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Radico Khaitan Limited, one of the largest spirits companies in India (referred to as “Radico Khaitan” or the “Company”), announces its results for the fourth quarter and full year ended March 31, 2026.

Q4 FY2026 Performance Summary

• Total IMFL volume* of 9.52 Million Cases (+4.0%)
• Prestige & Above brands volume of 4.35 Million Cases (+27.9%); Prestige & Above brands contribution to the IMFL volumes of 47.8% (vs. 39.1%)
• Prestige & Above brands net sales of Rs. 793.7 Cr (+29.1%); Prestige & Above brands contribution to the Total IMFL sales value of 72.2% (vs. 63.4%)
• Revenue from Operations (Net) of Rs. 1,503.7 Cr (+15.3%)
• Gross Profit of Rs. 721.8 Cr (+27.3%) at 48.0% margin
• EBITDA of Rs. 286.3 Cr (+64.0%) at 19.0% margin (compared to 13.4% in Q4 FY25)
• Total Comprehensive Income of Rs. 176.5 Cr (+100%)

12M FY2026 Performance Summary

• Total IMFL volume* of 38.33 Million Cases (+22.2%)
• Prestige & Above brands volume of 16.70 Million Cases (+28.5%); Prestige & Above brands contribution to the IMFL volumes of 45.6% (vs. 46.1%)
• Prestige & Above brands net sales of Rs. 3,063.7 Cr (+30.9%); Prestige & Above brands contribution to the Total IMFL sales value of 70.3% (vs. 69.4%)
• Revenue from Operations (Net) of Rs. 6,050.4 Cr (+24.7%)
• Gross Profit of Rs. 2,740.9 Cr (+31.9%) at 45.3% margin
• EBITDA of Rs. 1,018.5 Cr (+52.4%) at 16.8% margin (compared to 13.8% in FY25)
• Total Comprehensive Income of Rs. 600.3 Cr (+75.9%)

* Including brands on Royalty

Performance Overview

Above financials are on Standalone basis

* Including exceptional charge of Rs. 6.99 Cr in Q1 FY26 on account of reassessment of House & Water Tax (FY2019-FY2025) and Rs. 9.56 Cr in Q3 FY26 on account of the changes due to the New Labour Code; Q4 FY26 includes an income of Rs. 3.90 Cr on account of capital subsidy received from UP state government for the Sitapur greenfield distillery project

Commenting on the performance, Dr. Lalit Khaitan, Chairman and Managing Director said:

“I am pleased to report that we closed the year on a strong note, supported by a favourable industry environment and continued premiumisation across categories. The Indian IMFL industry remains structurally robust, driven by rising affluence, evolving consumer preferences and growing acceptance of premium and luxury offerings. Encouragingly, these trends are playing out across both urban and emerging markets, reinforcing the strength and relevance of our long-term strategic direction.

At Radico Khaitan, our sustained focus on premiumisation continues to deliver tangible results. Our Prestige & Above portfolio delivered over 28% growth during the year, supported by a strong brand architecture, innovation-led launches and deeper consumer engagement. This disciplined shift towards higher-value segments over the years has strengthened the quality of our business, improved our margin profile and reinforced the resilience of our portfolio in an increasingly competitive landscape.

Over the years, we have consciously invested in building brands with strong consumer recall, differentiated positioning and long-term scalability. Our premium and luxury portfolio today reflects this commitment, combining Indian craftsmanship, contemporary consumer appeal and consistent execution across markets. As consumer aspirations continue to evolve, we believe Radico Khaitan is well positioned to capture the next phase of value-led growth in the industry.

We remain mindful of evolving global dynamics due to the ongoing geopolitical developments in West Asia. However, our business fundamentals remain strong, and we are confident of sustaining our margin expansion trajectory in the coming year.

Our approach to growth remains anchored in financial discipline, agility and long-term value creation. Looking ahead, we remain confident in Radico Khaitan’s growth trajectory, supported by premiumisation, innovation-led brand building, improving operating leverage and a stronger balance sheet. We are well positioned to sustain industry leading growth momentum and create enduring value for all stakeholders.”

Commenting on the performance, Mr. Abhishek Khaitan, Managing Director said:

“FY2026 marks a clear inflection point for Radico Khaitan, with our premiumisation strategy and disciplined execution translating into stronger margins, improved return ratios and enhanced earnings quality. The Prestige & Above segment once again led our growth, reinforcing our focus on driving value over volume and strengthening our competitive positioning.

During the year, we achieved two significant financial milestones, surpassing Rs 6,000 crore in net revenue and crossing Rs 1,000 crore in EBITDA. These achievements reflect the strength of our strategy, execution capabilities and the resilience of our brands in an increasingly competitive landscape.

Innovation remained a key growth driver, particularly in the luxury and vodka segments. Our luxury portfolio delivered sales value of Rs 475 crore, supported by strong consumer traction across Rampur Indian Single Malt, Jaisalmer Indian Craft Gin and Royal Ranthambore Whisky. Magic Moments neared Rs1,500 crore in sales value and reached 8.6 million cases, further strengthening its leadership in vodka. During the year, After Dark grew over 60% and crossed 3.1 million case mark, while Royal Ranthambore continued its robust trajectory of over 50% growth, reflecting strong momentum across key brands.

We also strengthened brand equity through focused marketing, on-trade activations and consumer engagement initiatives. The Royal Ranthambore limited-edition pack, celebrating India’s six legendary tigers, brought together premium storytelling with a strong sustainability message around wildlife conservation. Alongside this, brand advocacy, experiential campaigns and sharper focus on digital engagement helped deepen consumer connect, especially with younger cohorts.

On the financial front, margins improved meaningfully, supported by a favourable premium mix, benign input costs and operating leverage. This translated into stronger return ratios and healthy cash generation. In line with this performance and our confidence in the long-term outlook, the Board has adopted a minimum 20% dividend payout policy, while retaining flexibility to invest behind premiumisation, innovation and future growth.”