Tilaknagar Industries announced robust financial results for Q3 and 9M FY26, highlighted by a 76.1% YoY volume growth in Q3, reaching 53.1 lac cases. Revenue surged by 95.0% to Rs. 664 Cr in Q3, driven by the successful integration of the Imperial Blue (“IB”) portfolio. The company reports strong momentum and outlines strategic priorities focused on category leadership, margin expansion, and deleveraging.
Tilaknagar Industries Q3 and 9M FY26 Performance Summary
Tilaknagar Industries (TI) announced its financial results for the quarter and nine months ended December 31, 2025. The period is marked by the commencement of the Imperial Blue (“IB”) portfolio integration in December 2025, which delivered a strong start with 1.79 million cases sold in its first month.
Q3 FY26 Highlights (Compared to Q3 FY25)
- Volume surged by 76.1% YoY, reaching 53.1 lacs cases.
- Net revenue grew by 95.0% YoY to Rs. 664 crore (Adjusted for subsidy: Rs. 644 crore, 89.2% growth).
- EBITDA increased by 82.3% to Rs. 110 crore (Adjusted for subsidy: Rs. 90 crore, 49.6% growth).
- PAT (excl. exceptional items) grew by 40.1% to Rs. 76 crore.
9M FY26 Highlights (Compared to 9M FY25)
- Volume increased by 40.5% YoY to 119.3 lacs cases.
- Net revenue rose by 43.1% YoY to Rs. 1,471 crore (Adjusted for subsidy: Rs. 1,413 crore, 39.5% growth).
- EBITDA increased by 50.0% to Rs. 265 crore (Adjusted for subsidy: Rs. 206 crore, 28.5% growth).
- PAT (excl. exceptional items) grew by 42.4% to Rs. 217 crore (Adjusted for subsidy: Rs. 158 crore).
Industry Context and Post-Acquisition Strength
The performance underscores industry-beating growth, with strong volume delivery of 35.2 lacs cases (Ex-IB), representing a 16.8% YoY growth on that basis. Following the acquisition, TI emerged as the largest P&A player in the Southern region, achieving approximately ~32% market share for Dec-25.
Mr. Amit Dahanukar, Chairman & Managing Director, noted that the coming quarters will focus on a seamless transition and disciplined synergy realization through dedicated integration workstreams across operations and distribution.
Future Strategic Priorities
TI’s ambition is to evolve into a scaled IMFL company focusing on premium price points. The key priorities established for the next few years are:
- Restore IB to Category Leadership: Regain market share for Imperial Blue while maintaining leadership in Brandy, targeting low double-digit volume growth across the combined business.
- Margin Expansion with Reinvestment Discipline: Expand consolidated EBITDA margins by 150–250 bps over 24–36 months, coupled with increased A&SP investments.
- Premiumisation at the Core: Leverage IB’s distribution to scale premium and super-premium offerings, including investments in craft plays like Spaceman Spirits Lab.
- Accelerated Deleveraging: Target a reduction in Net Debt/EBITDA to below 1.0x by FY29 through strong operating cash flows.
Other Developments
In addition to the quarterly results, TI announced the Launch of Seven Islands Pure Malt Whisky, part of its ‘House of TI’ luxury vertical, signaling a continued focus on premiumization.
Source: BSE
