1. Opening Hook
Tilaknagar walked into this concall with swagger—premiumisation buzzwords in one hand and ₹1,086 crore cash in the other. Volumes are up, margins look respectable, and management sounds like it has already mentally absorbed Imperial Blue… even if accountants legally haven’t yet.
Brandy is aspirational now, apparently. Andhra is booming. Maharashtra is confusing. And MML is being stared at like a buffet dish nobody wants to comment on publicly. Meanwhile, analysts keep poking the Imperial Blue elephant in the room, and management keeps politely pointing at the “confidentiality” sign.
If you thought this would be a sleepy liquor concall, think again. Read on—because beneath the premium gloss lies a fascinating mix of execution confidence, regulatory shrugging, and a deal that could change everything.
2. At a Glance
- Volume up 16.2% – Thirsty consumers, cooperative governments (mostly).
- Revenue ₹398 cr (Q2) – Growth steady, not drunk on subsidies anymore.
- EBITDA ₹60 cr – Respectable buzz, margins holding their glass steady.
- H1 EBITDA margin 19.2% – Adjusted reality: ~15%, still decent.
- PAT ₹53 cr – Clean growth once subsidy fog clears.
- Net cash ₹1,086 cr – Rare sight in alcohol: cash sobriety.
3. Management’s Key Commentary
“Our premiumisation strategy continues to deliver strong results.”
(Translation: People are paying more per drink, finally 😏)
“Volume growth stood at 16.2% YoY.”
(Translation: Demand is doing the heavy lifting, not pricing.)
“Monarch Legacy Edition is now present in six states.”
(Translation: Luxury brandy is no longer a punchline.)
“We own 21.36% of Spaceman Spirits Lab and intend to increase it.”
(Translation: Gin is cool, and we want a bigger slice 🍸)
“Imperial Blue acquisition has received CCI approval.”
(Translation: The real party starts next quarter.)
“We request participants to refrain from asking questions on Imperial Blue.”
(Translation: Please stop asking exactly what you want to know.)
4. Numbers Decoded
Metric | Q2 FY26 | What It Really Says
---------------------------|---------------|-----------------------------
Volume Growth | +16.2% | Category tailwinds strong
Net Revenue | ₹398 cr | Clean growth, subsidy-adjusted
EBITDA | ₹60 cr | Operating leverage behaving
EBITDA Margin (H1) | ~15% adj. | Stable, not explosive
PAT (Q2) | ₹53 cr | Earnings quality improving
Net Cash | ₹1,086 cr | Ammo loaded for acquisitions
Solid fundamentals. No intoxication. Yet.
5. Analyst Questions (Decoded)
- Is competition rising in Brandy?
Management: Yes, but we’re gaining share.
(Translation: Locals are losing, nationals are winning.)
- What about Andhra growth sustainability?
Management: Industry up 20%, we’ll outgrow.
