Tilaknagar Industries Reports Record Quarterly Revenue Above Rs 1,000 Crore

Tilaknagar Industries Limited (TI) reported its highest-ever quarterly net revenue for the quarter ended June 30, 2026, crossing the Rs 1,000 crore mark for the first time in the company's history. The performance comes as the alcoholic beverage company nears completion of the transition of Imperial Blue operations out of the Transition Services & Manufacturing Agreement (TSMA), with approximately 90 percent of operations already shifted.

The company said the transition process has strengthened its operating platform and positioned it for the next phase of growth through a broader brand portfolio, wider distribution network and continued focus on premiumisation.

During the quarter, TI faced operational challenges arising from the migration of Imperial Blue operations across Odisha, Punjab, Uttarakhand and Karnataka. Business was also affected by state elections in Assam and West Bengal. Despite these factors, overall volumes increased by 9 percent quarter-on-quarter, while Imperial Blue recorded 18 percent quarter-on-quarter growth.

Imperial Blue also expanded its all-India market share by approximately 150 basis points, supported by gains across North, West and South India. The brand crossed the 2 million case sales milestone in both May and June, strengthening the company's expectation of achieving double-digit volume growth during FY27.

Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries Limited, said, "With ~90% of IB operations being transitioned out of TSMA, we have successfully navigated the most complex phase of this transformation. This achievement reflects the strength of our execution capabilities and positions us to shift our focus towards unlocking the full potential of our expanded portfolio, wider distribution network and premium growth opportunities."

The company also highlighted inflationary pressures on packaging materials, particularly glass, during the quarter. However, lower Extra Neutral Alcohol (ENA) prices helped offset part of the cost increase. TI reported an EBITDA margin of 14.5 percent in Q1 FY27 and stated that, excluding the impact of inflationary pressures, the margin would have been approximately 17 percent.

The company said it remains confident of improving on the 15.5 percent EBITDA margin achieved in Q4 FY26 through cost optimisation measures across packaging, manufacturing and supply chain operations.

Recent policy developments have also supported the company's outlook. TI expects the India-UK Free Trade Agreement to lower Scotch import costs beginning in Q3 FY27, while excise policy reforms in Karnataka are expected to support growth in one of its key markets.

Dahanukar said, "Over the past year, we have built a significantly stronger platform for future growth. Today, Tilaknagar Industries has greater scale, a broader brand portfolio and deeper market reach than ever before. We are now the largest domestic Prestige & Above (P&A) player in India and the largest P&A player in South India. Additionally, Imperial Blue has emerged as the highest-selling deluxe whisky in the country in Jun-26. As the integration phase nears completion, our ambition is clear – to strengthen our leadership across premium segments, accelerate innovation, build enduring brands and continue creating long-term value for our consumers and stakeholders."

The results indicate continued momentum in India's premium spirits segment, with established whisky brands gaining market share and companies increasingly focusing on portfolio expansion, premium offerings and operational efficiency to drive future growth.