RADICONSEFull Year FY2026May 12, 2026

Radico Khaitan Limited

7,366words

103turns

12analyst exchanges

0executives

Key numbers — 40 extracted

INR 6,000 crore

us on value-led growth. During the year, we crossed two key milestones with net revenue exceeding INR 6,000 crores and EBITDA crossing INR 1,000 crores. These achievements reflect the sustainability of our busin

INR 1,000 crore

, we crossed two key milestones with net revenue exceeding INR 6,000 crores and EBITDA crossing INR 1,000 crores. These achievements reflect the sustainability of our business model, the strength of our bran

rs,

ity of our business model, the strength of our brands, the investments we have made over the years, and the growing scale of our premium and luxury portfolio. 1 | P a g e Q4 FY2026 Earnings Call T

INR 475 crore

stige & Above segment continue to lead growth while our Luxury portfolio delivered sales value of INR 475 crores, in line with our guidance. We expect to sustain this growth momentum and deliver 25% [value]

25%

NR 475 crores, in line with our guidance. We expect to sustain this growth momentum and deliver 25% [value] growth in FY27 in this portfolio. Our recently launched Luxury-brands, Rampur 1943 Virasa

50%

sing consumer pull. Royal Ranthambore Whisky delivered an outstanding performance, growing over 50% during the year, driven by strong demand across both civil and CSD channels. Magic Moments Vodk

21%

nd across both civil and CSD channels. Magic Moments Vodka continued its strong trajectory with 21% volume growth during the year to reach 8.6 million cases and around INR 1,500 crores in sales v

8.6 million

gic Moments Vodka continued its strong trajectory with 21% volume growth during the year to reach 8.6 million cases and around INR 1,500 crores in sales value, further strengthening its leadership in the v

INR 1,500 crore

strong trajectory with 21% volume growth during the year to reach 8.6 million cases and around INR 1,500 crores in sales value, further strengthening its leadership in the vodka category. During Q4, Magic Mom

28%

further strengthening its leadership in the vodka category. During Q4, Magic Moments registered a 28% year- on-year growth. New flavour innovations including Flavours of India category are contribut

60%

th in the category. After Dark Whisky continued to deliver strong performance, recording over 60% growth and crossing 3.1 million cases during the year. We also continue to deepen consumer engage

3.1 million

After Dark Whisky continued to deliver strong performance, recording over 60% growth and crossing 3.1 million cases during the year. We also continue to deepen consumer engagement through focused marketing

Guidance — 20 items

Abhishek Khaitan

opening

“We expect to sustain this growth momentum and deliver 25% [value] growth in FY27 in this portfolio.”

Abhishek Khaitan

opening

“Going forward, we will continue to add more flavours as we lead disruptive growth in the category.”

Abhishek Khaitan

opening

“In FY27, we will further scale our on-trade agenda across advocacy, distribution expansion, key account partnerships and airports.”

Abhishek Khaitan

opening

“During FY27, we expect to grow our Prestige & Above portfolio volume by 20% and expect our EBITDA margin to expand by 125 basis points for the full year.”

Dilip Banthiya

opening

“During Q4 FY26, we delivered a strong all-round performance, with total IMFL volume of 9.52 million cases, reflecting a 4% increase on year-on-year basis.”

Dilip Banthiya

opening

“Regular volume degrowth was due to a higher base in Q4 FY25 after the change in the route to the market in the state of Andhra Pradesh and the impact of policy changes in Maharashtra and Karnataka.”

Dilip Banthiya

opening

“As the Prestige & Above and luxury portfolio continues to scale, we expect further improvement in the overall capital efficiency of the business.”

Dilip Banthiya

opening

“Our balance sheet remains strong, and we are on track to become debt-free in H1 FY27.”

Aditya Soman

“So, how do you plan to mitigate the higher commodity cost?”

Abhishek Khaitan

“That will be our first objective and take it nationally like our Virasat Indian Single Malt, The Spirit of Kashmyr.”

Risks & concerns — 5 flagged

Regular volume degrowth was due to a higher base in Q4 FY25 after the change in the route to the market in the state of Andhra Pradesh and the impact of policy changes in Maharashtra and Karnataka.

— Dilip Banthiya

So, that was my concern like how are we thinking to modify our portfolio into non-alcoholic or low- alcoholic beverages so that we can benefit in future?

— Navani Naredi

Sir, can you spend some time on Karnataka policy, how do we read that, and what kind of price decline or hike we can expect across range of products?

— Dhiraj Mistry

So, as you are aware that state excise policies generally represent about the reason for seeking price increases and the state government consider it now positively because their concern is also the revenue.

— Dilip Banthiya

Strong operating performance, margin expansion and improved return ratio and healthy cash flow generation, reflect the quality of our growth and the impact of the disciplined execution.

— Dilip Banthiya

Q&A — 12 exchanges

Hi, good evening and thanks for the opportunity. Sir, two questions. Firstly, can you throw some light on sort of new product launch plans for Fiscal ‘27 particularly in the Prestige & Above and luxury space? And second, your 125 basis points EBITDA margin expansion is fairly robust given the commodity environment. So, how do you plan to mitigate the higher commodity cost? And is this margin expansion over full year ‘26 or 4Q ‘26?

Abhishek Khaitan

To answer your first question about the new launches, if you see in the last year itself, we have launched three-four brands in the luxury as well as the P&A category. So, we want to consolidate that. That will be our first objective and take it nationally like our Virasat Indian Single Malt, The Spirit of Kashmyr. Right now, it is in 10 states, we want to take it to 20 states. So, that will be our prime focus. Plus, we have launched new flavours of Magic like Jamun, Mango, Thandai, which we are going to again take nationally. And in the coming year what we feel we are going to launch is some

Thank you. Congrats on good set of numbers. Three questions from my side. First is on Karnataka State. Now with the new policy announced by the state, the pricing differences between regular and premium has come down, so how do you plan to capture that given that the gap has come down a bit, driving the premiumisation and upgradation agenda that we have? Second question is around West Bengal. Now there is a change in government that has happened. Do you think there could be a meaningful change in the way the market operates and if we can provide a framework as of now how the market is operatin

Sudhir Upadhyay

So, first of all regarding Karnataka which you had asked, yes, we have seen last time when Karnataka rationalized the pricing for the premium brands, there was a significant growth which has come on the premium brands. And since we have the portfolio of the premium brands like Rampur, Jaisalmer, Royal Ranthambore, etc., it is very well established there. We also gained the advantage on account of this price rationalization which has been done almost a year and a half back. Now, this time also we are anticipating the government is 6 | P a g e Q4 FY2026 Earnings Call Transcript working on simila

Yes. Hi, good evening. So, I just had three questions. One was on the initial comments, Abhishek ji, on the unlock because of the distribution expansion on the luxury portfolio. My understanding was that you have already done a lot of this work. Just wanted to get your sense on how much more this can benefit, whether in terms of more outlets that you can still reach on the on-trade or maybe more products in those same outlets, so what is the potential still of that? The second question was on exports. I am sure you would have taken some impact in the last six months because of tariffs, etc., I

Abhishek Khaitan

To answer your first question regarding the expansion to the various states and on-trade, I think we see that especially with Virasat, Kashmyr, all this has a huge scope of expanding it. And on-trade also, what we had told about two years back with our luxury portfolio has 7 | P a g e Q4 FY2026 Earnings Call Transcript become a key focus area for Radico. So, we are adding outlets by the day and this year brand advocacy is one of our most important initiatives. We are planning to have about close to 1,000 advocacy sessions in the on-trade. So, I think all these put together, that is why we are

Yes, thanks for the opportunity and congratulations on a great set of numbers. Just a follow up on the previous question that to just clarify excluding UK FTA and given the current environment Radico is looking at 100 to 125 basis points improvement in margins. Is that right?

Dilip Banthiya

As we said with the current scenario, I cannot predict if it goes much worse than what it is today. If LPG and other things go out of stock and some of the units of glass bottle disrupt their production and all that. Otherwise, we are confident because we see this should not happen and the geopolitical situation also should be taken care of in next 15 to 30 days. And we have a long-standing relationship with our supply chain. So, we are confident about continuity of the supplies. And given these circumstances, we are confident to deliver that until and unless there something goes very, very dr

Yes, hi sir, congrats on great set of numbers. Firstly, while you did allude to vodka segment and P&A segment being seeing a strong growth, how should one look at the realization growths here, because obviously the luxury portfolio is also growing pretty fast, do you see this realization growth of low single digits that we saw in FY26 for P&A, can that also increase? And secondly, how do you look at the regular segment growth on a steady state basis?

Dilip Banthiya

On the realization front, luxury is growing faster than P&A, so we expect that realization at volume and value delta will be in the range of 300 to 400 basis points as an aggregate basis. As far as your second question on the regular segment is concerned, as I said in my opening remark, because of some policy changes and higher base in Q4 of last year, there was a degrowth in Q4 of current year; however in the full year, we have grown by 30% on the regular side also and for next year, we expect 3% to 5% volume growth in regular category. That is a volume growth? 10 | P a g e Q4 FY2026 Earnings

Yes, hi sir, good evening. This is Rahul Agarwal from Infinite Asset. Sir, the question is related to growth. 20% P&A volume growth implies about 3.5 million cases roughly additional. Similar question is what the earlier analyst asked on which categories and brands will contribute, you mentioned Magic Moments, After Dark, 8PM Black repackaging. Are these three categories or brands going to be similar to contribute this 3.5 million cases, is there enough market for that? That is first question. Secondly, in terms of capacity related question to the growth outlook. To support this 20% growth, yo

Dilip Banthiya

So, the first question is regarding the 20% growth on the P&A side. Yes, you are right that these are the brands like Magic family is growing more than 20% in FY26, by 28% in Q4 and new flavours are also adding a lot of strength to the Magic growth. After Dark is present in a very large industry segment of 75 million cases. Royal Ranthambore, the another brand, which is also growing by more than 50%, and as a bouquet as some of the brands are still in a very, very nascent stage, therefore, we are confident to deliver 20% growth as a P&A category. Second question is regarding the capacity. So,

Congratulations and thanks for the opportunity. So, my first question is rising health awareness. How are you adopting your portfolio like premium, ready-to-drink, low alcohol to capture GenZ consumers, and also diversifying the portfolio which will reduce the dependence on Indian excise policy? That is my first question.

Abhishek Khaitan

As far as the GenZ goes, the white spirit is what the GenZ prefers and that is where our innovation of the different flavours of vodka is coming into play. And that is helping us to get GenZ into the white spirits. What I said earlier, we see that white spirit is expanding in a lot of states now. So, I think that is the trend we are seeing with GenZ. As far as low alcoholic or RTD goes as of now we do not have any major plans to get into it. 12 | P a g e Q4 FY2026 Earnings Call Transcript Yes, because these days what I observe personally is GenZ are very careful about what they are drinking an

Yes. Hi sir. Thank you for the opportunity. So, in Q3, you flagged the Maharashtra industry volume down by around 20% and you said you will launch MML through your RNV joint venture in January. So, how 13 | P a g e Q4 FY2026 Earnings Call Transcript has the RNV joint venture performed since launch? And what is your current market share in Maharashtra? And do you see the market recovering toward the original 2.4 million cases per month in Maharashtra?

Sudhir Upadhyay

See, as far as Maharashtra is concerned, we have saliency of around 3% to 4% of our overall business. Yes, after the MML introduction the IMFL industry has gone down; it has gone down by 20%, 25%. So, gradually MML is stabilizing. And we hope that IMFL over a period of time should come back to a normal position. And since we are in vodka category and above there, Premium & Above is a stable for us. Yes. Thank you. And all the best for the future

Yes. Hi, good afternoon. Sir, can you spend some time on Karnataka policy, how do we read that, and what kind of price decline or hike we can expect across range of products?

Sudhir Upadhyay

See, as we said earlier, that Karnataka is on a progressive march. So, as far as excise is concerned, they have taken this step last year also where they rationalized the price of premium brands. And our brands like Rampur Single Malt, Jaisalmer Indian Craft Gin, Royal Ranthambore, Sangam, Magic Moments, etc., has been benefited in a larger way, and other brands of the industry have also been benefited. It is a cosmo market at the end of the day. So, it has lot of consumption. Now in the second step also government is also thinking on similar line. But at the same time since the policy is yet

Hello, sir. Thank you for the opportunity and congratulations on a really great set of numbers. So, first question I had is what kind of pricing power do we have across at least our top markets, if you can help me with what our top markets are in terms of salience? And when 15 | P a g e Q4 FY2026 Earnings Call Transcript can we actually do the revisions, are there any legal restrictions or not on pricing revisions? Secondly, I really appreciate the goal of reaching the INR 1,000 crores mark and we are saying 25% CAGR to reach it in three years. What kind of brands are our high conviction brand

Dilip Banthiya

So, your first question is regarding the pricing power. So, as you are aware that state excise policies generally represent about the reason for seeking price increases and the state government consider it now positively because their concern is also the revenue. As we said that seven to eight states has already given the price increase and this is a continuous process which the industry associations keep doing with the state government, and some of the talks are still on and because of the cost push being faced by the industry. I cannot say that which are the states, but yes, it is an ongoing

Hello, sir. One, I would like to know given that MML is right now established in Maharashtra and stabilizing and you have a JV there which is allowing you to participate within that industry and you have already lined up some pretty eye-catching products and given that the competitors within said segment would not always be backed by large companies such as yours, given that, do you expect the JV in Maharashtra to take a substantial portion of this increasing market?

Abhishek Khaitan

We are aiming about 10% MS of the MML category and we just launched it a couple of months back and the response to the brand is quite encouraging. Yes, that is definitely there. I have seen the products within the range and of course there is no debate that your products stand out across the line in that category. And given that this distribution strength you have and backing of the main company, the growth of course there is going to be substantially high if the entity stabilizes. Now here, given that the growth is going to be coming from this segment and that is the market you are aiming at,

The current environment reinforces the strength and resilience of Radico Khaitan’s business model. Strong operating performance, margin expansion and improved return ratio and healthy cash flow generation, reflect the quality of our growth and the impact of the disciplined execution. With a differentiated premium-led portfolio, a robust balance sheet and continued focus on financial discipline, we are well positioned to navigate near-term uncertainties and sustain our profitable growth trajectory. We remain confident in the road ahead and committed to creating long-term value for our stakehold

Management

Speaking time

Abhishek Khaitan

Dilip Banthiya

Moderator

Nitin Awasthi

Dhiraj Mistry

Rahul Agarwal

Navani Naredi

Karan Kamdar

Sudhir Upadhyay

Abhijeet Kundu

Opening remarks

Abhishek Mehra

Thank you. Good evening, everyone. We would like to thank Radico Khaitan’s Management for providing DAM Capital with the opportunity to host Q4 FY26 Earnings Call. Today, we have with us, Mr. Abhishek Khaitan – Managing Director, Mr. Dilip Banthiya – CFO, Mr. Sanjeev Banga – President (International Business), and Mr. Sudhir Upadhyay – Chief Sales Officer. Now, I would like to hand over the call to Mr. Abhishek Khaitan for his Opening Remarks. Thank you. And over to you sir.

Abhishek Khaitan

Good afternoon, ladies and gentlemen and thank you for joining us on Radico Khaitan’s Q4 FY26 Earnings Conference Call. FY2026 has been an important year for Radico Khaitan and in many ways an inflection point in our journey. The business delivered a strong performance supported by disciplined execution, a richer portfolio mix and a continued focus on value-led growth. During the year, we crossed two key milestones with net revenue exceeding INR 6,000 crores and EBITDA crossing INR 1,000 crores. These achievements reflect the sustainability of our business model, the strength of our brands, the investments we have made over the years, and the growing scale of our premium and luxury portfolio. 1 | P a g e Q4 FY2026 Earnings Call Transcript Our Prestige & Above segment continue to lead growth while our Luxury portfolio delivered sales value of INR 475 crores, in line with our guidance. We expect to sustain this growth momentum and deliver 25% [value] growth in FY27 in this portfolio. Our

Dilip Banthiya

Thank you, Abhishek. Thank you everyone for joining us on this call today. FY2026 was a milestone year for Radico Khaitan, with robust operating performance translating into higher profitability, improved return ratios and enhanced free cash flow generation. The result demonstrates the power of our premiumisation strategy, growing scale advantages, input cost stability and disciplined financial management. During Q4 FY26, we delivered a strong all-round performance, with total IMFL volume of 9.52 million cases, reflecting a 4% increase on year-on-year basis. The Prestige & Above category continued its strong 3 | P a g e Q4 FY2026 Earnings Call Transcript upward trajectory, recording 28% volume growth. This performance was supported by strong brand momentum and premiumisation-led mix improvement. Regular volume degrowth was due to a higher base in Q4 FY25 after the change in the route to the market in the state of Andhra Pradesh and the impact of policy changes in Maharashtra and Karnat

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