Radico Khaitan released an updated Investor Presentation in February 2026, detailing strong operational performance driven by its Prestige & Above portfolio. The company reported a 28.7% YoY growth in Prestige & Above cases for the Nine Months ending FY2026. The presentation emphasizes strategic growth drivers, the success of luxury launches like the Rampur Indian Single Malt series, and significant margin expansion aided by improving raw material dynamics.
Radico Khaitan Investor Update: February 2026 Highlights
Radico Khaitan shared its updated Investor Presentation, outlining robust growth across its portfolio, particularly emphasizing the ongoing success of its premium and luxury offerings. The overall business performance reflects effective strategy execution and favorable industry tailwinds.
Industry Context and Drivers
India remains positioned as one of the fastest-growing economies, supported by income growth, rapid urbanization, favorable demographics, and evolving consumer attitudes that favor premiumization and social acceptance of alcobev.
The spirits industry is expected to see strong growth, with IMFL sales volume projected to grow at a CAGR of 5.1% and sales value at 13.4% between CY2024-29. White spirits (Vodka and Gin) are highlighted as the fastest-growing volume categories.
Continued Strong Premium Growth
The focus on premiumization has yielded excellent results. Prestige & Above brands have grown at a CAGR of 13% since FY2019. In FY2025, this category accounted for 46.1% of total volume and 31.4 million cases.
This volume shift has led to a sustainable improvement in realization per case, rising to ₹1,801/case for Prestige & Above in FY2025. Profitability has also strengthened; the chart tracking ROCE and EBITDA margin through Q3 FY2026 indicates that ongoing premiumization, coupled with stable raw material scenarios in FY2026, is leading to significant margin expansion.
Company Overview & Platform Strength
Radico Khaitan is identified as the Largest Indian IMFL Company with over 80+ years of experience. Key operational metrics for FY2025 include:
- IMFL Volume: 31.4 million cases (9% YoY growth).
- Net Revenue: ₹4,851 Crore (18% YoY growth).
- EBITDA Margin: 13.8% of Net Sales.
- Distribution Network: Sales through over 100,000 retail outlets.
The company maintains a strong backward integration via a Pan India manufacturing platform with a total capacity of 321.3 million liters across 8 distilleries.
Strategic Growth Pillars
The company’s focus is on developing brands, building scale, and driving profitable growth through nine key strategic drivers, including a strong and growing premium product portfolio, successful luxury launches (Indian single malt and craft gin), and a focus on profitability and lean cost structure.
Brand Portfolio Highlights
The portfolio showcases a disciplined journey into premium categories, focusing on luxury and super-premium segments:
Luxury Whisky Portfolio (Rampur Indian Single Malt)
The Rampur line continues to expand its international presence and price ladder success, exemplified by launches like Jugalbandi #5 (Tokaji Cask Matured) and Jugalbandi #7 (Mizunara Cask Matured). Rampur Double Cask is noted for being available in 19 states in India and in around 50 countries.
Vodka and Gin Success
- Magic Moments Vodka: India’s largest premium vodka brand, holding around 60% market share.
- Magic Moments Dazzle Vodka: Features a 7-stage filtration process, with Gold variants using Carbon, Silver, Platinum, and Gold filters.
- Jaisalmer Indian Craft Gin: Established a 50% market share in the luxury gin market, available in about 40 countries.
Premiumization in Brandy
Morpheus is India’s largest selling premium brandy with around 60% market share. Morpheus Blue XO Brandy, a recent launch, has already secured a Monde Selection Grand Gold Award for the 3rd consecutive year in 2025.
Recent Financial Performance (Standalone Basis)
The Nine Months figures ending FY2026 demonstrate significant expansion compared to the previous year:
- Revenue from Operations (Net): Grew by 28.2% YoY to ₹4,546.7 Crore.
- EBITDA: Increased by 48.3% YoY to ₹732.2 Crore, pushing the EBITDA Margin to 16.1%.
- Profit Before Tax (PBT): Showed exceptional growth of 66.3% YoY, reaching ₹570.6 Crore.
- Basic EPS: Increased by 67.8% YoY to ₹31.93.
The growth in the Prestige & Above segment within IMFL Revenue was 31.6% YoY, underscoring the premium focus.
Source: BSE
