Any current/future new fundraising through debt or equity?

Radico Khaitan has completed a large capex recently and currently has no further significant capex plans on the anvil for the next 4 to 6 years. The company expects to operate with existing distillation capacity and outsource raw materials as needed. Normal maintenance capex is expected at a run rate of Rs. 60 to 70 crores per annum. There is no mention of any new fundraising through debt or equity in the transcript. Focus is on improving profitability, cash flow generation, and debt reduction with a commitment to be debt-free by FY26. Therefore, no current or future fundraising through debt o

Any current/future capex/capital investment/strategic investment?

Radico Khaitan has done large capex recently, notably the Sitapur greenfield project. No significant new capex is currently planned or on the anvil for the next 3-4 years. The company expects to operate with existing distillation capacity of 29 million volume for the next 4-6 years. Outsourcing of ENA from other sources supports volume growth without additional capex. Normal/maintenance capex run rate is estimated at Rs. 60-70 crores per annum. Focus remains on efficient working capital management, profitability, and debt reduction rather than large capital investments. Radico aims

Future growth expectations in sales/revenue/volumes?

Radico expects to continue delivering strong Prestige & Above (P&A) volume growth of 15% to 18% in FY2025. Non-IMFL business projected to reach Rs. 1,600 crores revenue next year with stable mid-single digit margins improving to 8%-9%. Rampur Single Malt volumes expected to double in the next 3 years due to increased malt availability. Jaisalmer Gin and Royal Ranthambore capacities are sufficient for growth over the next 1-2 years. Overall P&A category sales growth of more than 15% expected in FY25 despite short-term market slowdowns. EBITDA margins aimed to improve progressively, targeting 16

Future growth expectations in earnings/operating earnings/profits/EPS?

Radico Khaitan expects strong volume growth in the Prestige & Above (P&A) category, targeting 15%-18% premium volume growth in FY2025. EBITDA margins are projected to improve quarter-by-quarter from Q2 FY25 onward, aiming for mid-teens margins by FY26 (around 16%-17%). Operating margins are expected to improve in FY25 due to tailwinds from softening raw material prices. The company anticipates stabilizing non-IMFL margins at around 8%-9% in FY25, up from mid-single digits in FY24. Realization growth in the P&A category could see an annualized 600-700 basis points improvement driven by product

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Radico Khaitan LtdQ1 FY24Beverages

Radico Khaitan Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹3,745P/E: 76.0Market Cap: ₹46.9K CrSector: Beverages

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Order

N/A

Capex

0 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Radico expects to continue delivering strong Prestige & Above (P&A) volume growth of 15% to 18% in FY2025.
→Non-IMFL business projected to reach Rs. 1,600 crores revenue next year with stable mid-single digit margins improving to 8%-9%.
→Rampur Single Malt volumes expected to double in the next 3 years due to increased malt availability.
→Jaisalmer Gin and Royal Ranthambore capacities are sufficient for growth over the next 1-2 years.
→Overall P&A category sales growth of more than 15% expected in FY25 despite short-term market slowdowns.
→EBITDA margins aimed to improve progressively, targeting 16%-17% by FY26 driven by premiumization and price increases.
→Asset and distillation capacities sufficient for the next 4-6 years; no major capex planned.
→Brand innovation and premiumization continue to support growth amid stable raw material costs.

Margin guidance

Category 2

→Radico Khaitan expects strong volume growth in the Prestige & Above (P&A) category, targeting 15%-18% premium volume growth in FY2025.
→EBITDA margins are projected to improve quarter-by-quarter from Q2 FY25 onward, aiming for mid-teens margins by FY26 (around 16%-17%).
→Operating margins are expected to improve in FY25 due to tailwinds from softening raw material prices.
→The company anticipates stabilizing non-IMFL margins at around 8%-9% in FY25, up from mid-single digits in FY24.
→Realization growth in the P&A category could see an annualized 600-700 basis points improvement driven by product premiumization.
→Overall confidence to deliver more than 15% sales growth in P&A category for FY25 despite recent slowdown trends.
→No major capex planned in next 4 to 6 years; volume growth will be supported by existing capacities and outsourcing.

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Fundraise plans

→Radico Khaitan has completed a large capex recently and currently has no further significant capex plans on the anvil for the next 4 to 6 years.
→The company expects to operate with existing distillation capacity and outsource raw materials as needed.
→Normal maintenance capex is expected at a run rate of Rs. 60 to 70 crores per annum.
→There is no mention of any new fundraising through debt or equity in the transcript.
→Focus is on improving profitability, cash flow generation, and debt reduction with a commitment to be debt-free by FY26.
→Therefore, no current or future fundraising through debt or equity is indicated in the earnings call.

Order book

The transcript from the Q4 FY2024 Earnings Call does not specifically mention any details regarding the current or expected order book or pending orders for Radico Khaitan. The discussion primarily focuses on: - Volume growth and capacity expansion in key brands (Rampur, Jaisalmer Gin, Royal Ranthambore). - Sales and margin outlook for non-IMFL and premium categories. - No explicit information or figures related to order book or pending orders was provided. If you need details on order book or pending orders, this document does not provide that information.

Capex plans

→Radico Khaitan has done large capex recently, notably the Sitapur greenfield project.
→No significant new capex is currently planned or on the anvil for the next 3-4 years.
→The company expects to operate with existing distillation capacity of 29 million volume for the next 4-6 years.
→Outsourcing of ENA from other sources supports volume growth without additional capex.
→Normal/maintenance capex run rate is estimated at Rs. 60-70 crores per annum.
→Focus remains on efficient working capital management, profitability, and debt reduction rather than large capital investments.
→Radico aims to be debt-free by FY26.

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