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RADICO - Radico Khaitan

📊 NSE: RADICO 🏢 Breweries & Distilleries 📅 Last Updated: 12/14/2025 11:29

📢 Recent Corporate Announcements

Radico Khaitan Schedules Investor Meetings with CLSA, Pictet, and Others in March 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 12:35 PM

Radico Khaitan Limited has announced a series of institutional investor interactions scheduled between March 18 and March 26, 2026. The senior management will participate in the CLSA India 2nd Consumer Tour and hold one-on-one meetings with firms including Cusana Capital, Hudson Bay Capital, and Pictet Asset Management. These meetings are part of routine investor relations, and the company has stated that no unpublished price sensitive information (UPSI) will be discussed. The existing investor presentation on the company's website will be used for these discussions.

Group interaction with CLSA India scheduled for March 18, 2026, during the Consumer Tour.
One-on-one meetings with Cusana Capital and Hudson Bay Capital on March 19 and March 25, 2026.
Scheduled interaction with Pictet Asset Management on March 26, 2026.
Company confirms no Unpublished Price Sensitive Information (UPSI) will be shared during these sessions.

💡 This is a routine disclosure; investors should monitor for any subsequent analyst reports or updates that may emerge from these institutional interactions. No immediate portfolio action is required based solely on this schedule.

Radico Khaitan Allots 4,444 Equity Shares Under ESOP 2006

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Mar 2026, 04:38 PM

Radico Khaitan Limited has approved the allotment of 4,444 equity shares to eligible employees following the exercise of stock options under its ESOP 2006 scheme. The shares were issued at an exercise price of Rs. 928.05 per share, which includes a premium of Rs. 926.05 per share. Following this allotment, the company's total paid-up equity share capital has increased to 13,38,97,933 shares. This is a minor administrative event with negligible dilution for existing shareholders.

Allotment of 4,444 equity shares of face value Rs. 2 each
Exercise price set at Rs. 928.05 per share
Total paid-up equity capital increased to Rs. 26,77,95,866
The allotment was approved by the Nomination, Remuneration and Compensation Committee on March 11, 2026

💡 No action is required as this is a routine administrative matter with negligible impact on shareholding value. Investors should remain focused on the company's quarterly earnings and market expansion updates.

Radico Khaitan's Old Admiral Brandy Crosses 10 Million Cases Sales Milestone in FY26

🟢 POSITIVE ⭐ 7/10

OTHER 📅 05 Mar 2026, 05:13 PM

Radico Khaitan has announced that its Old Admiral Brandy brand achieved a significant milestone by crossing 10 million cases in sales during FY26. This represents a massive jump from the 5.6 million cases sold in FY25, nearly doubling the volume within a year. The growth was primarily driven by focused distribution and market support in the key southern states of Andhra Pradesh, Telangana, and Karnataka. This achievement underscores the brand's strong consumer loyalty and its scaling capabilities within the Indian Made Foreign Liquor (IMFL) category.

Old Admiral Brandy sales surpassed 10 million cases in FY26
Significant volume growth compared to 5.6 million cases recorded in FY25
Strengthened market leadership in Andhra Pradesh, Telangana, and Karnataka
Growth attributed to consistent quality, value proposition, and focused distribution initiatives

💡 Investors should take this as a positive sign of Radico's brand-building strength and market share expansion; watch for the impact of this volume growth on the company's revenue and margins in the upcoming financial results.

Radico Khaitan Schedules Investor Meetings and Conferences for March 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Mar 2026, 12:46 PM

Radico Khaitan Limited has announced a series of investor interactions scheduled between March 6 and March 10, 2026. The management will engage in a one-on-one meeting with FSSA Investment Managers and participate in two major institutional conferences. These events include the UBS Emerging India Mid-Caps Corporate Day in Singapore and the Investec Promoter & Founder Conference 2026. The company has stated that no unpublished price-sensitive information will be disclosed during these interactions.

One-on-one meeting scheduled with FSSA Investment Managers on March 6, 2026
Participation in UBS Emerging India Mid-Caps Corporate Day in Singapore on March 9, 2026
Attendance at the Investec Promoter & Founder Conference on March 10, 2026
Management confirms that no Unpublished Price Sensitive Information (UPSI) will be shared

💡 This is a routine disclosure; investors should review the latest corporate presentation on the company's website for updated business insights.

Radico Khaitan to Meet Manulife Investment Management on February 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 01:19 PM

Radico Khaitan Limited has scheduled a one-on-one meeting with Manulife Investment Management on February 20, 2026. This interaction is part of the company's ongoing engagement with institutional investors to discuss business outlook and strategy. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. The presentation to be used for the meeting is already available on the company's investor relations website for public viewing.

One-on-one meeting scheduled with Manulife Investment Management on February 20, 2026.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Senior management will represent the company during the interaction.
Company confirmed that no unpublished price sensitive information will be discussed.
The corporate presentation for the meeting is accessible via the company's official website.

💡 This is a routine investor interaction and requires no immediate action. Investors may review the company's latest investor presentation to stay updated on its strategic objectives and market positioning.

Radico Khaitan FY25 Revenue Hits ₹4,851 Cr; Premium Segment Value Contribution at 69.4%

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 17 Feb 2026, 01:01 PM

Radico Khaitan's February 2026 presentation highlights a successful transition toward a premium-led growth model, with FY2025 IMFL volumes rising 9% to 31.4 million cases. The Prestige & Above (P&A) segment is the primary driver, now contributing 69.4% of total value and showing a 13% volume CAGR since FY2019. The company has successfully doubled its production capacity to 321 million liters, securing long-term raw material supply. Management expects significant margin expansion in FY2026 due to the combined impact of premiumization and stabilizing raw material costs.

FY2025 IMFL volume grew 9% YoY to 31.4 million cases, with Prestige & Above (P&A) volume share at 46.1%.
P&A segment value contribution reached 69.4%, with realization per case rising to ₹1,801 from ₹1,307 in FY2019.
Total manufacturing capacity doubled to 321 million liters following the completion of Rampur and Sitapur expansions.
FY2025 Net Revenue grew 18% YoY to ₹4,851 Crore with an EBITDA margin of 13.8%.
Export footprint expanded to over 100 countries, contributing 9% to total IMFL sales value.

💡 Investors should focus on the company's margin expansion trajectory in FY2026 as it benefits from a higher luxury brand mix and raw material tailwinds. The stock remains a key beneficiary of the structural premiumization trend in the Indian alcobev sector.

Radico Khaitan Elevates Internal Talent to CSO and CMO Roles; COO Amar Sinha Steps Down

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 13 Feb 2026, 12:21 PM

Radico Khaitan has announced a leadership progression to drive its premiumisation and global expansion strategy. The company elevated Sudhir Upadhyay, a veteran with 25 years of experience, to Chief Sales Officer and Kunal Madan, with 20 years of experience, to Chief Marketing Officer. These internal promotions coincide with the departure of Amar Sinha, who is stepping down from his role as Chief Operating Officer. The management transition aims to leverage the company's 321 million litre capacity and presence in over 100 countries.

Sudhir Upadhyay promoted to Chief Sales Officer after 10+ years at the company and 25 years in the industry.
Kunal Madan elevated to Chief Marketing Officer to lead brand architecture and premiumisation strategy.
Amar Sinha steps down as Chief Operating Officer following a significant tenure during the company's growth phases.
The company maintains a total owned production capacity of 321 million litres across multiple distilleries.
Radico Khaitan currently operates 44 bottling units and exports its brand portfolio to over 100 countries.

💡 Investors should monitor the new leadership's ability to execute the premiumisation strategy and maintain growth momentum following the COO's exit. The focus on internal promotions suggests organizational stability and continuity in long-term strategic goals.

Radico Khaitan COO Amar Sinha Resigns Effective March 31, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 13 Feb 2026, 12:20 PM

Radico Khaitan Limited has announced the resignation of its Chief Operating Officer, Mr. Amar Sinha, who will step down effective March 31, 2026. The resignation, cited for personal reasons, was accepted by the Nomination and Remuneration Committee on February 13, 2026. Mr. Sinha has been a key part of the senior management team, contributing to the company's growth journey. The company has expressed its appreciation for his contributions and noted that he will assist in a smooth transition of responsibilities.

Mr. Amar Sinha has resigned from the position of Chief Operating Officer (COO) effective March 31, 2026.
The resignation was formally accepted by the Nomination and Remuneration Committee on February 13, 2026.
The departure is attributed to personal reasons as per the official resignation letter.
Mr. Sinha has committed to ensuring an orderly transition and full cooperation in handing over his duties.

💡 Investors should monitor the company's upcoming announcements regarding the appointment of a successor to ensure operational continuity. While the resignation is for personal reasons, the loss of a senior executive requires a watch on the company's execution strategy.

Radico Khaitan Showcases Rampur 1943 Virasat; Portfolio Scores 91.9 Average in Whisky Bible

🟢 POSITIVE ⭐ 4/10

OTHER 📅 12 Feb 2026, 11:25 AM

Radico Khaitan hosted an exclusive tasting for its new premium Indian single malt, Rampur 1943 Virasat, featuring world-renowned whisky expert Jim Murray. The event highlighted the company's successful premiumization strategy, with Murray's 2026 Whisky Bible awarding nine Rampur variants an average score of 91.9 out of 100. The company also showcased its new pot stills at the Rampur distillery, designed to enhance flavor profiles for the next generation of whisky drinkers. This brand validation supports Radico's shift toward high-margin luxury spirits, which currently reach over 100 countries.

Rampur Indian Single Malt portfolio achieved a high average score of 91.9/100 in the 2026 Jim Murray Whisky Bible.
Introduction of new, specially designed pot stills to elevate flavor intensity and production quality.
Rampur 1943 Virasat maturation involves American bourbon barrels and finishing in ruby port pipes.
Radico Khaitan maintains a total owned production capacity of 321 million liters across its facilities.
The company operates 44 bottling units and exports its premium brands to over 100 countries globally.

💡 Investors should monitor the growth of the 'Prestige & Above' segment as these high-margin premium products are critical for long-term profitability. The strong global endorsement from experts like Jim Murray enhances brand equity and supports the company's premiumization narrative.

Radico Khaitan Schedules One-on-One Investor Meetings with Axiom and Tokio Marine

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 06:33 PM

Radico Khaitan Limited has scheduled two separate one-on-one interactions with institutional investors in February 2026. The company will meet with Axiom Investors on February 9 and Tokio Marine Asset Management on February 12. These meetings are part of the company's routine investor relations program to discuss the business environment and performance based on publicly available data. No unpublished price sensitive information is expected to be shared during these sessions.

One-on-one meeting with Axiom Investors scheduled for February 9, 2026
One-on-one meeting with Tokio Marine Asset Management scheduled for February 12, 2026
Senior management will represent the company during these interactions
Company explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be discussed
The existing investor presentation on the company website will be used for these meetings

💡 This is a routine disclosure; investors should monitor the company's website for any updated presentations or transcripts that may follow these meetings.

Radico Khaitan Q3 FY26: Record 9.75M Case Volumes and 17.2% EBITDA Margin

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 09:42 PM

Radico Khaitan reported its highest-ever quarterly performance in Q3 FY26, driven by a 16.7% YoY growth in total IMFL volumes to 9.75 million cases. The company's premiumization strategy is yielding results, with the Prestige & Above category growing 26% in volume and gross margins expanding by 350 bps to 46.9%. Profitability improved significantly with EBITDA reaching ₹265 crores at a 17.2% margin, supported by stable raw material costs and strong growth in brands like Royal Ranthambore and After Dark. Additionally, the company reduced net debt by ₹209 crores and announced a new subsidiary in Scotland to secure its malt supply chain.

Highest-ever quarterly IMFL volume of 9.75 million cases, marking a 16.7% YoY increase.
Prestige & Above category grew 26% in volume and 29% in value, with realizations improving by 2.8%.
EBITDA margin expanded by 300 bps YoY to 17.2%, with net revenue reaching ₹1,547 crores.
Market share in Andhra Pradesh surged to 26% from 15% in the previous year's quarter.
Net debt reduced by ₹209 crores since March 2025, with a target to be debt-free by FY27.

💡 Investors should maintain a positive outlook given the strong premiumization trajectory and significant debt reduction. The strategic move to establish a Scotland subsidiary for malt sourcing secures the supply chain for their high-margin luxury portfolio.

Radico Khaitan Releases Q3 FY2026 Earnings Conference Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 23 Jan 2026, 06:34 PM

Radico Khaitan Limited has released the audio recording of its earnings conference call held on January 23, 2026. The call focused on the company's unaudited financial results for the third quarter and the nine-month period ended December 31, 2025. This disclosure is a routine regulatory requirement under SEBI Listing Regulations to ensure transparency for all shareholders. Investors can access the full discussion via the provided weblink on the company's official website to gain insights into operational performance.

Earnings conference call for Q3 FY2026 and 9M FY2026 was conducted on January 23, 2026
Audio recording of the session is now publicly available on the company's website
The filing follows the disclosure of unaudited financial results for the period ended December 31, 2025
Compliance maintained under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements

💡 Investors should listen to the recording to understand management's commentary on volume growth and the performance of the premium brand portfolio. No immediate trading action is required based on this administrative update.

Radico Khaitan Q3 FY26: Net Profit Jumps 61% YoY; Net Debt Reduced by ₹208.5 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 02:19 PM

Radico Khaitan delivered its best-ever quarterly performance in Q3 FY2026, with Net Revenue rising 19.5% YoY to ₹1,546.7 Crore. Profitability saw a massive boost as EBITDA grew 44.9% to ₹265.4 Crore and Net Profit jumped 61.1% to ₹153.7 Crore. The Prestige & Above segment remains the primary growth engine, with volumes increasing 25.9% YoY. Furthermore, the company significantly deleveraged its balance sheet, reducing net debt by ₹208.5 Crore since the start of the fiscal year.

Net Revenue from Operations increased 19.5% YoY to ₹1,546.7 Crore, driven by strong IMFL volumes.
EBITDA surged 44.9% YoY to ₹265.4 Crore with margins expanding 300 bps to 17.2%.
Prestige & Above segment volume grew 25.9% YoY, now contributing 73.6% of total IMFL revenue.
Net Debt significantly reduced to ₹365.0 Crore, a decrease of ₹208.5 Crore from March 2025 levels.
Gross Margin expanded by 350 bps YoY to 46.5% due to benign raw material costs and premiumization.

💡 The stock remains a strong play on the Indian premiumization story, supported by significant deleveraging and robust margin expansion. Investors should maintain a positive outlook given the company's successful transition toward a luxury-led portfolio.

Radico Khaitan to Incorporate Wholly Owned Subsidiary in Scotland for Scotch Production

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 22 Jan 2026, 02:10 PM

Radico Khaitan's Board has approved the incorporation of a 100% wholly owned subsidiary in Scotland, United Kingdom, tentatively named Radico Khaitan Scotland Ltd. The new entity will focus on the distillation, maturation, storage, and trading of Scotch whisky and other spirits. Furthermore, the subsidiary is intended to acquire and operate a distillery within Scotland, marking a significant step into the premium Scotch market. This move aligns with the company's long-term strategy to enhance its global spirits portfolio and premiumization efforts.

Approval for 100% ownership of a new subsidiary to be incorporated in Scotland, UK.
Business scope includes distillation, maturation, and trading of Scotch and spirits.
Strategic intent to acquire, own, and operate a distillery in the United Kingdom.
Initial capital subscription will be in cash, starting with minimum regulatory requirements.
The move strengthens Radico's position in the high-margin international spirits segment.

💡 This is a positive strategic expansion that could enhance Radico's premium brand image and margins over the long term. Investors should monitor future updates regarding the specific distillery acquisition and the scale of capital expenditure planned for the UK operations.

Radico Khaitan Q3 FY26 Standalone Net Profit Surges 61.6% YoY to ₹155.1 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 02:07 PM

Radico Khaitan reported a robust performance for Q3 FY2026, with standalone revenue from operations growing 22.1% YoY to ₹5,423.84 crore. Net profit witnessed a significant jump of 61.6% YoY to ₹155.09 crore, despite an exceptional non-recurring expense of ₹9.56 crore related to new labor code provisions. The company also successfully completed the acquisition of a 47.5% stake in D'YAVOL Spirits during the quarter, marking a strategic expansion. Profitability growth significantly outpaced revenue growth, indicating improved operational efficiencies.

Standalone Revenue from operations increased 22.1% YoY to ₹5,423.84 crore from ₹4,440.90 crore.
Net Profit for the quarter rose 61.6% YoY to ₹155.09 crore compared to ₹95.98 crore in Q3 FY25.
Exceptional charge of ₹9.56 crore recorded due to the impact of New Labour Codes on gratuity and leave encashment.
Completed acquisition of 47.5% equity stake in D'YAVOL Spirits B.V. and D'YAVOL Spirits Private Limited.
Basic EPS improved to ₹11.59 for the quarter, up from ₹7.18 in the corresponding previous year quarter.

💡 The strong double-digit growth in both revenue and profit suggests robust market demand and effective premiumization. Investors should maintain a positive outlook while monitoring the integration of the D'YAVOL brand and the impact of input costs on future margins.

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💰 Financial Performance

Revenue Growth by Segment

Prestige & Above (P&A) segment grew 24% in value and 21.7% in volume in Q2 FY26. The Regular segment returned to growth with a sharp 79.6% volume increase in Q2 FY26 after 9 quarters of degrowth. Overall Net Sales grew 17.8% in FY25 to INR 4,851.2 Cr and 33.8% in Q2 FY26 to INR 1,493.9 Cr.

Geographic Revenue Split

Not disclosed by specific percentage, but the company highlights strong market positions in Uttar Pradesh and significant growth in Andhra Pradesh following the shift to private retail policy.

Profitability Margins

Gross Margin was 43.6% in Q2 FY26. Net Profit (Total Comprehensive Income) margin improved to 9.2% in Q2 FY26 from 7.3% in Q2 FY25. FY25 Net Sales grew 17.8% while Net Profit grew 32.9% to INR 341.2 Cr.

EBITDA Margin

EBITDA margin improved to 15.8% in Q2 FY26 from 14.5% in Q2 FY25, a 130 bps increase. FY25 EBITDA was INR 668.4 Cr, up 31.8% YoY.

Capital Expenditure

Not disclosed in absolute INR Cr for future periods, but the company recently expanded its Sitapur and Rampur distillery platforms to support premium brand growth.

Credit Rating & Borrowing

CARE AA; Stable for long-term bank facilities of INR 1,300 Cr (revised from AA- in June 2024). Short-term rating reaffirmed at CARE A1+ for INR 60 Cr. Finance costs rose 24.8% to INR 73.8 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

Grain and Extra Neutral Alcohol (ENA) represent the primary input costs. Raw materials consumed in FY25 were INR 2,773.9 Cr, representing 57.2% of net revenue.

Import Sources

Primarily domestic sourcing within India, utilizing internal production from 8 distilleries located in states like Uttar Pradesh (Rampur, Sitapur).

Key Suppliers

Not disclosed; company relies on a diverse supplier base to manage price volatility.

Capacity Expansion

Operates 8 distilleries. Internal production of spirit for premium brands provides a strategic margin advantage of INR 6 to INR 9 per liter compared to external procurement.

Raw Material Costs

Raw material costs grew 17.2% YoY to INR 2,773.9 Cr in FY25. Procurement strategy includes maintaining strategic inventory levels to buffer against sudden price hikes in grain and ENA.

Manufacturing Efficiency

Internal sourcing of spirit for premium brands from Sitapur and Rampur distilleries improves margins by INR 6-9 per liter.

Logistics & Distribution

Selling & Distribution expenses were INR 476.5 Cr in FY25, representing 9.8% of net revenue, up 10.1% YoY.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Focus on the Prestige & Above (P&A) segment which grew 21.7% in volume in Q2 FY26. Scaling the luxury portfolio (Rampur, Jaisalmer) to reach >INR 500 Cr revenue in FY26 from INR 340 Cr in FY25. Leveraging the new private retail policy in Andhra Pradesh to increase market share. Backward integration in Sitapur/Rampur distilleries provides a cost advantage of INR 6-9 per liter on spirits.

Products & Services

Indian Made Foreign Liquor (IMFL) including Whisky, Vodka, Gin, Brandy, and Single Malts.

Brand Portfolio

8PM Whisky, Magic Moments Vodka, Rampur Indian Single Malt, Jaisalmer Indian Craft Gin, Royal Ranthambore Heritage Collection-Royal Whisky, Sangam World Malt.

New Products/Services

Luxury and semi-luxury segment (Rampur, Jaisalmer, Sangam, Royal Ranthambore) expected to contribute >INR 500 Cr in FY26, representing ~47% growth over FY25's INR 340 Cr.

Market Expansion

Expansion in Andhra Pradesh due to retail policy changes and continued focus on the CSD (Canteen Stores Department) market for premium brands.

Market Share & Ranking

One of India's oldest and largest IMFL companies; Magic Moments holds a dominant position in the vodka segment.

🌍 External Factors

Industry Trends

Accelerating shift toward premiumisation; the luxury segment is growing rapidly from a nascent stage. Volume growth is returning to the regular segment (79.6% in Q2 FY26) after a long period of degrowth.

Competitive Landscape

Increased competition from both domestic and international players due to the high growth potential of the Indian liquor industry.

Competitive Moat

Radico maintains a strong moat through a nationwide distribution network reaching 100,000+ retail outlets. High entry barriers due to complex state-level licensing and 8 owned distilleries ensure supply security and cost leadership (INR 6-9/liter saving).

Macro Economic Sensitivity

Sensitive to grain price inflation and state-level fiscal policies (taxes and levies) which impact consumer pricing and ENA costs.

Consumer Behavior

Expanding consumer base with an increasing propensity to spend more on lifestyle, premium brands, and experiences.

Geopolitical Risks

Not disclosed, though the company is expanding its international business ('Taking India to the World').

⚖️ Regulatory & Governance

Industry Regulations

Highly regulated state-level environment with diverse regional laws, production levies, complex tax structures, and advertising restrictions that can disrupt product movement.