1. Opening Hook
While most FMCG companies are blaming “urban slowdown” and praying to the consumption gods, Radico Khaitan Limited just delivered its highest-ever quarterly volumes. Apparently, whisky didn’t get the memo about weak demand.
Q3 FY26 wasn’t just good — it was “define a new baseline” good. Volumes at 9.75 million cases. Revenue at ₹1,547 crore. EBITDA at ₹265 crore. And margins expanding like wedding guest lists in peak season.
Premiumisation is no longer a buzzword here; it’s showing up in the P&L with 350 bps gross margin expansion. Add benign raw material costs and improving mix, and suddenly the earnings look suspiciously predictable.
But before you declare this a straight-line growth story, wait till we decode Andhra, Maharashtra, Scotland, and Tequila ambitions.
Read on. It gets interesting — and slightly intoxicating.
2. At a Glance
- Volumes up 16.7% – Highest-ever 9.75 million cases; the factory clearly skipped its holiday.
- Net Revenue ₹1,547 crore – Premium bottles doing premium billing.
- Gross Margin 46.9% (+350 bps YoY) – ENA behaved, grain cooperated, mix did the heavy lifting.
- EBITDA Margin 17.2% (+300 bps YoY) – Operating leverage finally clocked in on time.
- Prestige & Above +26% volume – The rich are drinking up, quite literally.
- Andhra Market Share 26% (vs 15% YoY) – From participant to state leader.
- Net Debt down ₹209 crore – Debt packing its bags; FY27 may see it gone entirely.
3. Management’s Key Commentary
“The third quarter represents a defining phase of acceleration for Radico Khaitan.”
(Translation: This wasn’t a fluke. Please update your models.) 😏
“We delivered our highest-ever total IMFL volume of 9.75 million cases.”
(Translation: Volume growth + premiumisation — rare combo unlocked.)
“Gross margin improved 350 bps YoY, with 225 bps from raw material.”
(Translation: ENA prices behaved. We happily took credit.)
“We are not seeing any kind of aggressive pricing activity.”
(Translation: No one is foolish enough to
