Radico Khaitan Ltd(RADICO)

NSE: RADICOBSE: 532497

₹ 4,170-0.63%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 55,873 crNext results: 27 Oct 2026Website: www.radico.comUpdated: 24 Oct 2026

About

Radico Khaitan is one of India's largest producers of Indian Made Foreign Liquor (IMFL), operating 10 distilleries with total distillation capacity of 323.3 million litres across Rampur, Sitapur, and Aurangabad. The company sells 20+ brands across all IMFL categories, including 8 millionaire brands, and reported FY26 net revenue of ₹6,050 crore with total IMFL volumes of 38.3 million cases. Magic Moments Vodka holds an estimated 60% share of India's vodka market and is ranked the world's fifth-largest vodka brand.^[1]

Business segments

The company reports a single segment, Liquor & Alcohol; revenue excluding excise was ₹6,050.43 crore in FY26.^[1]
Prestige & Above IMFL volumes grew 28.5% to 16.7 million cases in FY26, about 46% of IMFL volume and 70% of value; in FY25 they were 13.00 million cases, about 46% of volume and 69% of value.^[1][2]
Regular & Others IMFL volume was 4.61 million cases in Q1 FY27, down 15.1% YoY, impacted by Andhra Pradesh base effects and policy changes in Maharashtra and Karnataka.^[3]
Non-IMFL revenue (bulk alcohol and ENA sales) was Rs. 421 crore in Q1 FY27, down 3.5% YoY, as more ENA was consumed captively for the growing branded business.^[3]

Brands and portfolio

The company has 20+ brands across all IMFL categories, including 8 millionaire brands; flagship brands include 8PM Whisky, Magic Moments Vodka, Old Admiral Brandy, Rampur Indian Single Malt, Jaisalmer Indian Craft Gin, and Sangam World Malt.^[1]
Magic Moments Vodka reached 3.25 million cases in Q1 FY27, +43% YoY in volume and +51% in value; the brand holds 60% of India's vodka market and is the world's fifth-largest vodka brand.^[3]
The luxury and semi-luxury portfolio was about ₹475 crore in FY26 (about 11% of branded IMFL value) vs about ₹340 crore in FY25; it is targeted to grow around 25% in FY2027.^[1][2]
After Dark Whisky crossed 3.1 million cases in FY26 (+63% YoY) and is ranked the 2nd fastest-growing whisky brand; Royal Ranthambore Whisky grew over 50% in FY26.^[4]
A tequila launch under the D'YAVOL Spirits brand is planned for FY27, to be bottled in Mexico; the JV partners include Shah Rukh Khan (47.5% stake) and Nikhil Kamath (5%).^[4]

Manufacturing capacity and operations

Production capacity was 323 million litres across ten distilleries and 42 bottling units in FY26, vs 321 million litres across eight distilleries and 44 bottling units in FY25.^[1][2]
Distillation capacity by site: Rampur, UP (106.4 ML across 6 distilleries), Sitapur, UP (108.9 ML), and Aurangabad JV, Maharashtra (108.0 ML across 3 distilleries).^[1]
The Sitapur grain-ENA distillery was operating at 95% utilisation as of Q2 FY26, supplying captive grain ENA for premium brands at an estimated Rs. 6 - 9 per litre benefit over external procurement.^[5]
More than 90% of PET packaging requirements are met through internal plants across India; PET manufacturing capacity was expanded in South India in FY26.^[1]
A wholly-owned subsidiary was established in Scotland to secure matured malt supply for distillation and maturation, with potential future investment in a malt distillery.^[6]

Key operating numbers

Total IMFL volume was 10.00 million cases in Q1 FY27, up 2.8% YoY; FY26 full-year IMFL volumes were 38.3 million cases, up 22% YoY.^[3]
P&A volume grew 35.8% YoY to 5.22 million cases in Q1 FY27; P&A revenue grew 36% YoY to Rs. 970 crore in Q1 FY27, 76.8% of IMFL revenue.^[3][7]
Vodka saliency in Indian IMFL grew from 4.6% in Q1 FY26 to 6.1% in Q1 FY27; Magic Moments held a 60% vodka market share in Q1 FY27.^[3]
Advertising and sales promotion spend was 6.9% of IMFL sales in Q1 FY27; the company targets A&SP at 6 - 8% of IMFL revenues in FY27.^[3]
Packing material price volatility linked to the West Asia crisis had an approximately Rs. 30 crore adverse impact in Q1 FY27.^[3]

Customers and distribution

Key customer segments are State Governments and State-owned Enterprises, the Canteen Stores Department (CSD), private wholesalers/distributors/retailers, hotels/clubs/restaurants, and international markets.^[1]
The domestic network reaches over 100,000 retail outlets and 10,000 on-premises locations, supported by 300+ sales personnel in four regional zones.^[1]
Radico is a leading supplier of branded IMFL to the CSD; Royal Ranthambore held 10% CSD segment market share in September 2025.^[1]
Export volumes were approximately 5 - 6% of total volumes in Q1 FY27; brands are present in over 100 countries.^[3]
Global travel retail presence expanded from 50+ to 63 airports as of Q1 FY27, with a target of 100+ airports.^[3]

Expansion and capex

Maintenance capex for FY27 is guided at Rs. 150 - 170 crore; no distillation capacity expansion is planned.^[3]
No additional distillation capex is planned for the next 5 - 7 years; Sitapur capacity is considered sufficient for branded volume growth.^[5]
Spirit of Kashmyr Luxury Vodka is being expanded from 10 states to a target of 20 states; it is also available in select international markets.^[4]
The RNV joint venture for Maharashtra MML (locally produced spirits) launched a couple of months before March 2026; management targets about 10% share of the MML category.^[4]

Recent developments

As of September 28, 2026, Radico Khaitan expanded into four major UK airports with its luxury whisky brands.^[7]
Karnataka pricing rationalisation in Q1 FY27 saw Radico's P&A portfolio grow 83% in the state versus 9% industry P&A growth.^[3]
The FY26 annual report expects easing grain and ENA costs to support efficiency, and flags the West Asia situation as a risk to energy, logistics and commodity costs.^[1]

Market Cap

₹55,873 Cr

High / Low

₹4,748 / 2,505

Stock P/E

79.4

Price / Book

16.8

Book Value

₹248

EPS

₹45.1

No. of Shares

13.39 Cr

ROCE

24.8%

ROE

19.9%

OPM

4.2%

Debt / Equity

0.10

Sales

₹20,976 Cr

Net Profit

₹604 Cr

Promoter holding

40.2%

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