Synopsis:
Tilaknagar Industries’ shares surged after acquiring Imperial Blue whisky for Rs. 4,150 crore, marking India’s largest alcohol sector deal.
A prominent Indian alcohol manufacturer is set to significantly expand its portfolio. This article details the company’s major strategic move: the signing of a definitive agreement to acquire the popular Imperial Blue whisky brand in a landmark slump sale transaction, marking a substantial shift in the domestic spirits landscape.
Tilaknagar Industries Limited’s stock, with a market capitalisation of Rs. 9,238 crores, rose to Rs. 496.50, hitting a high of up to 4.9 percent from its previous closing price of Rs. 473.25. Furthermore, the stock over the past year has given a return of 97 percent.
Brand Acquisition
Tilaknagar Industries Limited (TI), one of India’s leading IMFL (Indian-Made Foreign Liquor) manufacturers, has signed a definitive agreement to acquire the Imperial Blue business division (IB) from Pernod Ricard India Private Limited. The acquisition will be executed through a slump sale for a total enterprise value of €412.6 million (approximately INR 4,150 crore as of today), with an additional deferred payment of €28 million (around INR 282 crore), payable four years after the transaction’s closure. The final transaction value is also subject to customary adjustments as outlined in the Business Transfer Agreement.
The deal includes the purchase of Imperial Blue’s operations, which sold 22.4 million 9-litre cases in the year ended March 2025, across India and other markets. The acquisition brings with it two dedicated manufacturing units and contracts with co-manufacturers nationwide. Imperial Blue, established more than 25 years ago, is the third-largest whisky brand in India by volume and reported revenue of INR 3,067 crore for the year ended March 2025.
This landmark acquisition marks the largest purchase ever in India’s alcohol beverage sector by an Indian company. It also fast-tracks Tilaknagar Industries’ entry into the booming whisky segment, the largest category within IMFL in India, adding to its leadership in brandy with popular brands like Mansion House Brandy. With this move, TI will strengthen its pan-India presence and significantly scale up its business, boasting a combined sales volume of 34 million 9-litre cases for the year ending March 2025 across both brandy and whisky.
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Q4 Financial Highlights
The company reported a strong Q4FY25 performance, with revenue rising 13 percent YoY to Rs. 406 crore from Rs. 359 crore in Q4FY24 and up 19 percent QoQ from Rs. 340 crore in Q3FY25. This reflects consistent top-line momentum, supported by a 3-year revenue CAGR of 22 percent, highlighting robust long-term growth.
Net profit surged 148 percent YoY to Rs. 77 crore in Q4FY25 from Rs. 31 crore and grew 43 percent QoQ from Rs. 54 crore, driven by operational efficiency and margin expansion. Backed by a 3-year profit CAGR of 94 percent and ROE CAGR of 27 percent, the company continues to demonstrate strong earnings power and return metrics.
Written By Fazal Ul Vahab C H
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