EBITDA | Ambrosia India

Tilaknagar Industries Limited (TI) has registered robust volume growth, healthy profitability and continued strengthening of its balance sheet in Q2FY26.

During the quarter, TI’s sales volumes grew by 16.2% year-on-year, reaching 34.2 lakh cases, driven by strong consumer demand and market share gains across most key markets. TI’s net revenue stood at ₹398 crore, recording a 6.2% year-on-year growth. Adjusted for subsidy, the net revenue grew by 9.3% year-on-year, reflecting sustained brand momentum and portfolio premiumisation. The net sales realisation improved sequentially from ₹1,193 in Q1 FY26 to ₹1,215 in Q2 FY26.

The company reported an EBITDA of ₹60 crore and a Profit After Tax (PAT) of ₹53 crore, translating into an EBITDA margin of 15.1%. Adjusted for subsidy, the EBITDA grew by 8.2% year-on-year, while the PAT margin improved by 14 basis points to 13.2%.

Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries said, “We continue to gain market share across key markets, supported by the strong performance of our core brands. The new launches are helping to expand our premium portfolio as well as our geographic footprint. Our established brandy portfolio, an emerging whisky saliency and a balanced regional mix are supporting our move to be a pan-India player and build a differentiated premium portfolio.”

For the first half of FY26, Tilaknagar Industries reported a 21% year-on-year growth in volumes, reaching 66.2 lakh cases. TI’s net revenue stood at ₹807 crore, up 17.4% year-on-year (adjusted for subsidy: 14.4% growth). EBITDA for H1 FY26 was ₹155 crore and PAT was ₹141 crore, representing an EBITDA margin of 19.2% (adjusted for subsidy: 15.1%) and a PAT margin of 13.2%, reflecting a 106-basis point expansion year-on-year. The Advertising & Promotional reinvestment rate (as a percentage of subsidy-adjusted net revenue) rose from 0.5% in H1 FY25 to 1.7% in H1 FY26, emphasising the company’s continued investments in strengthening its brand equity.

On the balance sheet front, the company continues to maintain a strong financial position with gross debt of ₹47 crore and a net cash position of ₹1,086 crore. The quarter also saw strong traction in new markets, with launches in Odisha, Telangana, Kerala and Karnataka, led by Mansion House Whisky, Monarch Legacy Edition Brandy and Spaceman Spirits Lab Pvt. Ltd. portfolio including Samsara Gin and Amara Vodka.

IMFL manufacturer Tilaknagar Industries Limited (TI) has reported a major spurt in revenue and profit for Q1 2025. The company’s net revenue from operations grew 13.1% from ₹359 crore to ₹406 crore in the corresponding quarter last year. While the profit after tax (PAT), excluding exceptional items, showed a growth of 95.7%, rising to ₹77.35 crore from the ₹39.52 crore reported in the year-ago period.

TI reported a 62.6% growth in EBITDA from ₹48 crore to ₹78 crore in Q4 FY24, and they attribute this to improved operational efficiencies and volume-led growth,. Adjusted for subsidy income, the EBITDA stood at ₹65 crore, a 35.5% Y-o-Y growth.

The EBITDA margin registered a growth of 588 basis points; rising from 13.4% to 19.3% during the period under reference. In Q4 FY 25, the company recorded a volume growth of 20.1% Y-o-Y, signaling a strong return to its growth trajectory. This performance was reinforced by the successful completion of the Andhra Pradesh Route to Market (RTM) transition, which had previously impacted volumes. The company also reported significant market share gains across all key states, further reinforcing its competitive position in the Indian IMFL landscape.

Speaking on the performance, Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries said, “We anticipate sustained momentum, supported by continued market share gains across all major Southern states.”

For FY25, TI reported consolidated net revenue of ₹1,434 crore, up 2.9% Y-o-Y, impacted by a price reduction in Andhra Pradesh and muted volume growth in the first nine months. Despite modest growth in net revenue, EBITDA rose by 37.4% to ₹255 crore while PAT surged 62.9% Y-o-Y to ₹230 crore.

In FY25, TI made further progress in reinforcing its balance sheet, reducing gross debt and achieving a net cash position of ₹107 crore as of March 31, 2025. The Board of Directors has recommended a dividend of ₹1 per equity share for FY25.

During the year, TI strengthened its market presence, maintaining its position as the third-largest player in the Prestige & Above (P&A) IMFL segment in Telangana and Karnataka and the largest IMFL player in Puducherry, reflecting strong brand equity and deep market penetration. Additionally, TI has commenced distribution of the Spaceman Spirits Lab (Spaceman) portfolio, including Samsara Gin, in select markets. This follows the usership agreement signed between Spaceman and TI, marking a strategic step towards expanding TI’s presence in the premium craft spirits segment.