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.

Tilaknagar Industries has announced a series of strategic milestones and forward-looking targets, including an ambition to achieve a 16–18% EBITDA margin by FY29, plans to expand its luxury 100% Grape Brandy into high-growth markets during FY27–FY28, and strong export potential identified across Asia and Europe. These developments come alongside a significant operational milestone — approximately 75% of the Imperial Blue business has moved out of the Third-party Sales and Marketing Arrangement (TSMA), with the company recording its highest-ever sales in May 2026 under its own management framework.

Imperial Blue Business Transition

The shift of approximately 75% of the Imperial Blue business away from TSMA reflects the company's ongoing strategy to consolidate operational control over one of its prominent brand segments. The record sales performance in May 2026 underscores the early momentum generated following this transition, demonstrating the company's ability to manage and grow the business independently.

The following table summarises the key highlights of the business transition:

Luxury Grape Brandy Expansion Strategy

Tilaknagar Industries has outlined plans to expand its luxury 100% Grape Brandy into high-growth markets during FY27–FY28. The company has identified strong export potential for this premium offering across key international geographies, including Asia and Europe. This expansion initiative reflects the company's intent to strengthen its presence in the premium and luxury spirits segments while diversifying its revenue base through international markets.

Key highlights of the Grape Brandy expansion plan are as follows:

Long-Term Margin Targets and FY27 Outlook

Looking ahead, Tilaknagar Industries has set an EBITDA margin target of 16–18% by FY29, signalling its confidence in the long-term profitability trajectory of the business. Notwithstanding short-term input cost pressures, the company has also indicated that its FY27 volume and margin expectations remain consistent. The guidance signals confidence in sustaining its operational and financial trajectory despite near-term cost headwinds that may arise from input price fluctuations.

Key highlights of the company's financial targets and FY27 outlook include:

• EBITDA margin target of 16–18% by FY29
• Volume expectations for FY27 remain unchanged
• Margin expectations for FY27 remain consistent
• Short-term input cost pressures acknowledged but not expected to alter full-year guidance

The combination of a successful business transition, record sales performance, a premium international expansion strategy, and a clearly articulated long-term margin target reflects the company's focus on strengthening its direct brand management capabilities while maintaining financial discipline.