Radico Khaitan · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Market share gains from 15% to 26% over past year create a challenging base for sustaining growth; management acknowledges difficulty in maintaining such rapid share gains while aiming to participate in industry growth.
MML policy requires local partnership, causing industry decline of ~20% in Q3; MML now at 4-5 lakh cases monthly against total market of 1.8 million cases, fragmenting competitive landscape.
Outstanding government dues persist for two years; management expects clearance within one month, but timing risk remains as collections have been delayed historically.
Analyst raised concern about competitors becoming more aggressive on pricing during periods of margin expansion; management stated they don't chase volumes and prefer brand-building, indicating potential market share vulnerability if competitors act aggressively.
