Radico Khaitan Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Radico Khaitan Ltd filed with BSE on 12 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Radico Khaitan reported FY2026 net revenue crossing INR 6,000 crores and EBITDA crossing INR 1,000 crores, with Q4 FY26 EBITDA margin at 19%, up 565 basis points year-on-year. The Prestige & Above segment grew 28% in volume during the quarter, with Magic Moments Vodka, After Dark Whisky and Royal Ranthambore Whisky cited as key contributors. Management discussed state policy changes in Karnataka, Maharashtra, West Bengal and Bihar, and addressed input cost pressures including glass price inflation and the West Asia geopolitical situation.
Numbers mentioned
Net revenue: exceeding INR 6,000 crores (FY2026)
p. 3
“During the year, we crossed two key milestones with net revenue exceeding INR 6,000 crores and EBITDA crossing INR 1,000 crores.”
Abhishek Khaitan, page 3 of the filed PDF · View the filing
EBITDA: crossing INR 1,000 crores (FY2026)
p. 3
“During the year, we crossed two key milestones with net revenue exceeding INR 6,000 crores and EBITDA crossing INR 1,000 crores.”
Abhishek Khaitan, page 3 of the filed PDF · View the filing
Luxury portfolio sales value: INR 475 crores (FY2026)
p. 4
“Our Prestige & Above segment continue to lead growth while our Luxury portfolio delivered sales value of INR 475 crores, in line with our guidance.”
Abhishek Khaitan, page 4 of the filed PDF · View the filing
Royal Ranthambore Whisky growth: over 50% (FY2026)
p. 4
“Royal Ranthambore Whisky delivered an outstanding performance, growing over 50% during the year, driven by strong demand across both civil and CSD channels.”
Abhishek Khaitan, page 4 of the filed PDF · View the filing
Magic Moments Vodka volume: 8.6 million cases (FY2026)
p. 4
“Magic Moments Vodka continued its strong trajectory with 21% volume growth during the year to reach 8.6 million cases and around INR 1,500 crores in sales value, further strengthening its leadership in the vodka category.”
Abhishek Khaitan, page 4 of the filed PDF · View the filing
Magic Moments Q4 growth: 28% year-on-year (Q4 FY26)
p. 4
“During Q4, Magic Moments registered a 28% yearon-year growth.”
Abhishek Khaitan, page 4 of the filed PDF · View the filing
After Dark Whisky volume: crossing 3.1 million cases (FY2026)
p. 4
“After Dark Whisky continued to deliver strong performance, recording over 60% growth and crossing 3.1 million cases during the year.”
Abhishek Khaitan, page 4 of the filed PDF · View the filing
Total IMFL volume: 9.52 million cases (Q4 FY26)
p. 5
“During Q4 FY26, we delivered a strong all-round performance, with total IMFL volume of 9.52 million cases, reflecting a 4% increase on year-on-year basis.”
Dilip Banthiya, page 5 of the filed PDF · View the filing
Prestige & Above volume growth: 28% (Q4 FY26)
p. 5
“The Prestige & Above category continued its strong upward trajectory, recording 28% volume growth.”
Dilip Banthiya, page 5 of the filed PDF · View the filing
Gross margin: 48% (Q4 FY26)
p. 6
“On the profitability front, gross margin during the quarter was 48%, representing an expansion of 450 basis points on year-on-year basis and 150 basis points sequentially.”
Dilip Banthiya, page 6 of the filed PDF · View the filing
EBITDA margin: 19% (Q4 FY26)
p. 6
“EBITDA margin during the quarter stood at 19%, expanding 565 basis points year-on-year, highest ever EBITDA margin, reflecting the strength of our premiumisation strategy, operating leverage and continued cost discipline.”
Dilip Banthiya, page 6 of the filed PDF · View the filing
Net debt reduction: INR 329 crores (FY2026)
p. 6
“Turning to the balance sheet, net debt reduced by INR 329 crores during the year, driven by improved profitability and cash flow generation.”
Dilip Banthiya, page 6 of the filed PDF · View the filing
IMFL business margin: 20% to 21% (FY2026)
p. 16
“The margin in the IMFL business is around 20% to 21% for full year, and non-IMFL is in the range of 9%.”
Dilip Banthiya, page 16 of the filed PDF · View the filing
Non-IMFL business growth: 7% to 8%
p. 17
“Non-IMFL business is growing at 7% to 8%. This is a natural growth of the industry.”
Dilip Banthiya, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Luxury portfolio value growth — 25% value growth · FY27
stated firmly by Abhishek Khaitan
p. 4
“We expect to sustain this growth momentum and deliver 25% [value] growth in FY27 in this portfolio.”
Abhishek Khaitan, page 4 of the filed PDF · View the filing
Prestige & Above volume growth — 20% · FY27
stated firmly by Abhishek Khaitan
p. 5
“During FY27, we expect to grow our Prestige & Above portfolio volume by 20% and expect our EBITDA margin to expand by 125 basis points for the full year.”
Abhishek Khaitan, page 5 of the filed PDF · View the filing
EBITDA margin expansion — 125 basis points · FY27
stated firmly by Abhishek Khaitan
p. 5
“During FY27, we expect to grow our Prestige & Above portfolio volume by 20% and expect our EBITDA margin to expand by 125 basis points for the full year.”
Abhishek Khaitan, page 5 of the filed PDF · View the filing
Debt-free status — debt-free · H1 FY27
stated firmly by Dilip Banthiya
p. 6
“Our balance sheet remains strong, and we are on track to become debt-free in H1 FY27.”
Dilip Banthiya, page 6 of the filed PDF · View the filing
EBITDA margin expansion — 120 to 125 basis points · FY27
stated conditionally by Dilip Banthiya
p. 10
“we are confident to deliver that until and unless there something goes very, very drastically negative.”
Dilip Banthiya, page 10 of the filed PDF · View the filing
Regular category volume growth — 3% to 5% · FY27
stated firmly by Dilip Banthiya
p. 12
“for next year, we expect 3% to 5% volume growth in regular category.”
Dilip Banthiya, page 12 of the filed PDF · View the filing
Capex — INR 150 crores to INR 175 crores · FY27
stated firmly by Dilip Banthiya
p. 13
“The capex as I said will be in the range of INR 150 crores to INR 175 crores which will be largely on my internal capacity expansion and optimization, etc.”
Dilip Banthiya, page 13 of the filed PDF · View the filing
Realization growth delta (luxury vs P&A) — 300 to 400 basis points
stated as an aspiration by Dilip Banthiya
p. 12
“On the realization front, luxury is growing faster than P&A, so we expect that realization at volume and value delta will be in the range of 300 to 400 basis points as an aggregate basis.”
Dilip Banthiya, page 12 of the filed PDF · View the filing
MML market share in Maharashtra — 10%
stated as an aspiration by Abhishek Khaitan
p. 19
“We are aiming about 10% MS of the MML category and we just launched it a couple of months back and the response to the brand is quite encouraging.”
Abhishek Khaitan, page 19 of the filed PDF · View the filing
Global travel retail airport presence — cross 100 airports
stated as an aspiration by Sanjeev Banga
p. 15
“We are currently in 50-plus airports and our target is to cross 100 airports in a quick time.”
Sanjeev Banga, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
CFO said price increases, premiumisation and operating leverage will more than offset cost pressure.
Answered by Dilip Banthiya
Asked by Aditya Soman: How will Radico mitigate higher commodity costs while guiding 125 bps margin expansion?
p. 7
“We have got the price increases in some of the states which amount to be around 60 basis points. At the same time product premiumisation and operating leverage will yield us more than 200 basis points.”
Dilip Banthiya, page 7 of the filed PDF · View the filing
Management said Karnataka price rationalization has historically benefited premium brands, West Bengal is too early to assess, and Bihar remains a wait-and-watch situation.
Answered by Sudhir Upadhyay
Asked by Vishal Gutka: How is Radico positioned amid Karnataka pricing policy changes, West Bengal government change, and Bihar prohibition murmurs?
p. 8
“Now, this time also we are anticipating the government is working on similar line. Although the official announcement is not there, in that case, if it is going to be there, we will certainly be benefited with that.”
Sudhir Upadhyay, page 8 of the filed PDF · View the filing
Management said the 10% US tariff is not significant for the luxury portfolio, though the US market overall is softer.
Answered by Sanjeev Banga
Asked by Harit Kapoor: What is the impact of US tariffs on the export/luxury business?
p. 10
“In terms of the US tariffs at 10% it is not make or break especially for the luxury portfolio where the difference on the retail end would be about $5 to $6 a bottle.”
Sanjeev Banga, page 10 of the filed PDF · View the filing
CFO said the company is largely biofuel self-sufficient in power and has factored in glass price inflation already.
Answered by Dilip Banthiya
Asked by Abhijeet Kundu: What happens to margin guidance if LPG supply or glass production is disrupted by the geopolitical situation?
p. 11
“So, 90% of our power and fuel in both the plants Sitapur and Rampur is biofueldriven. So, I am not at all dependent on the LPG.”
Dilip Banthiya, page 11 of the filed PDF · View the filing
Management confirmed a recent glass price increase which has been factored into costing.
Answered by Dilip Banthiya
Asked by Abhijeet Kundu: Has glass price inflation affected costing?
p. 11
“At the same time there has been some inflation in the glass prices in the last month; around 15% of the glass price has increased.”
Dilip Banthiya, page 11 of the filed PDF · View the filing
CFO confirmed the guidance is inclusive of the FTA benefit alongside other puts and takes.
Answered by Dilip Banthiya
Asked by Dhiraj Mistry: Does the 125 bps margin guidance include UK-India FTA benefit?
p. 17
“Yes, it is inclusive. All because there will be some pluses and some minuses.”
Dilip Banthiya, page 17 of the filed PDF · View the filing
Management said the priority is a minimum 20% dividend payout, with opportunistic capital deployment if ROCE exceeds 20-25%, favoring organic over inorganic growth.
Answered by Dilip Banthiya
Asked by Dhiraj Mistry: How will capital be allocated once the company becomes debt-free?
p. 17
“However, if there is an opportunity which gives us more than 20% to 25% ROCE, we will be looking for that opportunity. But we believe in organic growth rather than inorganic growth.”
Dilip Banthiya, page 17 of the filed PDF · View the filing
Management clarified the 25% guidance is only for the next year, not a three-year CAGR target.
Answered by Abhishek Khaitan
Asked by Karan Kamdar: What is the timeframe for the luxury portfolio to reach INR 1,000 crores?
p. 18
“Our guidance first of all is 25% for the next year, not for three years. After that we will see.”
Abhishek Khaitan, page 18 of the filed PDF · View the filing
Management said the JV is self-sufficient and generating cash, requiring no further investment.
Answered by Abhishek Khaitan
Asked by Nitin Awasthi: Is additional investment needed in the Maharashtra MML joint venture?
p. 19
“No, the JV is self-sufficient.”
Abhishek Khaitan, page 19 of the filed PDF · View the filing
Risks flagged
Global environment volatility in West Asia affecting supply chain and input costs
p. 5
“We will, however, continue to monitor the global environment closely, especially developments in West Asia, given the possible implications for supply chain and input costs.”
Abhishek Khaitan, page 5 of the filed PDF · View the filing
Regular segment volume degrowth due to route-to-market change in Andhra Pradesh and policy changes in Maharashtra and Karnataka
p. 6
“Regular volume degrowth was due to a higher base in Q4 FY25 after the change in the route to the market in the state of Andhra Pradesh and the impact of policy changes in Maharashtra and Karnataka.”
Dilip Banthiya, page 6 of the filed PDF · View the filing
Possible disruption to LPG supply or glass bottle production affecting cost outlook
p. 10
“If LPG and other things go out of stock and some of the units of glass bottle disrupt their production and all that.”
Dilip Banthiya, page 10 of the filed PDF · View the filing
Glass price inflation
p. 11
“At the same time there has been some inflation in the glass prices in the last month; around 15% of the glass price has increased.”
Dilip Banthiya, page 11 of the filed PDF · View the filing
IMFL industry decline in Maharashtra after MML introduction
p. 16
“Yes, after the MML introduction the IMFL industry has gone down; it has gone down by 20%, 25%.”
Sudhir Upadhyay, page 16 of the filed PDF · View the filing
Softer US market conditions for alco-bev exports
p. 10
“However, the US market as it is, as you would have seen from all the other players as well, whether in the alco bev space or anything else, is on a slightly softer note.”
Sanjeev Banga, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.