RADICO Q2 FY26 earnings call.
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Revenue
₹1,494 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Radico Khaitan delivered exceptional Q2 FY2026 results with 38% volume growth to 9.34 million cases, driven by strong premiumization. Prestige & Above grew 22% in volume and 24% in value, with realization improving 2.1% YoY. The regular segment rebounded sharply with 80% volume growth after nine quarters of decline, primarily aided by Andhra Pradesh market share expansion from 10% to ~30%. Magic Moments vodka achieved ~2 million cases, After Dark crossed 1.5 million cases in H1 (115% YoY), and Royal Ranthambore grew 67%. Gross margin held stable at 43.6% on benign input costs, while EBITDA margin expanded 126bps to 15.8%. The company reduced net debt by INR 146 crore and remains on track for debt-free status by FY2027. Key risks include Maharashtra's 25% industry decline and potential normalization in Andhra growth as the base equalizes in H2.
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Guidance to track
- Management reiterated 20%+ overall volume growth target for FY2026, with confidence in surpassing this figure given H1 momentum and strong brand pipeline.
- Company targets 150 basis points margin improvement in FY2026, followed by 125 basis points annual expansion over the next two years to reach late teens margins.
- Luxury portfolio (Rampur, Sangam, Jaisalmer, Royal Ranthambore, Spirit of Cashmere) on track to achieve INR 500 crore revenue in FY26, up from INR 340 crore in FY25.
- Net debt reduced by INR 146 crore since March 2025; company expects to become completely debt-free by FY2027 through free cash flow generation.
Risks flagged
- Industry volumes declined 25% in Maharashtra following consumer price increases of INR 80-100 per bottle; RKL also degrew 20%. Policy impact yet to stabilize after two months.
- Q2 saw exceptional 80% regular segment growth partly due to low base from policy change; H2 base will normalize while market share gains of ~20pp should sustain, but growth rate will moderate.
- Global trade environment presented short-term challenges for exports, though management characterized domestic portfolio strength as offsetting this weakness.
- Regular segment returned to 80% growth from a depressed base; while management guides for sustained double-digit growth, the structural sustainability beyond policy-driven gains remains to be proven.
Key quotes
- Magic Moments has achieved an incredible market share of 85% in the white spirits market. As we have continued to grow this market, continue our marketing initiatives, smaller brands have left the space and the Gen Z especially have now taken to Magic Moments as an all-time drink.
- We've grown by almost 200 basis points primarily because of our premiumization drive. This growth is broad based across states and geographies.
- The margin guidance has been. We've already guided that in the current fiscal we should see 150 basis point increase in the margin. In the next two years we expect the margin to increase by 125 basis points year on year thereby to reach late teens after two years.
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