| Metric | Value (₹ Cr) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 1.5K | 58.7% | 80.4% |
| Total Income | 1.5K | 59.7% | 81.1% |
| Expenditure | 1.4K | 62.1% | 85.6% |
| PBT | -105.57 | 299.5% | 295.0% |
| Net Profit | -105.41 | 300.1% | 295.5% |
| OPM | -4.09% | 10.67pp | 9.07pp |
| NPM | -7.19% | 12.93pp | 13.88pp |
| EPS | 4.67 | 72.3% | 67.4% |
Tilaknagar Industries Announces Q3 & 9M FY26 Results: 76.1% Volume Growth in Q3, 40.5% in 9M
13 Feb 2026 · 13 Feb, 5:03 pm
Summary
Tilaknagar Industries Ltd., the maker of Mansion House Brandy and Imperial Blue Whisky, has announced its financial results for the quarter and 9-months ended December 31, 2025. The company reported a 76.1% YoY volume growth in Q3 and 40.5% in 9M. The net revenue from operations stands at Rs. 664 crore in Q3 and Rs. 1,471 crore in 9M.
Key Highlights
- 1
Volume at 53.1 lacs cases; 76.1% growth
- 2
Volume at 119.3 lacs cases; 40.5% growth
- 3
Revenue at Rs. 664 Cr; 95.0% growth
- 4
Revenue at Rs. 1,471 Cr; 43.1% growth
- 5
EBITDA at Rs. 110 Cr; 82.3% growth
- 6
EBITDA at Rs. 265 Cr; 50.0% growth
- 7
PAT* at Rs. 76 Cr; 40.1% growth
- 8
PAT* at Rs. 217 Cr; 42.4% growth
- 9
Strong volume delivery at 35.2 lacs cases (Ex-IB), underscoring industry beating growth at 16.8% YoY basis
- 10
Imperial Blue ('IB') joined the Tilaknagar Industries ('TI') portfolio in December 2025 and delivered a strong start with 1.79 million cases sold in its first month under our ownership
- 11
With the IB acquisition Tl has emerged as the largest P&A player in the Southern region with ~32% market share for Dec-25
Management Comments
Amit Dahanukar
Q3 FY26 marks the beginning of TI’s next phase of growth. Imperial Blue (“IB”) joined the Tilaknagar Industries ("TI") portfolio in December 2025 and delivered a strong start with 1.79 million cases sold in its first month under our ownership. This performance reflects both the enduring equity of the IB brand and TI's execution strength and distribution reach. With the IB acquisition Tl has emerged as the largest P&A player in the Southern region with ~32% market share for Dec-25. The coming quarters will be pivotal as we complete the integration of IB into Tl. We have established dedicated integration workstreams across operations, distribution, systems and human capital, supported by external experts, to ensure a seamless transition and disciplined synergy realization. Over the next few years, our ambition is to evolve from a mass-prestige focused player to a scaled IMFL company with a meaningful presence across premium price points. We have very interesting times ahead of us, and our priorities are clear: 1. Restore IB to category leadership: Regain IB's market share with the objective of establishing it as India’s largest selling whisky while maintaining market leadership in Brandy segment, driving low double-digit volume growth across combined business 2. Margin expansion with reinvestment discipline: Expand consolidated EBITDA margins by 150-250 bps over 24 — 36 months, even as we step up A&SP investments to strengthen brand equity; margin expansion of 225-350 bps for the acquired business 3. Premiumisation at the core of our growth: Leverage IB’s pan-India distribution platform to scale premium and super-premium offerings, complemented by strategic investments in new-age craft plays such as Spaceman Spirits Lab. This will provide incremental growth at scale 4. Accelerated deleveraging: Reduce Net Debt/EBITDA to below 1.0x by FY29 through strong operating cash flows and disciplined capital allocation
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