Tilaknagar Considers Another Acquisition Similar to Its $500 Million Imperial Blue Deal

Tilaknagar Industries is preparing for more dealmaking in India’s alcoholic beverages market after the purchase of Imperial Blue sharply expanded the company’s scale and national reach, Chairman Amit Dahanukar said on Wednesday.

In an interview with Reuters, Dahanukar said the company would consider another acquisition of roughly similar size to the Imperial Blue transaction, with a preference for targets in craft, superpremium and luxury spirits. He said no deal has been committed, and Tilaknagar has not disclosed a budget or timetable for another purchase.

The comments show how one acquisition has changed the profile of a company that was long known mainly as a regional brandy producer. By adding Imperial Blue, Tilaknagar gained a much larger presence in the Indian market and a wider distribution footprint, giving it a platform that would have taken far longer to build through organic growth alone.

The impact is already visible in the company’s numbers. Tilaknagar’s revenue for the April-June 2026 quarter, the first quarter of fiscal 2027, reached 10.26 billion rupees, or about $107.46 million. That was nearly three times the level recorded a year earlier, according to previously published results. Imperial Blue now contributes about two-thirds of the company’s sales volume, underscoring how heavily the newly acquired brand is driving the business.

The Imperial Blue deal, valued at about $500 million, has effectively reset Tilaknagar’s size in the industry. A company once identified closely with brandy has become more diversified by volume and more relevant in the mass and premium segments of India’s spirits market. Dahanukar’s latest comments suggest management now sees acquisitions not as a one-time expansion move, but as a continuing part of its strategy.

That matters in India, where liquor companies often face a fragmented market, state-by-state regulations and the high cost of building distribution from scratch. For many producers, especially those looking to move beyond a regional base, buying established brands can provide faster access to consumers, retailers and wholesalers than relying only on new product launches or gradual market entry.

Dahanukar’s focus on craft, superpremium and luxury spirits also points to where Tilaknagar may want to deepen its portfolio next. Those categories generally offer higher margins and exposure to urban consumers who are spending more on premium products. A deal in that area would also balance the company’s larger exposure to high-volume mainstream brands after the addition of Imperial Blue.

Even so, the chairman’s remarks stop short of signaling an imminent transaction. He did not identify potential targets, financing plans or a specific deal size beyond saying the company would be open to another acquisition of similar magnitude. That leaves open questions about whether Tilaknagar would pursue a domestic target, seek a niche premium label, or look for a business that comes with a stronger position in fast-growing upscale categories.

For now, the clearest change is the one already visible in Tilaknagar’s operating profile. Imperial Blue has become the central driver of volume, and the company’s quarterly revenue has risen sharply as a result. The strategy outlined on Wednesday suggests Tilaknagar believes scale and portfolio breadth will be critical in the next phase of competition in India’s spirits industry, and that acquisitions may remain the fastest route to achieve both.