RADICO
Radico Khaitan share price & financials
- Price
- ₹3,769.2
- Market cap
- ₹60.3k Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 5
Radico Khaitan Limited Q1 FY27
What went well
- Achieved highest ever quarterly volume of 10 million cases, with revenue reaching ₹1,684 crores and EBITDA of ₹348 crores.
- P&A portfolio delivered robust 36% volume growth, significantly outpacing the industry, driven by premiumization strategy.
- Gross margin expanded by 610 bps YoY to 49.1%, and EBITDA margin reached a highest-ever 20.7%, up 536 bps YoY.
What to watch
- Regular volume degrowth was observed due to a higher base in Q1 FY26, influenced by route-to-market changes in Andhra Pradesh and policy shifts in Maharashtra and Karnataka.
- Experienced approximately ₹30 crores financial impact from recent volatility in packing material prices.
What Radico Khaitan Limited does
Radico Khaitan is an Indian Made Foreign Liquor (IMFL) manufacturer that makes and sells whisky, vodka, gin, brandy, rum and liqueurs across mass, premium and luxury price tiers under its own brands. Its operations, rooted in the Rampur Distillery, span the full value chain from grain sourcing and distillation to bottling and distribution, supported by in-house R&D. It holds category leadership in vodka (Magic Moments) and premium brandy (Morpheus), and has built a global luxury portfolio -- including Rampur Indian Single Malt and Jaisalmer Craft Gin -- sold in over 100 countries. Revenue comes mainly from domestic IMFL sales through state-regulated distribution and excise channels, supplemented by exports and bulk-alcohol sales.
Segments
- IMFL - Prestige & Above
- IMFL - Regular & Others
- Non-IMFL / Bulk alcohol
- Market position
- One of India's oldest and largest IMFL (Indian Made Foreign Liquor) manufacturers
- Export footprint
- 100+ countries
- Millionaire brands (1mn+ cases/year)
- 8 brands -- Magic Moments, 8PM, 8PM Premium Black, After Dark, Morpheus Brandy, 1965 Spirit of Victory, Contessa, Old Admiral
- Product range
- Whisky, vodka, gin, brandy, rum and liqueurs
- Category leadership
- Magic Moments is India's largest-selling vodka brand; Morpheus is India's largest-selling premium brandy
- Rampur Single Malt global reach
- Sold in around 50 countries and 35+ international travel-retail outlets
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 1 delivered 2 missed 10 open- Prestige & Above Volume Growth delivered said Q4 FY25 Promised: 15% plus Q1 FY27: Delivered 36% volume growth in the P&A segment, significantly exceeding the 15%+ target.
- Luxury & Semi-Luxury Revenue missed said Q4 FY25 Promised: surpass INR 500 crores in FY26 Q1 FY27: Target period (FY26) has passed. Verdict remains 'missed'.
- Prestige & Above Portfolio Volume Growth revised up said Q4 FY26 Promised: grow Prestige & Above portfolio volume by 20% in FY27 Q1 FY27: Following 36% volume growth in Q1, management raised the full-year FY27 guidance from 20% to 'over 25%'.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 11.8%, net profit up 75.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,116 | 1,294 | 1,304 | 1,506 | 1,494 +34% | 1,547 +20% | 1,504 +15% | 1,684 +12% |
| EBITDA | 162 | 183 | 178 | 232 | 238 +47% | 267 +46% | 284 +60% | 349 +50% |
| Net profit | 81 | 95 | 92 | 131 | 140 +73% | 155 +63% | 179 +95% | 230 +76% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +55.4% 1Y
1Y: ₹2,810 on 10 Sept 2025 → ₹4,368.1. High ₹4,732.9 (18 Aug 2026), low ₹2,541.2 (4 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.0%
- 29 Jul
- Q4 FY26
- +1.5%
- 7 May
- Q3 FY26
- −0.8%
- 23 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 24.4% a year over 3 years, FY23 to FY26. Operating margin widened to 16.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.1k Cr | ₹4.1k Cr | ₹4.9k Cr | ₹6.1k Cr |
| Operating profit | ₹359 Cr | ₹504 Cr | ₹670 Cr | ₹1.0k Cr |
| Operating margin | 11.4% | 12.2% | 13.8% | 16.9% |
| Interest | ₹22 Cr | ₹59 Cr | ₹75 Cr | ₹63 Cr |
| Depreciation | ₹71 Cr | ₹114 Cr | ₹141 Cr | ₹152 Cr |
| Net profit | ₹210 Cr | ₹262 Cr | ₹343 Cr | ₹605 Cr |
| Net margin | 6.7% | 6.4% | 7.1% | 10.0% |
| ROCE | 12.0% | 13.0% | 16.0% | 24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹27 Cr | ₹27 Cr | ₹27 Cr | ₹27 Cr | ₹27 Cr | ₹27 Cr |
| Reserves | ₹1.8k Cr | ₹2.0k Cr | ₹2.2k Cr | ₹2.4k Cr | ₹2.9k Cr | ₹3.3k Cr |
| Borrowings | ₹288 Cr | ₹202 Cr | ₹754 Cr | ₹818 Cr | ₹624 Cr | ₹498 Cr |
| Other liabilities | ₹543 Cr | ₹555 Cr | ₹762 Cr | ₹846 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Total liabilities | ₹2.6k Cr | ₹2.8k Cr | ₹3.7k Cr | ₹4.1k Cr | ₹4.8k Cr | ₹5.0k Cr |
| Fixed assets | ₹810 Cr | ₹821 Cr | ₹1.2k Cr | ₹1.7k Cr | ₹1.8k Cr | ₹1.9k Cr |
| Capital work in progress | ₹38 Cr | ₹30 Cr | ₹327 Cr | ₹54 Cr | ₹70 Cr | ₹76 Cr |
| Investments | ₹184 Cr | ₹175 Cr | ₹191 Cr | ₹198 Cr | ₹135 Cr | ₹240 Cr |
| Other assets | ₹1.6k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.2k Cr | ₹2.8k Cr | ₹2.8k Cr |
| Total assets | ₹2.6k Cr | ₹2.8k Cr | ₹3.7k Cr | ₹4.1k Cr | ₹4.8k Cr | ₹5.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −2.52 pp while DIIs added +2.12 pp. The shareholder count grew 5% to 1,47,064.
- Promoters
- 40.2%
- FIIs
- 18.2%
- DIIs
- 28.1%
- Public
- 13.5%
Since Jun 2025
- Public −2.52 pp
- DIIs +2.12 pp
- FIIs +0.43 pp
How it drifted, 12 quarters
Over this window DIIs went from 23.9% to 28.1% — +4.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 40.3%, FIIs 18.2%, DIIs 23.9%, Public 17.6%.Dec '23: Promoters 40.3%, FIIs 19.0%, DIIs 24.0%, Public 16.8%.Mar '24: Promoters 40.3%, FIIs 18.6%, DIIs 24.7%, Public 16.4%.Jun '24: Promoters 40.3%, FIIs 18.8%, DIIs 24.5%, Public 16.4%.Sep '24: Promoters 40.2%, FIIs 18.6%, DIIs 24.7%, Public 16.4%.Dec '24: Promoters 40.2%, FIIs 17.7%, DIIs 25.6%, Public 16.5%.Mar '25: Promoters 40.2%, FIIs 16.9%, DIIs 26.8%, Public 16.0%.Jun '25: Promoters 40.2%, FIIs 17.8%, DIIs 26.0%, Public 16.0%.Sep '25: Promoters 40.2%, FIIs 18.0%, DIIs 25.5%, Public 16.3%.Dec '25: Promoters 40.2%, FIIs 19.8%, DIIs 24.0%, Public 16.0%.Mar '26: Promoters 40.2%, FIIs 17.6%, DIIs 27.4%, Public 14.8%.Jun '26: Promoters 40.2%, FIIs 18.2%, DIIs 28.1%, Public 13.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Arbitrage Fund Mutual fund newly disclosed 3.64% held
- Nippon Life India Trustee Ltd Mutual fund newly disclosed 3.45% held
- Axis Mutual Fund Trustee Ltd. Mutual fund newly disclosed 2.13% held
- HSBC Mutual Fund - HSBC Arbitrage Fund Mutual fund newly disclosed 2.11% held
- Tata Aia Life Insurance Co Ltd-Whole Life Mid Cap Insurer newly disclosed 1.65% held
- Edelweiss Trusteeship Company Ltd Mutual fund newly disclosed 1.30% held
- Canara Robeco Mutual Fund Mutual fund newly disclosed 1.29% held
The same filing shows 2 holders trimming and 7 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Radico Khaitan Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sapphire Intrex Limited | 33.88% | unchanged |
| Rampur International Limited | 3.92% | unchanged |
| Kotak Arbitrage Fund Mutual fund | 3.64% | newly disclosed |
| Nippon Life India Trustee Ltd Mutual fund | 3.45% | newly disclosed |
| Axis Mutual Fund Trustee Ltd. Mutual fund | 2.13% | newly disclosed |
| HSBC Mutual Fund - HSBC Arbitrage Fund Mutual fund | 2.11% | newly disclosed |
| Classic Fintrex Private Ltd | 1.92% | unchanged |
| Tata Aia Life Insurance Co Ltd-Whole Life Mid Cap Insurer | 1.65% | newly disclosed |
| Timf Holdings FPI fund | 1.55% | unchanged |
| Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund | 1.36% | −0.24 pp |
| Tata India Consumer Fund Mutual fund | 1.32% | −0.24 pp |
| Edelweiss Trusteeship Company Ltd Mutual fund | 1.30% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in RADICO
Filings to Aug 2026
1 new, 8 added, 3 trimmed, 0 sold out — net −2.67 L shares (−6.1%).
- Held by funds
- ₹1.8k Cr
- 17 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹640 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹640 Cr | −1.86 L | Jan '15 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹489 Cr | held | Sep '22 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹381 Cr | held | Aug '21 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹180 Cr | held | Sep '22 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹34 Cr | +0.04 L | Mar '26 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹23 Cr | +0.01 L | Mar '26 |
| Nippon India Aggressive Hybrid Fund Nippon India Mutual Fund | ₹22 Cr | held | Jun '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹13 Cr | +0.18 L | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
8 added, 3 trimmed — net −2.67 L shares (−6.1%)
- Funds are sitting on
- +240%
- vs est. average cost
- Held by funds
- ₹1.8k Cr
- 17 schemes · ≈ 2.6% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹640 Cr · 0.8% of that fund
Shares held by these funds −21%
Aug '23 43.78 L shares Jul '26
What the price assumes
FairTo justify its price of ₹4368, this stock must grow earnings at 41% every year for 7 years. Our analysis caps realistic growth at ~42%. At that growth it is worth ₹4477 — upside of 2%.
- Growth the price implies
- 41.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 41.7% a year
- net profit, FY23–FY26 · EPS 41.6%
- The gap
- -0.0 pp
- 2% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Radico Khaitan Limited
Guides on how to read this kind of business and the numbers that matter.