Radico Khaitan Ltd logo

Radico Khaitan Ltd

RADICO NSE

Key Fundamentals

MidcapBreweries & DistilleriesBeverages
Market Cap
₹50,730 Cr
Volatility
Moderate
P/E Ratio
84.84
EBITDA
₹1,005 Cr
Return on Equity
10.75%
Debt to Equity
0.3
Book Value
₹247.57
EPS
₹20.28
52W High
₹3,806.2
52W Low
₹2,500

Technical Indicators

Key Insights

Strengths

1
  • Company has reduced debt.

Weaknesses

1
  • Stock is trading at 15.2 times its book value

Growth Rate

Revenue Growth
24.60% ↗
Net Income Growth
79.18% ↗
Cash Flow Change
118.50% ↗
ROE
16.74% ↗
ROCE
23.13% ↗
EBITDA Margin (Avg.)
18.54% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high
HOLD Worth holding, not adding Conviction 6/10

Radico Khaitan demonstrates exceptional growth with 79% TTM profit growth and 25% sales CAGR over 3 years, supported by 90% buy ratings from analysts. However, the stock trades at a PE of 81.8x and 15.2x book value, leaving limited margin of safety at the current market cap of Rs 49,560 Cr.

Bull Case 8
  • Compounded profit growth of 79% TTM signals a sharp earnings inflection, far outpacing the 10-year CAGR of 23%
  • Analyst consensus is overwhelmingly positive with 90% buy ratings (18 out of 20 analysts recommending buy)
  • Sales CAGR of 25% over 3 years indicates sustained revenue momentum well above the 10-year average of 14%
  • ROE has improved from a 5-year average of 14% to 20% in the last year, showing improving capital efficiency
  • Stock CAGR of 45% over 10 years demonstrates long-term consistent wealth creation for shareholders
  • Company has reduced debt, strengthening the balance sheet and reducing financial risk
  • 5-year compounded profit growth of 17% accelerating to 41% over 3 years shows improving operating leverage
  • Dividend yield of 0.24% while modest, indicates the company is returning cash while still reinvesting for growth
Bear Case 8
  • PE ratio of 81.8x is extremely elevated for an FMCG company, pricing in years of perfect execution
  • Stock trades at 15.2x book value, leaving significant downside risk if growth decelerates
  • 1-year stock CAGR of 43% suggests much of the near-term growth is already priced in at current levels
  • Market cap of Rs 49,560 Cr relative to the earnings implied by 81.8x PE suggests annual profit of only ~Rs 606 Cr, demanding sustained high growth to justify valuation
  • Dividend yield of just 0.24% offers negligible income cushion during potential market corrections
  • 10-year sales CAGR of only 14% suggests the current 25% growth rate may not be sustainable long-term
  • ROE of 20% while improving is not exceptional enough to justify a PB ratio of 14.91x compared to FMCG peers
  • Zero analyst sell ratings out of 20 total can indicate consensus crowding, raising contrarian risk if any growth miss occurs

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

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Headwinds 2
  • Stock dips 4% post Q4 results May 28

    Despite strong Q4 numbers, shares fell over 4% (₹145) to ₹3,438.55, suggesting results were already priced in at a PE of 78.68x.

  • Stretched valuation near 52-week high May 28

    Stock trading at ₹3,572, only 2.9% below its 52-week high of ₹3,679, with a PE ratio of 78.68x leaving limited room for disappointment.

Positives 5
  • FY26 EBITDA surges 52.4% May 28

    Radico reported FY26 net revenue of ₹6,050 crore (up 24.7% YoY) and EBITDA of ₹1,018.5 crore (up 52.4%), driven by premium brand momentum.

  • Nuvama reiterates Buy, ₹4,285 target May 28

    Nuvama maintained a Buy call with a target price of ₹4,285 based on FY29E earnings, implying ~25% upside from current levels. Company expected to turn nearly debt-free by FY27E.

  • After Dark Blue grows 60% to 3.1M cases Jun 13

    After Dark Blue Grain Whisky volume grew over 60% in FY26 to 3.1 million cases from 0.9 million in FY24, with a new premium avatar launched starting in UP.

  • NCLT approves 8-subsidiary amalgamation Jun 5

    NCLT approved Radico's amalgamation with eight subsidiaries on June 1, 2026, streamlining corporate structure without requiring shareholder/creditor meetings.

  • Q4 EBITDA jumps 62.2% YoY May 28

    Q4 FY26 net sales rose 15.3% to ₹1,503.71 crore and EBITDA surged 62.2% to ₹290.30 crore from ₹178.99 crore in Q4 FY25.

Neutral 3
  • ₹21.66 crore block trade on NSE Jun 17

    Approximately 60,373 shares traded in a block deal at ₹3,587.10 per share, totaling ₹21.66 crore, likely an institutional position adjustment.

  • FY26 dividend of ₹9 per share Jun 22

    Radico announced tax deduction details for a proposed ₹9 per share dividend for FY26, with document submission deadline of July 24, 2026.

  • Investor meet at Citi India tour Jun 15

    Senior management scheduled to interact with investors at Citi's India Consumption Tour on June 18, 2026, with no UPSI to be discussed.

TL;DR: Radico Khaitan is firing on all cylinders operationally — FY26 EBITDA grew 52.4% with premiumisation driving both volume and margin expansion. The After Dark Blue brand tripling volumes in two years validates the strategy. Key risk is the elevated valuation at ~79x PE, which leaves the stock vulnerable to any growth deceleration. If quarterly PAT growth sustains above 20% and the company turns debt-free by FY27E as expected, further re-rating toward Nuvama's ₹4,285 target remains plausible.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
832
954
925
1,161
1,079
1,137
1,116
1,294
1,304
1,506
1,494
1,547
1,504
Expenses
753
834
804
1,018
959
990
955
1,111
1,127
1,274
1,256
1,280
1,219
Operating Profit
79
120
121
143
120
147
162
183
178
232
238
267
284
OPM %
9%
13%
13%
12%
11%
13%
14%
14%
14%
15%
16%
17%
19%
Other Income
7
6
4
6
2
2
1
1
3
-5
3
-7
10
Interest
9
12
12
18
17
16
17
20
22
16
16
16
15
Depreciation
20
24
26
32
32
33
36
36
36
36
37
37
42
PBT
57
89
86
99
74
100
110
129
123
175
187
206
237
Tax %
25%
23%
25%
24%
27%
25%
27%
26%
25%
25%
25%
25%
24%
Net Profit
43
68
65
75
54
75
81
95
92
131
140
155
179
EPS in Rs
3.19
5.11
4.85
5.62
4.03
5.64
6.03
7.14
6.88
9.75
10.42
11.57
13.4
Figures in ₹ Crores

Profit & Loss

  Mar 2007Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
580
1,643
1,657
1,797
2,063
2,395
2,374
2,859
3,133
4,106
4,843
6,050
Expenses
499
1,452
1,444
1,526
1,713
2,023
1,965
2,457
2,775
3,599
4,169
5,029
Operating Profit
81
191
214
270
351
372
409
402
359
507
674
1,021
OPM %
14%
12%
13%
15%
17%
16%
17%
14%
11%
12%
14%
17%
Other Income
30
41
18
27
13
-15
14
7
25
15
5
1
Interest
39
85
81
69
36
32
22
13
22
60
74
64
Depreciation
16
43
42
41
42
53
54
65
71
114
140
153
PBT
57
103
109
188
286
273
347
332
291
348
465
805
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
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
Div. Payout %
11%
14%
13%
11%
8%
12%
12%
15%
18%
15%
15%
20%
Figures in ₹ Crores

Balance Sheet

  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
1,157
Total Liabilities
1,007
2,327
2,235
2,247
2,253
2,483
2,624
2,784
3,724
4,104
4,668
4,972
Fixed Assets
285
729
704
685
714
743
810
821
1,234
1,700
1,811
1,911
CWIP
44
2
2
20
16
18
38
30
327
54
23
75
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
2,746
Total Assets
1,007
2,327
2,235
2,247
2,253
2,483
2,624
2,784
3,724
4,104
4,668
4,972
Figures in ₹ Crores

Cash Flow

  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

  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
129
Days Payable
160
72
0
159
183
148
151
102
112
123
148
36
Cash Conversion Cycle
91
176
336
201
201
187
239
228
277
175
187
164
Working Capital Days
221
36
20
44
76
85
104
109
75
67
72
70
ROCE %
14%
—
10%
14%
19%
18%
18%
16%
12%
13%
16%
24%

Shareholding Pattern

As of Mar 2026
Promoters 40.20%
DIIs 27.35%
FIIs 17.63%
Public 10.84%
Others 3.98%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
40.30%
40.29%
40.27%
40.27%
40.27%
40.27%
40.27%
40.27%
40.27%
40.27%
40.26%
40.26%
40.26%
40.26%
40.24%
40.24%
40.23%
40.22%
40.21%
40.20%
40.20%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
19.01%
18.58%
18.82%
18.60%
17.72%
16.94%
17.77%
18.00%
19.82%
17.63%
DIIs
15.42%
16.86%
17.31%
17.26%
17.91%
18.74%
20.75%
23.23%
23.52%
21.26%
21.44%
23.99%
24.71%
24.48%
24.71%
25.56%
26.78%
25.97%
25.47%
24.03%
27.35%
Government
0.02%
0.02%
0.02%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
16.83%
14.47%
14.38%
13.60%
14.67%
14.46%
13.56%
12.64%
12.34%
12.15%
12.94%
12.23%
11.94%
11.78%
11.73%
11.65%
11.46%
11.41%
11.74%
11.52%
10.84%
Others
27.43%
28.36%
28.02%
28.87%
27.16%
26.53%
25.42%
23.87%
23.87%
26.32%
25.37%
4.51%
4.51%
4.67%
4.72%
4.83%
4.58%
4.62%
4.58%
4.42%
3.98%
No. of Shareholders
0
65,124
74,258
99,384
1,22,484
1,46,390
1,46,986
1,29,077
1,17,089
1,07,465
1,15,430
1,12,800
1,11,781
1,14,681
1,23,741
1,29,500
1,30,925
1,39,974
1,49,251
1,56,525
1,52,036

Documents

Frequently Asked Questions about Radico Khaitan Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: RADICO and BSE: 532497. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Radico Khaitan Ltd belong to?
Radico Khaitan Ltd operates in the Fast Moving Consumer Goods sector within the Beverages industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Radico Khaitan Ltd?
Radico Khaitan Ltd has a market capitalisation of approximately ₹50729.91 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Radico Khaitan Ltd?
The Price-to-Earnings (PE) ratio of Radico Khaitan Ltd is 84.84. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Radico Khaitan Ltd?
Over the past 52 weeks, Radico Khaitan Ltd has traded between a low of ₹2,500 and a high of ₹3,806.2. This range helps investors understand the stock's price volatility and recent trading levels.
Does Radico Khaitan Ltd pay dividends?
Yes, Radico Khaitan Ltd has a dividend yield of 0.24%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Radico Khaitan Ltd?
Radico Khaitan Ltd has a Return on Equity (ROE) of 10.75%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Radico Khaitan Ltd on Tapetide?
On Tapetide, you can view Radico Khaitan Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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