Radico Khaitan Limited

7.2%

hina, US and Germany (in US$ terms) 18.6 2013 2023 11.4 6.9 3.5 2.8 2.3 2 2.3 2.1 1.1 7.2% 7.1% 10 yr CAGR (2023) 5.0% 1.0% US China Japan Germany India India China US Germany

7.1%

US and Germany (in US$ terms) 18.6 2013 2023 11.4 6.9 3.5 2.8 2.3 2 2.3 2.1 1.1 7.2% 7.1% 10 yr CAGR (2023) 5.0% 1.0% US China Japan Germany India India China US Germany (2.0)%

5.0%

erms) 18.6 2013 2023 11.4 6.9 3.5 2.8 2.3 2 2.3 2.1 1.1 7.2% 7.1% 10 yr CAGR (2023) 5.0% 1.0% US China Japan Germany India India China US Germany (2.0)% Japan India's income p

1.0%

18.6 2013 2023 11.4 6.9 3.5 2.8 2.3 2 2.3 2.1 1.1 7.2% 7.1% 10 yr CAGR (2023) 5.0% 1.0% US China Japan Germany India India China US Germany (2.0)% Japan India's income pyramid

17%

2,500 - US$ 5,000 US$ 1,500 - US$ 2,500 Less than US$ 1,500 mn 12 25 79 128 612 2010 CAGR 17% CAGR 13% Luxury Premium mn 40 79 193 222 538 2023 mn 88 146 251 222 442 2028 Inve

13%

$ 5,000 US$ 1,500 - US$ 2,500 Less than US$ 1,500 mn 12 25 79 128 612 2010 CAGR 17% CAGR 13% Luxury Premium mn 40 79 193 222 538 2023 mn 88 146 251 222 442 2028 Investor Prese

4.1%

vourable demographics Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value) 4.1% 12.0% 63.8% 11.5% 4.9% 66.6% Industry CAGR: 5.1% 20.0% 2024: 400 million cases 2029:

12.0%

le demographics Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value) 4.1% 12.0% 63.8% 11.5% 4.9% 66.6% Industry CAGR: 5.1% 20.0% 2024: 400 million cases 2029: 512 mi

63.8%

graphics Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value) 4.1% 12.0% 63.8% 11.5% 4.9% 66.6% Industry CAGR: 5.1% 20.0% 2024: 400 million cases 2029: 512 million

11.5%

s Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value) 4.1% 12.0% 63.8% 11.5% 4.9% 66.6% Industry CAGR: 5.1% 20.0% 2024: 400 million cases 2029: 512 million cases

4.9%

s of Spirits by Category (Volume) Sales of Spirits by Category (Value) 4.1% 12.0% 63.8% 11.5% 4.9% 66.6% Industry CAGR: 5.1% 20.0% 2024: 400 million cases 2029: 512 million cases 17.0%

66.6%

pirits by Category (Volume) Sales of Spirits by Category (Value) 4.1% 12.0% 63.8% 11.5% 4.9% 66.6% Industry CAGR: 5.1% 20.0% 2024: 400 million cases 2029: 512 million cases 17.0% 9.5%

Whisky

2

Brandy

2

Rum

2

White Spirits

2

Tasting Notes

1

White Spirits

9.1% o Spirits sales in India is estimated to have crossed 400 million cases in CY2024, representing an increase of 2.8% over CY2023 o During CY2024-29 period, IMFL sales volume is expected to grow at a CAGR of 5.1% and sales value at 13.4% o White spirits, Vodka and Gin, remain the fastest growing category in volume terms Vodka industry growth indicates a strong premiumization trend Volume Value Volume Value Blended Scotch Single Malt 11.1% 14.6% 8.4% 11.2% 2024 Growth 2024-29 Growth Indian Single Malt market is expected to see strong growth 8.4% 12.1% 2024-29 Growth Source: Euromonitor International Investor Presentation | November 2025 4 Spirits Industry in India Strong structural growth drivers in place • Structural change towards premiumization • Progressive state excise policy framework • • Increasing importance of liquor towards state revenues after the implementation of GST Low per capital IMFL consumption of 2.5 liters in India • Country liquor represents an equally large mark

Tasting Notes

Visual/Colour: Golden hue complemented by tint of amber Nose/Aroma: Warm and intense malty aromas make their presence felt followed by sweet floral notes and hints of citrus. At the end subtle forest honey and spicy dried fruits leaves a lasting trail Palate/Taste: Once you allow a sip to linger in the palate it reveals many delicate attributes and holding it long in the mouth, the warmth of the palate entices out a flurry of rich flavours like English muffins, melted butter, plum cake, apple pie, cocoa and a hints of spicy peaty smoke in the background Finish: A long finish that smoothens out with time Investor Presentation | November 2025 36 37 Morpheus Rare Luxury Whisky Addressing portfolio gap targeted at the fast-growing super-premium whisky segment 38 Blend Fruity floral elegance - Aged in Bourbon barrels, this masterful blend of imported Scotch Malts and Indian grain spirits invokes signature fruity attributes. Color Amber gold. Nose Enchanting and expressive bouquet of sweet a