Radico Khaitan FY26: ₹6,050 Cr Revenue, Profit +76%

FY26 close: key milestones for Radico Khaitan

Radico Khaitan ended FY26 with a sharp jump in profit and a strong improvement in operating metrics, supported by premiumisation and robust demand across categories. The Delhi-based spirits maker reported full-year revenue of ₹6,050.4 crore, up 24.7% year-on-year (YoY), and net profit of ₹600.3 crore, up 75.9% YoY. It also crossed the ₹1,000 crore mark in annual EBITDA, reporting ₹1,018.5 crore for FY26. Management attributed performance to a premium and luxury-focused portfolio, a benign raw material environment, and operating leverage.

Stock reaction and market capitalisation

After the earnings announcement, Radico Khaitan shares ended 0.57% higher at ₹3,358.45 on the BSE. The move took the company’s market capitalisation to ₹44,967 crore, as per the figures disclosed alongside the results update. The modest price gain came even as the company delivered its strongest profitability numbers for the year, suggesting investors were also weighing expectations already priced into the stock.

Q4 FY26 performance: profit nearly doubles

For the fourth quarter ended March 31, 2026, Radico Khaitan posted consolidated net profit of ₹176.50 crore, a 99.6% YoY increase from ₹88.40 crore in the same quarter last year. Revenue from operations rose 15.3% YoY to ₹1,503.7 crore, from ₹1,304.08 crore. On the operating front, EBITDA surged 64% YoY to ₹286.3 crore.

Margins expanded meaningfully in the quarter, with EBITDA margin improving to a record 19% from 13.4% a year earlier. The company linked the margin expansion to a strong mix shift towards premium brands and better operating leverage.

FY26: operating profit crosses ₹1,000 crore

For the full year, Radico Khaitan reported EBITDA of ₹1,018.5 crore, up 52.4% YoY. EBITDA margin improved to 16.8% from 13.8% in FY25, highlighting the operating impact of premiumisation and scale.

Net profit growth outpaced revenue growth, reflecting the operating leverage embedded in the model during a year of higher volumes and improved price-mix. The company described FY26 as a landmark year, citing the revenue milestone and the EBITDA milestone as key markers.

Premiumisation shows up in volumes and mix

A central theme in the FY26 performance was the rising contribution of Prestige and above brands. In Q4, Prestige and above brands recorded a 27.9% increase in volumes to 4.35 million cases. This segment contributed 47.8% to total IMFL volumes in the quarter, compared with 39.1% in the year-ago period.

In value terms during Q4, Prestige and above accounted for 72.2% of IMFL sales. Net sales from this segment rose 29.1% to ₹793.7 crore, underscoring the company’s mix-led strategy.

Full-year volumes: IMFL growth remains strong

For FY26, annual IMFL volumes grew 22.2% to 38.33 million cases. Prestige and above brand volumes rose 28.5% to 16.7 million cases, reinforcing the trend of a higher-value portfolio expanding faster than the base business.

The company’s commentary around “sustained premiumisation” is reflected in both volume growth and the segment’s rising share of the business. The FY26 data points show that the premium mix is not limited to one quarter and is visible across the year.

Brand portfolio: luxury and flagship labels

Radico Khaitan’s portfolio includes Rampur Indian Single Malt Whisky, Sangam World Malt Whisky, Magic Moments Vodka, and 8PM Whisky. Managing Director Abhishek Khaitan said the luxury portfolio delivered sales value of ₹475 crore, supported by traction across Rampur Indian Single Malt, Jaisalmer Indian Craft Gin, and Royal Ranthambore Whisky.

He also said Magic Moments neared ₹1,500 crore in sales value and reached 8.6 million cases, supporting its position in the vodka category.

Q2 and Q3 FY26: earlier quarters signalled momentum

Across FY26, Radico Khaitan posted strong quarterly updates that pointed to improving scale and profitability. In Q2 FY26, revenue from operations (net) was ₹1,493.9 crore, EBITDA was ₹236.1 crore, and net profit was ₹139 crore. In Q3 FY26, the company highlighted a record quarter with 9.75 million cases sold, net revenue of ₹1,546.7 crore, and EBITDA of ₹265.4 crore.

The Q3 management commentary also cited margin expansion supported by premiumisation and a stable raw material scenario. It highlighted Andhra Pradesh execution as a factor, with market share rising to 26% in the quarter referenced, from over 15% in Q3 of the prior year.

Key numbers at a glance

Why the FY26 print matters for investors

The FY26 outcome strengthens the company’s narrative that premiumisation is not only lifting revenue but also expanding margins. The combination of higher premium volumes and improved profitability metrics is visible in both quarterly and full-year numbers, including the record Q4 EBITDA margin of 19%.

At the same time, the stock’s marginal post-result move indicates the market may have already been pricing in a strong year, or is waiting for further detail on sustainability across raw material costs and state-level execution. The company’s disclosed data points on premium mix, volume expansion, and margin improvement will likely remain central to investor monitoring going into the next set of results.

Conclusion

Radico Khaitan’s FY26 performance shows revenue growth of 24.7% to ₹6,050.4 crore and profit growth of 75.9% to ₹600.3 crore, supported by premiumisation, higher volumes, and stronger operating leverage. Q4 added momentum with net profit up 99.6% YoY and EBITDA margin at 19%. With premium and luxury brands expanding their contribution, the next signals for the market are likely to come through upcoming quarterly updates on mix, margins, and state-level execution outcomes.