Radico Khaitan, one of India's oldest spirits makers with a premium-first IMFL portfolio, comes into its festive September quarter after a record Q1 FY27 that delivered 20.7% EBITDA margin and 10 million cases of volume. The print will speak to whether the ~20% FY27 margin guidance holds as grain costs turn inflationary, and whether management confirms its net-debt-free-by-Q2-FY27 target from the Rs. 106 Cr net debt at June 30, 2026.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 5,867.69 Cr (standalone revenue from operations, incl. excise); net revenue Rs. 1,683.7 Cr |
| Previous quarter PAT | Rs. 226.01 Cr standalone; Rs. 229.60 Cr consolidated |
| Previous quarter EBITDA margin | 20.7% |
| Net debt (latest quarter) | Rs. 106 Cr at June 30, 2026 |
| Market cap | Rs. 57,223.39 Cr |
| CMP | Rs. 4,270.75 |
Per the board intimation dated October 6, 2026, the board meets on Tuesday, October 27, 2026, to approve unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. The insider-trading trading window is closed till Thursday, October 29, 2026 (inclusive).
The Q2 FY27 earnings call is scheduled for Wednesday, October 28, 2026 at 3:00 PM IST. Access is via universal access numbers +91 22 6280 1144 / +91 22 7115 8045, with international toll-free lines for Singapore, Hong Kong, UK and USA. The results presentation will be posted on October 27, 2026 after the results announcement.
The festive quarter tests whether Radico Khaitan's premiumization engine can carry margins and volumes through a tougher backdrop: the YoY margin comparison is against a 15.8% Q2 FY26 EBITDA base, and the guidance stack — P&A volume growth over 25%, EBITDA margin around 20% with 125 bps expansion, and net-debt-free status by Q2 FY27 — enters Q2 intact but with less slack. Q1 FY27 ran ahead on the key metrics, with P&A volumes up 35.8% YoY, P&A at 76.8% of IMFL revenue, and EBITDA margin at 20.7%, but the raw-material phrase of 'stable to benign' is no longer the obvious default: wheat prices are up more than 30% in 2026, corn and oat futures each returned over 12% since early August 2026, and the FAO Food Price Index hit 133.3 in August, the highest since November 2022. Mass-market demand is also soft — Karnataka IML volumes rose just 1.52% Jul–Sep and Maharashtra's IMFL market did not grow — while the Regular category is coming off a -15.1% YoY print in Q1 FY27 after policy changes in Maharashtra and Karnataka. The UK-India FTA, effective July 15, 2026, has cut customs duty on UK alcoholic beverages from 150% to 75% with first retail price cuts of 10-15% on scotch landing in the festive quarter, pressing the luxury price point just as Radico launched its UK travel-retail entry across Heathrow, Gatwick, Manchester and Birmingham on September 28, 2026. The single most binary checkpoint on the call is confirmation of net-debt-free status from Rs. 106 Cr at June 30, 2026, followed by the post-debt-free capital-allocation framework — dividend vs capex vs M&A — that was left unanswered in Q1 FY27.
Net-debt-free by Q2 FY27 confirmation: The most binary checkpoint on the call.
Margin bridge vs the 15.8% Q2 FY26 base
P&A growth vs the raised >25% FY27 guidance
Luxury portfolio and UK travel-retail ramp
Festive-quarter discipline: non-IMFL and A&SP
The MD said at the Q1 FY27 call: 'What we had guided, we have achieved in one year… as of now, we stick to the 20% EBITDA margin for the current year,' with more clarity expected closer to the year. The question of upside beyond 20% was left open.
Management has guided to becoming net debt free by Q2 FY27, with net debt down to Rs. 106 Cr at June 30, 2026 from Rs. 244 Cr at March 2026. The MD had earlier said 'by next year, FY27, we will be debt-free.'
Management said at the Q1 FY27 call that it is too early to assess the FTA impact, and that differentiation is taste-led, with Indian single malt outpacing global malt in India. CETA took effect July 15, 2026, cutting customs duty on UK alcoholic beverages from 150% to 75%.
No ENA capacity capex is planned — captive capacity of 33 crore liters exceeds the 28-30 crore liters requirement, and any future ENA capex would come only after becoming debt-free at a suitable ROI. The Sitapur greenfield distillery is operating at 95% capacity with no further distillation capex needed for 5-7 years.
Net revenue rose 11.8% YoY to Rs. 1,683.7 Cr in Q1 FY27, with P&A volumes up 35.8% YoY and P&A reaching 76.8% of IMFL revenue. The offset was the Regular category at -15.1% YoY after policy changes in Maharashtra and Karnataka.