Tilaknagar Industries Limited (TI) has reported strong volume growth, revenue momentum and sustained profitability in the third quarter FY26. TI’s total volumes grew by 76.1% year-on-year to 53.1 lakh cases. This included Imperial Blue volumes of 17.9 lakh cases for December 2025 and Ex-Imperial Blue volumes of 35.2 lakh cases, reflecting a steady 16.8% year-on-year growth.
For the nine months ended December 31, 2025 (9M FY26), total volumes increased by 40.5% year-on-year to 119.3 lakh cases. Ex-Imperial Blue volumes stood at 101.4 lakh cases, registering a healthy 19.5% year-on-year growth, highlighting strong underlying demand and continued market share gains.
Net revenue for Q3 FY26 stood at ₹664 crore, marking a robust 95.0% year-on-year growth. Revenue adjusted for subsidy grew by 89.2% year-on-year. Ex-IB net sales realisation (NSR) improved from ₹1,161 per case in Q3 FY25 to ₹1,209 per case in Q3 FY26, reflecting a favourable product mix and impact of continued premiumisation.
On the profitability front, EBITDA (adjusted for subsidy income) for Q3 FY26 stood at ₹90 crore, registering a 49.6% year-on-year growth. EBITDA margin for the quarter was 14.0%. The Advertising & Promotional reinvestment rate (as a percentage of subsidy-adjusted net revenue) increased from 1.1% in Q3 FY25 to 1.2% in Q3 FY26, reflecting continued investments behind brands.
For 9M FY26, EBITDA (adjusted for subsidy income) stood at ₹206 crore, up 28.5% year-on-year. EBITDA margin for the nine-month period was 14.6%. The A&P reinvestment rate strengthened to 1.5% compared to 0.7% in the corresponding period last year, underscoring TI’s focus on building long-term brand equity.
Amit Dahanukar, Chairman & Managing Director, 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.”
A clearly defined strategic roadmap built around category leadership, premiumisation, margin expansion and accelerated deleveraging would help TI remain focused on disciplined execution and sustainable value creation for all stakeholders, Dahanukar added.