Date: August 1, 2025
BSE Code: 532497 | NSE Symbol: RADICO
1. Company Overview & Strategic Update
- Radico Khaitan is a leading Indian alcoholic beverages company with a strong premium and luxury portfolio.
- Recent highlight: UK-India Free Trade Agreement signed, slashing Scotch whisky import duty from 150% to 75%, leading to expected cost savings and higher import volumes (~₹400 Cr by FY28).
- This is a major boost to Radico’s Scotch segment cost structure and competitive positioning.
2. Q1 FY26 Performance Highlights
- Highest-ever quarterly volumes and net sales recorded.
- IMFL volumes surged 37.5%, driven by premium brand demand.
- Profitability improved supported by stable raw material prices and favorable product mix.
- Gross margin improved YoY to 43%; EBITDA margin expanded to 15.3% (vs 13% in Q1 FY25).
- Net debt reduced by ₹164 Cr since March 2025, targeting near zero debt by FY27.
3. Product Launches & Portfolio Development
- Morpheus Super Premium Whisky: Entered fast-growing super-premium whisky segment with strong initial response; rollout planned in 10 states covering 70% of industry volume.
- The Spirit of Kashmyr: Premium Indian vodka aimed at competing with imported luxury brands; positioned for global expansion.
- Royal Ranthambore: Bottled in India Scotch grew 90% this quarter, gaining strong consumer traction.
- Magic Moments Vodka: Flagship brand posted 20% volume growth, crossing 7 million cases annually.
- After Dark Whisky: Rebranded and repositioned; national rollout underway after strong growth in 14 states.
4. Premiumization Strategy & Market Trends
- Premium and semi-luxury brands grew ~50% YoY, driving higher profitability.
- Company expects ₹500 Cr revenue from luxury and semi-luxury brands in FY26.
- Indian AlcoBev
