Radico Khaitan Limited (RADICO)

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Radico Khaitan Limited (RADICO) · mywealthgrid

About

Radico Khaitan Limited operates in breweries and distilleries within Consumer Staples. With a market cap of ₹62,263.5 Cr and recent quarterly standalone revenues of ₹5,100–5,900 Cr, it is a mid-sized domestic player. It maintains a 40.2% promoter stake and pays regular annual dividends.

Founded: 1937
Face value: ₹2

Market cap

₹56,733 Cr

P/E

80.6×

P/B

17.1×

Dividend yield

0.2%

ROE

19.9%

ROCE

26.2%

Debt / equity

0.1

OPM

4.9%

EPS (TTM)

₹52.5

Book value

₹247.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE of 88.5 is elevated; verify if growth assumptions (demand, market share, or pricing power) justify it
Margin compression risk: OPM of 4.87% means input cost or revenue shocks hit profitability hard; verify cost structure and ability to pass through increases
Earnings volatility: Quarterly revenue dipped from ₹5,423.84 Cr (Dec 2025) to ₹5,182.31 Cr (Mar 2026); verify if seasonal or demand-driven
Policy risk: Excise duty and tax changes on spirits and beer are recurrent in India; verify regulatory exposure and tariff sensitivity

Generated analysis · source review pending

Growth drivers

Operating margin improved from 4.7% (Sep 2025) to 5.95% (Jun 2026) suggesting operational efficiency gains; verify sustainability and drivers
Latest quarter revenue of ₹5,867.69 Cr (Jun 2026) represents peak in recent window; verify if sustained trend or seasonal spike
EPS growth of 63% over three quarters (₹10.38 Sep 2025 to ₹16.88 Jun 2026) tracked margin expansion; continuation depends on margin maintenance
Low D/E of 0.1 provides balance-sheet capacity for growth initiatives; verify capex and expansion plans

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹4,237.0-2.9%1Y

Quick read

rule-based

Pros

+Profit CAGR of 16.9% over the last 5 years
+Revenue CAGR of 15.1% over the last 5 years
+Comfortable interest coverage of 13.7×

Cons

−Thin operating margin of 4.9%
−Expensive at 80.6× trailing earnings
−Trading at 17.1× book value

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 63
Growth: 81
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,418	10,367	12,471	12,744	15,484	17,099	20,976
COGS	1,256	1,202	1,577	1,828	2,366	2,774	3,310
Gross profit	8,162	9,165	10,893	10,916	13,117	14,325	17,667
	7,789	8,749	10,476	10,542	12,605	13,651	16,640
	373	416	417	374	513	674	1,027
OPM %	4%	4%	3.3%	2.9%	3.3%	3.9%	4.9%
Depreciation	53	54	65	71	114	140	153
Interest	32	22	13	22	59	74	64
	-15	20	7	9	9	5	-5
Profit before tax	274	360	346	291	348	465	805
Tax	45	83	83	70	86	119	201
Tax %	16.5%	23%	24%	24.2%	24.8%	25.7%	24.9%
	229	277	263	220	262	346	604
PAT margin %	2.4%	2.7%	2.1%	1.7%	1.7%	2%	2.9%
EPS (₹)	34.3	41.5	19.7	16.5	19.6	25.8	45.2
EPS adjusted (₹)	17.2	20.8	19.7	16.5	19.6	25.8	45.1
	5.8%	5.8%	15.2%	18.2%	15.3%	15.5%	19.9%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	27	27	27	27	27	27	27	27	27	27	27
Reserves	887	951	1,130	1,309	1,516	1,766	2,000	2,181	2,413	2,727	3,289
Minority interest	—	—	—	—	—	0	0	0	—	—	—
	795	816	522	323	399	273	190	697	737	631	332
	529	532	567	592	541	556	564	814	918	1,255	1,324
Total equity & liabilities	2,237	2,325	2,246	2,251	2,483	2,622	2,781	3,719	4,095	4,639	4,972
	734	729	685	714	743	810	821	1,234	1,700	1,811	1,910
CWIP	1	2	20	16	18	38	29	326	53	23	75
Investments	50	50	50	0	—	184	175	191	198	198	240
	1,453	1,544	1,490	1,521	1,721	1,590	1,756	1,968	2,144	2,607	2,747
Total assets	2,237	2,325	2,246	2,251	2,483	2,622	2,781	3,719	4,095	4,639	4,972

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	86.7%	88.4%	87.4%	85.7%	84.7%	83.8%	84.2%
EBITDA margin %	4%	3.9%	3.2%	2.8%	3.3%	3.9%	4.9%
EBIT margin %	3.4%	3.4%	2.7%	2.3%	2.5%	3.1%	4.1%
PAT margin %	2.4%	2.7%	2.1%	1.7%	1.7%	2%	2.9%
Working capital
Receivable days	32	25	22	24	23	25	21
Inventory days	109	148	124	143	120	142	129
Payable days	—	80	54	55	41	41	36
NWC days	—	94	92	112	102	126	113
Leverage
Current ratio	1.69	2.11	2.47	1.73	1.72	1.63	1.92
Debt to EBITDA	1.07	0.67	0.47	1.94	1.46	0.94	0.32
Debt to equity	0.26	0.15	0.09	0.32	0.3	0.23	0.1
Interest coverage	10.4	17	26.3	13.4	6.8	7.3	13.7
Asset turnover	3.79	3.95	4.48	3.43	3.78	3.69	4.22
Return ratios
Return on assets %	9.2%	10.6%	9.5%	5.9%	6.4%	7.5%	12.2%
Return on capital employed %	20%	21.2%	17.1%	12.5%	14.6%	18%	26.2%
Return on equity %	14.9%	15.5%	13%	10%	10.7%	12.6%	18.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40.26%	40.26%	40.26%	40.26%	40.24%	40.24%	40.23%	40.22%	40.21%	40.2%	40.2%	40.19%
	18.19%	19.01%	18.58%	18.82%	18.6%	17.72%	16.94%	17.77%	18%	19.82%	17.63%	18.2%
	23.93%	23.99%	24.71%	24.48%	24.71%	25.56%	26.78%	25.97%	25.47%	24.03%	27.35%	28.09%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	17.62%	16.74%	16.45%	16.44%	16.45%	16.48%	16.05%	16.04%	16.32%	15.95%	14.82%	13.52%
No. of shareholders	—	—	—	—	—	—	—	—	1,49,251	1,56,525	1,52,036	1,47,064

Promoter holding down 0.07 percentage points since Sep 2023.

22 deals · 19 Sept 2022 – 16 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Oct 2025	GOLDMAN SACHS BANK EUROPESE - ODI	Block	NSE	Buy	41,182	₹3,005.00	₹12.38 Cr
16 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	NSE	Sell	41,182	₹3,005.00	₹12.38 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,38,603	₹1,046.60	₹24.97 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	2,38,603	₹1,046.60	₹24.97 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	31,490	₹1,046.60	₹3.30 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	31,490	₹1,046.60	₹3.30 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,38,375	₹1,034.95	₹24.67 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	2,38,375	₹1,034.95	₹24.67 Cr
17 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	31,457	₹1,034.95	₹3.26 Cr
17 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	31,457	₹1,034.95	₹3.26 Cr

1–10 of 22

1 / 3

Mr. Lalit Kumar KhaitanExecutive Director-Chairperson related to Promoter-MD
Mr. Abhishek KhaitanExecutive Director-MD
Dilip K. BanthiyaChief Financial Officer
Mr. Amar SinghExecutive Director
Ms. Sushmita SinghaNon-Executive - Independent Director
Mr. Tushar JainNon-Executive - Independent Director
Mr. Sharad JaipuriaNon-Executive - Independent Director
Mr. Pushp JainNon-Executive - Independent Director
Mr. Dinesh Kumar GuptaVice President - Legal, Company Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹4,366.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹4,410.2	-26.8	-0.6%	₹4,410.2	7,595	+501	1,696	150
23 Nov 2026	₹4,459.8	+14.6	+0.3%	₹4,407.2	63	+9	17	150
29 Dec 2026	₹4,550.0	+121.1	+2.7%	₹4,434.9	2	+2	2	150

Open the chart icon on a row for that contract's close over 86 stored sessions, with open interest as bars beneath it.

26

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	3,700

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

132

across 20 fund houses

Held by these funds

11.95%

of the company's equity

All mutual funds

22.05%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

132 schemes · 20 fund houses

		Shares
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	16.63 L	745.79	2.44%	1.242%	—
SMALL CAP FUND	Nippon India Mutual Fund	14.27 L	640.16	0.78%	1.066%	-1.86 L
Midcap Fund	Axis Mutual Fund	13.5 L	605.3	1.71%	1.008%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	10.89 L	488.5	0.93%	0.813%	—
ELSS Tax Saver Fund	Nippon India Mutual Fund	8.5 L	381.23	2.59%	0.635%	-0
Portfolio of Kotak Multi Asset Allocation Fund	Kotak Mahindra Mutual Fund	5.86 L	262.73	1.72%	0.437%	-70,000
VALUE FUND	Tata Mutual Fund	5.79 L	259.75	3%	0.433%	-0
Small Cap Fund	Axis Mutual Fund	5.54 L	248.63	0.79%	0.414%	-0

1–8 of 132

1 / 17

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

20

Final dividend24 Jul 2026 · ex-date₹9
Final dividend24 Jul 2025 · ex-date₹4
Final dividend25 Jul 2024 · ex-date₹3
Final dividend14 Sept 2023 · ex-date₹3
Final dividend21 Sept 2022 · ex-date₹3
Final dividend20 Sept 2021 · ex-date₹2.4
Final dividend21 Aug 2020 · ex-date₹2
Final dividend19 Sept 2019 · ex-date₹1.2
Dividend dividend24 Aug 2018 · ex-date₹1
Dividend dividend21 Sept 2017 · ex-date₹0.8
Dividend dividend4 Jul 2016 · ex-date₹0.8
Dividend dividend23 Sept 2015 · ex-date₹0.8
Dividend dividend22 Sept 2014 · ex-date₹0.8
Dividend dividend20 Sept 2013 · ex-date₹0.8
Dividend dividend17 Sept 2012 · ex-date₹0.8
Dividend dividend30 Aug 2011 · ex-date₹0.7
Dividend dividend31 Aug 2010 · ex-date₹0.6
Dividend dividend4 Sept 2009 · ex-date₹0.3
Dividend dividend19 Sept 2008 · ex-date₹0.5
Dividend dividend17 Sept 2007 · ex-date₹0.5

1

Board meeting to consider results28 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

36 announcementsExport CSV

28 Sept 2026, 8:58 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

18 Sept 2026, 11:47 amCompany Update

Intimation Regarding ESG Rating.

General PDF

16 Sept 2026, 1:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

8 Sept 2026, 1:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

3 Sept 2026, 1:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Sept 2026, 6:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

24 Aug 2026, 12:55 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

20 Aug 2026, 8:38 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

Date	Category	Subject	Filing
28 Sept 2026, 8:58 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
18 Sept 2026, 11:47 am	Company Update General	Intimation Regarding ESG Rating.

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	86.7%	88.4%	87.4%	85.7%	84.7%	83.8%	84.2%
EBITDA margin %	4%	3.9%	3.2%	2.8%	3.3%	3.9%	4.9%
EBIT margin %	3.4%	3.4%	2.7%	2.3%	2.5%	3.1%	4.1%
PAT margin %	2.4%	2.7%	2.1%	1.7%	1.7%	2%	2.9%
Working capital
Receivable days	32	25	22	24	23	25	21
Inventory days	109	148	124	143	120	142	129
Payable days	—	80	54	55	41	41	36
NWC days	—	94	92	112	102	126	113
Leverage
Current ratio	1.69	2.11	2.47	1.73	1.72	1.63	1.92
Debt to EBITDA	1.07	0.67	0.47	1.94	1.46	0.94	0.32
Debt to equity	0.26	0.15	0.09	0.32	0.3	0.23	0.1
Interest coverage	10.4	17	26.3	13.4	6.8	7.3	13.7
Asset turnover	3.79	3.95	4.48	3.43	3.78	3.69	4.22
Return ratios
Return on assets %	9.2%	10.6%	9.5%	5.9%	6.4%	7.5%	12.2%
Return on capital employed %	20%	21.2%	17.1%	12.5%	14.6%	18%	26.2%
Return on equity %	14.9%	15.5%	13%	10%	10.7%	12.6%	18.2%

Calls	Strike	Puts
0	0	0	₹0.0	3,700

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
United Spirits LimitedUNITDSPRUNITDSPR	₹97,115 Cr	₹97,121 Cr	₹28,118 Cr	₹2,281 Cr	8.2%	₹1,884 Cr	6.6%	27.2%	21.6%	63
Radico Khaitan LimitedRADICORADICO	₹56,733 Cr	₹57,065 Cr	₹21,531 Cr	₹1,138 Cr	4.9%	₹704 Cr	2.9%	26.2%	19.9%	113
United Breweries LimitedUBLUBL	₹31,432 Cr	₹32,607 Cr	₹18,002 Cr	₹777 Cr	4.6%	₹396 Cr	2.4%	12.7%	9.3%	86
Allied Blenders And Distillers LimitedABDLABDL	₹19,004 Cr	₹20,150 Cr	₹7,604 Cr	₹546 Cr	7.2%	₹221 Cr	2.9%	26.7%	14.2%	77
Tilaknagar Industries LimitedTITI	₹13,428 Cr	₹15,723 Cr	₹6,711 Cr	₹494 Cr	8%	₹-32 Cr	0.4%	11.7%	1.1%	107
Piccadily Agro Industries LimitedPICCADILPICCADIL	₹5,729 Cr	₹6,260 Cr	₹1,177 Cr	₹239 Cr	20.6%	₹141 Cr	12.1%	32.5%	24.8%	297
Globus Spirits LimitedGLOBUSSPRGLOBUSSPR	₹2,290 Cr	₹2,805 Cr	₹3,813 Cr	₹279 Cr	7.2%	₹101 Cr	2.5%	13.4%	8.8%	41
Gm Breweries LimitedGMBREWGMBREW	₹2,171 Cr	₹2,171 Cr	₹2,977 Cr	₹181 Cr	6.1%	₹157 Cr	5.3%	19.1%	14.5%	17
India Glycols LimitedINDIAGLYCOINDIAGLYCO	₹2,002 Cr	₹3,580 Cr	₹10,312 Cr	₹669 Cr	6.6%	₹316 Cr	3%	11.9%	11.3%	27
Som Distilleries & Breweries LimitedSDBLSDBL	₹1,558 Cr	₹1,770 Cr	₹2,026 Cr	₹30 Cr	3.7%	₹-30 Cr	0.5%	6.1%	1.2%	21
Associated Alcohols & Breweries Ltd.ASALCBRASALCBR	₹1,228 Cr	₹1,294 Cr	₹1,049 Cr	₹136 Cr	13.8%	₹83 Cr	8.6%	19.2%	14.6%	89
Sula Vineyards LimitedSULASULA	₹1,105 Cr	₹1,399 Cr	₹599 Cr	₹102 Cr	17.4%	₹25 Cr	4.3%	9.7%	4.4%	375

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-36	252	316	309	60	377	221	239	183	363	743
	81	3	-21	-7	-67	-83	-107	-705	-242	-171	-266
	-87	-234	-293	-226	9	-183	-134	487	24	-237	-446
Net cash flow	—	21	2	76	2	111	-20	21	-36	-46	30
Free cash flow	—	—	—	—	—	268	154	-495	-69	182	498
CFO / Operating profit %	—	—	—	—	16.1%	92.2%	55%	66.6%	36.1%	53.9%	72.7%

Radico Khaitan Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

26

Fund holders

Documents

Announcements

Events

20

1

Announcements

20

1

3

26

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Radico Khaitan Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain26

Fund holders

Documents

Announcements

Events

Dividends20

Board meetings1

Announcements

Dividends20

Board meetings1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain26

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

26

20

1

20

1

3

26