Tilaknagar Industries has approved a ₹22 crore investment to acquire a 30% stake in Black Tiger Distilleries Private Limited (BTD). The Finance Committee sanctioned the deal on September 2, 2026, aiming to expand its footprint in the fast-growing tequila and agave spirits segment.

The investment marks the company's third strategic investment in an emerging craft beverage company and its first foray into the agave category. Tilaknagar Industries will provide strategic support across distribution, sales, marketing, supply chain, finance, and regulatory functions, leveraging its pan-India footprint.

Transaction Structure

The total consideration of ₹22 crore will be paid in cash across two tranches. The first tranche involves subscribing to compulsory convertible preference shares (CCPS) and equity shares for approximately ₹6 crore, securing a 12.5% fully diluted stake. The second tranche adds another ₹16 crore via CCPS, bringing the total holding to 30%. This second investment is scheduled on or before 12 months from the first tranche.

Tranche 1 is scheduled for completion by October 31, 2026, while Tranche 2 must be consummated by October 31, 2027.

Governance and Rights

Post-investment, Tilaknagar Industries will have significant governance rights in BTD. These include the right to nominate two non-executive directors and one non-voting observer to the board. Additionally, the company holds a first right to subscribe to any additional securities issued by BTD.

Certain reserved matters, such as changes to share capital, constitutional documents, business plans, or director appointments, require the prior written consent of Tilaknagar Industries.

Target Entity Profile

Black Tiger Distilleries, incorporated on January 25, 2025, operates in the alcoholic beverages industry. It markets Bodega Suprema No. 5 tequila in Blanco, Reposado, and Anejo variants, developed in partnership with Mexican entity Productos Finos de Agave. As of March 31, 2026, BTD reported a net worth of ₹20.8 lakh and nil turnover for FY26.

The transaction is not classified as a related-party transaction, and no promoter group companies hold an interest in BTD. No governmental or regulatory approvals are required for this acquisition.

Product Positioning

Bodega Suprema No. 5 is positioned at ₹4,200–₹5,500 per bottle, aiming to offer authentic 100% Blue Weber Agave tequila at an accessible premium price point. The range includes:

• Blanco: ₹4,200 (750ml)
• Reposado: ₹4,500 (750ml)
• Añejo: ₹5,500 (750ml)

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE133E01013/6a691981-75a8-4c04-8a11-4368b248edad.pdf

Tilaknagar Industries has scheduled its 91st Annual General Meeting for Tuesday, September 22, 2026, at 10:30 am via video conferencing, with a proposed final dividend of Re 1 per equity share for FY26.

The company issued a weblink and QR code to enable shareholders without registered email addresses to access the AGM notice and Annual Report for FY26, ensuring compliance with SEBI's electronic communication norms. The integrated annual report, including financial statements, is available on the company's website and stock exchange portals. Shareholders holding shares in physical mode without registered email addresses are requested to update their details to receive communications and dividends electronically. Those wishing to receive a physical copy may write to investor@tilind.com mentioning their Folio Number or DP ID/Client ID.

Meeting and Voting Details

The AGM will be conducted via video conferencing or other audio-visual means, and physical attendance is not permitted. Remote e-voting has been enabled through Central Depository Services (India) Limited (CDSL).

Shareholders who have already cast their votes remotely will not be eligible to vote again during the meeting. The results of the voting will be announced within two working days of the meeting's conclusion.

Dividend Payout

The Board of Directors had previously recommended a final dividend of Re 1 per equity share, representing a 10% payout on the face value, for the financial year ended March 31, 2026. If approved by shareholders at the meeting, the dividend will be payable on or after the meeting date. Shareholders on record as of September 15, 2026, will be eligible for the proposed final dividend.

FY26 Financial Performance

FY26 was a defining year for Tilaknagar Industries, marked by the acquisition of Imperial Blue from Pernod Ricard India. Revenue from Operations, net of excise duties, increased 69.9% from ₹1,381 crore to ₹2,346 crore. The company sold approximately 20 million cases in FY26, representing a growth of 67.6%.

Debt increased from ₹42 crore as of March 31, 2025 to ₹2,296 crore as of March 31, 2026, on account of financing the Imperial Blue acquisition. Net debt increased from a net cash position of ₹107 crore as of March 31, 2025 to ₹1,911 crore as of March 31, 2026.