Tilaknagar Industries has released the transcript of its Q4 FY26 earnings conference call, held on May 30, 2026. The call detailed the company’s performance, including a 68% increase in overall volumes for FY26 and a 135% surge in Q4 volumes year-on-year. Discussions covered the integration of Imperial Blue, financial highlights, and future growth strategies, projecting 16%-18% EBITDA margins in the coming years.
Tilaknagar Industries Reports Strong FY26 Performance
Tilaknagar Industries Limited (TI) has announced its Q4 and full-year FY26 results, highlighting significant growth and strategic advancements. The company achieved a volume of nearly 20 million cases in FY26, supported by the Imperial Blue (IB) business which contributed 4 months of operations. Mansion House Brandy also surpassed the 10 million cases mark, solidifying its position as India’s largest P&A brandy.
Key Financial and Volume Highlights
Overall volumes for FY26 saw a robust 68% increase, with ex-IB volumes growing by 14% to 13.6 million cases. The fourth quarter of FY26 witnessed a substantial 135% year-on-year volume increase, reaching over 8 million cases, with IB contributing 4.6 million cases. TI continues to be the leading P&A IMFL player in Southern India, holding close to a 40% market share in Q4 FY26.
Net revenue for Q4 FY26 experienced a 5.4% increase to INR 1,177 per case. The company reported a strong year-on-year net revenue growth of 148% to INR 949 crore for the quarter. EBITDA stood at INR 155 crore for Q4 FY26, marking a 97% year-on-year growth with a margin of 16.3%.
Strategic Focus and Future Outlook
Looking ahead, TI’s strategy is centered on four key pillars: achieving double-digit volume growth, optimizing operational efficiencies, focusing on capital deployment and debt management to reduce net debt-to-EBITDA below 1.0x by FY29, and expanding its premium portfolio. The company has also received government approval for an expanded capacity at Prag, Andhra Pradesh, increasing its capacity from 6 lakh to 36 lakh cases per annum, expected to yield INR 10 crore in bottling cost savings.
Regarding the integration of Imperial Blue, TI has successfully transitioned 75% of the IB business out of TSMA by Q4 FY26, with full transition expected by March 2027. The company forecasts a high-single digit to low-double digit volume growth for the combined business in FY27, followed by a double-digit CAGR over the next three years. Consolidated EBITDA margins are projected to reach 16%-18% within 24 to 36 months.
Q&A Highlights
During the Q&A session, management addressed questions on volume growth drivers, seasonality, margin expansion, and capex plans. The company expects margin expansion through custom duty reductions, cost optimizations, and potential price increases in key states like Telangana. For FY27 and FY28, maintenance capex is estimated at INR 25 crore per year. Net debt is expected to be around INR 1,700 crore by March 2027.
Further discussions touched upon the strategic investment in Nigeria, with an existing business of 2.5 lakh cases. The company also clarified that TSMA fees are considered extraordinary items and will not significantly impact future operating expenses, with only a small component possibly reflecting in costs.
Source: BSE
