Radico Khaitan Limited (RADICO) AI Stock Analysis

• Market Cap: ₹349.66B
• Dividend Yield: 0.12%
• Average Volume (3M): 8.56K
• Price to Earnings (P/E): 67.6
• Beta (1Y): 0.80
• Revenue Growth: 24.62%
• EPS Growth: 59.27%
• Country: IN
• Employees: 1,469
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): 11.60
• Shares Outstanding: 133,893,500
• 10 Day Avg. Volume: 12,230
• 30 Day Avg. Volume: 8,563
• PEG Ratio: 2.84
• Price to Book (P/B): 11.31
• Price to Sales (P/S): 6.42
• P/FCF Ratio: 171.24
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹3,710.00
• Price Target Upside: 18.25% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 43.41
• Revenue Forecast (FY): ₹60.75B

• Rating: 65 Neutral
• Price Target: ₹2,733.00 ▼(-12.89% Downside)
• Action: Reiterated Date: 10/23/25
• Date: Action: Reiterated 10/23/25

Radico Khaitan Limited's strong financial performance is the most significant factor, supported by robust revenue and profit growth. However, technical indicators suggest the stock is overbought, and the high P/E ratio indicates potential overvaluation. The lack of earnings call insights and corporate events limits additional context.

Positive Factors

Sustained Revenue Growth

Radico has demonstrated durable top-line momentum, reflected in steady revenue growth trends. Persistent demand and successful brand positioning suggest continued volume and price mix expansion, enabling long-term scale benefits, higher per-unit margins and reinvestment capacity.

Improved Cash Generation

The move from negative to positive free cash flow indicates structurally better cash conversion and working-capital management. Reliable operating cash flows bolster the firm's ability to fund capex, service obligations and support brand investment without heavy external financing over the coming months.

Margin and Operational Efficiency Gains

Consistently strong gross margins and rising operating margins reflect effective cost control, favorable product mix (premiumization) and scale efficiencies in distillation and bottling. These structural margin improvements underpin sustainable profitability and resilience to input cost swings.

Negative Factors

Regulatory Dependence

Radico’s business is structurally exposed to state-level alcohol regulation and tax regimes that determine pricing, routes-to-market and volumes. Such regulatory variability can materially constrain revenue, margins and strategic initiatives across states over multi-month horizons.

Moderate Leverage / Liability Reliance

While leverage is described as manageable, the company’s moderate reliance on liabilities limits financial flexibility for large capex or acquisitions. In a slower sales period or rising interest rate environment, this structural constraint could pressure investment capacity and strategic options.

Limited Geographic/Export Diversification

Radico’s sales are concentrated in Indian state-regulated channels with exports remaining intermittent. This structural concentration ties growth to domestic demand and policy, reducing diversification and increasing vulnerability to local regulatory or market downturns over the medium term.

Radico Khaitan Limited Business Overview & Revenue Model

Company Description

Radico Khaitan Limited manufactures and sells Indian made foreign liquor (IMFL) in India. It offers IMFL products in various categories of whisky, brandy, rum, and white spirits under the brand names of Magic Moments and Magic Moments Verve Vodka, Morpheus and Morpheus Blue Brandy, 8PM and 8PM Premium Black Whisky, 1965 The Spirit of Victory Rum, Rampur Indian Single Malt Whisky, Jaisalmer Indian Craft Gin, Contessa Rum, Old Admiral Brandy, After Dark Whisky, Pluton Bay Rum, and Regal Talon Whisky. The company also provides bottling services to other spirit manufacturers. It also exports its products to approximately 85 countries. The company, formerly known as Rampur Distillery Company, was incorporated in 1943 and is based in New Delhi, India.

How the Company Makes Money

Radico Khaitan generates revenue primarily through the sale of its alcoholic beverages, which include a variety of spirits and ready-to-drink products. The company's revenue model is built on multiple key streams: the direct sale of its own branded products, contract manufacturing for other brands, and distribution agreements with local and international partners. RADICO's strong brand portfolio, including popular labels and premium offerings, allows it to capture a significant share of the growing spirits market in India and abroad. Additionally, strategic partnerships with distributors and retail chains enhance its market reach, contributing to its overall earnings. Furthermore, the company's focus on innovation and premiumization of its products helps drive higher sales and profitability.

Radico Khaitan Limited Financial Statement Overview

Summary

Radico Khaitan Limited exhibits a strong financial position with impressive revenue and profit growth, efficient operational management, and solid cash flow generation. The balance sheet shows moderate leverage but remains robust overall.

Income Statement

Radico Khaitan Limited has demonstrated strong revenue growth with a consistent upward trajectory over the past years. The gross profit margin remains robust, indicating efficient cost management, while the net profit margin has improved, reflecting enhanced profitability. EBIT and EBITDA margins have shown significant improvement, suggesting operational efficiency gains. Overall, the income statement reflects a healthy financial position with strong growth potential.

Balance Sheet

The company maintains a solid equity base, as evidenced by a reasonable debt-to-equity ratio, indicating manageable leverage levels. Return on equity has shown positive trends, highlighting effective use of shareholders' capital. However, the equity ratio suggests moderate reliance on liabilities, which is a point to monitor for any potential risk exposures. Overall, Radico Khaitan’s balance sheet is stable with a strong equity position.

Cash Flow

Radico Khaitan has shown a remarkable turnaround in its free cash flow, moving from negative to positive growth, signifying improved cash management and operational efficiency. The operating cash flow to net income ratio is healthy, indicative of effective cash conversion from earnings. The free cash flow to net income ratio underscores the company’s capability to generate substantial free cash flow relative to its net income. The cash flow statement reflects strong cash generation capabilities.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	52.21B	48.51B	41.19B	31.43B	28.68B	23.99B
Gross Profit	22.09B	20.28B	17.08B	12.80B	12.53B	11.64B
EBITDA	7.32B	6.55B	4.93B	3.47B	3.92B	4.03B
Net Income	3.99B	3.46B	2.62B	2.20B	2.63B	2.77B
Balance Sheet
Total Assets	0.00	46.39B	40.95B	37.19B	27.81B	27.14B
Cash, Cash Equivalents and Short-Term Investments	565.21M	565.21M	1.01B	1.78B	1.10B	1.21B
Total Debt	0.00	7.50B	8.18B	7.54B	2.02B	2.88B
Total Liabilities	-27.54B	18.85B	16.55B	15.11B	7.54B	9.21B
Stockholders Equity	27.54B	27.54B	24.40B	22.08B	20.27B	17.93B
Cash Flow
Free Cash Flow	0.00	1.82B	-693.17M	-4.95B	853.18M	2.68B
Operating Cash Flow	0.00	3.63B	1.83B	2.39B	2.21B	3.77B
Investing Cash Flow	0.00	-1.71B	-2.42B	-7.05B	-1.07B	-832.22M
Financing Cash Flow	0.00	-2.37B	237.03M	4.87B	-1.34B	-1.83B

Radico Khaitan Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3137.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RADICO, the sentiment is Negative. The current price of 3137.5 is above the 20-day moving average (MA) of 2738.32, above the 50-day MA of 2910.37, and above the 200-day MA of 2897.20, indicating a bearish trend. The MACD of -74.86 indicates Positive momentum. The RSI at 29.18 is Positive, neither overbought nor oversold. The STOCH value of 16.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RADICO.

Radico Khaitan Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CASTROLIND	77 Outperform	₹183.78B	19.35	―	6.86%	6.83%	8.79%
FINEORG	68 Neutral	₹136.93B	34.52	―	0.26%	5.73%	-7.74%
RADICO	65 Neutral	₹349.66B	67.60	―	0.12%	24.62%	59.27%
EMAMILTD	64 Neutral	₹201.60B	25.23	―	1.91%	0.84%	-2.44%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
GODREJAGRO	58 Neutral	₹116.44B	26.54	―	1.92%	5.24%	9.79%
GLOBUSSPR	56 Neutral	₹24.81B	32.64	―	0.28%	2.36%	-26.16%

Radico Khaitan Limited Corporate Events

Radico Khaitan to Set Up Wholly Owned Scotch-Focused Subsidiary in Scotland

Radico Khaitan Limited’s board has granted in-principle approval to incorporate a wholly owned subsidiary in Scotland, United Kingdom, to be named Radico Khaitan Scotland Ltd or another name approved by local authorities. The proposed subsidiary, which will fall under the alcoholic and beverages industry, is intended to engage in distillation, maturation, storage and trading of Scotch, liquor and spirits, and may acquire and operate a distillery in Scotland, signaling a strategic move to deepen Radico Khaitan’s presence in the global spirits value chain and directly tap into the Scotch whisky ecosystem.

Radico Khaitan Releases Q3 FY2026 Earnings Presentation

Radico Khaitan Limited has released its earnings presentation for the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, in compliance with disclosure requirements under Indian listing regulations. The presentation, made available via stock exchanges and the company’s website, is intended to update investors and stakeholders on the company’s recent financial performance and business developments for Q3 FY2026, reinforcing transparency and ongoing engagement with the capital markets.

Radico Khaitan Sets Q3 FY2026 Earnings Call for January 23

Radico Khaitan Limited has scheduled its Q3 FY2026 earnings conference call with analysts and investors for Friday, January 23, 2026, at 4:00 PM IST, providing universal access dial-in numbers for participants. The company noted that the call schedule may change if required, and confirmed that the investor presentation for the quarter will be shared with stock exchanges and made available on its website on January 22, 2026, following the announcement of financial results, underscoring its focus on timely and transparent communication with the market.