NSE: RKDL · BSE: 533294
RAVI KUMAR DIST. LTD.
Operates in the Indian Made Foreign Liquor (IMFL) segment, evidenced by an FY26 inventory write-off for expired IMFL stock. Annual revenue from operations fell to Rs 5,421.88 lakhs in FY26 from Rs 7,483.73 lakhs in FY25, a drop of about 27.5%. Net profit after tax was Rs 13.68 lakhs versus Rs 13.22 lakhs in FY25. The auditor issued a qualified opinion flagging disputed receivables, a contested investment in Liquor India Limited, unconfirmed trade payables and receivables, and un-deposited statutory dues. On the cost side, materials accounted for 24.6% of revenue (Rs 13.35 crore), employee costs 3.6% (Rs 1.97 crore), and other operating expenses 69.6% (Rs 37.75 crore). The board has 6 directors and KFin Technologies Limited acts as registrar and transfer agent. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. IMFL (Indian Made Foreign Liquor). Small-cap IMFL distiller with declining revenue and a qualified audit opinion
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 28 | 76 | 62 | 75 | 54 |
| EBITDA (ex other income) | (13) | (2) | (6) | (2) | (2) |
| margin % | (45.9) | (2.5) | (9.3) | (3.3) | (4.0) |
| Owners' profit | (13) | (2) | (2) | 0 | 0 |
| EPS, as reported (₹) | (5.45) | (0.91) | (0.79) | 0.07 | 0.06 |
| ROE % · ROCE % | (28.9) · (21.9) | (5.2) · (3.7) | (4.7) · (3.2) | 0.3 · 0.4 | 0.3 · 0.4 |
| Debt / equity (x) | 0.70 | 0.89 | 0.95 | 0.97 | 1.09 |
| Cash from operations | (3) | (9) | 0 | (0) | 2 |
| Capex | 0 | (0) | (0) | (0) | (1) |
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 | 21 | 19 | 21 | 8 | 17 | 15 | 14 | 12 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.02 | 0.01 | 0.02 | 0.01 | 0.02 | 0.01 | 0.02 | 0.03 |
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 | 1,02,805 | 54.5 | 11.34 | 44.6 | 9.8 | 9.8 | 0.3 | 9.2 |
| RADICO KHAITAN LTD | 60,497 | 75.9 | 16.48 | 59.5 | 12.6 | 15.4 | 15.1 | 6.4 |
| UNITED BREWERIES LTD | 31,450 | 64.9 | 6.89 | 39.9 | 6.6 | 7.9 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,831 | 86.9 | 11.96 | 38.5 | 6.9 | 7.8 | — | 6.7 |
| TILAKNAGAR INDUSTRIES LTD | 12,016 | — | 3.98 | 33.6 | — | — | 29.9 | 6.8 |
| PICCADILY AGRO INDUSTRI L | 5,737 | 40.5 | 6.37 | 26.8 | 15.3 | 17.5 | 18.3 | 16.2 |
| GLOBUS SPIRITS LTD | 2,170 | 21.7 | 1.66 | 10.3 | 3.1 | 3.7 | 16.7 | 5.5 |
| INDIA GLYCOLS LTD | 1,976 | 6.0 | 0.67 | 5.4 | 10.0 | 7.3 | 12.6 | 5.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 223.8 | 26.2 | 20 of 20 | 0% |
| P/B | 1.0 | 2.0 | 5 of 25 | 83% |
| ROCE | 0.3 | 2.4 | 18 of 25 | 29% |
| ROE | 0.3 | 4.3 | 16 of 24 | 35% |
| Debt / Equity | 1.1 | 0.5 | 22 of 25 | 13% |
| EBITDA margin | (7.5) | 5.7 | 20 of 24 | 17% |
| Revenue growth | 53.8 | 12.5 | 5 of 22 | 81% |
| Profit growth | 145.7 | 13.0 | 3 of 24 | 91% |
| Market cap | 43 | 720 | 25 of 26 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 10 Oct 2026 · Compliance certificate for demat remat for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · 33rd AGM voting results: both resolutions passed with about 84% support | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 33rd AGM of Ravi Kumar Distilleries held on 28 Sep 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closure from October 1, 2026 for Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · Newspaper notice on special window for re-lodgement of physical share transfers | compliance | minimal | — | — |
| 3 Sept 2026 · 33rd AGM scheduled for September 28, 2026 at 11:30 am | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results; PAT up 146% YoY | compliance | minimal | — | — |
| 7 Aug 2026 · Board meeting on 14 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 28 Jul 2026 · Special window for re-lodging physical share transfers - newspaper notice | 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.