Mumbai, Feb 14: Leading Indian-Made Foreign Liquor (IMFL) manufacturer, Tilaknagar Industries Limited (TI) (BSE: 507205 | NSE: TI), today announced its financial results for the quarter ended December 31, 2025 (Q3 FY26), reporting strong volume growth, revenue momentum and sustained profitability.
During Q3 FY26, TI’s total volumes grew by 76.1 per cent year-on-year to 53.1 lakh cases. This included Imperial Blue volumes of 17.9 lakh cases for December 2025 and Ex-IB volumes of 35.2 lakh cases, reflecting a steady 16.8 per cent year-on-year growth.
For the nine months ended December 31, 2025 (9M FY26), total volumes increased by 40.5 per cent year-on-year to 119.3 lakh cases. Ex-Imperial Blue volumes stood at 101.4 lakh cases, registering a healthy 19.5 per cent year-on-year growth, highlighting strong underlying demand and continued market share gains.
Net revenue for Q3 FY26 stood at ₹664 crore, marking a robust 95.0 per cent year-on-year growth. Revenue adjusted for subsidy grew by 89.2 per cent year-on-year. Ex-IB net sales realization (NSR) improved from ₹1,161 per case in Q3 FY25 to ₹1,209 per case in Q3 FY26, reflecting a favourable product mix and impact of continued premiumisation.
On the profitability front, EBITDA (adjusted for subsidy income) for Q3 FY26 stood at ₹90 crore, registering a 49.6 per cent year-on-year growth. EBITDA margin for the quarter was 14.0 per cent. The Advertising & Promotional reinvestment rate (as a percentage of subsidy-adjusted net revenue) increased from 1.1 per cent in Q3 FY25 to 1.2 per cent in Q3 FY26, reflecting continued investments behind brands.
For 9M FY26, EBITDA (adjusted for subsidy income) stood at ₹206 crore, up 28.5 per cent year-on-year. EBITDA margin for the nine-month period was 14.6 per cent. The A&P reinvestment rate strengthened to 1.5 per cent compared to 0.7 per cent in the corresponding period last year, underscoring TI’s focus on building long-term brand equity.
Mr. Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries said, “As we progress with the integration of Imperial Blue into our portfolio, we have established dedicated work-streams across operations, distribution, systems and human capital to ensure a smooth transition and synergy realization, strengthening our pan-India presence. With improving realizations, disciplined cost management and focused brand investments, we remain confident of driving sustainable profitable growth in the years ahead”.
A clearly defined strategic roadmap built around category leadership, premiumisation, margin expansion and accelerated deleveraging would help TI remain focused on disciplined execution and sustainable value creation for all stakeholders, Mr Dahanukar added.