Tilaknagar Industries shares fell to a day’s low of ₹430.25 on Tuesday, even as the liquor maker posted a sharp jump in Q1 revenue.

Revenue for the quarter came in at ₹1,046.03 crore, up 165.6% from ₹393.91 crore a year earlier.

Almost all of that jump came from the newly acquired Imperial Blue whisky business, folded into the books after the company bought it from Pernod Ricard India.

EBITDA rose 78.8% to ₹168.92 crore. Margins told a different story though, narrowing to 16.1% from 24% in the same quarter last year.

Net profit dropped 64.3% to ₹31.59 crore, down from ₹88.5 crore. The company pointed to a one-time exceptional charge of ₹30.11 crore tied to integrating Imperial Blue, along with rising input costs.

Strip out those one-off items and adjusted EBITDA stood at ₹148 crore, with management noting margins would have held closer to 17% without the inflationary pressure.

There were some genuinely strong numbers in the update too. Total volumes jumped 172% to 8.7 million cases, and net realisation per case improved 5.3% to ₹1,183.

Imperial Blue volumes grew 18% sequentially and picked up around 150 basis points of market share.

Tilaknagar now calls itself the largest prestige-and-above spirits player in South India outside Tamil Nadu, with close to 40% share. Net debt, however, climbed to ₹2,100 crore from ₹1,911 crore over the quarter.

Management expects volume growth in the high single to low double digits for FY27, with cost synergies from the Imperial Blue deal helping margins recover through the year.

Shares had ended the previous session 0.9% higher at ₹445.80. At 10:00 am, the stock was trading around ₹432 on the NSE, still down over 3% for the day. Tilaknagar shares are now down close to 5% so far in 2026.

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