Q2 FY27 Financial Performance (Adjusted for subsidy)

  • Volume: 8.9 million cases, representing 160% YoY growth
  • Revenue: ₹1,033 crore, representing 172% YoY growth
  • EBITDA: ₹146 crore, representing 143% YoY growth with margin of 14.1%
  • PAT (excluding exceptional items and amortization): ₹66 crore, representing 26% YoY growth

H1 FY27 Financial Performance (Adjusted for subsidy)

  • Volume: 17.6 million cases, representing 166% YoY growth
  • Revenue: ₹2,059 crore, representing 180% YoY growth
  • EBITDA: ₹295 crore, representing 154% YoY growth with margin of 14.3%
  • PAT (excluding exceptional items and amortization): ₹142 crore, representing 39% YoY growth

Volume Metrics and Market Performance

  • Secondary volumes grew 7.8% QoQ in Q2 FY27
  • Imperial Blue secondary volumes grew 8.5% QoQ
  • Mansion House Brandy secondary volumes grew 7.1% QoQ
  • Imperial Blue gained 100+ bps market share in Q2 FY27 compared to Q1 FY27
  • Market share gains occurred across 17 states
  • Strong performance in Karnataka, Andhra Pradesh, Uttarakhand, Assam, and Rajasthan

Margin Analysis and Cost Pressures

  • EBITDA margin of 14.1% in Q2 FY27 (adjusted for subsidy)
  • Excluding inflationary pressure impact, margin would have been approximately 16.5%
  • Ongoing geopolitical tensions caused inflationary pressures across packaging inputs, particularly glass
  • ENA prices started showing inflationary trend with rising fuel and grain costs by end of Q2 FY27
  • Gross margins were under pressure due to cost inflation
  • Cost optimization initiatives helped protect margins

Management Commentary (Amit Dahanukar, Chairman & Managing Director)

Integration Update:

  • States transitioning out of TSMA under TI operations have been stabilized post-Q1
  • Last remaining state will transition towards end of FY27
  • Exceptional costs relating to transition significantly reduced during Q2 FY27
  • Exceptional costs expected to continue at same levels over next 2 quarters

Volume & Market Share:

  • Primary volumes remained flat in Q2
  • Secondary volumes showed robust 8% QoQ growth
  • NSR per case moderated slightly due to state mix
  • Confident of sustained NSR growth driven by favorable state-mix, price increases, and expected new launches (FY28 onwards)

Marketing Initiatives:

  • Mansion House Brandy and Monarch Legacy Edition Brandy showcased in Times Square, New York City for 72-hours with 2,500+ plays and 1.2 million+ visitors
  • Launched first ATL campaign for Imperial Blue Packaged Drinking Water under "Men Will Be Men" theme

Policy Update:

  • Karnataka excise policy reforms drove strong growth in P&A category
  • Early signals of reform in Tamil Nadu (largest Brandy market in India)
  • Mansion House Reserve Brandy saw 25%+ QoQ volume growth with 50% YoY growth in September 2026
  • September 2026 emerged as highest volume month ever for Mansion House Reserve Brandy

Other Developments

  • Largest domestic P&A IMFL player and third-largest P&A player in India by volumes
  • Largest P&A IMFL player in South India by volumes
  • Mansion House Brandy emerged as #1 brandy in Karnataka in September 2026
  • Entered tequila category through strategic investment in Black Tiger Distilleries (Bodega Suprema No. 5 – 100% Blue Weber Agave Tequila)
  • House of TI's luxury portfolio now present across 9 markets
  • Luxury portfolio to be launched across more markets in FY27

Company Background

  • One of India's leading IMFL manufacturers with 90 years of excellence
  • Maker of Mansion House Brandy (India's largest and world's second largest selling brandy)
  • Home to Imperial Blue Whisky (world's third largest selling whisky)
  • Portfolio includes Mansion House Whisky, Madira Rum, Blue Lagoon Gin, Courrier Napoleon brandy
  • Luxury vertical (House of TI) includes Monarch Legacy Edition Brandy and Seven Islands Pure Malt Whisky
  • Strategic partnerships with Bartisans, Spaceman Spirits Lab, and Bodega Suprema No.5