Radico Khaitan LimitedQ1 FY27 Results & Financial Update
Radico Khaitan Limited: Q1 FY27 consolidated results and company financials – revenue ₹5,867.69 Cr, PAT ₹229.60 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Radico Khaitan Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Radico Khaitan commenced fiscal year 2027 with record operating performance in the June 2026 quarter, achieving its highest-ever quarterly volume, net sales, and profitability on a standalone basis alongside consolidated earnings growth.
Total IMFL volume across standalone operations reached 10.00 million cases, representing a 2.8 percent year-on-year increase that was driven entirely by exceptional acceleration in the high-margin Prestige & Above category.
Prestige and Above category volume surged 35.8 percent year-on-year to 5.22 million cases, lifting the segment's share of total own volume to 53.1 percent compared to 41.5 percent in the corresponding quarter of the previous year.
Standalone net revenue from operations grew 11.8 percent year-on-year to Rs 1,683.7 crore, supported by an 18.0 percent increase in IMFL revenue that offset a minor contraction in non-IMFL revenues caused by higher captive consumption and lower bulk alcohol sales.
Profitability expanded at a significantly faster pace than revenue due to strong operating leverage, favorable raw material trends, and continuous portfolio premiumization, resulting in a 50.9 percent surge in standalone EBITDA to Rs 348.1 crore.
Standalone EBITDA margin expanded by 536 basis points year-on-year to 20.7 percent, while gross margin improved by 610 basis points to 49.1 percent despite incurring approximately Rs 30 crore of financial impact from recent packing material price volatility.
Balance sheet strength improved further during the quarter, with total net debt decreasing by Rs 138 crore since March 31, 2026, to stand at Rs 106.1 crore as of June 30, 2026, positioning the company to become net debt-free by Q2 FY2027.
Marketing and advertising investments (A&SP) were maintained at prudent levels to support core brands and new product introductions, representing 6.9 percent of IMFL sales during Q1 FY27 compared to 5.8 percent in Q1 FY26.
01 · Business model
What does Radico Khaitan do?
Radico Khaitan Limited is one of India's largest and oldest homegrown alcoholic beverage companies, manufacturing and distributing Indian Made Foreign Liquor (IMFL), country liquor, and bulk alcohol from its distilleries.
The company operates an extensive portfolio spanning luxury, premium, and regular segments, anchored by flagship brands such as Magic Moments Vodka, Rampur Indian Single Malt Whisky, Jaisalmer Indian Craft Gin, 8PM Premium Black Whisky, and After Dark Whisky.
Radico Khaitan distributes its products across dozens of Indian states and union territories while expanding an international footprint reaching around 50 countries and major travel retail hubs globally.
The enterprise model integrates backward-operating capabilities, multi-state manufacturing footprints, and continuous brand-building investments to capture the structural premiumization wave within the domestic spirits market.
02 · Historical context
What shaped the business before this quarter
Over the past five years, Radico Khaitan executed a deliberate strategic pivot from selective brands to a comprehensive, world-class Indian luxury spirits portfolio anchored by Rampur single malts and Jaisalmer gin.
The company previously built up substantial backward integration and manufacturing capacities, including the establishment of greenfield distillery projects such as the Sitapur facility in Uttar Pradesh.
Magic Moments vodka grew to capture approximately 60 percent of the overall Indian vodka market share prior to Q1 FY27, backed by consistent flavor-led innovation.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹5,867.69 Cr |
| Total income | ₹5,869.46 Cr |
| Profit before tax | ₹297.82 Cr |
| Profit after tax | ₹229.60 Cr |
| EPS | ₹17.15 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Prestige & Above IMFL net revenue grew 36.0 percent year-on-year to Rs 970.0 crore, driving overall standalone net revenue up by 11.8 percent to Rs 1,683.7 crore.
Total standalone IMFL volume reached 10.00 million cases (including royalty volumes), up 2.8 percent year-on-year, led by a 35.8 percent increase in Prestige & Above volumes to 5.22 million cases.
Non-IMFL revenue declined 3.5 percent year-on-year to Rs 421.2 crore due to higher internal captive consumption of spirit and lower bulk alcohol sales during Q1 FY27.
Regular & Others volume declined 15.1 percent year-on-year to 4.61 million cases, impacted by a high base in Q1 FY26 following route-to-market changes in Andhra Pradesh and regulatory policy shifts in Maharashtra and Karnataka.
What drove margins
Standalone gross margin expanded by 610 basis points year-on-year and 110 basis points quarter-on-quarter to 49.1 percent, driven by a relatively benign raw material environment and ongoing portfolio premiumization.
Raw material costs contributed 75 basis points of gross margin expansion, absorbing approximately Rs 30 crore of financial impact arising from volatility in packing material prices during the quarter.
Combined with disciplined cost management, the premiumization shift expanded standalone EBITDA margin by 536 basis points year-on-year to 20.7 percent, lifting EBITDA to Rs 348.1 crore.
A&SP expenditure stood at 6.9 percent of IMFL sales in Q1 FY27 compared to 5.8 percent in Q1 FY26, supporting brand visibility for core offerings and new product launches.
05 · Demand, customers & order book
Where demand is coming from
Growing consumer preference for premium white spirits, luxury single malts, and flavored variants drove strong demand across younger demographics and urban social occasions.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
IMFL revenue accounted for 75.0 percent of total revenue from operations in Q1 FY27, up from 71.0 percent in Q1 FY26. Prestige & Above products represented 76.8 percent of total IMFL revenue compared to 66.7 percent previously.
The vodka category's saliency in the Indian IMFL industry increased from 4.6 percent in Q1 FY26 to 6.1 percent in Q1 FY27. Magic Moments vodka delivered 43 percent year-on-year volume growth, crossing 3.25 million cases in the quarter.
After Dark introduced all-new contemporary premium packaging during Q1 FY27, while 8PM Premium Black maintained strong growth momentum across its expanded 24-state distribution footprint.
Geography and market mix
Regular volume performance was impacted by policy and route-to-market changes in key states including Andhra Pradesh, Maharashtra, and Karnataka.
Luxury brands such as Rampur single malt expanded availability to around 50 countries and 35 travel retail locations, while Jaisalmer craft gin maintained presence in roughly 40 countries and 30+ travel retail outlets.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company utilized expanded manufacturing capabilities and supply chain resilience developed through prior backward integration projects to support record quarterly production and volume scaling.
Projects, capex and execution
Previous capital expenditure milestones included the Sitapur greenfield distillery project in Uttar Pradesh, which previously received state capital subsidies.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Radico Khaitan expanded its product portfolio with the launch of Magic Moments Flavors of India, featuring Jamun SpicyMint, Alphonso Mango, and Thandaai variants.
The company continued upgrading its luxury portfolio, which includes Rampur single malt expressions, Sangam World Malt Whisky, Jaisalmer craft gin, and newly packaged After Dark Blue whisky.
09 · Reported developments
What changed operationally
Delivered highest-ever quarterly volume, net sales, gross profit, EBITDA, and net profit for a first quarter.
Return on Capital Employed (ROCE) expanded to 26.9 percent on an LTM basis as of June 30, 2026, up from historical levels.
10 · Pressure points & risks
What is not going smoothly
Recent volatility in packing material prices resulted in approximately Rs 30 crore of financial impact during Q1 FY27.
Management noted that ongoing geopolitical uncertainties and supply chain dynamics require continued risk management.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Total net debt decreased by Rs 138 crore since March 31, 2026, standing at Rs 106.1 crore as of June 30, 2026, comprising total debt of Rs 212.2 crore offset by cash and cash equivalents of Rs 106.1 crore.
Total debt as of June 30, 2026, included term loans of Rs 72.1 crore, reflecting a reduction of Rs 57.9 crore in term loans since March 31, 2026.
12 · Management guidance & targets
What management is targeting from here
Management upgraded its Prestige & Above volume growth guidance to over 25 percent for the full year FY2027.
Management expects to deliver an EBITDA margin of around 20 percent for the full year FY2027.
Management expects the company to become net debt-free by Q2 FY2027.
Management expects to maintain advertising and sales promotion expenditure around 6 to 8 percent of IMFL revenues on a quarterly basis.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Global Brand Recognition and Awards
Rampur Double Cask and Asava single malt whiskies, Jaisalmer craft gin, and 8PM Premium Black received multiple international medals and recognitions from organizations including The Spirits Business World Whisky Masters and the London Spirits Competition.
14 · Previous-quarter changes
What changed since the previous quarter
Standalone revenue from operations increased 12.0 percent sequentially from Rs 1,503.7 crore in Q4 FY26 to Rs 1,683.7 crore in Q1 FY27, while EBITDA expanded 21.6 percent from Rs 286.3 crore to Rs 348.1 crore.
15 · Key Q&A
The quarter, answered directly
What does Radico Khaitan do?
Radico Khaitan Limited is one of India's largest and oldest homegrown alcoholic beverage companies, manufacturing and distributing Indian Made Foreign Liquor (IMFL), country liquor, and bulk alcohol from its distilleries.
What is the clearest takeaway from Q1 FY27?
Radico Khaitan commenced fiscal year 2027 with record operating performance in the June 2026 quarter, achieving its highest-ever quarterly volume, net sales, and profitability on a standalone basis alongside consolidated earnings growth.
What drove revenue or demand?
Prestige & Above IMFL net revenue grew 36.0 percent year-on-year to Rs 970.0 crore, driving overall standalone net revenue up by 11.8 percent to Rs 1,683.7 crore.
What mattered most for margins or profitability?
Standalone gross margin expanded by 610 basis points year-on-year and 110 basis points quarter-on-quarter to 49.1 percent, driven by a relatively benign raw material environment and ongoing portfolio premiumization.
What changed operationally beyond the headline numbers?
The company utilized expanded manufacturing capabilities and supply chain resilience developed through prior backward integration projects to support record quarterly production and volume scaling.
What is management guiding or targeting from here?
Management upgraded its Prestige & Above volume growth guidance to over 25 percent for the full year FY2027.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Net Debt Milestone: Monitor whether the company achieves its projected net debt-free status by Q2 FY2027.
- 02
Prestige & Above Volume Growth Run-Rate: Track quarterly volume growth against the upgraded full-year guidance of over 25 percent for the Prestige & Above segment.
- 03
EBITDA Margin Trajectory: Observe whether full-year EBITDA margins remain around the 20 percent guidance target amidst input cost and packing material fluctuations.
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