Radico Khaitan LimitedQ2 FY27 Results & Financial Update
Radico Khaitan Limited: Q2 FY27 consolidated results and company financials – revenue ₹5,582.71 Cr, PAT ₹232.35 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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Chart · Market context
Radico Khaitan price & chart
Quarter overview
Quarterly earnings analysis
Radico Khaitan delivered another quarter of robust financial and operational performance in Q2 FY27, achieving new milestones across total volume, top-line revenue, and profitability.
Net revenue from operations on a standalone basis expanded by 16.8 percent year-on-year to Rs 1,745.1 crore, underpinned by strong demand and a structurally richer product mix.
Total IMFL volume for the quarter increased 7.2 percent year-on-year to reach 10.02 million cases, driven by exceptional momentum in the Prestige & Above category.
Prestige & Above volume surged 35.8 percent year-on-year to 5.28 million cases, accounting for 53.7 percent of total own volume and lifting profitability metrics across the board.
Gross profit grew by 28.6 percent year-on-year to Rs 838.4 crore, while gross margin expanded by 440 basis points to 48.0 percent, supported by strategic inventory buffers and proactive procurement.
EBITDA increased by 51.0 percent year-on-year to Rs 356.5 crore, with EBITDA margin expanding by 462 basis points to 20.4 percent.
Profit after tax and total comprehensive income reflected strong bottom-line growth, supported by steady operating leverage and disciplined control over overhead expenses despite volatile macroeconomic conditions.
01 · Business model
What does Radico Khaitan do?
Radico Khaitan Limited is one of India's oldest and largest Indian-made foreign liquor (IMFL) manufacturers, operating extensive distillation capacities, an extensive bottling network, and a prominent global footprint spanning over 100 countries.
The company's commercial portfolio is anchored by eight millionaire brands alongside an award-winning luxury range covering whisky, vodka, brandy, rum, and gin, developed organically over decades of operations.
Strategic emphasis focuses on premiumisation through its Prestige & Above category, featuring flagship names such as Magic Moments vodka, 8PM Premium Black whisky, Rampur Indian Single Malt, and Jaisalmer Indian Craft Gin.
Distribution is driven by a combination of established domestic retail networks, modern trade partnerships, on-trade hospitality placements, and an expanding international presence across travel retail outlets globally.
02 · Historical context
What shaped the business before this quarter
Since FY2019, Radico Khaitan has systematically scaled its Prestige & Above portfolio from 1.5 million cases to 5.3 million cases in Q2 FY27, transforming its earnings quality.
Over the past five years, the company expanded from selective offerings into a comprehensive luxury range, launching Royal Ranthambore whisky in FY2022, Sangam malt in FY2023, Kohinoor Reserve rum in FY2024, Rampur Barrel Blush in FY2025, and Kashmir luxury vodka and Virasat single malt in FY2026.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹5,582.71 Cr | ₹5,867.69 Cr |
| Total income | ₹5,587.76 Cr | ₹5,869.46 Cr |
| Profit before tax | ₹307.72 Cr | ₹297.82 Cr |
| Profit after tax | ₹232.35 Cr | ₹229.60 Cr |
| EPS | ₹17.34 | ₹17.15 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Prestige & Above category volume grew by 35.8 percent year-on-year to 5.28 million cases, driving a 38.6 percent increase in premium net revenue.
Vodka volumes grew by 49 percent year-on-year to reach 2.96 million cases, with Magic Moments maintaining an approximate 60 percent market share in India and expanding its industry share to 6.3 percent.
Regular & others volume declined by 9.7 percent year-on-year to 4.55 million cases, reflecting a high base in Q2 FY26 following route-to-market changes in Andhra Pradesh and policy shifts in Maharashtra and Karnataka.
What drove margins
Standalone gross margin expanded by 440 basis points year-on-year to 48.0 percent in Q2 FY27, supported by favorable product mix and proactive grain stock building.
Strong top-line scaling in high-margin luxury and prestige portfolios translated into a 462 basis point expansion in standalone EBITDA margin to 20.4 percent.
Advertising and sales promotion (A&SP) expenses stood at 6.6 percent of IMFL sales in Q2 FY27 compared to 6.1 percent in Q2 FY26, supporting core brand visibility and new product traction.
05 · Demand, customers & order book
Where demand is coming from
The company deepened its on-trade hospitality presence through curated consumer experiences, key account partnerships, and enhanced in-store visual merchandising for luxury expressions.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
IMFL net revenue grew 23.4 percent year-on-year to Rs 1,292.2 crore, with Prestige & Above contributing Rs 996.0 crore and Regular & Others contributing Rs 292.7 crore.
Non-IMFL revenue increased by 1.4 percent year-on-year to Rs 452.9 crore during the quarter.
Geography and market mix
The IMFL industry benefited from structural tailwinds, including Karnataka's rationalised duty framework and encouraging signals from Tamil Nadu, fostering a more formalised and premium-friendly market environment.
Radico Khaitan became the first Indian spirits company to be present across four major UK airports, advancing toward its target of 100 global travel retail outlets from around 70 currently.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company utilized its large distillation capacities and extensive bottling network to maintain supply chain resilience and support volume growth across domestic and international markets.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Dilip Banthiya was elevated to Executive Director and CFO, and Saket Somani was elevated to Deputy CFO, strengthening the management team for the next phase of growth.
09 · Reported developments
What changed operationally
Delivered highest-ever quarterly volume of 10.02 million cases, net revenue of Rs 1,745.1 crore, and EBITDA of Rs 356.5 crore on a standalone basis.
10 · Pressure points & risks
What is not going smoothly
The global operating environment experienced heightened uncertainty regarding input costs and supply chain fluctuations.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Proactive building of higher grain inventory levels to mitigate rising grain price volatility resulted in elevated working capital requirements during the quarter.
Capital allocation & funding
Total debt stood at Rs 247.1 crore as of September 30, 2026, including term loans of Rs 54.3 crore. Net debt reduced to Rs 175.4 crore, marking a reduction of Rs 68.7 crore since March 31, 2026.
12 · Management guidance & targets
What management is targeting from here
Management upgraded Prestige & Above volume growth guidance to 30 percent for FY27 and reiterated EBITDA margin guidance of around 20 percent.
Management stated expectations for the company to become net debt-free during H2 FY27.
13 · Beyond the numbers
What changed beyond the numbers
Flavour-led innovation
Magic Moments expanded its market reach with flavour-led innovations such as 'Aam Panna' under its 'Flavours of India' range, appealing to a broader demographic of consumers.
14 · Previous-quarter changes
What changed since the previous quarter
Standalone net revenue from operations increased by 3.6 percent sequentially from Rs 1,684.7 crore in Q1 FY27 to Rs 1,745.1 crore in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Radico Khaitan do?
Radico Khaitan Limited is one of India's oldest and largest Indian-made foreign liquor (IMFL) manufacturers, operating extensive distillation capacities, an extensive bottling network, and a prominent global footprint spanning over 100 countries.
What is the clearest takeaway from Q2 FY27?
Radico Khaitan delivered another quarter of robust financial and operational performance in Q2 FY27, achieving new milestones across total volume, top-line revenue, and profitability.
What drove revenue or demand?
Prestige & Above category volume grew by 35.8 percent year-on-year to 5.28 million cases, driving a 38.6 percent increase in premium net revenue.
What mattered most for margins or profitability?
Standalone gross margin expanded by 440 basis points year-on-year to 48.0 percent in Q2 FY27, supported by favorable product mix and proactive grain stock building.
What changed operationally beyond the headline numbers?
The company utilized its large distillation capacities and extensive bottling network to maintain supply chain resilience and support volume growth across domestic and international markets.
What is management guiding or targeting from here?
Management upgraded Prestige & Above volume growth guidance to 30 percent for FY27 and reiterated EBITDA margin guidance of around 20 percent.
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
Prestige & Above volume trajectory: Monitor the sustainability of the upgraded 30 percent volume growth guidance for the Prestige & Above portfolio through subsequent quarters of FY27.
- 02
Net debt reduction milestone: Track progress toward the company's stated goal of achieving a net debt-free status during H2 FY27.
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