New Delhi: Tilaknagar Industrial es on Friday posted its strongest quarterly performance in recent years, signalling that the acquisition-led pivot into a broader IMFL portfolio is beginning to pay off. For the quarter ended December 31, 2025, the company clocked consolidated volumes of 53.1 lakh cases, a 76.1% jump over a year ago, while net revenue from operations surged 95% to ₹664 crore. EBITDA rose 82.3% to ₹110 crore and profit after tax (excluding exceptional items and acquisition-related amortisation) climbed 40.1% to ₹76 crore.
The nine-month picture tells a similar story of scale-up. Volumes for 9M FY26 grew 40.5% to 119.3 lakh cases, revenue expanded 43.1% to ₹1,471 crore, and EBITDA advanced 50% to ₹265 crore. PAT for the period increased 42.4% to ₹217 crore on the same adjusted basis.
Management credited the step-change to two forces: sustained brandy traction and the December 2025 addition of Imperial Blue whisky, which sold 1.79 million cases in its first month under Tilaknagar’s ownership. The company said the combined portfolio has already made it the largest Prestige & Above player in the southern region, with about a 32% share for December.
Chairman and Managing Director Amit Dahanukar said the quarter “marks the beginning of TI’s next phase of growth,” adding that dedicated integration workstreams across operations, distribution, systems and people have been set up, with external advisers supporting synergy capture. The near-term focus, he said, is on stabilising supply, sharpening route-to-market and rebuilding brand momentum for Imperial Blue.
The company outlined a clear, investor-facing roadmap:
Restore Imperial Blue to leadership: Regain market share with the objective of making it India’s largest-selling whisky again, while protecting brandy leadership; target low double-digit volume growth across the combined business.
Margin expansion with discipline: Lift consolidated EBITDA margins by 150–250 basis points over 24–36 months, even as advertising and sales promotion spends are stepped up; the acquired business is targeted to see a 225–350 bps improvement.
Premiumisation at the core: Use Imperial Blue’s pan-India distribution to scale premium and super-premium offerings, alongside selective bets in craft spirits (including the company’s Seven Islands Pure Malt launch), to add higher-margin growth at scale.
Accelerated deleveraging: Reduce net debt/EBITDA to below 1.0x by FY29 through operating cash flows and tight capital allocation.
On a subsidy-adjusted basis, Q3 net revenue stood at ₹644 crore (up 89.2%) and EBITDA at ₹90 crore (up 49.6%), implying an EBITDA margin of about 14%. For 9M FY26, subsidy-adjusted revenue was ₹1,413 crore and EBITDA ₹206 crore, translating into a 14.6% margin. Management indicated that near-term margins will balance integration costs and higher brand investments against procurement and scale benefits, with the medium-term trajectory firmly upward.
Execution will be key. The coming quarters will test the company’s ability to stabilise Imperial Blue’s volumes across states, harmonise manufacturing and distribution, and keep working capital in check as scale rises. Any slippage on integration timelines or sharper-than-expected input-cost inflation could temper near-term profitability. That said, the sharp volume rebound and the clarity of the margin and balance-sheet targets have improved visibility on the earnings trajectory.
The results and strategy update were disclosed to BSE Limited and National Stock Exchange of India in line with listing requirements. If management delivers on its integration and premiumisation playbook, Tilaknagar’s FY26 performance could mark the inflection point from a brandy-led player to a scaled, multi-category IMFL company with improving returns and a cleaner balance sheet.