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TI - Tilaknagar Inds.

📊 NSE: TI 🏢 Breweries & Distilleries 📅 Last Updated: 12/14/2025 14:23

📢 Recent Corporate Announcements

Tilaknagar Industries Q3 Revenue Jumps 80% to ₹1,453 Cr; Net Loss at ₹105 Cr on Exceptional Items

🔵 WATCH ⭐ 8/10

EARNINGS 📅 10 Mar 2026, 06:36 PM

Tilaknagar Industries reported a strong 80.4% YoY revenue growth to ₹1,453.01 crore for the quarter ended December 31, 2025. Despite robust top-line performance, the company recorded a consolidated net loss of ₹105.41 crore, primarily driven by a massive exceptional loss of ₹169.42 crore. Finance costs also witnessed a sharp spike to ₹39.25 crore from ₹2.36 crore in the previous year. Additionally, the statutory auditors have maintained a qualified opinion regarding the lack of impairment assessment for an ENA plant.

Revenue from operations surged 80.4% YoY to ₹1,45,301.28 Lacs in Q3 FY26.
Consolidated net loss of ₹10,540.84 Lacs reported against a profit of ₹5,392.66 Lacs in Q3 FY25.
Exceptional items resulted in a loss of ₹16,942.06 Lacs during the quarter.
Finance costs increased significantly to ₹3,924.59 Lacs compared to ₹235.96 Lacs in the year-ago period.
Statutory auditors issued a qualified conclusion due to non-conduct of impairment assessment on an ENA plant as per Ind AS 36.

💡 Investors should seek clarity on the nature of the ₹169 crore exceptional loss and the reasons behind the sharp rise in finance costs. While revenue growth is impressive, the auditor qualification and bottom-line impact necessitate a cautious 'watch' approach.

Tilaknagar Industries Appoints Tata Group Veteran Ina Bajwa as Chief People Officer

🟢 POSITIVE ⭐ 5/10

MANAGEMENT 📅 09 Mar 2026, 07:49 PM

Tilaknagar Industries has appointed Ms. Ina Bajwa as Chief People Officer (CPO) effective March 09, 2026. Ms. Bajwa brings 22 years of extensive HR experience, having previously served as CHRO of Tata 1mg and Chief Talent Officer at Tata Digital. Consequent to this appointment, Mr. Ameya Deshpande will step down from overseeing the HR function to focus exclusively on his role as Chief Strategy Officer. This strategic hire from a high-pedigree background like the Tata Group signals a focus on organizational transformation and talent management.

Ms. Ina Bajwa appointed as Chief People Officer effective March 09, 2026
Brings 22 years of experience across sectors including retail, e-commerce, and banking
Former leadership roles include CHRO at Tata 1mg and Group Head of Talent at Landmark Group
Mr. Ameya Deshpande to continue as Chief Strategy Officer after relinquishing HR responsibilities
Ms. Bajwa is an alumna of the Tata Group Strategic Leadership Program at Harvard Business School

💡 Investors should view this as a positive move to professionalize the senior management team with high-caliber talent. No immediate action is required, but this strengthens the company's internal leadership structure for future growth.

Tilaknagar Industries Appoints Tata Group Veteran Ina Bajwa as Chief People Officer

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 09 Mar 2026, 07:30 PM

Tilaknagar Industries has appointed Ms. Ina Bajwa as Chief People Officer (CPO) effective March 09, 2026. Ms. Bajwa brings 22 years of extensive experience, having held senior leadership and CXO roles at Tata Group companies like Tata 1mg and Tata Digital. Following this appointment, Mr. Ameya Deshpande will cease overseeing the HR function to focus exclusively on his role as Chief Strategy Officer. This move is aimed at strengthening the company's senior management and organizational effectiveness.

Ms. Ina Bajwa appointed as Chief People Officer effective March 09, 2026
Brings 22 years of experience from Tata Group, Landmark Group, HSBC, and Essar Group
Previously served as CHRO of Tata 1mg and Chief Talent Officer at Tata Digital
Mr. Ameya Deshpande to focus solely on Chief Strategy Officer duties post-transition

💡 This is a positive step toward professionalizing the management team with high-caliber talent. Investors should view this as a commitment to scaling organizational capabilities, though it has no immediate impact on financial performance.

Tilaknagar Industries to Meet Investors at Bharat Connect Conference on March 11

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 06:30 PM

Tilaknagar Industries Limited has scheduled an interaction with analysts and institutional investors for March 11, 2026. The company will be participating in the 'Bharat Connect Conference: Rising Stars - March 2026' via video conferencing. The sessions will include one-to-one and group meetings to discuss the company's performance and outlook. Management has stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Management interaction scheduled for March 11, 2026, with institutional investors.
Participation in the 'Bharat Connect Conference: Rising Stars' event.
Meetings to be conducted via Video Conferencing in one-to-one or group formats.
Discussions will refer to the latest investor presentation uploaded on February 13, 2026.

💡 Investors should review the company's latest presentation from February 13, 2026, to understand the current growth strategy and monitor for any post-conference updates.

Tilaknagar Industries Q3 FY26 Revenue Surges 90.5% Post Imperial Blue Acquisition

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 19 Feb 2026, 05:08 PM

Tilaknagar Industries reported a massive 90.5% YoY revenue growth to Rs. 664 crore in Q3 FY26, driven by the first month of Imperial Blue (IB) integration. The company achieved a 32% market share in the prestige and above IMFL segment in South India, with total volumes reaching 5.3 million cases. Management has guided for a 150-250 bps EBITDA margin expansion over the next 2-3 years and expects high single-digit to low double-digit volume growth in FY27. Despite taking on Rs. 2,100 crore in debt for the acquisition, the company aims to bring the net debt-to-EBITDA ratio below 1.0x by FY29.

Net revenue grew 90.5% YoY to Rs. 664 crore, while EBITDA rose 82.3% to Rs. 110 crore in Q3 FY26.
Total volumes increased 76.1% YoY to 5.3 million cases; excluding the IB acquisition, organic growth was 16.8%.
Secured Rs. 2,100 crore in debt for the IB acquisition with a 2-year principal moratorium and a 6-year tenure.
Management targets 150-250 bps margin expansion for the combined business over the next 24-36 months.
Achieved 32% market share in South India's prestige and above IMFL segment in December 2025.

💡 Investors should monitor the successful operational integration of Imperial Blue and the realization of projected margin expansions. The company's transition into a pan-India, multi-category player makes it a key beneficiary of the premiumization trend in the Indian spirits market.

Tilaknagar Industries Releases Q3 & 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 13 Feb 2026, 07:09 PM

Tilaknagar Industries Limited has officially released the audio recording of its earnings conference call for the Q3 and 9M FY26 period. The call was conducted on February 13, 2026, to discuss the company's financial performance and operational highlights with analysts and investors. This disclosure ensures transparency and provides stakeholders with direct access to management's commentary. Investors are encouraged to review the recording for deeper insights into the company's strategic direction and market positioning.

Audio recording for Q3 and 9M FY26 earnings call is now available on the company website.
The conference call took place on February 13, 2026, following the Q3 results announcement.
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
Direct link provided for investor transparency: https://tilind.com/wp-content/uploads/investor/260213011019_TI%20-%20Q3%20FY26%20-%20Audio.mp3.

💡 Investors should listen to the recording to evaluate management's commentary on raw material costs and market expansion. This will help in assessing the long-term growth trajectory of the company's core brands.

Tilaknagar Industries to Attend Dolat Capital Investor Conference on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 06:40 PM

Tilaknagar Industries Limited has announced its participation in the Dolat Capital Annual Flagship Conference 2026. The event is scheduled for February 18, 2026, at the Grand Hyatt in Mumbai. Management will engage in one-to-one and group meetings with various analysts and institutional investors. The company has clarified that no unpublished price sensitive information will be shared during these interactions, and a formal presentation will be filed with the exchanges beforehand.

Management interaction scheduled for February 18, 2026, in Mumbai.
Participation in the Dolat Capital Annual Flagship Conference 2026.
Format includes both one-to-one and group meetings with institutional investors.
Investor presentation to be shared with stock exchanges prior to the commencement of the meet.

💡 Investors should review the upcoming investor presentation for any updates on growth strategy or market share targets in the IMFL segment. No immediate trading action is required as this is a routine investor relations event.

Tilaknagar Industries Q3 Net Revenue Jumps 95% to ₹664 Cr on Imperial Blue Integration

🟢 POSITIVE ⭐ 10/10

EARNINGS 📅 13 Feb 2026, 04:57 PM

Tilaknagar Industries (TI) reported a transformative Q3 FY26 with net revenue surging 95% YoY to ₹664 crore, primarily driven by the acquisition of the Imperial Blue (IB) brand. IB contributed 1.79 million cases in its first month (December 2025) under TI ownership, propelling the company to a ~32% market share in the Southern region's P&A segment. While the ₹3,550 crore acquisition increased gross debt to ₹2,148 crore, management has a clear deleveraging roadmap to bring Net Debt/EBITDA below 1.0x by FY29. The company is targeting a 150-250 bps EBITDA margin expansion over the next 24-36 months through synergy realization and premiumization.

Total Q3 volumes grew 76.1% YoY to 53.1 lac cases, including 17.9 lac cases from Imperial Blue in December alone.
Net Revenue for Q3 FY26 stood at ₹664 crore, a 95% increase YoY, while 9M FY26 revenue reached ₹1,471 crore.
Adjusted EBITDA grew 49.6% YoY to ₹90 crore in Q3, with an EBITDA margin of 14.0% despite integration activities.
Net Debt increased to ₹1,526 crore following the ₹3,550 crore acquisition of the Imperial Blue business from Pernod Ricard.
Management targets low double-digit volume growth and a reduction in Net Debt/EBITDA to under 1.0x by FY29.

💡 Investors should view the successful initial integration of Imperial Blue as a major growth catalyst that shifts TI into a scaled IMFL player. Focus should remain on the company's ability to sustain margins while deleveraging the balance sheet over the next few quarters.

Tilaknagar Industries Q3 Net Revenue Jumps 95% to Rs 664 Cr; IB Acquisition Drives Volume

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 13 Feb 2026, 04:52 PM

Tilaknagar Industries (TI) reported a massive 95% YoY growth in Q3 FY26 net revenue to Rs 664 crore, significantly boosted by the integration of the Imperial Blue (IB) brand. Total volumes surged 76.1% to 53.1 lakh cases, with IB contributing 17.9 lakh cases in its first month of ownership (December 2025). EBITDA rose 82.3% to Rs 110 crore, while adjusted PAT grew 40.1% to Rs 76 crore. The company has emerged as the largest Prestige & Above player in South India with a 32% market share as of December 2025.

Consolidated Q3 net revenue grew 95% YoY to Rs 664 crore; adjusted for subsidy, growth was 89.2%.
Total volume reached 53.1 lakh cases, a 76.1% YoY growth, driven by the Imperial Blue acquisition.
EBITDA increased 82.3% YoY to Rs 110 crore, with adjusted EBITDA margins standing at 14.0%.
Management targets EBITDA margin expansion of 150-250 bps over the next 24-36 months.
Company aims to reduce Net Debt/EBITDA to below 1.0x by FY29 through strong operating cash flows.

💡 Investors should note the strong execution in integrating the Imperial Blue brand, which has immediately scaled volumes and market share. The clear roadmap for deleveraging and margin expansion makes this a positive outlook for long-term growth.

Tilaknagar Industries Shareholders Approve ESOP 2025 and New Director Appointment

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 11 Feb 2026, 05:54 PM

Tilaknagar Industries Limited (TI) has announced the successful passage of three special resolutions via postal ballot. Shareholders approved the appointment of Mr. Jenamejayan Kamalam Shivan as a Non-Executive Independent Director with a near-unanimous 99.99% majority. Crucially, the implementation of the 'ESOP 2025' scheme and its extension to group companies were also approved with 87.48% and 80.35% support, respectively. These results reflect strong shareholder backing for the company's long-term incentive plans and governance structure.

Appointment of Mr. Jenamejayan Kamalam Shivan as Independent Director passed with 99.99% votes in favor.
Implementation of Tilaknagar Employee Stock Option Scheme 2025 (ESOP 2025) approved by 87.48% of voters.
Extension of ESOP 2025 to group and subsidiary employees secured 80.35% approval.
A total of 10.58 crore valid votes were cast out of a total share base of 20.81 crore shares.

💡 Investors should monitor the eventual equity dilution once the ESOPs are granted and vested. The high approval rates suggest strong institutional and retail confidence in the current management's direction.

Tilaknagar Industries Schedules Q3 FY26 Earnings Call for February 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 07:56 PM

Tilaknagar Industries (TI) has announced its post-results earnings conference call for Q3 FY26, scheduled for February 13, 2026, at 5:00 PM IST. The senior management team, including the Chairman & Managing Director and the CFO, will discuss the quarterly financial performance and strategic outlook. This call provides an opportunity for analysts and investors to gain insights into the company's premiumization strategy and the performance of its 'Millionaire' brands. The session will include a management discussion followed by an interactive Q&A.

Earnings conference call scheduled for Friday, February 13, 2026, at 5:00 PM IST.
Management participants include CMD Amit Dahanukar, CSO Ameya Deshpande, and CFO Rajesh Choudhary.
Discussion will focus on Q3 FY26 financial results and the 'House of TI' luxury vertical performance.
Primary dial-in numbers for the call are +91 22 6280 1141 and +91 22 7115 8042.

💡 Investors should monitor the call for updates on volume growth in the brandy segment and management's commentary on the success of the premiumization strategy. No immediate trading action is required based solely on this scheduling announcement.

Tilaknagar Industries Schedules Q3 FY26 Earnings Call for February 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 07:12 PM

Tilaknagar Industries (TI) has scheduled its Q3 FY26 earnings conference call for Friday, February 13, 2026, at 5:00 PM IST. The call will feature senior management, including the Chairman & Managing Director and the CFO, who will discuss the company's quarterly financial performance. This session is a standard procedure following the release of quarterly results to provide clarity on business operations and strategic outlook. Investors can access the call via domestic and international dial-in numbers provided by the company.

Earnings conference call scheduled for February 13, 2026, at 5:00 PM IST.
Management team including CMD Amit Dahanukar and CFO Rajesh Choudhary to lead the discussion.
Discussion to cover Q3 FY26 results and the performance of 'Millionaire' brands like Mansion House Brandy.
International toll-free dial-in options available for Singapore, Hong Kong, USA, and UK investors.

💡 Investors should review the Q3 FY26 financial results once released and participate in the call to understand the management's commentary on premiumization and market share.

Tilaknagar Industries Appoints Rajesh Choudhary as CFO; Imperial Blue Sales Hit 1.79M Cases

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 27 Jan 2026, 01:41 PM

Tilaknagar Industries has announced a significant leadership reshuffle, appointing Rajesh Choudhary as the new CFO. Mr. Choudhary brings 29 years of experience, including 22 years in the Alcobev industry with Pernod Ricard India. The company also reported that its newly acquired Imperial Blue Whisky brand achieved primary sales of 1.79 million cases in December 2025, its first month under the TI banner. These changes, along with several senior management re-designations, aim to strengthen governance and support the company's premiumization and expansion strategy.

Rajesh Choudhary appointed as CFO, bringing 22 years of Alcobev industry experience from Pernod Ricard India.
Imperial Blue Whisky recorded strong primary sales of 1.79 million cases in December 2025.
Former CFO Abhinav Gupta transitioned to Chief of Internal Audit to oversee risk management and governance.
Multiple leadership re-designations across Legal, Strategy, Sales, and Manufacturing to align with strategic growth.

💡 Investors should view the leadership strengthening and the immediate volume success of the Imperial Blue acquisition as positive indicators. Monitor the upcoming quarterly results to see how this volume growth impacts the bottom line.

Tilaknagar Industries Reshuffles Leadership; Appoints Rajesh Choudhary as CFO

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 27 Jan 2026, 01:30 PM

Tilaknagar Industries has announced a significant management restructuring following its acquisition of the Imperial Blue business. Mr. Rajesh Choudhary, a veteran with over 29 years of experience including 22 years in the Alcobev industry at Pernod Ricard, has been appointed as the new Chief Financial Officer. The outgoing CFO, Mr. Abhinav Gupta, will transition to a new role as Chief of Internal Audit. This organizational change includes several re-designations at the 'Chief' level across sales, strategy, and legal functions to streamline operations post-acquisition.

Mr. Rajesh Choudhary appointed as CFO, bringing 22+ years of Alcobev experience from Pernod Ricard India.
Management reshuffle triggered by the organizational needs following the Imperial Blue business acquisition.
Outgoing CFO Mr. Abhinav Gupta transitions to Chief of Internal Audit, maintaining his status as Senior Management.
Key re-designations include Chief Sales Officer, Chief Strategy Officer, and Head of Legal to strengthen the leadership tier.
Mr. Sai Amrutkumar Vegisetti (CIO) formally included in the Senior Management Personnel (SMP) category.

💡 The induction of an industry veteran from a global major like Pernod Ricard as CFO is a positive signal for financial governance. Investors should view this as a strengthening of the execution team for the company's next growth phase.

Tilaknagar Industries Promoter Encumbers 26% Stake for Working Capital Facility

🔵 WATCH ⭐ 7/10

REGULATORY 📅 22 Jan 2026, 03:09 PM

Promoter Mr. Amit Dahanukar has executed a non-disposal undertaking (NDU) for 7,30,06,275 equity shares, representing 26% of the company's fully diluted share capital. This encumbrance is in favor of Catalyst Trusteeship Ltd to secure working capital facilities from ICICI Bank and Kotak Mahindra Bank. Under the agreement, the promoter group must maintain at least a 26% stake and retain management control of the company. Any breach of these terms will be considered an event of default under the financing arrangement.

Encumbrance created over 7,30,06,275 shares, equivalent to 26% of the paid-up equity capital on a fully diluted basis.
The undertaking includes a recent addition of 98,05,900 shares (3.99%) to the encumbered pool.
Lenders involved in the working capital facility are ICICI Bank Limited and Kotak Mahindra Bank Limited.
Promoter group is mandated to maintain a minimum 26% shareholding and cannot transfer shares without lender consent.
Total diluted share capital of the company is confirmed at 25,55,79,349 equity shares of INR 10 each.

💡 Investors should monitor the company's debt servicing capabilities, as a significant portion of the promoter's stake is now tied to credit facilities. While the 26% floor ensures promoter commitment, any financial default could lead to lender intervention.

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💰 Financial Performance

Revenue Growth by Segment

Total Revenue from Operations (net of excise) grew 2.9% YoY to INR 1,434.15 Cr in FY25. Volume in the existing business grew 6.7% to 11.9 million cases, while Q2 FY26 volumes grew 16.2% YoY to 34.2 lakh cases.

Geographic Revenue Split

Andhra Pradesh (AP) contributes 30% of total revenue. The company has a strong presence across Southern India, particularly in Karnataka and Puducherry, which are the only states where it has pricing power.

Profitability Margins

Operating margins increased from 13.3% in FY24 to 17.8% in FY25 (16.1% excluding subsidy). Q2 FY26 EBITDA margin stood at 15.1%, impacted by higher advertising spends (2.1% of revenue) and legal costs.

EBITDA Margin

EBITDA grew 37.4% YoY to INR 255 Cr in FY25, with margins expanding 447 bps to 17.8%. Adjusted for subsidy, EBITDA was INR 226 Cr (16.1% margin). Q2 FY26 EBITDA was INR 60 Cr.

Capital Expenditure

Planned capital expenditure for the existing business is estimated at INR 70-75 Cr over the medium term, funded by net cash accruals of INR 170-190 Cr.

Credit Rating & Borrowing

CRISIL has placed the company on 'Rating Watch with Positive Implications'. Total debt reduced from INR 119 Cr to INR 42 Cr in FY25, with interest coverage improving from 7.06x to 22.39x.

⚙️ Operational Drivers

Raw Materials

Extra Neutral Alcohol (ENA) derived from grain and molasses represents the primary raw material cost. Packing materials also constitute a significant portion of the cost of materials consumed (INR 764.53 Cr in FY25).

Import Sources

ENA is sourced from agro-based products (grain and molasses) within India, with prices heavily dependent on the vagaries of the monsoon in agricultural states.

Capacity Expansion

The company is undergoing a transformative expansion through the acquisition of the 'Imperial Blue' brand from Pernod Ricard, expected to close in Q3 FY26. Existing business capacity utilization is reflected in the 11.9 million cases sold in FY25.

Raw Material Costs

Cost of materials consumed rose 10.4% YoY to INR 764.53 Cr in FY25. ENA prices remain volatile due to monsoon impacts, though recent softening of prices helped improve FY24/FY25 margins.

Manufacturing Efficiency

Operating leverage improved margins as volume grew 20% in Q4 FY25 compared to the previous year, allowing for better absorption of fixed costs.

Logistics & Distribution

Excise duty, a major distribution-linked cost, rose 11.3% to INR 1,740.46 Cr in FY25, reflecting the high-tax nature of the IMFL industry.

📈 Strategic Growth

Expected Growth Rate

15-18%

Growth Strategy

Growth will be driven by the acquisition of the Imperial Blue brand (closing Q3 FY26), mid-teen volume growth targets for FY26, and a 200-300 bps revenue premium over volume growth from FY27 onwards through premiumization and geographic expansion in the Prestige & Above segment.

Products & Services

Indian Made Foreign Liquor (IMFL), specifically Brandy and Whisky, sold in various categories including the premium 'Prestige & Above' segment.

Brand Portfolio

Mansion House Brandy, Courrier Napoleon Brandy, Imperial Blue (acquisition pending), and Spaceman.

New Products/Services

New products in the premium category and the introduction of existing brands like Spaceman into new markets like Goa are expected to drive incremental revenue.

Market Expansion

Increasing geographic penetration across India and leveraging the UK/India Free Trade Agreement (FTA) as a tailwind for the Imperial Blue business division.

Market Share & Ranking

The company reports market share gains in most key markets during Q2 FY26, though specific percentage rankings are not provided.

Strategic Alliances

Transition Manufacturing and Services Agreement (TSMA) with Pernod Ricard (PRI) to ensure smooth integration of the Imperial Blue brand.

🌍 External Factors

Industry Trends

The IMFL industry is seeing a 'premiumization' trend where consumers shift to higher-priced brands. The industry is also evolving through 'Route-to-Market' changes (privatization of retail) in states like Andhra Pradesh.

Competitive Landscape

Highly competitive with established players and new capacities; competition is intensifying through industry consolidation and establishment of new premium brands.

Competitive Moat

Moat is built on strong brand equity in the Brandy segment (Mansion House) and high entry barriers created by complex state-level liquor regulations and licensing requirements.

Macro Economic Sensitivity

Highly sensitive to agricultural inflation (grain/molasses for ENA) and state government fiscal policies regarding excise duties.

Consumer Behavior

Shift toward premium and prestige liquor categories is driving the company's focus on the 'Prestige & Above' (P&A) segment to improve realizations.

Geopolitical Risks

Inflationary headwinds from the Russia-Ukraine conflict have previously impacted profitability through increased input and logistics costs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Bombay Prohibition Act, 1949, and state-specific excise policies which control pricing, distribution, and advertising (prohibiting direct liquor ads).

Environmental Compliance

The company complies with various environmental laws and the Indian Boilers Act, though specific ESG spend figures are not disclosed.

Taxation Policy Impact

The industry is subject to extremely high excise duties (INR 1,740.46 Cr in FY25, which is ~55% of gross revenue) and state-specific tax regimes.

Legal Contingencies

The company is involved in trademark litigation which led to elevated legal costs in Q1 FY26; specific case values are not disclosed in the provided text.

⚠️ Risk Analysis

Key Uncertainties

The Imperial Blue acquisition introduces integration risks and execution challenges. Regulatory shifts in Andhra Pradesh (30% of revenue) remain a primary uncertainty for volume stability.