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
Conference Call with Tilaknagar Industries Management and Analysts on Q1FY26 Performance and Outlook. Listen to the full earnings transcript.
Breweries & Distilleries company Tilaknagar Industries announced Q1FY26 results Volume growth of 26.5% YoY, with market share improvement for TI in each of the key markets. Net revenue from operations stands at Rs 409.1 crore vs Rs 313.2 crore, i.e. 30.6% YoY growth; Adjusted for the subsidy income of INR 38.6 crore, the growth was still robust at 20.5%. EBITDA grew by 88.0% to Rs 94.5 crore vs Rs 50.2 crore; adjusted for subsidy income, the EBITDA stands at Rs 55.8 crore, i.e. a growth of 25.0% YoY. Adjusted for subsidy, EBITDA margin improved by 55 basis points YoY, standing at 15.1% as against 14.5%. PAT excl. exceptional items increased by 120.8% to Rs 88.5 crore from Rs 40.1 crore; adjusted for subsidy, PAT excl. exceptional items increased by 44.5% YoY. Reported EPS (Diluted) stood at Rs 4.54 per share. Amit Dahanukar, Chairman & Managing Director, said: “Q1FY26 marked our strong and consistent industry-beating growth. We have delivered a YoY growth of 26.5% in volumes and 30.6% in net revenue. Adjusted for subsidy income of Rs 38.6 crore, the net revenue growth was still robust at 20.5%. The Southern region has seen strong growth momentum in Q1, with market share improvement in each of the key markets. Our EBITDA (excluding subsidy income) has grown by 25.0%. Our acquisition of the Imperial Blue business division from Pernod Ricard India is subject to CCI approval, which we expect to receive by the end of calendar year 2025. The acquisition is being made on a slump sale basis, for a lump sum consideration basis enterprise value of ~EUR 413 million. This includes a normalised working capital of ~EUR 70 mn and a deferred consideration of EUR 28 million, payable at the end of 4 years, i.e. in FY30. The consideration would be subject to certain closing adjustments. Additionally, during the quarter, the Hon’ble Bombay High Court has upheld TI’s ownership of Mansion House and Savoy Club trademarks, ensuring continued, uninterrupted and exclusive sale under these brands. We would also like to announce that the Board has approved investment of INR 59 crore, including the license fees and interest payments of around Rs 34 crore for expansion at Prag Distillery, increasing the capacity from 6 lakh to 36 lakh cases p.a.” Result PDF