Radico Khaitan logo

Radico Khaitan

RADICO NSE

Key Fundamentals

MidcapBreweries & DistilleriesBeverages
Market Cap
₹58,608 Cr
Volatility
Moderate
P/E Ratio
83.15
EBITDA
₹1,033 Cr
Return on Equity
18.23%
Debt to Equity
0.15
Book Value
₹247.48
EPS
₹20.28
52W High
₹4,747
52W Low
₹2,500

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

1
  • Stock is trading at 17.6 times its book value

Growth Rate

Revenue Growth
24.84% higher than 3Y
Net Income Growth
74.91% higher than 3Y
Cash Flow Change
105% lower than 3Y
ROE
45.26% higher than 3Y
ROCE
37.85% lower than 3Y
EBITDA Margin (Avg.)
22.05% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Radico Khaitan, with a market cap of ₹58,608 Cr, is an Indian spirits company that has delivered strong recent profit growth of 76% TTM and improved its ROE to 20% last year from a 5-year average of 14%. However, the stock trades at elevated valuations of 84.7x PE and 18.0x PB, reflecting significant premium pricing relative to earnings and book value.

Bull Case 7
  • TTM profit growth of 76% signals a sharp acceleration in earnings, well above the 10-year compounded profit CAGR of 23%
  • ROE has improved to 20% in the last year versus a 5-year average of 14%, indicating better capital efficiency
  • Compounded sales growth of 24% over 3 years and 21% over 5 years demonstrates consistent top-line momentum
  • Company has reduced debt, strengthening the balance sheet and lowering financial risk
  • Stock CAGR of 55% over 1 year and 54% over 3 years reflects sustained market confidence and strong price momentum
  • 10-year compounded profit CAGR of 23% significantly outpaces 10-year sales CAGR of 14%, indicating expanding margins over the long term
  • TTM sales growth of 19% shows the business continues to scale even on a larger revenue base
Bear Case 7
  • PE ratio of 84.7x is extremely elevated, implying the stock prices in many years of high growth with limited margin of safety
  • Price-to-book ratio of 18.0x is very high, meaning investors pay a steep premium over the company's net asset value
  • Dividend yield of just 0.2% offers negligible income return to shareholders relative to the stock price
  • 5-year compounded profit CAGR of only 17% versus the current 84.7x PE suggests the valuation has run well ahead of historical earnings growth
  • 10-year stock CAGR of 46% far outstrips 10-year sales CAGR of 14%, indicating significant multiple expansion that may not be sustainable
  • ROE averaged only 14% over 5 and 10 years, which is modest for a stock commanding an 18.0x PB multiple
  • The 76% TTM profit surge may partly reflect a low base or one-off factors, and sustaining this pace is historically uncommon

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 4
  • Magic Moments Aam Panna launch Aug 20

    Radico launched Magic Moments Aam Panna vodka across 14 states, expanding its Flavours of India portfolio. The Magic Moments brand shipped 8.6 million cases in FY2026 and holds an estimated 60% share of India's vodka market, ranking fifth globally by volume.

  • Vodka category headroom in India Aug 18

    Vodka's share in India's IMFL market was just 4.3% in FY2026 versus 28-30% of global spirits consumption, signalling significant long-term growth headroom. Flavoured vodka accounted for over 75% of vodka volumes in Q1 FY2027, with category share rising to 6.1%.

  • Strong Q1 FY2027 volume momentum Aug 18

    Magic Moments shipped over 3.25 million cases in Q1 FY2027 alone, indicating accelerating momentum. Analyst target price of ₹5,200 reflects confidence in the premiumisation cycle.

  • Stock up 60% in past year Aug 18

    Radico Khaitan shares closed at ₹4,639.80 on NSE, up over 60% in the past year despite a 1.20% single-day decline, reflecting sustained investor confidence in the premiumisation strategy.

Neutral 2
  • Investor meetings scheduled Sep 2026 Sep 8

    Radico scheduled multiple investor interactions for September 2026 including a one-on-one with Jain Global, a GIC meeting on Sep 7, and an appearance at the Jefferies 5th India Forum. No unpublished price-sensitive information to be discussed.

  • August investor meets with funds Aug 24

    Radico scheduled one-on-one investor meetings with Schonfeld Strategic Advisors on Aug 27 and Old Mutual on Aug 31, 2026.

TL;DR: Radico Khaitan is executing well on its premiumisation strategy, with Magic Moments dominating India's vodka market at an estimated 60% share and shipping 8.6 million cases in FY2026. The company's flavoured vodka innovation is driving category expansion, with vodka's IMFL share rising from 4.3% to 6.1% in Q1 FY2027. No material headwinds are visible in recent news flow. The trend is improving as premiumisation tailwinds and low category penetration in India support a multi-year growth runway.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
954
925
1,161
1,079
1,137
1,116
1,294
1,304
1,506
1,494
1,547
1,504
1,684
Expenses
834
804
1,018
959
990
955
1,111
1,127
1,274
1,256
1,280
1,219
1,335
Operating Profit
120
121
143
120
147
162
183
178
232
238
267
284
349
OPM %
13%
13%
12%
11%
13%
14%
14%
14%
15%
16%
17%
19%
21%
Other Income
6
4
6
2
2
1
1
3
-5
3
-7
10
9
Interest
12
12
18
17
16
17
20
22
16
16
16
15
12
Depreciation
24
26
32
32
33
36
36
36
36
37
37
42
41
PBT
89
86
99
74
100
110
129
123
175
187
206
237
305
Tax %
23%
25%
24%
27%
25%
27%
26%
25%
25%
25%
25%
24%
25%
Net Profit
68
65
75
54
75
81
95
92
131
140
155
179
230
EPS in Rs
5.11
4.85
5.62
4.03
5.64
6.03
7.14
6.88
9.75
10.42
11.57
13.4
17.14
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
580
1,643
1,657
1,797
2,063
2,395
2,374
2,859
3,133
4,106
4,843
6,037
6,228
Expenses
499
1,452
1,444
1,526
1,713
2,023
1,965
2,457
2,775
3,599
4,169
5,015
5,090
Operating Profit
81
191
214
270
351
372
409
402
359
507
674
1,022
1,138
OPM %
14%
12%
13%
15%
17%
16%
17%
14%
11%
12%
14%
17%
18%
Other Income
30
41
18
27
13
-15
14
7
25
15
5
1
15
Interest
39
85
81
69
36
32
22
13
22
60
74
65
60
Depreciation
16
43
42
41
42
53
54
65
71
114
140
153
158
PBT
57
103
109
188
286
273
347
332
291
348
465
805
935
Tax %
20%
24%
26%
34%
34%
17%
24%
25%
24%
25%
26%
25%
—
Net Profit
45
78
80
124
194
229
277
263
220
262
346
604
704
EPS in Rs
0.94
5.87
6.03
9.3
14.55
17.16
20.75
19.69
16.48
19.61
25.83
45.14
52.53
Div. Payout %
11%
14%
13%
11%
8%
12%
12%
15%
18%
15%
15%
20%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
19
27
27
27
27
27
27
27
27
27
27
27
Reserves
166
951
1,018
1,130
1,309
1,516
1,766
2,000
2,181
2,413
2,727
3,289
Borrowings
690
960
799
592
337
400
288
202
754
818
750
498
Other Liabilities
133
390
392
498
581
540
543
555
762
846
1,163
1,181
Total Liabilities
1,007
2,327
2,235
2,247
2,253
2,483
2,624
2,784
3,724
4,104
4,668
4,995
Fixed Assets
285
729
704
685
714
743
810
821
1,234
1,700
1,811
1,910
CWIP
44
2
2
20
16
18
38
30
327
54
23
76
Investments
10
220
220
220
176
178
184
175
191
198
198
240
Other Assets
668
1,376
1,309
1,321
1,347
1,543
1,592
1,757
1,971
2,152
2,635
2,769
Total Assets
1,007
2,327
2,235
2,247
2,253
2,483
2,624
2,784
3,724
4,104
4,668
4,995
Figures in ₹ Crores

Cash Flow

Particulars Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
-36
250
316
309
60
370
222
239
166
363
743
Investing
—
81
5
-21
-7
-67
-76
-108
-705
-226
-171
-266
Financing
—
-87
-234
-293
-226
9
-183
-134
487
24
-237
-446
Net Cash Flow
—
-42
21
2
76
2
111
-20
21
-36
-46
30
Free Cash Flow
—
-4
232
272
237
-20
241
86
-466
-60
189
504
CFO/OP
—
-8
124
130
110
39
109
78
87
47
67
90
Figures in ₹ Crores

Ratios

Particulars Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
96
136
137
128
114
125
107
96
96
87
89
72
Inventory Days
155
113
199
231
270
209
283
234
292
211
246
221
Days Payable
160
72
0
159
183
148
151
102
112
123
148
117
Cash Conversion Cycle
91
176
336
201
201
187
239
228
277
175
187
177
Working Capital Days
221
36
20
44
76
85
104
109
75
67
72
71
ROCE %
14%
—
10%
14%
19%
18%
18%
16%
12%
13%
16%
24%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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64 extracted metrics + investor summaries across FY07–FY27.

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Shareholding Pattern

Others3.80%Promot.40.19%Public9.72%FIIs18.20%DIIs28.09%As ofJun 2026

Documents

Frequently Asked Questions about Radico Khaitan

What does Radico Khaitan Ltd do?
Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. [1] The company was initially known as Rampur Distillery Company and was focussed on distillation and bottling for branded players and canteen stores of armed forces. La...
Where is Radico Khaitan Ltd (RADICO) listed?
Radico Khaitan Ltd trades as RADICO on the NSE and under code 532497 on the BSE.
Which sector does Radico Khaitan Ltd belong to?
Radico Khaitan Ltd is classified under the Beverages sector, in the Breweries & Distilleries industry.
What is the market capitalisation of Radico Khaitan Ltd?
Radico Khaitan Ltd has a market capitalisation of ₹58,608 Cr, which places it in the Large Cap band.
What is the PE ratio of Radico Khaitan Ltd?
Radico Khaitan Ltd trades at a PE ratio of 83.15, on earnings per share of ₹20.28, against a book value of ₹247.48 per share.
What is the 52-week high and low of Radico Khaitan Ltd?
Over the last 52 weeks Radico Khaitan Ltd has traded between ₹2,500 and ₹4,747.
Does Radico Khaitan Ltd pay dividends?
Radico Khaitan Ltd has a dividend yield of 0.20%.
What is the Return on Equity (ROE) of Radico Khaitan Ltd?
Radico Khaitan Ltd reported a return on equity of 18.23%. Its debt-to-equity ratio is 0.15.

Company Information

Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. [1] The company was initially known as Rampur Distillery Company and was focussed on distillation and bottling for branded players and canteen stores of armed forces. Later on in the year 1997, Radico Khaitan ventured into its own branded IMFL products and launched its first brand 8PM whisky which became its millionarie brand within a year of its launch. [2]

Website radicokhaitan.com
CEO Dr. Lalit Kumar Khaitan
Employees 1,494
Listed 2003-06-18
Face Value ₹ 2
Issued Size 13,38,93,489

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