Radico Khaitan · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
New Maharashtra excise policy increases consumer prices for certain segments. While only 4-5% of volumes are exposed, pricing pressure could affect premium brand positioning. Management expects market dynamics and interstate arbitrage to force policy correction.
OUTSTANDING RECEIVABLES of ~INR 90 crores from Telangana government remain overdue, though recent supplies are being paid on time. Recovery timeline uncertain and dependent on state government liquidity.
Margin guidance of 125-150bps assumes stable ENA and grain pricing. Any significant spike in raw material costs (similar to FY24 shortages) could pressure profitability and delay expansion targets.
Low base from Q2 and Q3 of last year (partially Q3) will compress reported volume growth rates as comparisons normalize. Underlying demand remains strong but headline growth may appear decelerating.
