Tilaknagar Industries has informed stock exchanges that CRISIL Ratings has reaffirmed its long-term bank loan rating at ‘CRISIL A-/Stable’, while removing the rating from ‘Rating Watch with Developing Implications’, according to a regulatory filing dated December 31, 2025 .
The rating action follows the completion of the acquisition of Imperial Blue, the whisky brand acquired from Pernod Ricard India on a slump-sale basis. CRISIL said it received clarity on key financials, synergies, future outlook of the combined business, and investment plans, which led to the removal of the rating watch and reaffirmation of the outlook .
As part of the revised assessment, total bank loan facilities rated have been enhanced to Rs 2,850 crore, from Rs 200 crore earlier, reflecting the expanded scale of operations post acquisition .
CRISIL noted that Tilaknagar Industries’ business risk profile is expected to strengthen over the medium term, supported by a significant increase in scale, wider geographic presence, and reduced category concentration following the Imperial Blue integration. However, this is partly offset by expected moderation in operating margins, return on capital employed, and debt metrics due to higher leverage and interest costs associated with the acquisition .
The rating agency also highlighted that cash generation is expected to remain strong, which should support gradual improvement in debt metrics over the medium term, provided capex remains prudent and integration progresses as planned .
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