The Liquor Dividend: Radico Khaitan Surges While United Spirits Faces Headwinds

is on a record-breaking streak, with its stock surging 35% over the past year. In Q3 FY26, the company clocked its highest-ever quarterly volumes (9.75 million cases). Its success is rooted in an aggressive premiumization strategy, with its Prestige & Above (P&A) segment volumes tripling since 2019. Analysts expect a solid 30-35% earnings growth for FY27, driven by successful new launches and geographic expansion. United Spirits: Sober but Steady In contrast, United Spirits has seen an 8.2% decline over the last year. Performance was hit by a sharp 30-50% excise duty hike in Maharashtra and the introduction of "Maharashtra Made Liquor" (MML), which created price competition. Standalone volumes dipped 3.2% YoY. However, it isn't all bad news—gross margins expanded thanks to a 10% rise in realizations, and nearly 90% of its portfolio is now in the high-margin P&A segment. Future Outlook and Catalysts Radico’s Edge: Superior execution and less exposure to the policy-volatile Maharashtra market keep it in the "Buy" zone for most analysts. UNSP’s Recovery: The stock could see a massive re-rating if the UK-India Free Trade Agreement (FTA) is signed, which would slash Scotch pricing and boost margins.