Radico Khaitan: Premiumisation Drives Earnings Growth

delivered a strong Q1 FY27, with net revenue rising 11.8% YoY to ₹1,684 crore and EBITDA increasing 50.9% to ₹348 crore. EBITDA margin expanded sharply to a record 20.7%, compared with 15.3% in Q1 FY26, supported by premiumisation, operating efficiencies and a favourable raw-material environment. The key driver remains the company’s Prestige & Above (P&A) portfolio. P&A volumes grew 35.8% YoY to 5.22 million cases, significantly ahead of overall volume growth of 2.8%. This indicates that Radico’s growth is increasingly being driven by a richer product mix rather than simply higher volumes. Management has raised its FY27 P&A volume-growth guidance to more than 25%, while maintaining an EBITDA margin target of around 20%. The company is also nearing a debt-free balance sheet, with net debt reduced to around ₹106 crore at the end of Q1 and management targeting net debt-free status by Q2 FY27. However, the stock’s valuation leaves