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Radico Khaitan Ltd
NSE: RADICO BSE: 532497 INE944F01028 Fast Moving Consumer Goods FMCG 🔎 Screen
NIFTY 200 NIFTY 500 Midcap 100 Midcap 150 FMCG
₹60,279 Cr
Market Cap
87.5
P/E
2.19
PEG
24.2%
ROCE
20.3%
ROE
0.15
D/E
19.0%
OPM
-2.0%
% from 52W High
93
α RS
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📈 Price History
Ratio Health
Excellent
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By Category
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About

Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. The company was initially known as Rampur Distillery Company and was focussed on distillation and bottling for branded players and canteen stores of armed forces. Later on in the year 1997, Radico Khaitan ventured into its own branded IMFL products and launched its first brand 8PM whisky which became its millionarie brand within a year of its launch.

✓ Strengths 1
  • Company has reduced debt.
! Concerns

No concerns data yet.

Key Ratios Snapshot
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📈 Growth Pattern
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Strong quarter: premiumisation drove EBITDA up 50.9% with 536bps margin expansion, though total IMFL volume growth was subdued at only +2.8% YoY. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹1,683.7 Cr
+11.8% YoY; gross revenue ₹5,867.7 Cr, +10.4% YoY
EBITDA Margin
20.7%
+536 bps YoY; EBITDA ₹348.1 Cr, +50.9% YoY
PAT
₹226.0 Cr
+69.5% YoY; Q1 FY26 included ₹7.0 Cr exceptional charge, so underlying PBT growth was +63.3%
Key Metric
Prestige & Above volume 5.22m cases
+35.8% YoY; now 53.1% of total own volume vs 41.5% a year ago
What Went Right
  • Prestige & Above revenue grew 36.0% to ₹970.0 Cr; P&A volume grew 35.8% to 5.22m cases, lifting P&A mix to 53.1% of own volume.
  • Gross profit rose 27.7% to ₹826.8 Cr; gross margin expanded 610 bps YoY to 49.1% despite ₹30 Cr packing-material cost impact.
  • EBITDA grew 50.9% to ₹348.1 Cr and EBITDA margin expanded 536 bps to 20.7%.
  • Magic Moments vodka crossed 3.25m cases, up 43% YoY, and vodka category saliency rose from 4.6% to 6.1% of the IMFL industry.
  • Net debt fell ₹138 Cr since March 2026 to ₹106.1 Cr; company expects to be net debt free by Q2 FY2027.
What to Watch
  • Total IMFL volume growth was only 2.8% because Regular & Others volume fell 15.1% and Regular & Others revenue fell 17.3%, hurt by policy changes in Maharashtra and Karnataka and the Andhra Pradesh route-to-market base.
  • Non-IMFL revenue declined 3.5% YoY to ₹421.2 Cr due to higher captive consumption and lower bulk alcohol sales.
  • Packing material price volatility caused an estimated ₹30 Cr financial impact during the quarter, showing input-cost risk despite benign raw materials.
  • A&SP spend rose to 6.9% of IMFL sales from 5.8% a year ago; with guidance of 6-8%, marketing investment could pressure margins if volume growth slows.
  • Reported PAT growth was flattered by the Q1 FY26 exceptional charge of ₹7.0 Cr; excluding that, PBT growth was 63.3% versus reported 69.7%.
Management Guidance
  • Upgraded Prestige & Above volume growth guidance to over 25% for full year FY2027.
  • Expects EBITDA margin of around 20% for full year FY2027.
  • Net debt free by Q2 FY2027.
  • A&SP spend to be maintained around 6-8% of IMFL revenues.
Investor Lens
The premiumisation thesis looks intact: P&A is now 53.1% of own volume and 76.8% of IMFL revenue, driving gross margin up 610 bps and EBITDA margin up 536 bps. But the weak topline breadth is a real caution — total IMFL volume grew only 2.8% because the regular portfolio shrank 15.1% under state policy changes. The ₹30 Cr packing-material hit shows cost resilience is not assured, especially with West Asia disruption still monitored. The balance sheet is nearly clean at ₹106.1 Cr net debt, which should provide flexibility. Next quarter, watch whether P&A can sustain >25% growth, whether regular-volume declines stabilise, and whether full-year EBITDA margin holds around the 20% guidance.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter with 76% PAT jump, margins expand to 21%
Revenue
Revenue grew 11.8% YoY to ₹1,684 Cr, with a sequential improvement of 12% vs Mar 2026, driven by volume and price mix.
Profitability
Net profit surged 75.6% YoY to ₹230 Cr, with EPS rising from ₹9.75 to ₹17.14. PAT growth outpaced revenue due to margin expansion.
Margins
Operating profit margin improved sharply from 15% to 21% YoY, reflecting operational leverage and cost efficiencies.
Cash Flow
Cash flow data not disclosed, but strong profit growth and low debt (D/E 0.15) suggest healthy cash generation.
Balance Sheet
Debt-to-equity is low at 0.15, indicating a conservative capital structure. ROE stands at 20.3% and ROCE at 24.2%.
Key Risks
High PE of 94.84 suggests stretched valuation. Margin sustainability faces headwinds from raw material inflation. Regulatory changes in liquor sector remain a risk.
Outlook
Premiumisation trend and strong brand portfolio support volume growth. Sustained margin performance and debt-free operations bode well for future quarters.
Generated by AI · Jun 2026 results · Not investment advice
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