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Radico Khaitan

RADICO NSE
₹4,396.50 +146.50 (+3.45%)
P/E
83.70
View as Markdown
MCP
Close 4 Nov 2026 ₹4,396.50 +1,210.60 +38.0% 1Y
Start ₹3,185.90

Key Fundamentals

MidcapBeveragesFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
24.20%
Debt to Equity
0.15
EPS (TTM)
₹52.53
Book Value
₹273.90
Market Cap
—
P/E (TTM)
83.70
P/B
16.05
ROE
20.30%
Dividend Yield
0.21%
EBITDA
₹1,033 Cr
52W High
₹4,747.00
52W Low
₹2,500.00
Day Range
₹4,225.00 – ₹4,396.50
Volume
6,57,858

Peer Comparison

Fast Moving Consumer Goods › Beverages › Breweries & Distilleries

Radico Khaitan peer comparison
United Spirits
₹1,419.3054.78₹1,00,884 Cr11.391.23%21.40%26.40%₹12,626 Cr₹1,884 Cr
Radico Khaitan (this company)
₹4,396.5083.70₹57,961 Cr16.050.21%20.30%24.20%₹6,228 Cr₹704 Cr
United Breweries
₹1,204.5080.51₹32,064 Cr6.980.84%7.69%10.70%₹9,442 Cr₹395 Cr
Allied Blenders & Distillers
₹697.5088.29₹19,494 Cr11.890.78%14.30%18.40%₹3,979 Cr₹210 Cr
Tilaknagar Industries
₹473.60—₹11,718 Cr3.890.22%12.60%11.40%₹3,016 Cr−₹35 Cr
Piccadily Agro Industries
₹594.3041.68₹5,848 Cr6.500.17%17.40%18.00%₹1,075 Cr₹141 Cr
Globus Spirits
₹669.1019.32₹2,115 Cr1.610.99%8.76%11.20%₹2,799 Cr₹99 Cr
Median 7 companies₹697.5067.65₹19,494 Cr6.980.78%14.30%18.00%₹3,979 Cr₹210 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

59 Good

Data confidence 100/100

Category scores

Quality
75
Strong
Returns, margins, earnings quality 22% weight
Valuation
23
Poor
Cheap vs sector & own history 24% weight
Growth
68
Strong
Sales & profit trajectory 9% weight
Financial Health
88
Strong
Solvency, leverage, coverage 9% weight
Momentum
89
Strong
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

1
  • Stock is trading at 17.6 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3610
OscillatorsBearish261
Moving AveragesStrong Bullish109

Key readings

RSI (14)
53.00
Neutral
MACD (12,26,9)
−60.89
Bullish
SMA (50)
4,421.89
Bearish
SMA (200)
3,654.80
Bullish

As of

Analyst Rating

Based on 20 analysts
BUY85%

17 of 20 analysts rate Buy, 2 Hold, 1 Sell.

As of

BUY
17
85%
HOLD
2
10%
SELL
1
5%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.90%
5Y+20.52%
3Y+24.44%
1Y+24.65%
TTM+19.33%

Net profit

Net profit growth by window
10Y+22.71%
5Y+16.87%
3Y+40.02%
1Y+74.57%
TTM+76.44%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y+14.96%
3Y+45.95%
1Y+104.68%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+5.30 pp
5Y−0.30 pp
3Y+5.47 pp
1Y+3.01 pp
TTM+3.81 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,657 Cr
Mar 2018₹1,797 Cr
Mar 2019₹2,063 Cr
Mar 2020₹2,395 Cr
Mar 2021₹2,374 Cr
Mar 2022₹2,859 Cr
Mar 2023₹3,133 Cr
Mar 2024₹4,106 Cr
Mar 2025₹4,843 Cr
Mar 2026₹6,037 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹80.00 Cr
Mar 2018₹124 Cr
Mar 2019₹194 Cr
Mar 2020₹229 Cr
Mar 2021₹277 Cr
Mar 2022₹263 Cr
Mar 2023₹220 Cr
Mar 2024₹262 Cr
Mar 2025₹346 Cr
Mar 2026₹604 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹367 Cr +0.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk high

Radico Khaitan Ltd trades at ₹4,235 as of 2026-10-29 with a market cap of ₹56,741.55 Cr. The company has delivered strong compounded profit growth of 41% over 3 years and 76% TTM, with an improving ROE of 20% last year, but the stock commands a premium valuation at a P/E of 80.62x and P/B of 15.46x.

Bull Case 8
  • TTM compounded profit growth of 76% signals a sharp acceleration in earnings, well above the 10-year CAGR of 23%
  • ROE has improved from a 5-year average of 14% to 20% in the last year, indicating better capital efficiency
  • Compounded sales growth of 24% over 3 years and 21% over 5 years reflects consistent top-line momentum in the Indian alcobev market
  • Debt-to-equity ratio stands at just 0.15, and the company has been actively reducing debt, strengthening the balance sheet
  • ROCE of 24% is well above typical cost of capital, suggesting the business generates genuine economic value
  • Stock has delivered a 1-year return of 34% and a 10-year CAGR of 41%, demonstrating sustained long-term wealth creation
  • Current price of ₹4,235 is 69% above the 52-week low of ₹2,500, reflecting strong demand and investor confidence through the period
  • EPS TTM of ₹52.53 underpins the profit acceleration, with the bottom line scaling faster than revenue growth
Bear Case 6
  • P/E of 80.62x is significantly elevated relative to broader market and FMCG/beverage sector averages, pricing in near-perfect execution
  • Dividend yield of just 0.21% offers negligible income return, meaning returns depend almost entirely on capital appreciation
  • Stock is 10.8% below its 52-week high of ₹4,747, suggesting recent momentum has faded and the stock may face resistance at higher levels
  • While 5-year compounded profit CAGR is 17%, the TTM spike to 76% may partly reflect base effects or one-off items, raising sustainability questions
  • 10-year compounded sales CAGR of 14% is notably lower than the recent 3-year figure of 24%, and a reversion to historical growth rates would not justify the current multiple
  • At a market cap of ₹56,741.55 Cr, the stock is priced for a large-cap trajectory, but Radico remains a mid-tier player by volume in India's alcobev industry

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

AI News Digest

9h ago

TL;DR: Radico Khaitan delivered a standout Q2 FY27 with record volumes, 66% profit growth, and significant margin expansion driven by its premium-first strategy. The Prestige & Above segment now exceeds half of own volumes, and the company is on track to become net-debt-free by H2 FY27. Key risks include grain inflation and declining Regular segment volumes, though pre-built inventory and premiumisation provide buffers. The trend is clearly improving, with upgraded FY27 growth guidance and expanding global presence reinforcing a strong medium-term trajectory.

Headwinds 3
  • Grain inflation pressures input costs Oct 27

    The company faced inflationary pressure in grain during Q2 FY27 and built up higher inventory levels to mitigate impact, resulting in higher working capital during the quarter.

  • Regular segment volume decline Oct 27

    Regular & Others volumes contracted 9.7% to 4.55 million cases in Q2 FY27 due to a high base from route-to-market changes in Andhra Pradesh and policy shifts in Maharashtra and Karnataka.

  • Total expenses rise 8.35% Oct 27

    Total expenses increased 8.35% to ₹5,280.04 crore in Q2 FY27, driven by higher input costs and elevated working capital from pre-built grain inventory.

Positives 8
  • Net profit surges 66% YoY Oct 27

    Consolidated net profit rose 66.5% YoY to ₹232.34 crore in Q2 FY27, beating analyst estimates. H1 FY27 net profit jumped 71% to ₹462 crore.

  • Premium volumes grow 35.8% Oct 27

    Prestige & Above volumes grew 35.8% to 5.28 million cases, now 53.7% of total own volumes. Vodka segment surged 49% to 2.96 million cases with Magic Moments holding ~60% market share.

  • EBITDA margin expands 462 bps Nov 3

    Q2 FY27 EBITDA margin expanded 462 bps YoY to 20.4% on premium mix shift, with EBITDA surging 50.6% to ₹357 crore. Gross margins widened 440 bps YoY to 48%.

Neutral 2
  • Leadership elevation announced Oct 27

    Dilip Banthiya was elevated to Executive Director and CFO, and Senior VP Saket Somani was named Deputy CFO, effective October 28.

  • Vodka category share rises Nov 3

    Vodka category share in the Indian IMFL industry rose to 6.3% in Q2 FY27, reflecting broader category expansion beyond Radico's own portfolio.

Quarterly Results

₹ Cr
RADICO quarterly results, ₹ crore
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
4.83
2
3.68
1
1
1.38
−5
2.37
−7
10
9
Interest
12
12
18
17
18.45
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
98.13
74
100
110
130
121
174
186
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 (₹)
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

Profit & Loss

₹ Cr
RADICO profit and loss, annual, ₹ crore
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
64.03
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 (₹)
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%
—

Balance Sheet

₹ Cr
RADICO balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
RADICO cash flow, annual, ₹ crore
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/EBITDA
—
−8
124
130
110
39
109
78
87
47
67
90

Ratios

RADICO financial ratios, annual
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

Log in to view Radico Khaitan insights

72 extracted metrics across FY07–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 40.17%
  • DIIs 27.17%
  • FIIs 19.43%
  • Public 9.51%
  • Others 3.72%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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. 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.
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 PE ratio of Radico Khaitan Ltd?
Radico Khaitan Ltd trades at a PE ratio of 83.70 as of 4 Nov 2026, on earnings per share of ₹52.53, against a book value of ₹273.9 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 as of 4 Nov 2026.
Does Radico Khaitan Ltd pay dividends?
Radico Khaitan Ltd has a dividend yield of 0.21%.
What is the Return on Equity (ROE) of Radico Khaitan Ltd?
Radico Khaitan Ltd reported a return on equity of 20.30%. 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. 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.

Website radicokhaitan.com
CEO Dr. Lalit Kumar Khaitan
Employees 1,494
Listed 18 Jun 2003
Face Value ₹2

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