Tilaknagar Industries Ltd. reported a 148% year-on-year increase in net revenue to INR 949 crore for Q4FY26, driven by the inclusion of the Imperial Blue business division. The company achieved an overall volume of 8 million cases during the quarter, with Imperial Blue contributing 4.6 million cases. EBITDA for the quarter stood at INR 155 crore, reflecting a 97% growth with a margin of 16.3%. For the full year FY26, revenues grew by 70% to reach INR 2,346 crore, while EBITDA increased by 64% to INR 419 crore.

The company disclosed the transcript of its earnings conference call held on May 30, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Amit Dahanukar, Chairman and Managing Director, highlighted that Mansion House Brandy crossed the volume benchmark of 10 million cases in FY26, cementing its position as India's largest Prestige and Above (P&A) brandy.

Financial Performance

Management noted a change in presentation regarding revenue recognition, where selling expenses are now deducted from gross revenue rather than shown under other expenses. This change negatively impacts reported revenue and gross margins but positively impacts EBITDA and PAT margins. Net Sales Realisation (NSR) increased by 5.4% to INR 1,177 per case in Q4FY26 from INR 1,116 per case in Q4FY25.

Operational Highlights and Guidance

The company received government approval to expand capacity at its Prag facility in Andhra Pradesh from 6 lakh cases per annum to 36 lakh cases per annum, entailing an investment of INR 59 crore. This expansion is expected to generate savings of INR 10 crore per annum in bottling costs. On the integration front, 75% of the Imperial Blue business has exited the Third-Party Supply and Manufacturing Agreement (TSMA), with the remaining transition expected by March 2027.

For FY27, the company expects high-single digit to low-double digit volume growth for the combined business. It targets consolidated EBITDA margins of 16%-18% over the next 24 to 36 months. The Board of Directors has recommended a dividend of INR 1 per share for FY25-'26. As on March 31, 2026, gross debt stood at INR 2,295 crore and net debt at INR 1,911 crore.

Tilaknagar Industries Limited reported a consolidated revenue of ₹2,346 crore for the financial year ended March 31, 2026, a 69.9% increase from the previous year, primarily driven by the acquisition of the Imperial Blue business division. The company achieved a record volume of approximately 20 million cases in FY26. For the quarter ended March 31, 2026, revenue surged 147.5% to ₹949 crore, with volumes reaching 8 million cases. The Board of Directors, in its meeting held on May 29, 2026, approved the audited financial results for the quarter and year ended March 31, 2026.

Financial Performance

*Profit after tax excluding exceptional items and amortization on intangible assets related to acquisition.

The statutory auditors, M/s. Harshil Shah & Company, expressed a qualified opinion on the consolidated annual financial results. The qualification arose because the Holding Company did not carry out an impairment assessment of one of the ENA plants that is not in operation, as required by Indian Accounting Standard (Ind AS) 36, despite indications of impairment.

Corporate Developments

The Board recommended a dividend of ₹1 per equity share having a face value of ₹10 each (i.e., 10%) for FY26, subject to the approval of shareholders. Additionally, the Board approved the re-appointment of Amit Dahanukar as Chairman and Managing Director for a period of three years from November 07, 2026. The Board also approved the incorporation of a wholly-owned subsidiary in Nigeria and a composite scheme of amalgamation for two wholly-owned subsidiaries, Punjabexpo Breweries Private Limited and Vahni Distilleries Private Limited, with the company.

Mansion House Brandy surpassed 10 million cases in sales in FY26. Prag Distillery received government approval for starting operations at its expanded capacity in Andhra Pradesh. The company's luxury portfolio, House of TI, won four awards at the London Spirits Competition 2026.

Regulatory Disclosure

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the earnings conference call held on May 30, 2026, to discuss the Q4 and FY26 results is available on the company's website.