Radico Khaitan Ltd

NSE: RADICO · Breweries & Distilleries

52W Range₹2,500 ₹4,350

Snapshot

Unlock Radico Khaitan Ltd's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Radico Khaitan Limited is a prominent Indian manufacturer of Indian Made Foreign Liquor (IMFL), offering a diverse portfolio of whisky, brandy, rum, and white spirits. The company operates globally, exporting its premium brands to approximately 85 countries while also providing third-party bottling services.

Business Model

The company generates revenue primarily through the manufacturing, marketing, and sale of branded alcoholic beverages across various price segments. Additionally, it leverages its production infrastructure to provide contract bottling services to other spirit manufacturers.

  • Export reach:85 countries
  • Year of incorporation:1943

Growth Outlook

Growth is driven by the premiumisation of the company's product portfolio, including its successful Indian Single Malt and craft gin offerings. Continued expansion into international markets and strengthening brand equity in the domestic IMFL segment remain key strategic priorities.

Key Risks

  • Regulatory and Excise Policy Risk. The company is subject to complex and frequently changing state-level excise duties and liquor regulations in India, which can significantly impact margins and distribution.
  • Raw Material Price Volatility. Fluctuations in the prices of key inputs such as extra neutral alcohol (ENA), grains, and packaging materials can adversely affect production costs.
  • Intense Market Competition. The Indian spirits industry is highly competitive, requiring consistent investment in marketing and brand building to maintain market share against domestic and international players.
  • Health and Social Regulations. Increasing public health awareness and potential government restrictions on alcohol advertising or consumption could negatively impact long-term demand.

Price

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Key Metrics

REVENUE

₹26,290 Cr

TTM · consolidated

+53.8%YoY

NET PROFIT

₹735 Cr

TTM · consolidated

+112.7%YoY

EPS

₹54.91

TTM · consolidated

+112.5%YoY

RETURN ON EQUITY

25.4%

TTM · consolidated

+11.7 ppYoY

RETURN ON CAPITAL EMPLOYED

32.7%

TTM · consolidated

+14.2 ppYoY

P/E

74.8x

Q4 FY26 · consolidated

74.8 vs 189.0x5Y avg

EV/EBITDA

43.6x

Q4 FY26 · consolidated

43.6 vs 108.1x5Y avg

EBITDA MARGIN

4.8%

TTM · consolidated

+0.8 ppYoY

NET PROFIT MARGIN

3.5%

Q4 FY26 · consolidated

+1.4 ppYoY

DEBT TO EQUITY

0.1x

Q4 FY26 · consolidated

-0.13xYoY

Peers · Breweries & Distilleries

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Radico Khaitan LtdRADICO
35,54974.7843.6353.8%4.8%25.4%32.7%+49.9%
United Breweries Ltd.UBL
41,96286.3542.76-10.0%4.9%9.4%14.1%-32.9%
Allied Blenders & Distillers Ltd.ABDL
11,16177.7332.77-6.2%7.5%14.0%27.7%+27.8%
Tilaknagar Industries Ltd.TI
10,863220.9724.7867.7%8.4%1.5%6.6%+12.9%
India Glycols LimitedINDIAGLYCO
5,70919.7414.218.7%6.7%12.1%12.4%-42.2%
Piccadily Agro Industries Ltd.PICCADIL
5,38152.3732.4028.1%21.2%18.7%24.1%+27.4%

As of Q4 FY26

Financials