Mumbai, July 27, 2026: Tilaknagar Industries Limited (TI) has reported its highest-ever quarterly net revenue, crossing the ₹1,000 crore milestone for the first time in the company’s history during the quarter ended 30 June 2026 (Q1 FY27). The strong performance marks a major milestone in the company’s ongoing transformation following the acquisition and integration of Imperial Blue (IB).
TI reported net revenue of ₹1,026 crore, representing a 189% year-on-year growth, while volume sales rose to 8.7 million cases, up 172% YoY. The company recorded EBITDA of ₹148 crore, a growth of 166% YoY, with an EBITDA margin of 14.5%. Profit after tax (PAT), excluding exceptional items and acquisition-related amortisation, stood at ₹76 crore, registering 52% year-on-year growth.
The company said the performance was driven by the successful integration of Imperial Blue operations, with nearly 90% of the brand’s operations now transitioned out of the Transition Services & Manufacturing Agreement (TSMA). TI stated that the completion of this complex integration phase has strengthened its brand portfolio, expanded its distribution reach and enhanced its premiumisation strategy.
Despite temporary operational disruptions during April caused by the migration of Imperial Blue operations across Odisha, Punjab, Uttarakhand and Karnataka, along with the impact of state elections in Assam and West Bengal, Tilaknagar Industries delivered a resilient operational performance. Overall volumes grew 9% quarter-on-quarter, while Imperial Blue volumes increased 18% QoQ.
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Imperial Blue also strengthened its position in the Indian whisky market during the quarter, with the brand’s all-India market share expanding by around 150 basis points. The company reported particularly strong growth across North, West and South India, and Imperial Blue crossed the 2 million case sales mark in both May and June 2026, supporting TI’s expectation of double-digit volume growth in FY27.
Commenting on the results, Amit Dahanukar, Chairman & Managing Director of Tilaknagar Industries, said the company has successfully navigated the most challenging phase of the Imperial Blue integration and is now positioned to unlock the full potential of its expanded portfolio, wider distribution network and premium growth opportunities.
During the quarter, the company faced inflationary pressures in key packaging inputs, especially glass, due to ongoing geopolitical developments. However, lower Extra Neutral Alcohol (ENA) prices provided a partial offset. TI noted that its EBITDA margin would have been around 17% excluding the impact of packaging inflation, and it remains confident of improving upon the 15.5% EBITDA margin achieved in Q4 FY26 through cost optimisation initiatives across packaging, manufacturing and supply chain operations.
Tilaknagar Industries also highlighted a favourable policy environment for future growth. The recently concluded India–UK Free Trade Agreement is expected to reduce Scotch whisky import costs from Q3 FY27 onward, while recent Karnataka excise policy reforms are expected to support sustained growth in one of TI’s largest markets for both Imperial Blue and Mansion House Brandy (MHB).
Looking ahead, Dahanukar said the company has built a significantly stronger platform for long-term growth, with greater scale, a broader brand portfolio and deeper market reach than ever before. He added that Tilaknagar Industries is now the largest domestic Prestige & Above (P&A) alcoholic beverage player in India and the largest P&A player in South India, while Imperial Blue emerged as the highest-selling deluxe whisky in India in June 2026.
With the integration phase nearing completion, the company said its focus will be on strengthening leadership in premium spirits, accelerating innovation, building enduring liquor brands and creating long-term value for consumers and stakeholders, positioning Tilaknagar Industries for the next phase of growth in India’s rapidly expanding alcoholic beverage market.
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