Radico Khaitan targets 20% premium volume growth in FY27 on premiumisation push
Radico Khaitan is guiding for 20% premium volume growth and 25% luxury value growth in FY27, alongside 120bps margin expansion. Growth is led by single malts (Rampur), white spirits and vodka (Magic Moments ~60% share), with net sales seen crossing Rs 6,000 crore in FY26 and capex of Rs 150-175 crore planned.
What happened
Radico Khaitan targets 20% premium volume growth, 25% luxury value growth and 120bps margin expansion in FY27, driven by premiumisation, single malts (Rampur),
Key facts
- 20% premium volume growth FY27
- 25% luxury value growth
- 120 bps margin expansion
- net sales over Rs 6,000 crore FY26
- EBITDA over Rs 1,000 crore
- EBITDA margin 16.8%
- luxury turnover Rs 475 crore
- 36.62 million cases sold
- Magic Moments ~60% vodka share
- capex Rs 150-175 crore FY27
Why this matters
The Rs 150-175 crore capex and premiumisation push around single malts and white spirits could open partnership or bolt-on acquisition angles in the fast-growing luxury spirits segment.
What to watch
- Quarterly premium/luxury volume growth vs 20%/25% run-rate
- Gross margin and 120bps expansion progress
- ENA and grain input cost trends
- State excise policy and pricing approvals in key markets
- Competitive launches in vodka and Indian single malt segments
- FY26 net sales tracking toward Rs 6,000cr
- Scale Rampur single malt distribution across metros and duty-free/export channels
- Defend Magic Moments ~60% vodka share via targeted A&P amid new entrants
- Deploy Rs 150-175cr capex toward luxury/malt capacity and white spirits
- Push price hikes and premium SKU launches to protect margin against ENA cost swings
- Guide investors toward P&A mix as the earnings-quality story