Shares of Tilaknagar Industries (TI), makers of Indian Made Foreign Liquor (IMFL), rallied nearly 14% in opening trade on Thursday as investors cheered its earnings report. The share price of the maker of Mansion House Brandy has risen nearly 25% in four sessions despite volatility in the broader market.

Boosted by strong Q4 results, Tilaknagar Industries shares opened 11% higher at 335.95, extending rally for the fourth straight day. In the first hour of trade so far, the liquor stock surged as much as 13.9% to ₹344.70, while its market capitalisation climbed to ₹6,470 crore. The counter witnessed strong volume as 3.7 lakh shares changed hands over the counter as compared to two-week average of 0.77 lakh shares.

At the current level, Tilaknagar Industries shares trade nearly 25% lower than its 52-week high of ₹457.30 touched on January 30, 2025, while it is up 71% from its 52-week low of ₹201.20 hit on June 4, 2024.

The shares of Tilaknagar Industries have delivered a solid return of 45% in the past one year, despite losing over 20% year-to-date (YTD). This was driven strong rebound of 38% in the past one month.

Q4 profit zooms 146% on strong volume

Tilaknagar Industries has reported 145.95% rise in net profit at ₹77.35 crore in the fourth quarter ended March 2025, as against ₹31.45 crore during the previous quarter ended March 2024. Sales rose 13.11% to ₹405.81 crore in Q4 FY25, from ₹358.78 crore during the previous quarter ended March 2024.

On the operating front, EBITDA surged by 62.6% to ₹78 crore versus ₹48 crore in Q4FY24, while margin improved by 319 basis points YoY, standing at 16.6% as against 13.4% in the year-ago period.

For the full year, the net profit jumped 66.36% to ₹229.59 crore versus ₹138.01 crore in the previous fiscal. Sales rose marginally by 2.88% to ₹1,434.15 crore as against ₹1,393.95 crore during the previous year ended March 2024.

As per the company, volume grew by 20.1% year-on-year (YoY), mainly driven by strong growth in Andhra Pradesh, Karnataka and Tamil Nadu. “The revenue growth was lower than volume growth due to price reduction taken in Andhra Pradesh in Q3FY25,” it said.

“Q4FY25 has seen a very strong close to the year; with high volume and value-led growth. Quarterly growth was driven by resumption of strong performance in our largest state of Andhra Pradesh (AP), both on YoY and QoQ terms,” said Amit Dahanukar, Chairman & Managing Director. 

“The Route to Market (RTM) change in AP is completed, and we expect our performance in the state to continue its growth trajectory, in-line with the industry. Andhra Pradesh has been well supported by our other southern states, each of which have seen market share improvements,” he said.

The board of directors of the company has recommended dividend of ₹1 per equity share for FY25 to the members at the ensuing Annual General Meeting.

Tilaknagar Industries (TI) has a manufacturing footprint of 21 units across 12 states. Additionally, TI has a strategic investment in Spaceman Spirits Lab Pvt. Ltd., the makers of Samsara Gin, Sitara Rum and Amara Vodka, as well as a strategic investment in Round The Cocktails Pvt. Ltd., the makers of Bartisans – Premium ‘Ready to Pour’ Cocktail Mixers.

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