Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 28 Sep - Radico Khaitan enters Heathrow, Gatwick, Manchester and Birmingham duty-free shops with premium whisky brands.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result28 Jul, 07:39 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
36BearishMACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 51
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RADICOD candles · FIT view+31.4%Latest close ₹4356.10 on 2026-10-21
Bar
-2.6%
RSI
44
MACD hist
-5.65
52W pos
83%
2026-10-21O ₹4473.60H ₹4473.60L ₹4261.20C ₹4356.10Vol 2.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RADICONifty FMCGNifty 500
- RADICO
- +6.5%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- +13.0 pp
Chart stats
21 Oct 2026- From 52W high
- -8.2%
- 52W range position
- 83%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.77x
- Avg traded value
- ₹131 Cr
- 20D price channel
- ₹4,234.8 - ₹4,614.1
₹4,747
₹2,500 - ₹4,747
₹128.6
Latest completed session
20-session average
32.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +11.8% · PAT +75.6% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model-84.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +12% YoY · PAT +76% YoY · margin expansion · +12% QoQ · operating leverage
Filed 28 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 84.30
- P/B
- 18.05
- EV/EBITDA
- 46.67
- Market Cap
- 59987.00Cr
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
- 0.80%
- FCF Positive Y
- 8/5
- OCF
- 743.00 Cr
- EPS TTM
- 52.53
Shareholding
- Promoter Hold
- 40.18%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,684+12.0% vs prev
Net Profit
₹ CrLatest: 230+28.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 44.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 8% off 52W high · 74% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
92
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.8%
3M return
+6.5%
6M return
+36.2%
1Y return
+37.7%
RS 1D
0
RS 20D
-1
Sector rank
#13
Industry rank
#5
Stage evidence
- Price is 12.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
20 May 2026
S2 age
108 trading sessions
Sector
neutral
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 157.14-0.87%
RS vs Nifty 500157
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth14/25
Quality16/20
Balance Sheet8/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
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 -84.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
84.3
PB
18.1
EV/EBITDA
46.7
ROE
20.3%
ROCE
24.2%
FCF Yield
0.8%
Debt/Equity
0.1
MoS
-84.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-84.3%
Previous: -87.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
48
48
48
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹541.4
-704.6% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,363.85
-84.3% MoS
PEG
3.17
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UBL
Large
United Breweries Limited
Beverages
match 78
31
92.0
7.7%
-79%
OVERVALUED
ABDL
Large
Allied Blenders and Distillers Limited
Beverages
match 77
45
93.2
14.3%
-108%
WATCHLIST
UNITDSPR
Large
United Spirits Limited
Beverages
match 77
45
54.2
21.4%
-17%
WATCHLIST
GMBREW
Small
GM Breweries Limited
Beverages
match 60
49
15.7
12.5%
+69%
FAIR VALUE
ASALCBR
Small
Associated Alcohols & Breweries Ltd.
Beverages
match 60
45
14.4
14.6%
-26%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T07:41:56.985Z
Management commentary snapshot
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.
Current business mix
IMFL Sales Value by Geography (FY2026)
Latest issuer-disclosed distribution across 2 reported categories.
Domestic92.0%
Exports8.0%
Growth engines
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 91st percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
150 docs text-extracted · 50 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · FMCG: 91st pctile, median 79 · Mid: 93rd pctile, median 76
Evidence depth
Financial-only
150 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Radico Khaitan Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 23 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Newspaper Publication - Public Notice regarding Loss of Share Certificate(s).
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.