Mumbai, October 31, 2026: Tilaknagar Industries Limited (“TI”), one of India’s leading alcoholic beverage companies, today announced its financial results for the quarter and half-year ended 30th September 2026. TI delivered net revenue of over INR 1,000 crores for the second consecutive quarter, taking H1 FY27 net revenue (adjusted for subsidy) to INR 2,059 crores, a growth of 180% YoY. Following Q1, the states transitioned out of the Transition Services & Manufacturing Agreement (“TSMA”) have now stabilised under TI operations, with the last remaining state expected to transition towards the end of FY27. As a result, exceptional costs relating to the transition reduced significantly during the quarter.
While primary volumes remained largely flat in Q2, secondary volumes delivered robust growth of 7.8% QoQ, led by Imperial Blue Whisky (“IB”), which recorded 8.5% QoQ growth, while Mansion House Brandy (“MHB”) grew 7.1%.
IB further strengthened its market position during the quarter, gaining over 100 basis points in all-India market share, with gains across 17 states. Growth was led by strong performances in Karnataka, Andhra Pradesh, Uttarakhand, Assam and Rajasthan. Meanwhile, MHB emerged as the #1 brandy across price points in Karnataka in September 2026.
Commenting on the results, Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries Limited, said: “With the states transitioned out of TSMA after Q1 now stabilised, we have taken another decisive step towards completing the Imperial Blue integration. Our secondary volumes grew by 7.8% during the quarter and Imperial Blue continued to gain market share across the country, reflecting the strength of our brands and the reach of our expanded distribution network.”
Inflationary pressures across key packaging inputs, particularly glass, continued during the quarter due to ongoing geopolitical tensions, while ENA prices also began trending upward towards the end of Q2 on the back of rising fuel and grain costs. In Q2 FY27, TI recorded an EBITDA margin of 14.1%; which excluding the impact of inflationary pressure would have been ~16.5%. The cost optimisation initiatives committed to in Q1 have begun to show positive results, helping the Company protect its margins. Net sales realisation per case moderated slightly on account of state mix; the Company expects it to grow going forward, driven by a favourable state mix, price increases and new launches from FY28 onwards.
The policy environment continued to see encouraging developments during the quarter. Following recent excise policy reforms, Karnataka has witnessed strong growth in the Prestige & Above (P&A) category, benefitting both IB and MHB. There are also early signals of reform in Tamil Nadu, India’s largest brandy market, where Mansion House Reserve Brandy recorded 25%+ QoQ volume growth and 50% YoY growth in September 2026, its highest-volume month ever.
On the brand front, Mansion House Brandy and Monarch Legacy Edition Brandy were showcased in Times Square, New York City, for 72 hours over the Independence Day, with 2,500+ plays and 1.2 mn+ visitors. TI also launched its first ATL campaign for Imperial Blue Packaged Drinking Water under the “Men Will Be Men” platform. Additionally in Q2, TI also entered the tequila category through a strategic investment in Black Tiger Distilleries, makers of Bodega Suprema No. 5, a 100% Blue Weber Agave Tequila.
On the Company’s outlook, Mr. Dahanukar added: “Our focus continues to be on delivering profitable growth in Imperial Blue and Mansion House, with a clear vision of long-term value creation. As the largest domestic P&A IMFL player in India and the largest P&A IMFL player in South India, we will continue to accelerate our luxury and super-premium portfolio across key markets, while leveraging Imperial Blue’s strong distribution network to introduce new products across premium price points.
About Tilaknagar Industries
Tilaknagar Industries Ltd. (TI) is one of India’s leading IMFL manufacturers, with 90 years of excellence in the consumer goods category. Founded in 1933 by Shri Mahadev L. Dahanukar as Maharashtra Sugar Mills, the company was originally engaged in the manufacture of sugar and allied products. The Dahanukar family continues to be the promoter of TI, guided by the same vision and value as its founders. Under the leadership of Shri Amit Dahanukar, TI has grown to become the largest manufacturer of premium brandy in India. The company leads the spirits market with its two ‘Millionaire’ brandy brands, Mansion House and Courrier Napoleon, and has a strong presence across whisky, rum and gin through Mansion House Whisky, Madira Rum and Blue Lagoon Gin. TI has further strengthened its whisky portfolio with the acquisition of Imperial Blue, a well-established legacy brand in India. Reflecting its focus on premiumization, TI’s luxury vertical House of TI, is anchored by Monarch Legacy Edition Brandy, its first luxury brandy, and Seven Islands Pure Malt Whisky, an Indo- Scottish luxury whisky. Alongside these, its portfolio also extends to strategic partnerships and investments in emerging Indian craft spirits companies, including Bartisans, Spaceman Spirits Lab and Bodega Suprema No. 5.
For more information about Tilaknagar Industries, our people, our brands, and our performance, please visit: https://www.tilind.com
