NSE: RADICO · BSE: 532497
RADICO KHAITAN LTD
Manufactures and sells Indian-made foreign liquor (IMFL) across vodka, whisky, rum, brandy and other categories under brands such as Magic Moments, After Dark and Royal Ranthambore. Magic Moments is the flagship vodka and leads the Indian vodka market. Operations span 30 states, with exports to over 100 countries. In Q1 FY27 the company sold 10 million cases for ₹1,684 cr in revenue and ₹348 cr in EBITDA, an EBITDA margin of 20.7% described in the call as the highest ever. Full-year FY26 revenue was ₹20,976 cr. The cost mix is dominated by other operating expenses at 78.2% of revenue (which typically captures excise duty in Indian spirits), with materials at 15.9% and employee cost at 1.2%. Net debt was reduced by ₹138 cr to ₹106 cr, with management targeting net debt-free status by Q2 FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Prestige & Above (P&A) portfolio, Regular category, Luxury portfolio, Exports. Asset-heavy Indian spirits distiller structured around premiumisation, vodka and luxury portfolio growth
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,471 | 12,744 | 15,484 | 17,099 | 20,976 |
| EBITDA (ex other income) | 402 | 358 | 506 | 674 | 1,005 |
| margin % | 3.2 | 2.8 | 3.3 | 3.9 | 4.8 |
| Owners' profit | 263 | 0 | 262 | 346 | 604 |
| EPS, as reported (₹) | 19.70 | 16.48 | 19.61 | 25.84 | 45.16 |
| ROE % · ROCE % | 13.2 · 16.4 | 10.0 · 11.3 | 10.7 · 13.9 | 12.6 · 17.4 | 18.2 · 23.8 |
| Debt / equity (x) | 0.10 | 0.32 | 0.30 | 0.23 | 0.10 |
| Cash from operations | 221 | 239 | 183 | 363 | 743 |
| Capex | (67) | (734) | (252) | (181) | (245) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,907 | 4,441 | 4,485 | 5,314 | 10,370 | 5,424 | 5,182 | 5,868 |
| Profit before tax | 112 | 130 | 121 | 174 | 360 | 207 | 233 | 298 |
| Net profit | 81 | 95 | 92 | 131 | 270 | 155 | 179 | 230 |
| EPS (₹) | 6.03 | 7.14 | 6.88 | 9.75 | 20.18 | 11.57 | 13.41 | 17.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 89,211 | 46.4 | 9.96 | 33.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD ◆ | 55,582 | 66.6 | 16.76 | 54.9 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 31,387 | 79.3 | 6.93 | 35.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,588 | 89.4 | 11.62 | 36.5 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,448 | — | 4.17 | 68.1 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,604 | 39.6 | 6.22 | 25.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,209 | 6.7 | 0.75 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,143 | 18.1 | 1.97 | 9.8 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 66.6 | 31.2 | 16 of 21 | 25% |
| P/B | 16.8 | 1.9 | 25 of 25 | 0% |
| ROCE | 22.1 | 3.7 | 3 of 26 | 92% |
| ROE | 18.2 | 5.6 | 3 of 25 | 92% |
| Debt / Equity | 0.1 | 0.5 | 5 of 25 | 83% |
| EBITDA margin | 6.0 | 6.4 | 13 of 23 | 46% |
| Revenue growth | 10.4 | 10.2 | 11 of 22 | 52% |
| Profit growth | 75.9 | 6.1 | 4 of 23 | 86% |
| Market cap | 55582 | 726 | 2 of 26 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Radico Khaitan links Q2 FY27 earnings call recording | investor communications | low | — | — |
| 28 Oct 2026 · Newspaper publication of September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 27 Oct 2026 · DRI visits Radico Khaitan facilities in industry-wide revenue exercise | compliance | minimal | — | — |
| 27 Oct 2026 · CFO Banthiya joins Board; Somani named Deputy CFO | management changes | medium | — | — |
| 27 Oct 2026 · CFO Banthiya joins board; Somani named Deputy CFO | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 profit rises 66 percent on 10 percent revenue growth | results | high | — | — |
| 27 Oct 2026 · Q2 FY27 EBITDA rises 51% as premium volumes grow 36% | investor communications | medium | — | — |
| 27 Oct 2026 · Radico Khaitan Q2 FY27 net profit up 66% on 10% revenue growth | board shareholder meetings | low | — | — |
| 16 Oct 2026 · NSE Sustainability assigns ESG rating score of 69 to Radico Khaitan | business updates | medium | — | — |
| 16 Oct 2026 · Newspaper ad: Special window for physical share demat reopened | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.