Radico Khaitan Ltd Q2FY26 – The Whisky King’s ₹1,494 Cr Quarter, ₹140 Cr High, and 91x Hangover: When Premium Spirits Go Premiumly Priced

1. At a Glance

Raise your glasses, because India’s oldest liquor mogul just dropped quarterly numbers smoother than its 8PM whisky. Radico Khaitan Ltd, once known as Rampur Distillery, clocked in a Q2FY26 revenue of ₹1,494 crore (up 33.8% YoY) and net profit of ₹140 crore (up 73% YoY). The company’s operating margin kissed 16%—its best in years—and the stock is now a toast of Dalal Street at ₹3,172, up 42% in a year.

The catch? The stock trades at a hangover-inducing P/E of 91.7x, higher than most FMCG royalty. But investors aren’t complaining: Radico’s luxury brands are on fire, its export portfolio now pours into 102+ countries, and its distillery in Sitapur is running like an alcohol-fueled turbine.

With a market cap of ₹42,459 crore, zero promoter pledges, and global launches from Rampur Indian Single Malt to Jaisalmer Gold Gin, Radico has become India’s Louis Vuitton of liquor — classy, expensive, and occasionally overpriced.

So let’s find out whether Radico’s Q2 numbers are aged to perfection or just another overpriced peg with fancy branding.

2. Introduction – From Rampur to Royal Ranthambore: India’s 80-Year-Old Bar Story

Back in 1943, when World War II raged and India hadn’t even got independence, Rampur Distillery Company was bottling liquor for the army canteens. Fast-forward eight decades, and the same company now sells luxury gin in Paris, whisky in Tokyo, and single malts to influencers who call themselves “collectors.”

Radico Khaitan’s journey is like that of a small-town hero who turned his government liquor supply business into an export-class alcohol empire. The company has gone from distilling for others to becoming the oldest and largest IMFL distiller in India, owning a brand bouquet that could give Diageo or Pernod Ricard some serious competition in Indian bars.

It’s not just about volumes anymore—it’s about premiumization. In 1997, the company’s first brand, 8PM Whisky, became a millionaire brand within a year. In 2024, it launched Rampur Jugalbandi #6 at Whisky Live Paris. Same company, different orbit.

And while the rest of corporate India prays for operating leverage, Radico just increased its realizations per case by 12% YoY by simply convincing Indians to drink more expensive alcohol. Genius.

3. Business Model – WTF Do They Even Do?

Simple. Radico turns grains into premium margins.

The company manufactures and sells Indian Made Foreign Liquor (IMFL) and a variety of spirits across whisky, rum, vodka, gin, and brandy. Its product pyramid is divided into three tiers:

• Prestige & Above – The single malts, craft gin, and premium whiskies. The real money-maker.
• Regular & Others – Your classic “quarter bottle” segment. Slower growth but steady base.
• Non-IMFL – Ethanol, extra neutral alcohol, and sanitizers — the boring but cash-yielding part.

Revenue Mix (9M FY25): Prestige & Above 49%, Regular 19%, Non-IMFL 32%. Ten years ago, 80% was cheap liquor. Today, half of revenue is luxury. That’s how you go from “desi tharra” to “Paris shelf-worthy”.

Its brands include household legends like 8PM, Magic Moments, Morpheus Brandy, Old Admiral Rum, 1965 Spirit of Victory, After Dark Whisky, and the high-end Rampur Indian Single Malt.

Distribution? 1 lakh retail stores, 10,000 bars, and 43 bottling units (5 owned, 38 contracted). The company’s reach makes even Coke jealous.

Basically, Radico is the FMCG company your fund manager secretly loves but pretends to hate in public because it’s “sin stock.”

4. Financials Overview

Commentary:
Margins are rising faster than bar tabs at Mumbai’s SoHo House. OPM touched 16%, the highest since