RKDL - Ravikumar Distll

📊 NSE: RKDL 🏢 Breweries & Distilleries 📅 Last Updated: 12/14/2025 11:41

💰 Financial Performance

Revenue Growth by Segment

The primary segment is Indian Made Foreign Liquor (IMFL). Total revenue for Q2 FY26 was INR 17.50 Cr (1,749.85 Lakhs), representing a 17.14% YoY decline from INR 21.12 Cr (2,111.72 Lakhs) in Q2 FY25. However, revenue grew 115.67% QoQ from INR 8.11 Cr in Q1 FY26. Half-yearly revenue for H1 FY26 stood at INR 25.61 Cr, down 26.90% from INR 35.04 Cr in H1 FY25.

Geographic Revenue Split

The company is primarily concentrated in Puducherry, where its manufacturing facility and registered office are located. Specific percentage split by other regions is not disclosed in available documents.

Profitability Margins

Net profit margin for Q2 FY26 was extremely thin at 0.23% (INR 4.03 Lakhs profit on INR 17.50 Cr revenue). This is a slight improvement from the FY25 full-year net margin of 0.18% (INR 13.22 Lakhs profit on INR 74.84 Cr revenue).

EBITDA Margin

Not explicitly disclosed; however, Net Profit for Q2 FY26 was INR 4.03 Lakhs, down 3.12% YoY from INR 4.16 Lakhs in Q2 FY25. H1 FY26 Net Profit was INR 6.81 Lakhs, down 15.61% YoY from INR 8.07 Lakhs.

Credit Rating & Borrowing

CRISIL suspended the company's ratings on December 19, 2014, due to non-cooperation. The previous rating was 'CRISIL D' (Default) for bank loan facilities totaling INR 150 Cr (1,500 Million), including a Cash Credit of INR 22.5 Cr and proposed long-term loans of INR 127.5 Cr.

⚙️ Operational Drivers

Raw Materials

Primary raw materials for IMFL production include Extra Neutral Alcohol (ENA), glass bottles, caps, and labels. ENA typically constitutes the largest portion of the cost of goods sold in this industry.

Capacity Expansion

The company operates a manufacturing facility in Puducherry. Current installed capacity and planned expansion details are not disclosed in available documents.

📈 Strategic Growth

Growth Strategy

The company is undergoing board restructuring, including the appointment of Mrs. Shanmugam Vidhyasankari as a Non-Executive Non-Independent Woman Director effective November 13, 2025, following the completion of Mrs. Vidhisa Shekar Shetty's tenure. The company is also utilizing postal ballots for shareholder approvals on administrative and governance matters to stabilize operations.

Products & Services

Indian Made Foreign Liquor (IMFL).

Brand Portfolio

Ravi Kumar Distilleries.

🌍 External Factors

Industry Trends

The Indian liquor industry is seeing a trend toward premiumization; however, RKDL's 26.90% decline in H1 FY26 revenue suggests it may be struggling to maintain market share against larger listed competitors.

Competitive Landscape

Competes with both large national IMFL players and local distilleries in the South Indian market.

Competitive Moat

The company's moat is based on its manufacturing license in Puducherry; however, this is weakened by its history of credit defaults and rating suspensions.

Macro Economic Sensitivity

Highly sensitive to state-level fiscal policies and excise duty structures in Puducherry.

Geopolitical Risks

Low, as operations are primarily domestic and localized to Puducherry.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Puducherry Excise Act and pollution control norms for distillery effluent treatment.

Taxation Policy Impact

Subject to state excise duties which are the primary tax burden for distilleries. Corporate tax is applicable on its thin profits (INR 4.03 Lakhs in Q2 FY26).

Legal Contingencies

The company has opened a special window for re-lodgement of transfer requests for physical shares as per SEBI circulars to resolve legacy shareholding issues.