Tilaknagar targets low double-digit volume growth as Imperial Blue integration lifts outlook

Tilaknagar Industries expects revenue growth to outpace volumes by about 200 bps in FY27, with EBITDA targeted at ₹650–680 crore. The company is aiming for roughly ₹1,000 crore in EBITDA and a 16%–18% margin by FY29, while reducing net debt to about ₹1,700 crore by FY27-end.

— Source publishedTue, 28 Jul, 2026, 13:16 IST·First seen Tue, 28 Jul, 2026, 13:27 IST·Source CNBC-TV18 · Companies

What happened

Tilaknagar Industries expects low double-digit FY27 volume growth following Imperial Blue integration, targets FY29 EBITDA of about ₹1,000 crore and plans to

Key facts

  • Low double-digit FY27 volume growth
  • Revenue growth about 200 basis points above volume growth
  • FY29 EBITDA target around ₹1,000 crore
  • FY29 EBITDA margin guidance of 16%-18%
  • Q1 FY27 EBITDA of ₹150 crore
  • FY27 EBITDA aspiration of ₹650-680 crore
  • Net debt ₹2,100 crore at Q1 FY27
  • FY27-end net debt target around ₹1,700 crore
  • Telangana overdue receivables around ₹550 crore

Why this matters

Imperial Blue is positioned as a scale-led catalyst for Tilaknagar, suggesting further portfolio, distribution and state-market consolidation opportunities could accelerate its FY29 margin ambitions.

What to watch

  • Quarterly volume growth versus the low-double-digit FY27 target.
  • Revenue growth premium to volume growth and evidence of mix-led realization gains.
  • Imperial Blue integration costs, distribution continuity, synergy capture and market-share trends.
  • Telangana pricing decisions and other state excise-policy changes.
  • EBITDA run rate relative to the ₹650-680 crore FY27 objective and progress toward 16%-18% FY29 margin.
  • Net debt, interest expense, working-capital movement and pace of deleveraging toward ₹1,700 crore.
  • ENA, glass, packaging and freight inflation, plus competitors' pricing and promotional intensity.
  • Prioritize Imperial Blue distribution integration in high-volume states while protecting legacy Mansion House execution.
  • Use acquired scale to negotiate better procurement, bottling and logistics terms, converting synergy savings into brand investment and debt paydown.
  • Push premiumization and favorable pack/channel mix to deliver the planned revenue-over-volume growth spread.
  • Maintain strict acquisition-integration milestones and working-capital controls to keep FY27 net debt near ₹1,700 crore.
  • Pursue state-by-state pricing actions, particularly Telangana revisions, while managing volume elasticity and competitive responses.