Radico Khaitan Ltd

- Overall volume growth expected at 20%+ for FY26 with strong contribution from prestige and above category (Page 5). - Non-IMFL segment expected to grow single-digit (4-5%) from FY26 onwards, with current run rate Rs. 400-420 crores and 12% growth seen recently (Pages 14,16). - Continuous premiumization driving volumes; luxury and semi-luxury brands showing ~50% Y-o-Y value growth (Pages 5,15). - After Dark brand volume expected to double this fiscal from 1.9 million cases last year (Page 5). - Vodka segment poised for 125-150 basis points of margin expansion, reflecting strong volume growth (Page 9). - Rampur and new luxury launches (‘The Spirit of Kashmyr’) contribute to growth momentum (Page 15,17). - Positive base effects in Andhra Pradesh and other markets, with market share expansion (e.g., 23-28% in Andhra Pradesh) supporting volume growth (Pages 6,17). - New product innovations and expansions are underway to strengthen portfolio and growth.

- Expect margin expansion of 125-150 basis points per year for next three years, reaching late teens margin levels. - EBITDA margin expanded from 13.0% to 15.3% in Q1 FY26; further improvement anticipated. - Non-IMFL segment margins (~7.5%-8%) expected to improve due to softening grain and raw material costs. - Premium and luxury brand portfolios at nascent stage, with bright future growth potential. - Revenue growth supported by 4%-5% growth in country liquor and single-digit growth in non-IMFL from 2026 onwards. - Earnings growth driven by higher volume growth, premiumization, and operating leverage benefits. - Cost efficiencies and working capital improvements expected to support profitability and cash flow. - Net debt expected to reduce substantially, aiming to be almost debt-free by FY27, enhancing financial position.

The provided transcript from the Q1 FY2026 earnings call of Radico Khaitan does not mention any details about the current or expected order book or pending orders. The discussion primarily revolves around: - Growth and market share in various segments like vodka, non-IMFL, regular category, and premium brands. - Expansion plans and performance of key brands such as ‘The Spirit of Kashmyr’, Morpheus Brandy, and Sangam. - Market dynamics in states like Andhra Pradesh and Maharashtra. - Margins, marketing spends, working capital improvements, and capex. - International trade agreements impacting costs (e.g., UK-India FTA). No explicit information regarding orderbook or pending orders is given in the available pages.

- There is no mention of any current or planned new fundraising through debt or equity in the transcript. - The company highlighted a reduction in net debt by Rs. 164 crores since March 2025, mainly due to profitability and working capital improvements. - With limited Capex going forward, they expect to be almost debt-free by FY27. - The focus is on driving profitable growth, enhancing cash flow, and improving working capital efficiency to continue reducing debt. - No indications were given about raising fresh equity or debt funds in the near term.

- The average annual Capex run rate for the next two years is expected to be around Rs. 150 to 160 crores. - The Capex is related to brand development and malt capacity expansion. - Going forward, limited Capex is anticipated, aiming to be almost debt-free by FY27. - The company is focusing on profitable growth, enhancing cash flow, and improving working capital efficiency alongside strategic investments. - Investment emphasis is also on innovation with a strong pipeline of new products being worked upon.