{"id":256475,"date":"2026-09-18T12:09:35","date_gmt":"2026-09-18T06:39:35","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=256475"},"modified":"2026-09-18T12:09:35","modified_gmt":"2026-09-18T06:39:35","slug":"brandy-stock-rises-21-percent-in-1-year","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/","title":{"rendered":"This Brandy Stock Rises 21% in 1 Year: A Whisky Deal Rewrote the Story"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Tilaknagar Industries: around Rs 568.70 on 18 Sep 2026. 1-year return 21.44%. 52W range Rs 381.55 to Rs 594.55. Market cap Rs 13,489 Cr. Q1 FY27 revenue Rs 1,046 Cr, gross debt Rs 2,241 Cr.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Tilaknagar Industries, the maker of Mansion House Brandy, is the brandy stock that returned approximately 21% in the year to 18 September 2026, moving from Rs 468.30 to around Rs 568.70. The rerating followed its Rs 4,150 crore purchase of the Imperial Blue whisky franchise from Pernod Ricard India, completed on 1 December 2025. The trade-off is Rs 2,241 crore of gross debt.<\/p>\n<\/div>\n<p>This brandy stock has risen approximately 21% in one year, and the reason has almost nothing to do with brandy. The share closed at Rs 468.30 on 18 September 2025 and traded around Rs 568.70 on 18 September 2026, a verified price gain of 21.44%.<\/p>\n<p>The company is <strong><a href='https:\/\/univest.in\/stocks\/ti\/tilaknagar-industries-ltd-share-price-today'>Tilaknagar Industries Ltd<\/a><\/strong> (NSE: TI), a 1933-vintage spirits maker that owns Mansion House Brandy. In July 2025 it agreed to buy the Imperial Blue whisky business from Pernod Ricard India for about Rs 4,150 crore, turning a regional brandy stock into a national Indian made foreign liquor platform. That is why the Tilaknagar Industries share price re-rated.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/user\/log-in'>Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#How_Has_This_Brandy_Stock_Performed_Across_Time_Frames\" title=\"How Has This Brandy Stock Performed Across Time Frames?\">How Has This Brandy Stock Performed Across Time Frames?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Why_Did_This_Brandy_Stock_Rise_21_in_One_Year\" title=\"Why Did This Brandy Stock Rise 21% in One Year?\">Why Did This Brandy Stock Rise 21% in One Year?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#1_Imperial_Blue_Deal_Closed_on_1_December_2025\" title=\"1. Imperial Blue Deal Closed on 1 December 2025\">1. Imperial Blue Deal Closed on 1 December 2025<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#2_Record_Q1_FY27_Revenue_on_27_July_2026\" title=\"2. Record Q1 FY27 Revenue on 27 July 2026\">2. Record Q1 FY27 Revenue on 27 July 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#3_Andhra_Pradesh_Capacity_Approval_in_May_2026\" title=\"3. Andhra Pradesh Capacity Approval in May 2026\">3. Andhra Pradesh Capacity Approval in May 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#4_Pricing_and_Deal_Appetite_in_August_2026\" title=\"4. Pricing and Deal Appetite in August 2026\">4. Pricing and Deal Appetite in August 2026<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Mansion_House_The_Brandy_Franchise_Under_the_Brandy_Stock\" title=\"Mansion House: The Brandy Franchise Under the Brandy Stock\">Mansion House: The Brandy Franchise Under the Brandy Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#How_Was_the_Imperial_Blue_Deal_Funded\" title=\"How Was the Imperial Blue Deal Funded?\">How Was the Imperial Blue Deal Funded?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Financials_Behind_the_Brandy_Stock_Revenue_Doubled_Profit_Did_Not\" title=\"Financials Behind the Brandy Stock: Revenue Doubled, Profit Did Not\">Financials Behind the Brandy Stock: Revenue Doubled, Profit Did Not<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Who_Owns_This_Brandy_Stock\" title=\"Who Owns This Brandy Stock?\">Who Owns This Brandy Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Key_Risks_in_This_Brandy_Stock\" title=\"Key Risks in This Brandy Stock\">Key Risks in This Brandy Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Tilaknagar_Industries_Share_Analyst_View\" title=\"Tilaknagar Industries Share: Analyst View\">Tilaknagar Industries Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Tilaknagar_Industries_Share_Price_Target\" title=\"Tilaknagar Industries Share Price Target\">Tilaknagar Industries Share Price Target<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Other_Stocks_to_Track_From_the_Same_Return_Screen\" title=\"Other Stocks to Track From the Same Return Screen\">Other Stocks to Track From the Same Return Screen<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Which_brandy_stock_rose_21_in_one_year\" title=\"Which brandy stock rose 21% in one year?\">Which brandy stock rose 21% in one year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Why_did_the_Tilaknagar_Industries_share_price_rise\" title=\"Why did the Tilaknagar Industries share price rise?\">Why did the Tilaknagar Industries share price rise?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#How_much_did_Tilaknagar_Industries_pay_for_Imperial_Blue\" title=\"How much did Tilaknagar Industries pay for Imperial Blue?\">How much did Tilaknagar Industries pay for Imperial Blue?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#Is_Tilaknagar_Industries_profitable_right_now\" title=\"Is Tilaknagar Industries profitable right now?\">Is Tilaknagar Industries profitable right now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#What_is_the_52-week_high_and_low_of_this_brandy_stock\" title=\"What is the 52-week high and low of this brandy stock?\">What is the 52-week high and low of this brandy stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#How_much_debt_does_Tilaknagar_Industries_carry\" title=\"How much debt does Tilaknagar Industries carry?\">How much debt does Tilaknagar Industries carry?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#What_is_the_Tilaknagar_Industries_share_price_target\" title=\"What is the Tilaknagar Industries share price target?\">What is the Tilaknagar Industries share price target?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/brandy-stock-rises-21-percent-in-1-year\/#What_are_the_biggest_risks_in_buying_this_brandy_stock\" title=\"What are the biggest risks in buying this brandy stock?\">What are the biggest risks in buying this brandy stock?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_Has_This_Brandy_Stock_Performed_Across_Time_Frames\"><\/span><strong>How Has This Brandy Stock Performed Across Time Frames?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The one year number is the weakest recent figure, and that is the honest starting point. This brandy stock gained 21.44% in the year to 18 September 2026, rose around 26% in six months, and is down roughly 2% over the last month. Over five years the return is above 1,300%.<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>From (Rs)<\/th>\n<th>To (Rs)<\/th>\n<th>Price Return<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 Month<\/td>\n<td>582.80<\/td>\n<td>568.70<\/td>\n<td>Down 2.42%<\/td>\n<\/tr>\n<tr>\n<td>6 Months<\/td>\n<td>451.20<\/td>\n<td>568.70<\/td>\n<td>Up 26.04%<\/td>\n<\/tr>\n<tr>\n<td>1 Year<\/td>\n<td>468.30<\/td>\n<td>568.70<\/td>\n<td>Up 21.44%<\/td>\n<\/tr>\n<tr>\n<td>3 Years<\/td>\n<td>204.85<\/td>\n<td>568.70<\/td>\n<td>Up 177.61%<\/td>\n<\/tr>\n<tr>\n<td>5 Years<\/td>\n<td>40.10<\/td>\n<td>568.70<\/td>\n<td>Up 1,318.20%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Returns are simple price changes to 18 September 2026 and are not annualised. No split or bonus took place in any window. This brandy stock was among the stronger performers on a screen of NSE small-cap stocks ranked by 1-year return.<\/p>\n<p>The path inside that year was rough. This brandy stock fell from Rs 528.10 in late October 2025 to a 52-week low of Rs 381.55 on 23 January 2026, then recovered to a 52-week high of Rs 594.55 on 25 August 2026.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_This_Brandy_Stock_Rise_21_in_One_Year\"><\/span><strong>Why Did This Brandy Stock Rise 21% in One Year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Four dated events did the work for this brandy stock. Each moved the Tilaknagar Industries share price on the day, and together they changed what the company sells.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Imperial_Blue_Deal_Closed_on_1_December_2025\"><\/span><strong>1. Imperial Blue Deal Closed on 1 December 2025<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Tilaknagar Industries completed the purchase of the Imperial Blue business division from Pernod Ricard India on 1 December 2025, paying approximately Rs 3,442 crore upfront plus a deferred EUR 28 million against the headline value of about Rs 4,150 crore agreed on 23 July 2025.<\/p>\n<p>Imperial Blue is India&#8217;s third largest whisky brand by volume, selling around 22.4 million nine-litre cases in the year to March 2025 on revenue of roughly Rs 3,067 crore, and the deal transferred two plants plus a supply agreement with Chivas Brothers. For a brandy stock with FY25 revenue of Rs 1,434 crore, that is transformative.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Record_Q1_FY27_Revenue_on_27_July_2026\"><\/span><strong>2. Record Q1 FY27 Revenue on 27 July 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Q1 FY27 results were approved on 27 July 2026, the first clean quarter with Imperial Blue inside the brandy stock. Consolidated revenue was Rs 1,046 crore against Rs 409 crore a year earlier, operating profit Rs 169 crore against Rs 94 crore, and net profit Rs 32 crore.<\/p>\n<p>Volumes told the better story: 8.7 million cases, up approximately 172% year on year, with Imperial Blue crossing 2 million cases in both May and June 2026. The Tilaknagar Industries share price rose from Rs 444.10 on 28 July to Rs 465.40 the next session.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Andhra_Pradesh_Capacity_Approval_in_May_2026\"><\/span><strong>3. Andhra Pradesh Capacity Approval in May 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On 14 May 2026 subsidiary Prag Distillery won Andhra Pradesh government approval to lift bottling capacity from 0.6 million cases a year to 3.6 million, a six-fold increase. Andhra Pradesh is the single largest market for Mansion House and the core of this brandy stock.<\/p>\n<p>The point is margin. In-house bottling replaces third party tie-ups, and management says the expanded unit can serve roughly half of its volume demand in that state.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Pricing_and_Deal_Appetite_in_August_2026\"><\/span><strong>4. Pricing and Deal Appetite in August 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On 20 August 2026 management signalled a price increase within two months, and excise-linked revisions flow almost directly to operating profit. On 26 August it said it was open to another large acquisition, and on 1 September it guided to double-digit FY27 volume growth. The brandy stock hit its 52-week high on 25 August.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mansion_House_The_Brandy_Franchise_Under_the_Brandy_Stock\"><\/span><strong>Mansion House: The Brandy Franchise Under the Brandy Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mansion House remains the engine, selling 2.6 million cases in Q1 FY27 and growing more than 7% year on year. Brandy is overwhelmingly a southern Indian category, with Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Kerala taking most national consumption.<\/p>\n<p>That geography is both the strength and the weakness of this brandy stock. It gives a franchise where multinational rivals are thin, but concentrates revenue in states that rewrite excise rules often.<\/p>\n<p>Imperial Blue is scaling fast, crossing 150,000 cases a month in Karnataka by July 2026. The brandy stock has also moved upmarket, launching Seven Islands Pure Malt in November 2025 and buying into Black Tiger Distilleries to enter tequila.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/screeners'>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Was_the_Imperial_Blue_Deal_Funded\"><\/span><strong>How Was the Imperial Blue Deal Funded?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With fresh equity plus a large term loan, and the loan is the part that matters for this brandy stock. On 23 July 2025 the board approved raising up to Rs 6,500 crore: Rs 2,500 crore of equity or equity-linked securities and Rs 4,000 crore of debt.<\/p>\n<p>The equity leg was a preferential issue of Rs 2,296.62 crore at Rs 382 per share and per warrant: 1.43 crore shares and 4.57 crore warrants. That is why promoter holding in this brandy stock fell from 37.20% in September 2025 to 31.50% by November 2025.<\/p>\n<p>The rest came from borrowings. At 30 June 2026 gross debt was Rs 2,241 crore against Rs 2,295 crore in March, net debt around Rs 2,100 crore, and the Rs 2,041 crore term loan carried an effective rate near 10% to 11%. That interest bill is why the brandy stock reports thin profit on doubled revenue.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financials_Behind_the_Brandy_Stock_Revenue_Doubled_Profit_Did_Not\"><\/span><strong>Financials Behind the Brandy Stock: Revenue Doubled, Profit Did Not<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>FY26 revenue at this brandy stock was Rs 2,346 crore against Rs 1,434 crore in FY25, up approximately 64%, with operating profit rising to Rs 419 crore from Rs 255 crore. Net profit fell to Rs 21 crore from Rs 230 crore on financing costs and one-off charges.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Revenue (Rs Cr)<\/th>\n<th>Operating Profit (Rs Cr)<\/th>\n<th>Operating Margin<\/th>\n<th>Net Profit (Rs Cr)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Jun 2025 (Q1 FY26)<\/td>\n<td>409<\/td>\n<td>94<\/td>\n<td>23.0%<\/td>\n<td>89<\/td>\n<\/tr>\n<tr>\n<td>Sep 2025 (Q2 FY26)<\/td>\n<td>398<\/td>\n<td>60<\/td>\n<td>15.1%<\/td>\n<td>53<\/td>\n<\/tr>\n<tr>\n<td>Dec 2025 (Q3 FY26)<\/td>\n<td>623<\/td>\n<td>110<\/td>\n<td>17.7%<\/td>\n<td>Loss of 105<\/td>\n<\/tr>\n<tr>\n<td>Mar 2026 (Q4 FY26)<\/td>\n<td>949<\/td>\n<td>155<\/td>\n<td>16.3%<\/td>\n<td>Loss of 15<\/td>\n<\/tr>\n<tr>\n<td>Jun 2026 (Q1 FY27)<\/td>\n<td>1,046<\/td>\n<td>169<\/td>\n<td>16.2%<\/td>\n<td>32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Operating margin at this brandy stock has settled in a 16% to 18% band since the acquisition, below the 23% the standalone business earned in June 2025, because Imperial Blue carries thinner unit economics than brandy.<\/p>\n<p>On trailing twelve month numbers this brandy stock is still loss-making, with earnings per share near minus Rs 1.45, so a price to earnings multiple is not meaningful. Investors work off book value of Rs 120.31, price to book near 4.52, return on equity of 8.48% and debt to equity of 0.77, against a sector multiple near 54.8.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Owns_This_Brandy_Stock\"><\/span><strong>Who Owns This Brandy Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Promoters hold 31.68% of this brandy stock as of June 2026, down from 37.20% in September 2025 purely because of the preferential issue. Foreign institutions trimmed through the year while domestic institutions added.<\/p>\n<table>\n<thead>\n<tr>\n<th>Shareholder<\/th>\n<th>Sep 2025<\/th>\n<th>Dec 2025<\/th>\n<th>Mar 2026<\/th>\n<th>Jun 2026<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Promoters<\/td>\n<td>37.20%<\/td>\n<td>31.71%<\/td>\n<td>31.71%<\/td>\n<td>31.68%<\/td>\n<\/tr>\n<tr>\n<td>FII<\/td>\n<td>19.44%<\/td>\n<td>18.41%<\/td>\n<td>16.87%<\/td>\n<td>16.88%<\/td>\n<\/tr>\n<tr>\n<td>DII<\/td>\n<td>3.81%<\/td>\n<td>4.90%<\/td>\n<td>5.92%<\/td>\n<td>6.27%<\/td>\n<\/tr>\n<tr>\n<td>Public and others<\/td>\n<td>39.54%<\/td>\n<td>44.97%<\/td>\n<td>45.50%<\/td>\n<td>45.17%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Foreign holding is down roughly 256 basis points since September 2025, a mild negative for a brandy stock in a rerating phase. Domestic institutions moved from 3.81% to 6.27%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_in_This_Brandy_Stock\"><\/span><strong>Key Risks in This Brandy Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Debt and interest:<\/strong> Gross debt of Rs 2,241 crore and debt to equity of 0.77 constrains this brandy stock. At 10% to 11% on a Rs 2,041 crore term loan, interest eats a large share of operating profit, and losses can persist if volume growth slows before repayment.<\/p>\n<p><strong>Auditor qualification:<\/strong> Statutory auditors flagged in the Q1 FY27 filing that no impairment assessment had been carried out on an extra neutral alcohol plant despite indicators of possible impairment. Management says the plant will restart after capital expenditure. Track how that is treated at the full year audit.<\/p>\n<p><strong>State excise policy:<\/strong> Alcohol is a state subject and rules change quickly. Maharashtra raised excise duty on Indian made foreign liquor in June 2025, pushing shelf prices up around 50% and hitting industry volumes. Because this brandy stock earns heavily from a few southern states, one policy shift can dent a year.<\/p>\n<p><strong>Encumbrance and restructuring history:<\/strong> A non-disposal undertaking over 5.41 crore shares, about 26% of capital, was created for two lenders in December 2025. This brandy stock also has a distress record: a corporate debt restructuring, debt converted into equity, exposure sold to an asset reconstruction company, a net loss of Rs 38.4 crore in FY21 and negative net worth then.<\/p>\n<p><strong>Small-cap liquidity and volatility:<\/strong> With a market capitalisation near Rs 13,489 crore and no derivatives on the counter, position sizing matters here. The 52-week range is a spread above 55% off the low.<\/p>\n<p><strong>Dilution ahead:<\/strong> The 4.57 crore warrants issued at Rs 382 are not fully converted. Conversion brings cash to cut debt, but expands the share count of this brandy stock and caps earnings per share growth.<\/p>\n<p style=\"margin-top:24px;\"><strong>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the Tilaknagar Industries share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tilaknagar_Industries_Share_Analyst_View\"><\/span><strong>Tilaknagar Industries Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analyst sentiment on the Tilaknagar Industries share has stayed constructive through the earnings dip. A publicly compiled consensus of five analysts covering this brandy stock in September 2026 showed an average twelve-month target near Rs 620.60.<\/p>\n<p>The debate is not about demand but about debt reduction. The positive case is that Imperial Blue volumes, the Andhra Pradesh ramp and a price increase retire borrowings in two to three years. The cautious case is that a 16% margin leaves thin headroom if excise costs rise.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tilaknagar_Industries_Share_Price_Target\"><\/span><strong>Tilaknagar Industries Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The verified consensus Tilaknagar Industries share price target is around Rs 620.60 as of September 2026, implying roughly 9% upside from Rs 568.70. That estimate sits only marginally above the 52-week high already printed on 25 August 2026.<\/p>\n<p>A more grounded frame for any Tilaknagar Industries share price target is the range already tested. The Tilaknagar Industries share price bottomed at Rs 381.55 in January 2026 and peaked at Rs 594.55 in August 2026. Until the trailing loss turns into profit, this brandy stock trades on quarterly delivery, not on multiples.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Stocks_to_Track_From_the_Same_Return_Screen\"><\/span><strong>Other Stocks to Track From the Same Return Screen<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Beyond this brandy stock, a screen of NSE small-cap stocks ranked by 1-year return also includes related names such as <a href=\"https:\/\/univest.in\/stocks\/thangamayl\/thangamayil-jewellery-ltd-share-price-today\">Thangamayil Jewellery<\/a> with a 1-year return of 131.85%, <a href=\"https:\/\/univest.in\/stocks\/novartind\/novartis-india-ltd-share-price-today\">Novartis India<\/a> at 126.70% and <a href=\"https:\/\/univest.in\/stocks\/shilpamed\/shilpa-medicare-ltd-share-price-today\">Shilpa Medicare<\/a> at 125.18%.<\/p>\n<p>Among the names covered from that screen, <a href=\"https:\/\/univest.in\/stocks\/mtartech\/mtar-technologies-ltd-share-price-today\">MTAR Technologies<\/a> returned 396.53% over one year. Readers can compare this brandy stock with the <a href=\"https:\/\/univest.in\/indices\/nifty-50\/nifty-50-share-price-today\">Nifty 50<\/a> benchmark and track each of these names on Univest before making any decision.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A 21% one year gain understates how much changed. Revenue doubled, the mix moved from brandy-heavy to roughly balanced with whisky, and borrowings went from near zero to Rs 2,241 crore inside twelve months. This brandy stock is a debt-funded integration story wearing an old label.<\/p>\n<p>The checklist for coming quarters: gross debt below Rs 2,000 crore, operating margin at or above 16%, the price increase landing on schedule, and the impairment question resolved. Anyone weighing this brandy stock should size the position for small-cap volatility and speak to a SEBI-registered adviser first.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_brandy_stock_rose_21_in_one_year\"><\/span><strong>Which brandy stock rose 21% in one year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tilaknagar Industries Ltd (NSE: TI), the maker of Mansion House Brandy, gained approximately 21.44% in the year to 18 September 2026. The share moved from Rs 468.30 to around Rs 568.70, with no split or bonus in the period.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_Tilaknagar_Industries_share_price_rise\"><\/span><strong>Why did the Tilaknagar Industries share price rise?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The rerating followed its Rs 4,150 crore acquisition of the Imperial Blue whisky business, completed on 1 December 2025. Record Q1 FY27 revenue of Rs 1,046 crore, an Andhra Pradesh capacity approval in May 2026 and price increase guidance in August 2026 kept it going.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_did_Tilaknagar_Industries_pay_for_Imperial_Blue\"><\/span><strong>How much did Tilaknagar Industries pay for Imperial Blue?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The agreed value was approximately Rs 4,150 crore, or about EUR 412.6 million, announced on 23 July 2025. At completion it paid around Rs 3,442 crore upfront plus a deferred EUR 28 million payment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Tilaknagar_Industries_profitable_right_now\"><\/span><strong>Is Tilaknagar Industries profitable right now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Not on a trailing twelve month basis. Earnings per share is near minus Rs 1.45 because of acquisition financing costs, though the company reported net profit of Rs 32 crore in the June 2026 quarter and Rs 21 crore for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_52-week_high_and_low_of_this_brandy_stock\"><\/span><strong>What is the 52-week high and low of this brandy stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The 52-week high is Rs 594.55, touched on 25 August 2026, and the low is Rs 381.55, hit on 23 January 2026. The brandy stock traded around Rs 568.70 on 18 September 2026, roughly 4% below its high.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_debt_does_Tilaknagar_Industries_carry\"><\/span><strong>How much debt does Tilaknagar Industries carry?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Gross debt was Rs 2,241 crore at 30 June 2026, down from Rs 2,295 crore in March, with net debt around Rs 2,100 crore. The bulk is a term loan of roughly Rs 2,041 crore at an effective rate near 10% to 11%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Tilaknagar_Industries_share_price_target\"><\/span><strong>What is the Tilaknagar Industries share price target?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A publicly compiled consensus of five analysts covering the company in September 2026 showed an average twelve-month target of approximately Rs 620.60, implying around 9% upside from Rs 568.70. Targets are estimates and can be missed.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_biggest_risks_in_buying_this_brandy_stock\"><\/span><strong>What are the biggest risks in buying this brandy stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The largest risks in this brandy stock are the Rs 2,241 crore debt load, an unresolved auditor observation on an impairment assessment, and state excise policy changes in southern India where brandy volumes sit. Small-cap liquidity, a non-disposal undertaking on about 26% of capital and pending warrant conversion add to that.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which brandy stock rose 21% in one year?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Tilaknagar Industries Ltd (NSE: TI), the maker of Mansion House Brandy, gained approximately 21.44% in the year to 18 September 2026. The share moved from Rs 468.30 to around Rs 568.70, with no split or bonus in the period.\"}},{\"@type\":\"Question\",\"name\":\"Why did the Tilaknagar Industries share price rise?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The rerating followed its Rs 4,150 crore acquisition of the Imperial Blue whisky business, completed on 1 December 2025. Record Q1 FY27 revenue of Rs 1,046 crore, an Andhra Pradesh capacity approval in May 2026 and price increase guidance in August 2026 kept it going.\"}},{\"@type\":\"Question\",\"name\":\"How much did Tilaknagar Industries pay for Imperial Blue?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The agreed value was approximately Rs 4,150 crore, or about EUR 412.6 million, announced on 23 July 2025. At completion it paid around Rs 3,442 crore upfront plus a deferred EUR 28 million payment.\"}},{\"@type\":\"Question\",\"name\":\"Is Tilaknagar Industries profitable right now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Not on a trailing twelve month basis. Earnings per share is near minus Rs 1.45 because of acquisition financing costs, though the company reported net profit of Rs 32 crore in the June 2026 quarter and Rs 21 crore for FY26.\"}},{\"@type\":\"Question\",\"name\":\"What is the 52-week high and low of this brandy stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The 52-week high is Rs 594.55, touched on 25 August 2026, and the low is Rs 381.55, hit on 23 January 2026. The brandy stock traded around Rs 568.70 on 18 September 2026, roughly 4% below its high.\"}},{\"@type\":\"Question\",\"name\":\"How much debt does Tilaknagar Industries carry?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Gross debt was Rs 2,241 crore at 30 June 2026, down from Rs 2,295 crore in March, with net debt around Rs 2,100 crore. The bulk is a term loan of roughly Rs 2,041 crore at an effective rate near 10% to 11%.\"}},{\"@type\":\"Question\",\"name\":\"What is the Tilaknagar Industries share price target?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A publicly compiled consensus of five analysts covering the company in September 2026 showed an average twelve-month target of approximately Rs 620.60, implying around 9% upside from Rs 568.70. Targets are estimates and can be missed.\"}},{\"@type\":\"Question\",\"name\":\"What are the biggest risks in buying this brandy stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The largest risks in this brandy stock are the Rs 2,241 crore debt load, an unresolved auditor observation on an impairment assessment, and state excise policy changes in southern India where brandy volumes sit. Small-cap liquidity, a non-disposal undertaking on about 26% of capital and pending warrant conversion add to that.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A southern India spirits maker gained approximately 21% in twelve months after buying one of the country&#8217;s largest whisky brands. Here is what changed and what it cost.<\/p>\n","protected":false},"author":29,"featured_media":256471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[6134,5445,6136,6137,6135,6131,6132,6133],"class_list":["post-256475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-brandy-stock","tag-high-return-stocks","tag-imperial-blue-whisky","tag-indian-made-foreign-liquor","tag-mansion-house-brandy","tag-tilaknagar-industries","tag-tilaknagar-industries-share-price","tag-tilaknagar-industries-share-price-target"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["256471"],"rank_math_title":["Brandy Stock Rises 21% in 1 Year: What Changed"],"rank_math_description":["This brandy stock rose approximately 21% in one year, from Rs 468.30 to about Rs 568.70. See the Imperial Blue deal, the debt behind it and the real risks."],"rank_math_focus_keyword":["brandy stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/brandy-stock-rises-21-percent-in-1-year.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/256475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=256475"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/256475\/revisions"}],"predecessor-version":[{"id":256477,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/256475\/revisions\/256477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/256471"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=256475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=256475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=256475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}