Radico Khaitan Limited
Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. The company was initially known as Rampur Distillery Company and was focussed on distillation and bottling for branded players and canteen stores of armed forces. Later on in the year 1997, Radico Khaitan ventured into its own branded IMFL products and launched its first brand 8PM whisky which became its millionarie brand within a year of its launch.
Business Segments
Domestic Market Share:
Overall Liquor Segment: 8%
Luxury Gin Market: 50%
Overall Vodka Market: 59%
Super-Premium Brandy Market: 64%
The company is one of the oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL), a leading supplier of branded IMFL to the Canteen Stores Department (CSD) in India, and the country’s oldest and largest malt distiller. It is also one of the largest exporters of Alcoholic beverages from India to 102+ countries.
Geographical Split
Domestic: 93% in FY24 vs 94% in FY22
Exports: 7% in FY24 vs 6% in FY22
Shareholding Pattern (June 2026)
| Particular | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
| Sales – | 2,859 | 3,133 | 4,106 | 4,843 | 6,037 |
| Sales Growth % | 20.44% | 9.59% | 31.03% | 17.95% | 24.66% |
| Expenses + | 2,457 | 2,775 | 3,599 | 4,169 | 5,015 |
| Operating Profit | 402 | 359 | 507 | 674 | 1,022 |
| OPM % | 14% | 11% | 12% | 14% | 17% |
| Net Profit + | 263 | 220 | 262 | 346 | 604 |
| EPS in Rs | 19.69 | 16.48 | 19.61 | 25.83 | 45.14 |
| Dividend Payout % | 15% | 18% | 15% | 15% | 20% |
Synopsis of Financials
Q1 FY27: Record quarter; mix-driven profitability step-up
- Highest ever quarterly IMFL volume: 10.0 mn cases (+3% YoY).
- Revenue: ₹1,684 cr; EBITDA: ₹348 cr.
- Gross margin: 49.1%, up +610 bps YoY (+110 bps QoQ).
Final Outlook
Summary
Radico Khaitan has demonstrated strong business and financial performance, supported by consistent revenue growth, improving profitability, and successful premiumization of its product portfolio. The company achieved record performance in Q1 FY27, with strong IMFL volumes, higher revenue, and a significant improvement in EBITDA margins. Its established brands, growing presence in premium and luxury segments, and international operations provide a strong foundation for long-term growth. The reduction in net debt and expectation of becoming debt-free further strengthen the company’s financial position.
Recent Performance – Q1 FY27
Radico Khaitan delivered a record Q1 FY27, supported by premiumization and a better product mix.
- IMFL volume reached a record 10.0 million cases, up 3% YoY.
- Revenue stood at ₹1,684 Cr, up 11.8% YoY.
- Operating profit increased to approximately ₹349 Cr.
- EBITDA margin reached a record 20.7%, up significantly YoY.
- Gross margin improved to 49.1%, supported by favourable raw-material costs and premiumization.
- Management expects the improved margin structure to remain sustainable, with 20% EBITDA margin guidance.
- Net debt reduced by ₹138 Cr since March 2026, with management expecting the company to become net-debt free by Q2 FY27.
Radico Khaitan is a strong and growing player in India’s premium spirits market, with improving margins, strong brand recognition, and healthy financial performance. The company’s premiumization strategy is helping it move towards higher-margin products, while its growing luxury portfolio and international presence provide additional growth opportunities.
The company’s record Q1 FY27 performance, improving EBITDA margins, strong earnings growth, and declining debt are positive indicators for the future
