Radico Khaitan announced a strong Q2 FY2026, with a 37.8% volume growth driven by its Prestige & Above segment, which grew by 21.7%. Magic Moments Vodka saw nearly 20% volume growth, with sales reaching around 2 million cases. The company expects continued margin support due to stable ENA and grain prices and is on track to become debt-free by FY27.
Impressive Volume Growth
Radico Khaitan reported a strong Q2 FY2026 with total IMFL volume reaching 9.34 million cases, a 38% year-on-year increase. The Prestige & Above category continues to drive growth, with a 22% volume increase and 24% value growth. Radico Khaitan’s Prestige & Above segment recorded its highest ever quarterly volume.
Key Brand Performances
Magic Moments Vodka maintained its growth trajectory, achieving nearly 20% volume growth and selling approximately 2 million cases in Q2 FY26. After Dark Whisky continued its remarkable performance with 115% growth in the first half of FY26, crossing 1.5 million cases. Royal Ranthambore Whisky delivered 67% growth, achieving a 10% market share in the CSD segment during September 2025.
Financial Highlights
Gross margin remained stable at 43.6%. EBITDA margin expanded by 126 basis points year-on-year to 15.8%. Net debt reduced by Rs. 146 crore since March 2025. The company has expanded its After Dark footprint to 18 states.
Strategic Initiatives and Outlook
Radico Khaitan is focused on premiumization and innovation, launching new brands and flavors. The company plans to expand Morpheus Super Premium Whisky to 10 states during FY26. Radico Khaitan’s new age luxury vodka, The Spirit of Kashmyr, is now available in 7 states. The company remains confident in delivering strong double-digit growth in the Prestige & Above category and anticipates continued margin support, aiming to become debt-free by FY27.
Andhra Pradesh Success
Radico Khaitan’s market share in Andhra Pradesh has increased from approximately 10% in the first half of last year to over 30% in Q2 FY26, making it the leading player in the state.
Source: BSE
