Tilaknagar Industries reports first-ever quarterly net revenue crossing ₹1,000 crore in Q1 FY27

Tilaknagar Industries reports first-ever quarterly net revenue crossing ₹1,000 crore in Q1 FY27​

Tilaknagar Industries Limited (TI), a leading alcoholic beverage company specializing in Mansion House Brandy (MHB) and Imperial Blue Whisky (IB), has reported strong results for the quarter ending June 30, 2026. The company announced that its net revenue from operations adjusted for subsidy reached ₹1,026 crores, marking the first time it exceeded the ₹1,000 crore mark in a single quarter.

The Q1 FY27 performance highlights substantial growth across volumes and profitability, establishing TI as a dominant player in the Prestige & Above (P&A) segment of the Indian spirits market.

Financial Highlights for Q1 FY27​

Adjusting for subsidy income, Tilaknagar Industries reported significant growth in key financial metrics:


In the consolidated overview, net revenue from operations stood at Rs. 1,046 crores, reflecting a 166% year-on-year growth compared to Rs. 394 crores. EBITDA grew by 79%, reaching Rs. 169 crores, and adjusted for subsidy income, the figure stands at Rs. 148 crores, representing a 166% YoY growth with a margin of 14.5%.

Operational and Market Developments​

The company reported that overall volume grew by 172%, reaching 8.7 million cases. This growth was driven significantly by Imperial Blue Whisky (IB), which saw 18% quarter-on-quarter (QoQ) growth. Meanwhile, Mansion House Brandy (MHB) reached 2.6 million cases, reflecting a growth of over 7% year-on-year and more than 1% QoQ.

Tilaknagar Industries confirmed its position as the largest domestic P&A IMFL player and the third-largest P&A player in India. The company holds a nearly 40% market share in South India for P&A products (excluding Tamil Nadu).

The corporation also noted several strategic developments:

• Introduction of the House of TI premium portfolio in West Bengal, which is now present across eight markets.
• Spaceman Spirits Lab, an associate company and maker of Samsara Gin, reported 2.2 times the volume compared to Q1 FY26.

Management Commentary​

Mr. Amit Dahanukar, Chairman & Managing Director, commented on the quarter's performance, noting that Q1 marked successful progress in the integration process concerning IB operations. Approximately 90% of IB operations have been transitioned out of the Transition Services and Manufacturing Agreement (TSMA), with only one state remaining for completion.

Regarding market standing and margins, Mr. Dahanukar stated that despite challenges such as TSMA exit disruptions across several states and local elections in key markets, volumes remained resilient. The expansion of IB’s market share across India was noted at approximately 150 basis points (bps) QoQ.

The company faced inflationary pressures due to geopolitical tensions affecting packaging inputs, particularly glass, which put pressure on gross margins. However, these costs were partially mitigated by softened Extra Neutral Alcohol (ENA) prices. Looking forward, the management expressed confidence in margin expansion, supported by cost optimization initiatives and supply chain efficiencies.

Policy trends also noted during the quarter included the coming into effect of the India-UK Free Trade Agreement mid-July, which is expected to influence financials from Q3 FY27 due to reduced Scotch import costs. Furthermore, strong growth in Karnataka, a key market for MHB and IB, is linked to recent excise policy reforms.

Tilaknagar Industries remains focused on long-term growth by accelerating the expansion of its luxury and super-premium portfolio while leveraging IB’s established distribution network.

TI Stock Price Movement​

Tilaknagar Industries Limited shares edged higher on Monday, closing at ₹446.7 after gaining 0.91%. The equity traded during the session between a low of ₹444.75 and a high of ₹455.3, recording 404,982 shares in volume.