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Radico Khaitan

Q2 FY26

Radico Khaitan Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹4,473

Market cap₹59.9K Cr

P/E84.3

Updated16 Oct 2026

Read6 min read

The short version

Radico is confident of continuing strong double-digit growth in the Prestige & Above (P&A) category, targeting 20%+ volume growth in H2 FY26 and sustained growth beyond. - Overall volume growth guidance remains above 20% for FY26, including both P&A and regular segments. - Regular category volumes are expected to stabilize around 5 million cases quarterly with 7-8% growth going forward. - The increased market share in Andhra Pradesh (from 10% to 30%) is expected to sustain benefits in H2 and normalize to strong growth rates thereafter. - Luxury and semi-luxury portfolios are on track to achieve Rs. The company expects strong double-digit growth in the Prestige & Above (P&A) category volumes and value, with a 22% volume growth and 24% value growth noted in Q2 FY26. - EBITDA margin is guided to increase by 150 basis points in the current fiscal and by about 125 bps year-on-year for the next two years, reaching late teens margins. - The luxury and semi-luxury portfolio is targeted to achieve Rs.

From Radico Khaitan's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Radico is confident of continuing strong double-digit growth in the Prestige & Above (P&A) category, targeting 20%+ volume growth in H2 FY26 and sustained growth beyond.
Overall volume growth guidance remains above 20% for FY26, including both P&A and regular segments.
Regular category volumes are expected to stabilize around 5 million cases quarterly with 7-8% growth going forward.
The increased market share in Andhra Pradesh (from 10% to 30%) is expected to sustain benefits in H2 and normalize to strong growth rates thereafter.
Luxury and semi-luxury portfolios are on track to achieve Rs. 500 crore revenue in FY26, with further growth expected across Pan-India.

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Profitability & Margins

The company expects strong double-digit growth in the Prestige & Above (P&A) category volumes and value, with a 22% volume growth and 24% value growth noted in Q2 FY26.
EBITDA margin is guided to increase by 150 basis points in the current fiscal and by about 125 bps year-on-year for the next two years, reaching late teens margins.
The luxury and semi-luxury portfolio is targeted to achieve Rs. 500 crore revenue this year, with plans to set higher targets afterward.
Overall volume growth guidance remains at over 20% for FY26, driven by premiumization and market share gains.
The company aims to strengthen profitability, generate free cash flow, and create enduring shareholder value through disciplined capital allocation and financial management.

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Capital Expenditure Plans

Sitapur greenfield distillery capex, a strategic investment, was undertaken recently after over a decade to support premium brands and captive ENA requirements.
Sitapur distillery is fully stabilized and operating at 95% capacity, with no additional distillation capex planned for the next 5 to 7 years.
The Sitapur facility supports premium portfolio growth and malt maturation, critical for future expansion.
No further capex is on the drawing board currently for distillation capacity.
The investment in Sitapur provides a margin advantage of Rs. 6 to Rs. 7 per liter, potentially rising to Rs. 8 to Rs. 9 if grain prices soften.

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Fundraising & Capital Structure

There is no indication of any immediate or planned new fundraising through debt or equity.
The company is focused on disciplined capital allocation and prudent financial management.
Net debt has reduced by Rs. 146 crore since March 2025.
Management aims to become debt-free by FY27 through free cash flow and further debt reduction in H2 FY26.

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Order Book & Pipeline

The provided earnings call transcript from the Q2 FY2026 document does not contain any mention or details regarding the current or expected order book or pending orders for the company. The discussion primarily focuses on: - Volume growth and market share gains in various states. - Performance and growth of premium, semi-luxury, and luxury brand portfolios. - Expansion and utilization of manufacturing capacity, especially the Sitapur distillery.

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Radico Khaitan — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.5K Cr, net profit ₹179 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Radico Khaitan Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Radico Khaitan Q2 FY26 results?

Radico is confident of continuing strong double-digit growth in the Prestige & Above (P&A) category, targeting 20%+ volume growth in H2 FY26 and sustained growth beyond. - Overall volume growth guidance remains above 20% for FY26, including both P&A and regular segments. - Regular category volumes are expected to stabilize around 5 million cases quarterly with 7-8% growth going forward. - The increased market share in Andhra Pradesh (from 10% to 30%) is expected to sustain benefits in H2 and normalize to strong growth rates thereafter. - Luxury and semi-luxury portfolios are on track to achieve Rs. The company expects strong double-digit growth in the Prestige & Above (P&A) category volumes and value, with a 22% volume growth and 24% value growth noted in Q2 FY26. - EBITDA margin is guided to increase by 150 basis points in the current fiscal and by about 125 bps year-on-year for the next two years, reaching late teens margins. - The luxury and semi-luxury portfolio is targeted to achieve Rs.

What is Radico Khaitan share price analysis?

Radico Khaitan currently shows a neutral. The stock trades at a P/E of 84.3 with a market cap of ₹59,939 Cr. Investors should review the full earnings analysis for detailed insights.

Is Radico Khaitan planning capital expenditure?

Sitapur greenfield distillery capex, a strategic investment, was undertaken recently after over a decade to support premium brands and captive ENA requirements. - Sitapur distillery is fully stabilized and operating at 95% capacity, with no additional distillation capex planned for the next 5 to 7 years. - The Sitapur facility supports premium portfolio growth and malt maturation, critical for future expansion. - No further capex is on the drawing board currently for distillation capacity. - The investment in Sitapur provides a margin advantage of Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.