Radico Khaitan Limited (RADICO)
Mid CapFMCG stocks · Mid cap · NSE
Radico Khaitan is an Indian spirits manufacturer with over 80 years of experience, operating 10 distilleries and 44 bottling units. It boasts a strong distribution network reaching over 100,000 retailers and a portfolio focused on premium IMFL brands, including luxury offerings like Rampur Single Malt and Jaisalmer Gin.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +12% YoY · PAT +76% YoY · margin expansion · +12% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,684 Cr | +11.8% | +12.0% |
| EBITDA | ₹349 Cr | +50.4% | +22.9% |
| Operating margin | 21.0% | +600 bps | +200 bps |
| PAT | ₹230 Cr | +75.6% | +28.5% |
| PAT margin | 13.7% | +496 bps | +176 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Radico Khaitan reported robust FY2026 performance with Net Revenue up 24.7% YoY to Rs. 6,050 Cr and Total Volume up 22.2% to 38.33 mn cases. EBITDA margin expanded to 16.8%, driving Net Comprehensive Income growth of 75.9% YoY to Rs. 600 Cr.
The company delivered strong FY2026 results, driven by significant premiumization and volume growth. Expansion of the luxury portfolio and improved profitability metrics indicate continued execution on strategic priorities. The focus on high-margin segments and global reach supports the long-term growth narrative.
IMFL Sales Value by Geography (FY2026)
Latest issuer-disclosed distribution across 2 reported categories.
Premium Product Portfolio
A strong and growing premium product portfolio driven by consumer preferences.
Luxury Brand Launches
Successful launches in the luxury space with Indian single malt (Rampur) and Indian craft gin (Jaisalmer).
Pan-India Distribution
Pan-India sales and distribution network with an efficient supply chain management system.
Global Exports
Exports to over 100 countries, which provides access to a global scale.
Premiumization Trend
Strong premiumization trend expected to continue, driven by favorable demographics and evolving consumer attitudes.
Favorable Macroeconomics
India remains one of the fastest growing economies with strong demographic dividend, income growth, and rapid urbanization.
Raw Material Benefits
Raw materials tailwinds contributed to higher profitability and stronger return ratios in FY2026.
Progressive State Policies
Progressive state excise policy framework and increasing importance of liquor towards state revenues.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY provides a clear view of annual growth and performance trends for a consumer business. QoQ highlights sequential momentum in sales, profitability, and premiumization efforts.
Volume Growth
Total Own Volume grew 29.8% YoY to 36.62 mn cases in FY2026. Prestige & Above volume grew 28.5% YoY to 16.70 mn cases.
Premiumization
Prestige & Above brands contributed 70.3% to total IMFL revenue in FY2026, up from 69.4% in FY2025. These brands grew at a 21% CAGR since FY2021.
Gross Margin
Full year Gross Margin expanded to 45.3% in FY2026 from 42.8% in FY2025. Q4 FY2026 Gross Margin was 48.0% vs 43.5% in Q4 FY2025.
Market Share
Magic Moments Vodka holds ~60% market share in premium vodka. Morpheus XO Brandy has ~60% market share. Jaisalmer Gin holds 50% of the luxury gin market.
Profitable Growth Focus
Focus on developing brands, building scale, and driving a profitable growth.
Luxury Portfolio Expansion
Continued strengthening of the Indi-lux portfolio after the success of Rampur and Jaisalmer.
Global Brand Equity
Significant progress in building brand equity in overseas markets, with exports to over 100 countries.
Value Engineering
Focus on value engineering, including more sustainable alternative packaging options.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Prestige & Above Volume | 16.70 million cases (FY2026) | Monitor continued outperformance of Prestige & Above segment volume growth relative to overall volume. |
| EBITDA Margin | 16.8% (FY2026) | Watch for sustained or further expansion of EBITDA margin, driven by premiumization and cost management. |
| Luxury Portfolio Launches | Multiple luxury brands launched (Rampur 1943 Virasat, Spirit of Kashmyr, Morpheus Rare Luxury Whisky) | Track new luxury product launches and market share gains in this high-value segment. |
| Export Growth | 8% of IMFL sales value (FY2026) | Observe growth in export sales and expansion into new international markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +8.4% / mo · MACD − · near 52W high
Technical chart
RADICOdaily · 1Y · AUTO+75.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 50. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~7.7% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 5% off 52W high · 80% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 27.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 16/20 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -90.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 93rd percentile within FMCG. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · FMCG: 93rd pctile, median 78 · Mid: 95th pctile, median 76
143 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸8 years of positive FCF.
- ▸ROCE is 24.2%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 84.70
- P/B
- 18.12
- EV/EBITDA
- 46.84
- Market Cap
- 60212.00Cr
Profitability
- ROE
- 20.30%
- ROCE
- 24.20%
- ROA
- 14.09%
- Dividend Y
- 0.20%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 24.00%
- EPS 3Y
- 41.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 18.97×
- Altman Z
- 9.16
- Book Value
- 248.00
Cash Flow
- FCF Yield
- 0.79%
- FCF Positive Y
- 8/5
- OCF
- 743.00 Cr
- EPS TTM
- 52.53
Shareholding
- Promoter Hold
- 40.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 89%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.