Maharashtra Spirit Industry Decline
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.
RADICO / Q2-FY26 / risks
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Material risks this quarter
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Andhra Pradesh Base Normalization
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.
Export Headwinds
Global trade environment presented short-term challenges for exports, though management characterized domestic portfolio strength as offsetting this weakness.
Regular Category Growth Sustainability
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.