1. Opening Hook
Festive quarter, premium liquor, and consumers apparently ignoring inflation like it’s dry January. Radico Khaitan walked into Q3 FY26, uncorked its best-ever quarter, and politely asked competitors to keep up. Volumes surged, margins expanded, and debt quietly exited the party without drama. Management sounds confident, brands are flexing global awards, and the balance sheet looks fitter than a New Year resolution in week one.
But before we declare this a forever bull run, remember—spirits businesses age well only if execution stays disciplined. Premiumization stories are fun, until raw material prices wake up cranky. Read on, because the real buzz is in the numbers and what management didn’t over-celebrate yet. 🍸
2. At a Glance
- Revenue up 19.5% – Festive demand showed up drunk on premium labels.
- EBITDA up 44.9% – Operating leverage finally earning its salary.
- EBITDA margin at 17.2% – Raw material gods smiled this quarter.
- Prestige & Above volume up 25.9% – India’s taste buds keep upgrading.
- Net profit up 61.6% – Earnings quality got a makeover.
- Net debt down ₹208.5 Cr – Balance sheet hit rehab, successfully.
3. Management’s Key Commentary
“Best-ever quarterly results across all key parameters.”
(Translation: This slide will be reused for at least three investor decks.) 😏
“Premium-led portfolio drove margin expansion.”
(Consumers paid more, and surprisingly didn’t complain.)
“Stable raw material environment supported profitability.”
(ENA prices behaved. Rare but appreciated.)
“Brand-building investments are showing results.”
(Marketing spend finally stopped being a leap of faith.)
“Rampur 1943 Virasat marks a defining milestone.”
(Luxury Indian spirits want a global passport.)
“Strong balance sheet positions us for structural growth.”
(Debt down, confidence up—classic CFO happiness.) 😌
4. Numbers Decoded
| Metric | Q3 FY26 | YoY Change |
|---|---|---|
| Net Revenue | ₹1,546.7 Cr | +19.5% |
| Gross Margin | 46.5% | +350 bps |
| EBITDA | ₹265.4 Cr | +44.9% |
| EBITDA Margin | 17.2% | +300 bps |
| Net Profit | ₹155.1 Cr | +61.6% |
| Net Debt | ₹365 Cr | ↓ ₹208.5 Cr |
