Tilaknagar nearly doubles revenue in Q3
India’s Tilaknagar Industries grew its revenue by 95% to ₹664 crore (US$73.2m) for the third quarter (Q3) of its 2026 financial year (FY26), driven largely by its acquisition of Imperial Blue.
In Q3 of FY26, which ended on 31 December 2025, Tilaknagar moved a total of 5.31 million cases. This was an increase of 71.6% year-on-year.
The growth was led by Tilaknagar’s newly acquired whisky brand Imperial Blue, which sold 1.79 million cases in December 2025. The rest of the company’s portfolio sold 3.52m cases, up by 16.8% year-on-year.
Tilaknagar Industries completed its purchase of Imperial Blue whisky from Pernod Ricard in December 2025, in a deal worth €412.6m (US$485m).
For the nine months to 31 December 2025, the company’s total volumes jumped to 19.93 million cases, representing 40.5% growth.
Excluding Imperial Blue, it sold 10.14m cases, up 19.5% year-on-year. This “showed strong underlying demand and continued market share gains”, the company said.
Meanwhile, revenue for Q3 totalled ₹664 crore (US$73.2m), up by 95% year on year. Adjusted for subsidy, Q3 revenue was up by 89.2%.
Tilaknagar’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q3 were ₹90 crore (US$9.9m), up by 49.6% year-on-year. Its EBITDA margin for the quarter was 14%.
For the first nine months of FY26, EBITDA was ₹206 crore (US$22.7m), up by 28.5%. Its EBITDA margin was 14.6%.
The company noted an increase in its advertising and promotion reinvestment rate, which rose from 0.7% to 1.5% compared with the same period last year. This “underscored” its focus on building long-term brand equity.
Amit Dahanukar, chairman and managing director of Tilaknagar Industries, said: “As we progress with the integration of Imperial Blue into our portfolio, we have established dedicated work-streams across operations, distribution, systems and human capital to ensure a smooth transition and synergy realisation, strengthening our pan-India presence.
“With improving realisations, disciplined cost management and focused brand investments, we remain confident of driving sustainable profitable growth in the years ahead.”
Tilaknagar is a leading brandy producer in India and is behind the top-selling Mansion House brand. However, the company has looked to whisky in the past year, making a premium push in the space with the acquisition of Imperial Blue from Pernod Ricard and the introduction of an Indo-Scottish style pure malt called Seven Islands.
Last month, the company also reshuffled parts of its leadership team. Rajesh Choudhary was promoted to the position of chief financial officer.
Dahanukar added: “A clearly defined strategic roadmap built around category leadership, premiumisation, margin expansion and accelerated deleveraging would help Tilaknagar Industries remain focused on disciplined execution and sustainable value creation for all stakeholders.”
Related news
Are Indian investors waking up to the power of the on-trade?
