Radico Khaitan logo

Radico Khaitan

RADICO NSE

Key Fundamentals

MidcapBreweries & DistilleriesBeverages
Market Cap
₹58,246 Cr
Volatility
Moderate
P/E Ratio
80.66
EBITDA
₹1,033 Cr
Return on Equity
18.23%
Debt to Equity
0.15
Book Value
₹247.46
EPS
₹20.28
52W High
₹4,747
52W Low
₹2,500

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

1
  • Stock is trading at 17.1 times its book value

Growth Rate

Revenue Growth
24.84% higher than 3Y
Net Income Growth
74.91% higher than 3Y
Cash Flow Change
105% lower than 3Y
ROE
45.26% higher than 3Y
ROCE
37.85% lower than 3Y
EBITDA Margin (Avg.)
22.05% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Radico Khaitan is one of India's largest spirits makers, with a market cap of about ₹61,026 crore. Over the past 3 years it has compounded sales at 24% and profit at 41%, and TTM profit growth is 76%. The stock trades at a P/E of 85.3 and a P/B of 18.1, with a dividend yield of 0.2%. Its 3-year average ROE of 15% is modest next to those multiples, though last year's ROE rose to 20%.

Bull Case 7
  • Profit growth is accelerating: TTM compounded profit growth is 76%, against 41% over 3 years and 17% over 5 years. This suggests operating leverage and margin gains as scale builds.
  • Sales have compounded at 24% over 3 years and 21% over 5 years, up from a 10-year sales CAGR of 14%. Growth has sped up in recent years.
  • Profit is growing faster than sales (41% vs 24% 3-year CAGR, and 76% vs 19% on a TTM basis). This points to a richer product mix, likely from the shift toward premium and luxury brands.
  • ROE rose to 20% last year from a 3-year average of 15% and a 10-year average of 14%. Returns on capital are improving as recent capacity spending starts to pay off.
  • The company has reduced debt, which lowers financial risk and frees up cash flow after a period of capex.
  • Over 10 years the stock has compounded at 43% a year, and it returned 58% in the past year. That long record shows the market rewarding sustained execution.
  • TTM sales growth of 19% is still well above the 10-year average of 14%. Demand momentum has held up even on a larger revenue base.
Bear Case 8
  • A P/E of 85.3 prices in years of high earnings growth. Any slowdown from the recent 76% TTM profit growth could trigger a sharp de-rating.
  • The stock trades at 18.1 to 18.4 times book value while the 3-year average ROE is only 15%. The price-to-book multiple is steep compared with historical returns on equity.
  • The 5-year profit CAGR of 17% is far below the TTM figure of 76%. This suggests part of the recent surge may come from a low base or cyclical margin recovery, and may not last.
  • The dividend yield of 0.2% provides very little income support or downside cushion at current prices.
  • The 10-year average ROE of 14% shows mid-teen capital efficiency over the long term. The 20% reached last year has not yet been sustained.
  • The stock returned 58% in 1 year and 56% CAGR over 3 years, well ahead of 3-year profit growth of 41%. Much of the gain came from the valuation multiple expanding rather than from earnings alone.
  • At a ₹61,026 crore market cap, the company operates in a heavily regulated sector. State excise duties, pricing controls and raw material costs such as grain and ENA can hit margins without warning, and the current valuation leaves little room to absorb that.
  • TTM sales growth of 19% is below the 3-year CAGR of 24%. Top-line growth may be starting to slow.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 1
  • Duty-free entry at four UK airports Sep 28

    Radico Khaitan became the first Indian spirits company in duty-free shops at Heathrow, Gatwick, Manchester and Birmingham. These airports handle about 170 million passengers a year, which gives its premium brands global visibility.

Neutral 2
  • September investor meetings lined up Sep 16

    Under SEBI Regulation 30, Radico scheduled September 2026 meetings with Manulife, HDFC MF, Axis Max Life and J.P. Morgan. A Sep 8 filing also listed a one-on-one with Jain Global and an appearance at the Jefferies 5th India Forum in mid-September.

  • ESG rating of 62 assigned Sep 18

    Niche Ninety Nine gave Radico Khaitan an ESG score of 62 on September 17, 2026. The score was based only on public disclosures, with no direct engagement with the company.

TL;DR: Radico Khaitan's news flow this month is mostly positive and has no clear headwinds. Its entry into duty-free at four major UK airports, which serve 170 million passengers a year, supports its push into premium brands and international markets. Its many meetings with domestic and global institutions point to strong investor interest, though these are routine disclosures and not catalysts. The articles don't cover key risks such as state excise policy, grain and glass input costs, and valuation, so watch for international revenue traction and margin commentary in the coming quarterly results.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
954
925
1,161
1,079
1,137
1,116
1,294
1,304
1,506
1,494
1,547
1,504
1,684
Expenses
834
804
1,018
959
990
955
1,111
1,127
1,274
1,256
1,280
1,219
1,335
Operating Profit
120
121
143
120
147
162
183
178
232
238
267
284
349
OPM %
13%
13%
12%
11%
13%
14%
14%
14%
15%
16%
17%
19%
21%
Other Income
6
4
6
2
2
1
1
3
-5
3
-7
10
9
Interest
12
12
18
17
16
17
20
22
16
16
16
15
12
Depreciation
24
26
32
32
33
36
36
36
36
37
37
42
41
PBT
89
86
99
74
100
110
129
123
175
187
206
237
305
Tax %
23%
25%
24%
27%
25%
27%
26%
25%
25%
25%
25%
24%
25%
Net Profit
68
65
75
54
75
81
95
92
131
140
155
179
230
EPS in Rs
5.11
4.85
5.62
4.03
5.64
6.03
7.14
6.88
9.75
10.42
11.57
13.4
17.14
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
580
1,643
1,657
1,797
2,063
2,395
2,374
2,859
3,133
4,106
4,843
6,037
6,228
Expenses
499
1,452
1,444
1,526
1,713
2,023
1,965
2,457
2,775
3,599
4,169
5,015
5,090
Operating Profit
81
191
214
270
351
372
409
402
359
507
674
1,022
1,138
OPM %
14%
12%
13%
15%
17%
16%
17%
14%
11%
12%
14%
17%
18%
Other Income
30
41
18
27
13
-15
14
7
25
15
5
1
15
Interest
39
85
81
69
36
32
22
13
22
60
74
65
60
Depreciation
16
43
42
41
42
53
54
65
71
114
140
153
158
PBT
57
103
109
188
286
273
347
332
291
348
465
805
935
Tax %
20%
24%
26%
34%
34%
17%
24%
25%
24%
25%
26%
25%
—
Net Profit
45
78
80
124
194
229
277
263
220
262
346
604
704
EPS in Rs
0.94
5.87
6.03
9.3
14.55
17.16
20.75
19.69
16.48
19.61
25.83
45.14
52.53
Div. Payout %
11%
14%
13%
11%
8%
12%
12%
15%
18%
15%
15%
20%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
19
27
27
27
27
27
27
27
27
27
27
27
Reserves
166
951
1,018
1,130
1,309
1,516
1,766
2,000
2,181
2,413
2,727
3,289
Borrowings
690
960
799
592
337
400
288
202
754
818
750
498
Other Liabilities
133
390
392
498
581
540
543
555
762
846
1,163
1,181
Total Liabilities
1,007
2,327
2,235
2,247
2,253
2,483
2,624
2,784
3,724
4,104
4,668
4,995
Fixed Assets
285
729
704
685
714
743
810
821
1,234
1,700
1,811
1,910
CWIP
44
2
2
20
16
18
38
30
327
54
23
76
Investments
10
220
220
220
176
178
184
175
191
198
198
240
Other Assets
668
1,376
1,309
1,321
1,347
1,543
1,592
1,757
1,971
2,152
2,635
2,769
Total Assets
1,007
2,327
2,235
2,247
2,253
2,483
2,624
2,784
3,724
4,104
4,668
4,995
Figures in ₹ Crores

Cash Flow

Particulars Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
-36
250
316
309
60
370
222
239
166
363
743
Investing
—
81
5
-21
-7
-67
-76
-108
-705
-226
-171
-266
Financing
—
-87
-234
-293
-226
9
-183
-134
487
24
-237
-446
Net Cash Flow
—
-42
21
2
76
2
111
-20
21
-36
-46
30
Free Cash Flow
—
-4
232
272
237
-20
241
86
-466
-60
189
504
CFO/OP
—
-8
124
130
110
39
109
78
87
47
67
90
Figures in ₹ Crores

Ratios

Particulars Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
96
136
137
128
114
125
107
96
96
87
89
72
Inventory Days
155
113
199
231
270
209
283
234
292
211
246
221
Days Payable
160
72
0
159
183
148
151
102
112
123
148
117
Cash Conversion Cycle
91
176
336
201
201
187
239
228
277
175
187
177
Working Capital Days
221
36
20
44
76
85
104
109
75
67
72
71
ROCE %
14%
—
10%
14%
19%
18%
18%
16%
12%
13%
16%
24%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.80%Promot.40.19%Public9.72%FIIs18.20%DIIs28.09%As ofJun 2026

Documents

Frequently Asked Questions about Radico Khaitan

What does Radico Khaitan Ltd do?
Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. [1] The company was initially known as Rampur Distillery Company and was focussed on distillation and bottling for branded players and canteen stores of armed forces. La...
Where is Radico Khaitan Ltd (RADICO) listed?
Radico Khaitan Ltd trades as RADICO on the NSE and under code 532497 on the BSE.
Which sector does Radico Khaitan Ltd belong to?
Radico Khaitan Ltd is classified under the Beverages sector, in the Breweries & Distilleries industry.
What is the market capitalisation of Radico Khaitan Ltd?
Radico Khaitan Ltd has a market capitalisation of ₹58,246 Cr, which places it in the Large Cap band.
What is the PE ratio of Radico Khaitan Ltd?
Radico Khaitan Ltd trades at a PE ratio of 80.66, on earnings per share of ₹20.28, against a book value of ₹247.46 per share.
What is the 52-week high and low of Radico Khaitan Ltd?
Over the last 52 weeks Radico Khaitan Ltd has traded between ₹2,500 and ₹4,747.
Does Radico Khaitan Ltd pay dividends?
Radico Khaitan Ltd has a dividend yield of 0.21%.
What is the Return on Equity (ROE) of Radico Khaitan Ltd?
Radico Khaitan Ltd reported a return on equity of 18.23%. Its debt-to-equity ratio is 0.15.

Company Information

Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. [1] The company was initially known as Rampur Distillery Company and was focussed on distillation and bottling for branded players and canteen stores of armed forces. Later on in the year 1997, Radico Khaitan ventured into its own branded IMFL products and launched its first brand 8PM whisky which became its millionarie brand within a year of its launch. [2]

Website radicokhaitan.com
CEO Dr. Lalit Kumar Khaitan
Employees 1,494
Listed 2003-06-18
Face Value ₹ 2
Issued Size 13,38,93,489

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