Q1 marked another quarter of progress on integration with around 90 per cent of IB operations being transitioned out of Transition Services & Manufacturing Agreement (TSMA)
Tilaknagar Industries, the maker of Mansion House Brandy (MHB) and Imperial Blue whisky has registered a 64 per cent year-on-year (YoY) drop in its net profit in the first quarter of the current fiscal year. The company net profit attributable to the owners of the company dipped to Rs 31.59 crore from Rs 88.50 crore in Q1FY26.
Net revenue from operations stood at Rs 1,046 crore as compared to Rs 394 crore in Q1FY26, the company said in an exchange filing. Adjusted for net subsidy, net revenue stood at Rs 1,026 crore. The company said that earnings before interest, taxes, depreciation and amortisation (Ebitda) grew by 79 per cent YoY.
Adjusted for subsidy income, the Ebitda stood at Rs 148 crore, with margins at 14.5 per cent. Volume grew by 172 per cent YoY to reach 8.7 million cases, with MHB clocking 7 per cent growth. Q1 marked another quarter of progress on integration with around 90 per cent of IB operations being transitioned out of Transition Services & Manufacturing Agreement (TSMA), leaving only one state to be completed.
As a result, exceptional costs relating to the transition are expected to reduce significantly over the remainder of FY27, the company added.
Volumes And Market Share
Despite a challenging start to the quarter, company’s volumes remained resilient. April 2026 was impacted by a combination of TSMA exit-related disruptions across Odisha, Punjab, Uttarakhand and Karnataka, as well as state elections in key markets such as Assam and West Bengal.
On a quarter-on-quarter (QoQ) basis, Q1FY27 volumes grew by 9 per cent, led by IB, which recorded 18 per cent QoQ growth. MHB reached 2.6 million cases, reflecting growth of 7 per cent YoY and 1 per cent QoQ.
“With the integration of IB now substantially complete, our focus will increasingly shift towards driving long-term growth. We are preparing to accelerate the expansion of our luxury and super-premium portfolio across key markets, while leveraging IB’s strong distribution network to introduce new products across premium price points,” stated Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries.
IB expanded market share across India by around 150 bps QoQ, with significant improvement in shares across North, West and South, reflecting strong trade engagement and healthy consumer demand. The company said that the policy and regulatory environment also witnessed encouraging developments during the quarter. The India-UK Free Trade Agreement (FTA), which came into effect in mid-July, and the reduced Scotch import costs are expected to show up in its financials from Q3FY27, the company noted.
