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Radico Khaitan
SectorFMCG
Radico Khaitan Limited is an Indian manufacturer of alcoholic beverages, primarily Indian Made Foreign Liquor (IMFL) and country liquor. Founded in 1943, the company has grown to become one of the largest IMFL manufacturers in India. Radico Khaitan produces a wide range of spirits including whisky, brandy, rum, vodka, and gin under various brand names. The company operates five distilleries and 33 bottling units across India, with a total annual capacity of 160 million liters. Radico Khaitan exports its products to over 85 countries and has a strong domestic distribution network covering 75,000 retail outlets and 8,000 on-premise locations. The company has been expanding its product portfolio and production capabilities, including recent launches of premium brands and investments in new distillery projects.
The Quarter story
The two most recent quarterly results, compared side-by-side.
Premium focus lifts margins and cuts debt as sales volumes recover.
EBITDA margin expanded from 15.3% in Q1 FY26 to 20.7% in Q1 FY27 over five quarters, driven by premium product sales.
Regular segment volume declined from 5.42M cases in Q1 FY26 to 4.61M cases in Q1 FY27 over five quarters, as lower-tier sales shrink.
Net debt fell from ₹409.8 Cr in Q1 FY26 to ₹106 Cr in Q1 FY27 over five quarters, showing strong cash generation.
Royalty brand volume dropped from 0.46M cases in Q1 FY26 to 0.17M cases in Q1 FY27 over five quarters, indicating active brand rationalization.
Prestige volume mix rose from 41.5% in Q1 FY26 to 53.1% in Q1 FY27 over five quarters, confirming successful portfolio upgrade.
Non-IMFL revenue slipped from ₹446.5 Cr in Q2 FY26 to ₹421.2 Cr in Q1 FY27 over three quarters, showing uneven demand outside spirits.
ROCE improved from 22% in Q3 FY26 to 26.9% in Q1 FY27 over two quarters, reflecting better asset utilization.
Company insights, generated from the most recent coverage.
Company is on track to become debt-free by FY27, enhancing balance sheet resilience.
Stock fell 3.33% on thin volume (-75% vs avg), indicating technical profit-booking rather than structural sell-off.
Premium spirits segment robust with Prestige & Above volumes growing 20%+, supporting top-line growth.
