Conference Call with Tilaknagar Industries Management and Analysts on Q2FY26 Performance and Outlook. Listen to the full earnings transcript.
Breweries & Distilleries company Tilaknagar Industries announced Q2FY26 results Volumes grew by 16.2% YoY, to reach 34.2 lakh cases. Market share gain in most of the key markets. Net revenue of Rs 398 crore; YoY growth of 6.2%. Adjusted for subsidy, net revenue growth of 9.3% YoY. NSR has increased from Rs 1,193 in Q1FY26 to Rs 1,215 in Q2FY26. EBITDA of Rs 60 crore and PAT of Rs 53 crore. EBITDA margin at 15.1%. Adjusted for subsidy, YoY EBITDA growth of 8.2%. A&P; reinvestment rate (as % of subsidy-adjusted net revenue) increased from 0.6% in Q2FY25 to 2.1% in Q2FY26. PAT margin at 13.2%, adjusted for subsidy 14 bps YoY expansion. Reported EPS (Diluted) stood at Rs. 2.69 per share. Amit Dahanukar, Chairman & Managing Director, said: “I am pleased to share that during the quarter, we gained market share across most key markets, driven by the strong performance of our existing portfolio, which continued to take share from competition and by incremental gains from the introduction of brands in new territories. The quarter also saw the introduction of Mansion House Whisky in Odisha, Telangana and Kerala, and the launch of Monarch Legacy Edition Brandy in Hyderabad Duty Free, Odisha, Kerala and Karnataka. Under the usership agreement with Spaceman Spirits Lab Private Limited (SSL) - our investee company, we commenced distribution of Samsara Gin and Amara Vodka in Odisha, Puducherry and export markets, further strengthening our presence in the premium and craft spirits segments. We also made a follow-on investment of Rs 10.66 crore in SSL in August 2025. With this investment, Tilaknagar Industries’ stake in SSL has increased from 12.98% to 21.36% on a fully diluted basis. On the financials front, EBITDA in Q2 stood at Rs 60 crore; adjusted for the subsidy income, year-on-year growth of 8.2%, while EBITDA margins stood at 15.1%, with doubling down on A&P; reinvestment rates ahead of the festive season. In Q2 we also strengthened our org structure in anticipation of Imperial Blue business coming into our fold very soon. I would also like to highlight that we achieved a major milestone in the acquisition of the Imperial Blue business division from Pernod Ricard India. The Competition Commission of India (CCI) granted approval for the transaction on 7th October 2025. We have made substantial progress on the integration front, with a number of talented professionals joining us across various functions, further strengthening our organizational capabilities. The transaction is expected to be completed in Q3FY26, and we look forward to welcoming Imperial Blue into our fold.” Result PDF