Tag Archives: Liquor Industry News

Tilaknagar Industries Reports 16.2% Volume Growth in Q2 FY26

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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

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.

Delhi to continue Excise Policy till March next

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The BJP-led government in Delhi has extended the current liquor policy till March 2026, marking the fifth extension since the Aam Aadmi Party’s (AAP) 2021-22 excise policy was scrapped following corruption allegations. The latest extension means the capital will continue to operate under the 2020-21 policy.

A June 27 order from the excise department confirmed that wholesale (L-1, L-1F), retail (L-2), and hotel, club, and restaurant licenses would be renewed on existing terms upon payment of applicable fees. The extension will cover the excise year from July 1, 2025, to March 31, 2026.

Over 50% of Delhi’s hotels, clubs, and restaurants applied for renewals within 24 hours of the department’s circular, with around 40% of the 713 government-run retail liquor stores also applying. Delhi has about 1,000 licensees in the HCR (hotels, clubs, restaurants) category.

Chief Minister Rekha Gupta has directed officials to prepare a new excise policy that balances revenue generation with transparency. A high-level committee led by Chief Secretary Dharmendra Kumar is currently reviewing models from other states.

According to the excise commissioner’s notice, there will be no change in price structure, label, source, or warehouse for existing licenses and registered brands. Renewals for 2025-26 will follow the same terms as 2024-25.

The current excise policy, referred to as the old policy has been in effect since September 2022. It replaced the AAP government’s reformative 2021-22 policy, which was scrapped after the Lieutenant Governor recommended a CBI probe into alleged irregularities.

Despite uncertainty over long-term reforms, Delhi’s excise revenue rose 13% in the first three quarters of FY 2024-25. The government collected ₹4,233 crore in excise duty between April and December 2024, compared to ₹3,718 crore during the same period in 2023-24. The full-year target for 2024-25 is ₹6,400 crore.