Tilaknagar Industries almost doubled its revenue in the third quarter of FY26, boosted by the acquisition of Imperial Blue from Pernod Ricard.
Strong quarterly performance
For the quarter ending 31 December 2025, the company reported revenue of ₹664 crore (US$73.2m), up 95% year on year. Even after adjusting for subsidies, revenue rose 89.2%.
Tilaknagar sold 5.31 million cases in Q3, marking a 71.6% increase compared with the same period last year.
The growth was largely driven by Imperial Blue, which sold 1.79 million cases in December 2025 alone. The rest of Tilaknagar’s portfolio contributed 3.52 million cases, reflecting a healthy 16.8% year-on-year increase.
Nine-month momentum continues
For the first nine months of FY26, total volumes climbed 40.5% to 19.93 million cases. Excluding Imperial Blue, volumes stood at 10.14 million cases, up 19.5%, highlighting steady underlying demand and market share gains.
The company completed the €412.6m (US$485m) acquisition of Imperial Blue in December 2025, marking a major step in its expansion into the whisky segment.
Profitability and investment
EBITDA for Q3 rose 49.6% year on year to ₹90 crore (US$9.9m), with margins at 14%. For the nine-month period, EBITDA reached ₹206 crore (US$22.7m), up 28.5%, with margins of 14.6%.
Tilaknagar also increased its advertising and promotional spending, raising reinvestment from 0.7% to 1.5% of revenue compared with last year. The move signals a stronger focus on long-term brand building.
Strategic focus on whisky and premiumisation
Led by chairman and managing director Amit Dahanukar, the company is integrating Imperial Blue through dedicated teams across operations, distribution, systems and human resources to ensure smooth execution and synergy gains.
Traditionally known as a leading Indian brandy producer with its flagship Mansion House label, Tilaknagar has been actively expanding into whisky. In addition to Imperial Blue, the company recently introduced Seven Islands, an Indo-Scottish style pure malt, as part of its premiumisation strategy.
Recent leadership changes include the promotion of Rajesh Choudhary to chief financial officer.
Management said its roadmap focuses on category leadership, premiumisation, margin expansion and faster deleveraging, positioning the company for sustainable and profitable long-term growth.
