RADICO Q4 FY26 earnings call.
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Revenue
₹1,504 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Radico Khaitan delivered a strong Q4 FY2026 with 19% EBITDA margin—the highest ever—expanding 565 basis points YoY, driven by premiumization, favorable portfolio mix, and softer raw material costs. Gross margin expanded 450 bps to 48%. Total IMFL volume grew 4% YoY to 9.52 million cases, while Prestige & Above volumes surged 28%. Key growth engines Magic Moments Vodka (21% volume growth, INR 1,500 crores sales value), After Dark (62% growth), and luxury portfolio (INR 475 crores) performed exceptionally. The company targets 20% PNA volume growth and 125 bps EBITDA margin expansion in FY2027, with luxury portfolio growth of 25% to INR 600 crores. West Asia geopolitical risks remain a supply chain concern, though 90% of power/fuel is biofuel-dependent. Becoming debt-free in FY2027 and 20% minimum dividend payout signal strong capital discipline.
Colored figures show movement against the previous available record.
Guidance to track
- Targeting 125 bps margin expansion (annualized) driven by 60 bps from price increases in select states and 200+ bps from continued premiumization, offsetting cost pressures including 15% glass price inflation.
- PNA category expected to grow 20% in volume, with Magic Moments vodka, After Dark whiskey, and Royal Ranthambore as key growth drivers, supplemented by new flavor launches under Flavours of India.
- Targeting INR 600 crores from luxury portfolio (up from INR 475 crores in FY2026), driven by national expansion of Virasat Indian Single Malt and Spirit of Kashmyr from 10 to 20 states, plus 1,000 on-trade advocacy sessions.
- Capital expenditure directed toward internal capacity expansion and optimization, with 60-65% capacity outsourced through quality-managed lease arrangements. Company remains confident capacity will not constrain 20% PNA growth.
Risks flagged
- Industry IMFL volumes in Maharashtra declined 20-25% following introduction of Maharashtra State Liqueur (MML) policy. Management acknowledges stabilization is gradual with IMFL expected to return to normal over time, though timing remains uncertain.
- Management flagged ongoing monitoring of West Asia developments given possible implications for supply chains and input costs. Glass prices have already risen ~15%, though supply relationships remain stable. Biofuel provides 90% energy independence but LPG/glass remain vulnerable.
- Analyst raised concerns about Karnataka's pricing policy reducing the gap between regular and premium products, potentially impacting premiumization strategy. Management indicated government is considering further price rationalization similar to last year's move benefiting premium brands, but no official announcement yet.
- Analyst raised concerns about West Bengal's new government potentially changing market dynamics (open market currently). Bihar prohibition remains an overhang—management stated they had large consumer base pre-prohibition and await any policy shifts. Both represent unquantifiable risks.
Key quotes
- FY 2026 has been an important year for Radico Khaitan and in many ways an inflection point in our journey. The business delivered a strong performance supported by disciplined execution, a richer portfolio mix, and a continued focus on value-led growth. During the year, we crossed two key milestones with net revenue exceeding INR 6,000 crores and EBITDA crossing INR 1,000 crores.
- EBITDA margin during the quarter stood at 19%, expanding 565 basis points year-on-year, highest ever EBITDA margin, reflecting the strength of our premiumization strategies, operating leverage and continued cost discipline.
- We are aiming about 10%-15% of the MML category. We just launched it a couple of months back and the response to the brand is quite encouraging.
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