Tilaknagar Industries (TI) reported a transformative Q3 FY26, marked by the consolidation of Imperial Blue (IB) acquired in December 2025. Consolidated volumes soared to 53.1 lac cases, a 76.1% YoY increase, driven by 17.9 lac cases from IB in its first month. Consolidated revenue reached INR 644 crores (89.2% YoY growth), with consolidated EBITDA at INR 90 crores (14.0% margin). The company is focused on integration, achieving synergies, and strategic premiumization for future growth.
Q3 & 9M FY26 Financial Highlights
Tilaknagar Industries (TI) announced its financial results for the Quarter and nine months ending December 31, 2025, reflecting the commencement of a new growth phase following the acquisition of the Imperial Blue (IB) business.
Key Consolidated Highlights (Q3 FY26)
- Volumes: 53.1 lac cases, marking a 76.1% YoY increase. This includes 17.9 lac cases from IB (Dec-25 only).
- Revenue: INR 644 crores, showing an 89.2% YoY increase.
- NSR (Net Selling Realization): INR 1,242/case, up 7.0% YoY.
- EBITDA: INR 90 crores, resulting in a 14.0% margin. YoY EBITDA growth was 49.6% (adjusted).
- PAT: INR 56 crores, reflecting an 8.5% margin.
9M FY26 Performance Summary
- Volumes: 119.3 lac cases (40.5% YoY growth).
- Revenue: INR 1,471 crore (43.1% YoY growth).
- EBITDA: INR 206 crore, with an 14.6% margin. YoY EBITDA growth was 28.5%.
- PAT: INR 158 crore, achieving an 11.1% margin.
TI Business Performance (Ex-IB)
The legacy TI business demonstrated sustained strength, with Q3 FY26 volumes growing by 16.8% YoY to 35.2 lac cases. For the 9M FY26 period, Ex-IB volumes grew by 19.5% YoY to 101.4 lac cases. The Ex-IB NSR increased from INR 1,161 in Q3 FY25 to INR 1,209 in Q3 FY26.
Strategic Priorities and Outlook
Chairman & Managing Director, Mr. Amit Dahanukar, highlighted that TI has emerged as the largest P&A player in the Southern region with approximately 32% market share as of December 2025. Key priorities moving forward include:
- Restore IB to category leadership to become India’s largest selling whisky.
- Margin expansion targeting consolidated EBITDA margins expansion of 150–250 bps over 24–36 months.
- Premiumisation leveraging IB’s pan-India distribution to scale premium offerings.
- Accelerated deleveraging to reduce Net Debt/EBITDA to below 1.0x by FY29.
Imperial Blue Acquisition Details
The acquisition of the Imperial Blue Business Undertaking from Pernod Ricard was completed on November 30, 2025. The total consideration for the deal was INR 3,550 crores (including INR 290 crores in Deferred Consideration). The acquired business reported LTM Mar-25 revenue of INR 3,067 crores and EBITDA of INR 360 crores (11.7% margin).
Integration and Synergies
TI has commenced integration workstreams focusing on operations, distribution, and human capital. The company anticipates cost savings of 225 – 350 bps in margin expansion on the acquired business through key efficiency areas like optimizing employee costs, bottling charges, and customs reduction (India-UK FTA reducing scotch import duty from 150% to 75%).
Brand and Portfolio Enhancements
Management commentary emphasized the focus on evolving from a mass-prestige player to a scaled IMFL company with a presence across premium price points. Recent brand developments include:
- Seven Islands Pure Malt Whisky: An Indo-Scottish whisky launched in Maharashtra in Nov-25, entering the luxury whisky segment (MRP ₹5,200 in Maharashtra).
- Monarch Legacy Edition: A strategic collaboration with Bartisans for a premium at-home cocktail mixer was launched in Dec 2025.
- Spaceman Spirits Lab (SSL): Expanded domestic footprint with launches of Samsara Gin, Sitara Rum, and Amara Vodka in Q3 FY26.
- Mansion House Whisky: Strong on-ground activations, including the NBK X Mansion House trilogy and a special Durga Pujo Limited Edition Packaging in West Bengal.
Historical Business Fundamentals (Pre-IB)
Reviewing prior performance indicates a focus on premiumization:
- Total Volumes Sold peaked at 11.91 mn cases in FY25, with Brandy share stabilizing around 91%.
- NSR per case trended upward, reaching ₹1,282 in FY24 before slightly adjusting to ₹1,214 in FY25.
- EBITDA margin improved steadily from -8.0% in FY20 to a high of 17.8% in FY25. Finance costs significantly decreased from 19.8% of Net Revenues in FY20 to 0.8% in FY25, showcasing disciplined debt management prior to the acquisition.
Source: BSE
