What was Tilaknagar Industries's revenue in Q3 FY26?

Tilaknagar Industries reported revenue of ₹623 Cr in Q3 FY26, a +90.5% change year-over-year.

Did Tilaknagar Industries management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Tilaknagar Industries Q3 FY26 Research Workspace: Revenue ₹623 Cr (+90.5%)

Revenue ₹623 Cr +90.5%

EBITDA ₹110 Cr +82.3%

PAT ₹-105 Cr

EBITDA Margin 18%

Duration 30 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

Tilaknagar Industries reported a transformative Q3 FY26, with revenue surging 90.5% YoY to ₹664 crore, driven by the first month of Imperial Blue (IB) consolidation. EBITDA grew 82.3% YoY to ₹110 crore, with margins at 16.6%. IB contributed 1.8 million cases in December, helping TI achieve a 32% market share in southern India's prestige segment. Excluding IB, organic volumes grew 16.8% YoY. Management guided for 150-250 bps margin expansion for the combined business over 24-36 months and high single-digit to low double-digit volume growth in FY27. Key risks include integration disruptions, MML competition in Maharashtra, and elevated debt of ₹2,100 crore. The company expects net debt/EBITDA below 1x by FY29.

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Integration execution risk

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Quarter Snapshot

Combined secondary sales (south India, Dec) 2.1M cases

N/A

First month under TI ownership; resulted in 32% market share in prestige segment.

Imperial Blue volume (Dec) 1.8M cases

N/A

Achieved in first month post-acquisition; brand is India's third-largest whiskey.

Overall volume growth (Q3) 5.3M cases

+76.1% YoY

Includes IB for December; ex-IB volumes grew 16.8% YoY.

IB margin expansion target 250-350 bps

+250-350 bps

Over next 24 months on acquired business; steady-state IB margin was 11.7%.

Fast read

Guidance and risk preview

Top guidance Combined business volume growth FY27: high single-digit to low double-digit

Expect high single-digit to low double-digit volume growth for the combined business in FY27, followed by low double-digit growth in subsequent years.

Top risk Integration execution risk

Operational integration of Imperial Blue is complex; any disruption in bottling or distribution could impact volumes.