports are catered from TI’s main factory in Tilaknagar (Maharashtra) to ensure impeccable quality control and supervision. TI is exporting to many overseas markets in Africa, Caribbean Islands and Asia.
Product range of the company includes:
TI is a leading manufacturer of liquor across the major categories - Whisky, Brandy, Rum, Vodka and Gin. TI has a market leading position in the southern and western parts of India.
Whisky
Brandy
Rum
Vodka
Gin
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