Tilaknagar Industries reports record Q1 EBITDA, announces Prag Distillery expansion 

INDIA – Tilaknagar Industries Limited (TI), a leading Indian-Made Foreign Liquor (IMFL) producer, has reported strong financial results for the quarter ended June 30, 2025, supported by volume growth and market share gains. 

Net revenue from operations rose to INR 409.1 crore (US$46.7M), representing a 30.6 per cent increase from INR 313.2 crore (US$35.8M) in the same period last year. When adjusted for subsidy income of INR 38.6 crore (US$4.4M), revenue growth stood at 20.5 per cent. 

Profit after tax (PAT), excluding exceptional items, surged 120.8 per cent year-on-year to INR 88.5 crore (US$10.1M) from INR 40.1 crore (US$4.6M). The company’s sales volumes climbed 26.5 per cent, with market share improvements across all key regions. 

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 88 per cent to INR 94.5 crore (US$10.8M), up from INR 50.2 crore (US$5.7M) a year earlier. This marks the highest-ever quarterly EBITDA achieved by the company. 

Following the earnings announcement, TI’s Board of Directors approved an investment of INR 59 crore (US$6.7M) for a significant expansion at its wholly-owned subsidiary, Prag Distillery (P) Ltd, in Andhra Pradesh. The investment includes INR 34 crore in licence fees and interest payments. 

The expansion will increase Prag’s annual bottling capacity six-fold, from six lakh cases to 36 lakh cases, enabling the facility to meet nearly half of the total demand for TI brands in the state. 

Amit Dahanukar, Chairman and Managing Director of TI, described the expansion as a strategic step to enhance manufacturing capabilities and address rising demand for flagship brands such as Mansion House Brandy and Courrier Napoleon Brandy. 

TI recently signed a definitive agreement with Pernod Ricard India to acquire Imperial Blue, India’s third-largest whisky brand, for INR 4,150 crore (US$474M). 

The deal, subject to approval by the Competition Commission of India, will mark the largest transaction in the Indian alco-beverage sector by an Indian company. 

For the financial year ended March 2025, Imperial Blue recorded sales of 22.4 million cases, capturing a nine per cent share of India’s whisky market. The brand, a blend of Indian grain spirit and imported Scotch malts, is available in 27 states and union territories. 

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