Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Radico Khaitan Ltd.
NSE: RADICOConsumer DefensiveBeverages - Wineries & Distilleries
- Last close
- ₹4,157.30
- Day change
- −₹44.00 (−1.05%)vs
- Market cap
- ₹60,831 crIndian rupees
- Research updated
- 1 report
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About Radico Khaitan
Radico Khaitan Ltd. is one of India's oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL). The company's primary function is to produce and distribute a diverse range of alcoholic beverages, including whisky, rum, vodka, brandy, and gin. Notable among its portfolio are brands like Magic Moments Vodka, 8PM Whisky, and Contessa Rum, which have garnered both national and international recognition. Radico Khaitan serves various segments of the alcoholic beverage market, catering to diverse consumer preferences and demographics. Operating in an industry subject to stringent regulations and varied consumer trends, Radico Khaitan plays a significant role in India's alcoholic beverage sector. It's notable for leveraging state-of-the-art manufacturing facilities and extensive distribution networks that span both domestic and international markets. As a key player in the industry, it often contributes to trends in branding, marketing, and consumption within the growing Indian spirits market. The company's focus on innovation and sustainable practices enhances its reputation and market standing, making it a prominent name in the global alcoholic beverages industry.
- Sector
- Consumer Defensive
- Industry
- Beverages - Wineries & Distilleries
- Listing
- NSE: RADICO
- Next results
- Employees
- 1,494
- Headquarters
- New Delhi, India
- ISIN
- INE944F01028
- Website
- radicokhaitan.com
Public research · Report of
Business model & financial foundation
Radico Khaitan (NSE: RADICO), Alcoholic beverages — branded spirits and bulk alcohol: revenue of ₹6,050 crore in FY26 (+24.7% on FY25), an EBITDA margin of 16.9%, net profit of ₹604.5 crore and net debt of ₹728.6 crore.
- Revenue, FY26 (₹ crore)
- 6,050
- consolidated
- Revenue growth, FY26
- +24.7%
- on FY25
- EBITDA margin, FY26
- 16.9%
- EBITDA excluding other income and JV share / revenue
- Net profit, FY26 (₹ crore)
- 604.5
- to owners
- Return on equity, FY26
- 19.9%
- on average equity
- Net debt, FY26 (₹ crore)
- 728.6
- Consolidated net debt including acceptance/lease debt
- Market capitalisation (₹ crore)
- 61,657
- at the close of 13 Oct 2026
Company profile
Radico manufactures and sells branded Indian spirits, including Magic Moments vodka, 8PM and After Dark whisky, Rampur single malt and Jaisalmer gin. Prestige & Above brands drive mix and profit; regular IMFL, royalty brands and non-IMFL bulk alcohol add volume but have different economics. State excise policies determine route to market and pricing, while captive distilleries secure supply rather than eliminate grain or packaging exposure.
| Item | Value |
|---|---|
| Legal name | Radico Khaitan Limited |
| Exchange and ticker | NSE: RADICO; BSE: 532497 |
| ISIN | INE944F01028 |
| CIN | L26941UP1983PLC027278 |
| Sector | Consumer Staples |
| Industry | Alcoholic beverages — branded spirits and bulk alcohol |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹61,657 crore (13 Oct 2026) |
| Shares outstanding | 13.39 crore shares (FY26) |
| Price | ₹4,555 (close, 13 Oct 2026) |
| 52-week range | ₹2,500 - ₹4,747 (to 13 Oct 2026) |
| Website | https://radicokhaitan.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Radico Spiritzs India Private Limited | 100% | Real estate holding; seven wholly owned step-down entities |
| Radico Khaitan Scotland Limited | 100% | Scotland subsidiary; share allotment in process at annual report date |
| Radico NV Distilleries Maharashtra Limited | 36% | Joint venture distillery; equity-accounted |
| D’YAVOL Spirits Private Limited | 47.5% | Luxury spirits joint venture |
| D’YAVOL Spirits B.V. | 47.5% | Netherlands spirits joint venture |
Company reports no material subsidiary. Joint ventures are included here to explain consolidated economic perimeter, not described as controlled subsidiaries.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 40.20% | 40.20% | 40.19% | 40.17% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 19.82% | 17.63% | 18.20% | 19.43% |
| Domestic institutions | 24.03% | 27.35% | 28.09% | 27.17% |
| of which mutual funds | 18.79% | 21.33% | 22.05% | 21.40% |
| Retail | 8.91% | 8.69% | 8.16% | 8.18% |
| Other | 7.04% | 6.12% | 5.36% | 5.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Radico Khaitan makes and sells Indian-made foreign liquor (IMFL) under its own brands. These include Magic Moments vodka, 8PM, After Dark and Royal Ranthambore whisky, Rampur single malt and Jaisalmer gin. It also sells bulk alcohol and ENA (the non-IMFL business). FY26 consolidated net revenue was INR6,050 cr. Of that, IMFL was INR4,356 cr and non-IMFL INR1,695 cr. Prestige & Above (P&A) brands made up 76.8% of IMFL revenue in Q1 FY27. The company runs grain and molasses distilleries at Rampur and Sitapur and has a JV in Aurangabad. Total capacity is 323 mn litres against a 280-300 mn litre requirement. What it controls: brands, distillation and bottling. What it does not control: state excise, retail price approval and route to market, which differ by state.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| IMFL (management revenue subsegment; not Ind AS 108) | 4,356 | 72.0% |
| Non-IMFL (management revenue subsegment; not Ind AS 108) | 1,695 | 28.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| United Spirits (MCDOWELL_N) | Closest national branded premium spirits anchor |
| United Breweries (UBL) | Premium consumption, state channels and packaging; beer not spirits |
| Tilaknagar Industries (TI) | IMFL and brandy competitor; acquisition affects comparability |
| Globus Spirits (GLOBUSSPR) | Integrated manufacturing, bulk and branded mix |
| GM Breweries (GMBREW) | Maharashtra mass-market liquor comparator |
| Associated Alcohols & Breweries | ENA and contract manufacturing economics |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue net of excise | 2,868 | 3,104 | 4,119 | 4,851 | 6,050 |
| Cost of revenue (vendor classification) * | 1,577 | 1,856 | 2,409 | 2,797 | 3,336 |
| Other operating costs (vendor classification) * | 747.1 | 758.5 | 1,001 | 1,159 | 1,457 |
| EBITDA (vendor classification) * | 409.6 | 382.5 | 526.3 | 679.0 | 1,036 |
| EBIT excluding other income and JV share | 344.7 | 312.1 | 392.3 | 533.5 | 868.5 |
| Finance costs including lease interest | 13.1 | 21.4 | 59.1 | 73.8 | 64.0 |
| PBT including exceptional items and JV share | 331.6 | 290.7 | 348.5 | 465.0 | 805.2 |
| Current, deferred and prior-year tax | 83.1 | 70.4 | 86.3 | 119.4 | 200.8 |
| Consolidated profit after tax | 263.2 | 220.4 | 262.2 | 345.6 | 604.5 |
| Diluted EPS (₹) | 19.70 | 16.48 | 19.61 | 25.82 | 45.12 |
| Materials, purchases and inventory change | 2,366 | 2,774 | 3,310 | ||
| Employee benefits expense | 195.8 | 217.3 | 244.0 | ||
| Selling and distribution expense | 432.6 | 476.5 | 641.6 | ||
| Other operating expense excluding S&D | 617.6 | 709.8 | 833.8 | ||
| EBITDA excluding other income and JV share | 506.1 | 673.6 | 1,021 | ||
| Other income | 8.87 | 4.85 | 11.8 | ||
| Depreciation and amortisation | 113.8 | 140.1 | 153.0 | ||
| Exceptional items, signed contribution | 0.00 | 0.00 | -16.6 | ||
| Share in JV profit/(loss), before PBT | 6.45 | 0.48 | 5.52 | ||
| Profit attributable to equity owners | 262.2 | 345.6 | 604.5 | ||
| Non-controlling interest in profit | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Consolidated equity attributable to owners | 2,027 | 2,208 | 2,440 | 2,754 | 3,316 |
| Total debt including acceptances and leases | 201.6 | 753.6 | 1,031 | 1,103 | 798.8 |
| Cash and cash equivalents only | 101.2 | 122.1 | 86.2 | 40.2 | 70.3 |
| Trade receivables net of ECL | 755.8 | 824.1 | 978.2 | 1,182 | 1,190 |
| Inventories net of allowance | 536.9 | 715.4 | 779.7 | 1,077 | 1,166 |
| Trade payables excluding acceptances | 304.3 | 274.9 | 248.0 | 312.5 | 325.7 |
| Net property, plant and equipment | 811.2 | 1,226 | 1,694 | 1,804 | 1,902 |
| Capital work in progress | 111.4 | 325.6 | 52.7 | 23.3 | 74.9 |
| Total consolidated assets | 2,781 | 3,719 | 4,095 | 4,639 | 4,972 |
| Current and non-current bank borrowings | 737.1 | 630.7 | 331.8 | ||
| Interest-bearing short-term acceptance debt | 212.3 | 352.1 | 300.4 | ||
| Current and non-current lease debt | 81.3 | 119.8 | 166.6 | ||
| Consolidated net debt including acceptance/lease debt | 944.4 | 1,062 | 728.6 | ||
| Other bank balances, partly restricted | 14.4 | 17.5 | 18.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Statutory cash from operations after tax | 267.6 | 208.5 | 166.1 | 362.9 | 742.6 |
| Free cash flow (vendor definition) * | 85.2 | -495.0 | -69.3 | 181.9 | 498.0 |
| Dividends paid (the provider's sign: an outflow is negative) * | -32.1 | -40.1 | -40.1 | -40.1 | -53.6 |
| Gross cash capital expenditure, positive outflow | 239.2 | 180.9 | 244.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual equity shares outstanding at period end | 13.36 | 13.37 | 13.37 | 13.38 | 13.39 |
| Weighted-average diluted equity shares | 13.38 | 13.39 | n.r. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue net of excise | 1,116 | 1,294 | 1,304 | 1,506 | 1,494 | 1,547 | 1,504 | 1,684 |
| Cost of revenue (vendor classification) * | 629.3 | 737.4 | 737.1 | 858.4 | 827.4 | 781.9 | 856.9 | |
| Other operating costs (vendor classification) * | 272.5 | 310.0 | 337.0 | 360.3 | 382.5 | 377.1 | 409.4 | |
| EBITDA (vendor classification) * | 162.8 | 184.5 | 180.4 | 234.0 | 269.6 | 294.6 | 357.9 | |
| EBIT excluding other income and JV share | 127.5 | 148.3 | 141.5 | 195.9 | 200.2 | 230.0 | 242.3 | 307.7 |
| Finance costs including lease interest | 16.7 | 19.5 | 21.5 | 15.9 | 16.3 | 16.4 | 15.4 | 11.7 |
| PBT including exceptional items and JV share | 110.3 | 129.4 | 122.9 | 174.8 | 186.9 | 206.5 | 237.0 | 305.0 |
| Current, deferred and prior-year tax | 29.7 | 33.9 | 30.8 | 44.3 | 47.4 | 51.5 | 57.6 | 75.4 |
| Consolidated profit after tax | 80.7 | 95.5 | 92.1 | 130.5 | 139.6 | 154.9 | 179.5 | 229.6 |
| Diluted EPS (₹) | 6.02 | 7.13 | 6.88 | 9.74 | 10.42 | 11.56 | 13.41 | 17.14 |
| Materials, purchases and inventory change | 629.3 | 737.4 | 737.1 | 858.3 | 841.9 | 827.4 | 781.9 | 856.9 |
| Employee benefits expense | 51.3 | 62.9 | 52.4 | 55.3 | 58.5 | 69.8 | 60.2 | 68.4 |
| Selling and distribution expense | 105.6 | 121.8 | 149.6 | 146.9 | 154.3 | 175.8 | 164.6 | 180.1 |
| Other operating expense excluding S&D | 166.9 | 188.2 | 187.3 | 213.4 | 201.5 | 206.6 | 212.5 | 229.4 |
| EBITDA excluding other income/JV/exceptionals | 163.2 | 183.9 | 177.5 | 232.2 | 237.6 | 267.2 | 284.5 | 348.9 |
| Other income | 1.12 | 1.08 | 1.38 | 1.05 | 2.37 | 2.61 | 5.81 | 1.77 |
| Depreciation and amortisation | 35.7 | 35.6 | 36.0 | 36.3 | 37.4 | 37.2 | 42.2 | 41.2 |
| Exceptional items, signed contribution | 0.00 | 0.00 | 0.00 | -6.99 | 0.00 | -9.56 | 0.00 | 0.00 |
| Share in JV profit/(loss), before PBT | -1.54 | -0.47 | 1.44 | 0.77 | 0.61 | -0.16 | 4.31 | 7.17 |
| Profit attributable to equity owners | 80.7 | 95.5 | 92.1 | 130.5 | 139.6 | 154.9 | 179.5 | 229.6 |
| Non-controlling interest in profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 20.8% | 8.2% | 32.7% | 17.8% | 24.7% |
| EBITDA margin | 12.3% | 13.9% | 16.9% | ||
| Net margin | 6.4% | 7.1% | 10.0% | ||
| Return on equity | 11.3% | 13.3% | 19.9% | ||
| Return on capital employed | 16.0% | 12.0% | 12.2% | 14.6% | 21.8% |
| Return on assets | 6.7% | 7.9% | 12.6% | ||
| Net debt (₹ crore) | 944.4 | 1,062 | 728.6 | ||
| Net debt / EBITDA | 1.87x | 1.58x | 0.71x | ||
| Interest cover | 26.3x | 14.6x | 6.63x | 7.23x | 13.6x |
| Asset turnover | 1.06x | 0.96x | 1.05x | 1.11x | 1.26x |
| Receivable days | 96 | 97 | 87 | 89 | 72 |
| Inventory days (on revenue) | 68 | 84 | 69 | 81 | 70 |
| Payable days (on revenue) | 39 | 32 | 22 | 24 | 20 |
| Cash conversion | 0.63x | 1.05x | 1.23x | ||
| Capex intensity | 5.8% | 3.7% | 4.0% | ||
| Free cash flow (₹ crore) | -73.1 | 181.9 | 498.0 | ||
| Dividend payout | 15.3% | 11.6% | 8.9% | ||
| EPS, diluted (₹) | 19.70 | 16.48 | 19.61 | 25.82 | 45.12 |
| Book value per share (₹) | 151.7 | 165.2 | 182.4 | 205.8 | 247.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and JV share / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Consolidated net debt including acceptance/lease debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and JV share.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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