Tag Archives: Amit Dahanukar

Tilaknagar Industries delivers Robust Volume and Revenue Growth in Q3 FY26

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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.

Tilaknagar Completes Acquisition of Imperial Blue from Pernod Ricard

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Tilaknagar Industries Limited (TI), a leading Indian-Made Foreign Liquor (IMFL) manufacturer, has completed the acquisition of the Imperial Blue business division (IB) from Pernod Ricard India (PRI) via a slump sale for a lump-sum consideration of `3,442 crore. The Competition Commission of India had earlier approved the transaction on October 7, 2025.

In addition to this amount, a deferred payment of €28 million will be made after four years from the date of closure of the transaction.

The acquisition has been funded through a mix of internal cash accruals, fresh equity and external debt. A preferential issue of equity shares and warrants to marquee investors and the Promoter Group helped raise `2,093 crore, in addition to securing `2,100 crore through term loans.

Imperial Blue is the third-largest whisky brand in India by volume, selling approximately 22.4 million nine-litre cases for the year-ended March 2025 across India and other markets. With over 25 years of brand heritage, the business reported a revenue of `3,067 crore for the trailing twelve months ending March 2025.

Through this transaction, TI gains access to the “Imperial Blue” brand and allied trademarks, including “Imperial Black” and “Imperial Red” globally. Additionally, TI has entered into a Trademark License Agreement for the use of “Seagram’s” in connection with IB for a defined transition period.

The company has also entered into a long-term supply agreement with Chivas Brothers for Concentrated Alcoholic Beverage (CAB), an essential raw material for manufacturing IB products. To ensure a seamless transition, TI has entered into a Transitional Services and Manufacturing Agreement (TSMA) with PRI.

The manufacturing footprint, as part of the transaction perimeter, includes two owned units located in Punjab and Maharashtra, as well as two exclusive sub-leased units in Telangana and Punjab. Additionally, TI will have access to certain shared units during the TSMA period. As part of the transaction, 116 employees are expected to be transferred from PRI to TI.

Amit Dahanukar, Chairman and Managing Director, TI said, “The acquisition of Imperial Blue significantly scales up our business, representing a decisive step in our ambition to build a truly pan-India presence across all IMFL categories. This acquisition also accelerates our premiumisation journey, enabling us to broaden our offerings across Prestige-and-Above price-points and enhance the value we deliver to consumers.”

Deutsche Bank and Avendus Capital acted as financial advisors for the transaction, with Avendus Capital also serving as the debt financing arranger to TI. Crawford Bayley & Co. and W.S. Kane & Co. acted as legal counsels, while Deloitte served as the finance and tax diligence advisor to TI. Additionally, TI has appointed Ernst & Young to provide Integration Planning & Execution Advisory for the acquisition.