Tilaknagar Industries Limited — PPTs, 13-02-2026: Investor Presentation

**Business Performance:** Tilaknagar Industries (TI) kicked off its next growth phase with robust Q3 FY26 and nine-month financial results. Q3 volumes surged 76.1% YoY to 53.1 lakh cases, significantly boosted by Imperial Blue (IB), which contributed 1.79 million cases in its first month under TI. Revenue jumped 95.0% YoY to INR 664 crore, while EBITDA grew 49.6% to INR 90 crore (14.0% margin). For the nine months, revenue rose 43.1% to INR 1,471 crore, and EBITDA increased 28.5% to INR 206 crore.

**Growth Drivers or Strategy:** TI is aggressively pivoting to become a major IMFL player across premium segments. Strategic priorities include re-establishing IB as India’s largest-selling whisky and maintaining brandy leadership, aiming for low double-digit volume growth. They expect 150-250 bps consolidated EBITDA margin expansion in 2-3 years, driven by leveraging IB’s pan-India reach for premiumization and strategic investments in craft spirits like Spaceman Spirits Lab.

**Recent Developments:** The acquisition of Imperial Blue from Pernod Ricard was completed in November 2025. TI also launched its new luxury vertical, "House of TI," featuring Monarch Legacy Edition (luxury brandy) and the Seven Islands Pure Malt Whisky, which debuted in key markets like Maharashtra and Puducherry.

**Management Commentary / Outlook:** Management emphasized the critical upcoming quarters for seamless IB integration, anticipating substantial value creation through combined revenue growth and optimized operational costs. The company is actively pursuing premiumization and continuously evaluating scalable opportunities in the high-growth craft spirits sector.