JM Financial starts India's Tilaknagar Industries with 'Buy'; stock up

Tilaknagar Industries

17/03/2026 04:30

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)

((Mridula.Kumar@thomsonreuters.com;))