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Radico Khaitan Limited

Radico Khaitan Limited

Investment Banking·snapshot·3y·complete|
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1Company Overview
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Company Overview

Radico Khaitan Limited, founded in 1943 as Rampur Distillery Company , is headquartered in Rampur, Uttar Pradesh, India . The company manufactures industrial alcohol, Indian Made Foreign Liquor (IMFL) — spanning whisky, rum, brandy, gin, vodka, and liqueurs — country liquor, and fertilizers . Ranked the fourth largest Indian liquor company , Radico Khaitan distributes its portfolio across more than 85 countries, including the USA, Canada, Europe, the Middle East, Africa, South East Asia, Australia, and New Zealand . It is listed on both NSE (RADICO) and BSE (532497) .

2Financial Performance
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Financial Performance

Radico Khaitan delivered strong FY2025 results, with net revenue from operations of ₹4,851 crore, reflecting 17.8% YoY growth over FY2024's ₹4,127 crore . Gross profit expanded 18.6% to ₹2,077.3 crore at a 42.8% gross margin . Full-year EBITDA reached ₹668 crore — management's highest-ever reported — while Q4FY25 EBITDA margin stood at 13.8% . Net income (PAT) grew 31.8% YoY to ₹345.6 crore, with a net profit margin of 7.05% .

Note: Full-year EBITDA margin is not separately disclosed; the 13.8% figure pertains to Q4FY25 only . No material one-time items were flagged in the official earnings communication.

3Investment Highlights
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Investment Highlights

  • Accelerating Premiumisation Driving Earnings Leverage: Radico Khaitan's Prestige and Above segment grew 25.9% in Q3 FY26 , propelling net profit up approximately 62% year-over-year and expanding operating margins by 306 basis points to 17.27% — evidence that a richer product mix is translating directly into bottom-line outperformance.

  • Record Revenue Trajectory with Sustained Compounding: Q3 FY26 net sales of INR 1,546.75 crore represented the company's highest-ever quarterly revenue , consistent with an average annual revenue growth rate of 18.2% and nine-month comprehensive income up 67.6% year-over-year .

  • Organically Built Brand Portfolio and Pan-India Scale: As one of India's largest IMFL manufacturers , Radico Khaitan has developed its entire brand portfolio organically and distributes through over 100,000 retail outlets , underpinning durable competitive positioning.