1. Opening Hook
Just when you thought India’s “premiumisation wave” was slowing, Radico showed up like that one guest who brings their own whisky and finishes yours. Their Q2 volumes jumped 37.8% — enough to make even AI-generated bar tenders cry.
Magic Moments added another million cases as if the country collectively decided shots > inflation. As the Bhagavad Gita says, “Action is thy duty, reward is not thy concern”—except here the reward is 2 million vodka cases and rising demand for Jamun SpicyMint.
Grab some chai, beer, or whatever keeps you sane — it only gets spicier from here.
2. At a Glance
- IMFL Volume up 38% – CFO insists: “No jugad, just demand.”
- P&A Volume up 22% – Prestige behaving like a Bollywood A-lister.
- Regular Category up 80% – Andhra said: “Let me reintroduce myself.”
- Gross Margin 43.6% – Flat… like my savings account.
- EBITDA Margin 15.8%, +126 bps – Leverage finally doing some heavy lifting.
- Net Debt ↓ ₹146 Cr since March – Someone finally paying EMIs on time.
- Magic Moments 20% growth – Youth population clearly thriving.
- After Dark up 115% in 1H – Truly living up to its name.
3. Management’s Key Commentary
“We achieved 37.8% volume growth with record P&A volumes.”
(Translation: We’re selling booze faster than India can produce excuses. 😏)
“Magic Moments touched 2 million cases this quarter.”
(Translation: Gen Z continues its war against sobriety.)
“After Dark delivered 115% growth in 1H.”
(Translation: Indians finally found a whisky that pairs well with 24×7 existential dread.)
“Royal Ranthambore hit 10% CSD share in September.”
(Translation: Even the Army can’t resist this bottle flex.)
“Gross margins stable despite mix shift to regular.”
(Translation: Somehow costs didn’t sabotage us this quarter. Suspicious.)
“Sitapur distillery running at 95% utilisation.”
(Translation: We built a beast. Now it prints ENA.)
“We will be debt-free by FY27.”
(Translation: Manifesting harder than your neighborhood astrologer.)
“UP and Andhra reforms are game changers.”
(Translation: RTM reforms = cheat code unlocked.)
“Luxury portfolio on track for ₹500 crore.”
(Translation: India discovered
