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The country’s largest liquor company just announced solid Q3 numbers. It has a product portfolio its peers envy. Its advertising budget is the largest. Yet, it’s the worst performing liquor stock.

With a top-10 whisky in its fold, Amit Dahanukar’s Tilaknagar finally gets to sell India’s tipple of choice. But the acquisition is much bigger than the brandy maker, and integrating it will not be easy.
Led by MD and CEO Hina Nagarajan, its whisky brands have outpaced many of French rival Pernod Ricard’s for the first time in several years.
The maker of Officer’s Choice whisky may have lost ground to peers but Chhabria is hoping new leadership and a course correction will sway investors.