Radico Khaitan: Premiumisation Drives Strong Growth as Indian Spirits Company Takes Its Brands Global

BY ADMIN • FILED 08 Aug 2026, 3:03 PM

Radico Khaitan Limited (NSE: RADICO, BSE: 532497) has outlined an ambitious growth strategy in its latest investor presentation titled “Taking India to the World.” The company is focusing on premiumisation, luxury spirits, brand building, international expansion and operational efficiency as key drivers of its next phase of growth.

The August 2026 presentation also highlights strong financial performance, with significant improvement in revenue, EBITDA, profitability and return ratios.

Indian Spirits Industry: Premiumisation Remains the Key Growth Driver

India’s spirits industry is entering a structurally attractive phase, supported by rising incomes, urbanisation, favourable demographics and changing consumer preferences.

According to industry estimates cited by Radico Khaitan, India’s spirits market stood at around 416 million cases in CY2025 and is expected to reach approximately 493 million cases by CY2030.

While volume growth is expected to remain moderate, value growth is likely to be significantly stronger.

Industry Outlook	CY2025	CY2030	CAGR
Spirits Volume	416 mn cases	493 mn cases	3.5%
Spirits Value	₹3,149 billion	₹4,381 billion	6.8%

The difference between volume and value growth reflects the industry’s continuing shift towards premium and luxury products.

White spirits, including vodka and gin, are expected to remain among the fastest-growing categories. The presentation estimates volume growth of 9.8% for white spirits and value growth of 16.1% during the period.

The Indian single malt segment is also showing strong momentum, with 2025 growth of more than 20% in both volume and value.

Why Premiumisation Matters for Radico Khaitan

Premiumisation has become a central part of Radico Khaitan’s strategy.

The company’s Prestige & Above portfolio has grown at a CAGR of approximately 21% since FY2021. Its contribution to total own volumes has also increased substantially.

In FY2026, Prestige & Above brands accounted for:

28.2 million cases of volume
45.6% of total volume
Around 70.3% of IMFL revenue
Stronger realisation per case compared with regular products

This shift towards premium products is important because premium brands generate higher realisations and better profitability.

Radico Khaitan’s realisation per case increased from around ₹864 in FY2021 to ₹1,181 in FY2026, according to the presentation.

Radico Khaitan: An 80+ Year-Old Spirits Company

Founded in 1943, Radico Khaitan has more than eight decades of experience in the spirits industry.

The company has developed from a spirits manufacturer and bottler into one of India’s leading branded IMFL companies.

Key FY2026 operating highlights include:

323 million litres of manufacturing capacity
10 distilleries
42 bottling units
5 own and 37 contract/royalty bottling units
More than 100,000 retail outlets
More than 10,000 on-premise outlets
38.3 million cases of total IMFL volume
Exports to 100+ countries
FY2026 net revenue of approximately ₹6,050 crore
FY2026 EBITDA margin of 16.8%

The company’s manufacturing platform is supported by facilities in Rampur, Sitapur and Aurangabad, including a dual-feed plant capable of operating with both molasses and grain.

Taking Indian Luxury Spirits to the World

One of Radico Khaitan’s biggest strategic opportunities is its growing portfolio of Indian luxury spirits.

The company has moved beyond traditional mass-market categories and is increasingly building premium Indian brands with international ambitions.

Its luxury portfolio includes:

Rampur Indian Single Malt
Jaisalmer Indian Craft Gin
Royal Ranthambore
Rampur 1943 Virasat
Sangam World Malt
The Spirit of Kashmyr Luxury Vodka
Other premium and luxury expressions

Rampur Indian Single Malt

Rampur has become a flagship brand in Radico Khaitan’s international strategy.

The brand is available in approximately 50 countries and around 35 travel-retail locations.

Its portfolio includes multiple expressions such as Rampur Select, Double Cask, Asava, PX Sherry, Trigun, Jugalbandi, Barrel Blush and Signature Reserve.

The company has also created a wide price ladder, ranging from premium expressions to extremely high-priced limited luxury products.

For example, the presentation highlights:

Rampur Expression	Indicative Price
Double Cask	$100
Barrel Blush	$105
Asava	$110
PX Sherry	$120
Select	$140
Single Cask	$165
Trigun	$200
Jugalbandi	$300
Signature Reserve	$6,000

The company believes this portfolio can help position Indian whisky alongside established international premium whisky brands.

Jaisalmer Indian Craft Gin

Jaisalmer is another important luxury brand in Radico Khaitan’s international portfolio.

The gin is made using Indian botanicals and is available across approximately 40 countries and more than 30 travel-retail locations.

The company claims around 50% market share in India’s luxury gin segment.

Jaisalmer Gold, which includes additional botanicals such as saffron, is also being expanded across Indian markets.

The brand has received several international awards, supporting its positioning as a premium Indian craft gin.

Magic Moments Continues to Lead the Vodka Category

While Radico Khaitan is expanding into luxury spirits, its established brands continue to provide a strong foundation.

Magic Moments remains one of the company’s most important brands.

The presentation describes Magic Moments as India’s largest premium vodka brand, with approximately 60% market share, and around 85% share in its relevant segment.

The brand has expanded beyond traditional vodka through a wide range of flavours and premium variants.

The portfolio includes products such as:

Magic Moments Premium Grain Vodka
Magic Moments Remix
Magic Moments Verve
Magic Moments Dazzle

The company is also investing heavily in marketing and digital campaigns to strengthen consumer engagement.

Morpheus Strengthens the Premium Brandy Portfolio

Morpheus is another key brand within Radico Khaitan’s premium portfolio.

The company states that Morpheus has approximately 60% market share in premium brandy.

Morpheus XO achieved around 1.3 million cases of volume in FY2026.

The company has also introduced Morpheus Blue XO Brandy, targeting consumers looking for an aged, premium brandy experience.

Morpheus has received multiple international awards, helping reinforce its premium positioning.

Strong Brand-Building and Digital Marketing

Radico Khaitan is increasingly using digital platforms to build its brands and reach younger consumers.

During FY2026, its digital campaigns across platforms including YouTube, Meta and Spotify generated approximately:

650 million reach
900 million impressions
600 million engagements/views
2.5 million followers

The company has been using celebrity partnerships, storytelling, experiential campaigns and premium brand content to strengthen consumer engagement.

One of the major campaigns for The Spirit of Kashmyr generated more than 128 million impressions, around 45 million video views and reached more than 58 million unique users, according to the presentation.

The Magic Moments campaign featuring Kriti Sanon generated more than 195 million impressions, 52 million video views and reached over 106 million unique users.

International Expansion Remains a Major Opportunity

Radico Khaitan is increasingly looking beyond India.

The company’s products are now exported to more than 100 countries, giving its brands access to international consumers.

The company is also expanding its presence through global travel-retail channels, including duty-free locations and international whisky and spirits events.

This strategy is particularly important for its luxury portfolio, where Indian-origin brands can potentially compete in the global premium spirits market.

The company sees Indian heritage, craftsmanship and unique local ingredients as important differentiators for its international brands.

Strong FY2026 Financial Performance

Radico Khaitan’s financial performance has improved significantly over the past few years.

Standalone net sales increased from ₹2,399 crore in FY2021 to ₹6,050 crore in FY2026.

Financial Metric	FY2021	FY2026	Growth/Change
Net Sales	₹2,399 Cr	₹6,050 Cr	Strong growth
EBITDA	₹408 Cr	₹1,018 Cr	Significant increase
EBITDA Margin	17.0%	16.8%	Sustained
Comprehensive Income	₹270 Cr	₹600 Cr	Strong increase
ROE	16%	20%	Improved
ROCE	18%	25%	Improved

The improvement in profitability has been supported by premiumisation, better product mix and operating leverage.

Q1 FY2027: Profit Growth Accelerates

The company delivered a particularly strong performance in the first quarter of FY2027.

Standalone revenue from operations increased 11.8% year-on-year to ₹1,683.7 crore, compared with ₹1,506 crore in Q1 FY2026.

EBITDA grew by an impressive 50.9% to ₹348.1 crore, while EBITDA margin increased to 20.7% from 15.3% a year earlier.

Q1 FY2027 Financials	Q1 FY2026	Q1 FY2027	YoY Growth
Net Revenue	₹1,506.0 Cr	₹1,683.7 Cr	11.8%
Gross Profit	₹647.7 Cr	₹826.8 Cr	27.7%
EBITDA	₹230.7 Cr	₹348.1 Cr	50.9%
EBITDA Margin	15.3%	20.7%	+540 bps
Profit Before Tax	₹177.6 Cr	₹301.4 Cr	69.7%
Comprehensive Income	₹132.2 Cr	₹225.4 Cr	70.5%
Basic EPS	₹9.96	₹16.88	69.5%

The strong improvement in margins is particularly notable. EBITDA margin reached 20.7%, compared with 15.3% in Q1 FY2026.

Profit before tax increased nearly 70%, while total comprehensive income rose more than 70%.

Premium Brands Drive Q1 Growth

The company’s premiumisation strategy is clearly visible in its Q1 FY2027 operating numbers.

Prestige & Above volumes increased 35.8% year-on-year to 5.22 million cases, compared with 3.84 million cases in Q1 FY2026.

By contrast, Regular & Others volumes declined 15.1%.

Operational Metric	Q1 FY2026	Q1 FY2027	YoY Growth
Prestige & Above	3.84 mn cases	5.22 mn cases	35.8%
Regular & Others	5.42 mn cases	4.61 mn cases	-15.1%
Total Own Volume	9.27 mn cases	9.82 mn cases	6.0%
Total Volume incl. Royalty	9.72 mn cases	10.00 mn cases	2.8%

The contribution of Prestige & Above brands to own volumes increased to 53.1% in Q1 FY2027, compared with 41.5% in Q1 FY2026.

Even more importantly, Prestige & Above products accounted for 76.8% of IMFL revenue during the quarter.

This highlights the significant shift in Radico Khaitan’s business mix towards higher-value products.

FY2026 Revenue Mix

For FY2026, IMFL revenue stood at approximately ₹4,355.5 crore, representing growth of 29.2% over the previous year.

Prestige & Above revenue increased even faster, rising 30.9% to ₹3,063.7 crore.

Revenue Segment	FY2026 Revenue	YoY Growth
IMFL	₹4,355.5 Cr	29.2%
Prestige & Above	₹3,063.7 Cr	30.9%
Regular & Others	₹1,262.5 Cr	28.0%
Non-IMFL	₹1,694.9 Cr	14.6%
Total Net Revenue	₹6,050.4 Cr	24.7%

The numbers show that premium brands are becoming an increasingly important contributor to the company’s overall revenue.

What Could Drive Radico Khaitan’s Next Phase of Growth?

The investor presentation highlights several strategic growth drivers.

1. Continued Premiumisation

The company is expected to continue shifting its portfolio towards premium, super-premium and luxury products.

2. Indian Luxury Spirits

Rampur, Jaisalmer and other luxury brands provide an opportunity to build globally recognised Indian spirits brands.

3. International Expansion

Exports to more than 100 countries give Radico Khaitan a platform to expand its international presence.

4. Strong Distribution Network

A large retail and on-premise distribution network gives the company broad access to Indian consumers.

5. Innovation and New Product Launches

The company continues to launch new premium products across whisky, vodka, gin and brandy.

6. Better Product Mix

The increasing share of Prestige & Above products can support higher realisations and profitability.

7. Manufacturing Integration

Its distillery and bottling network provides scale, supply-chain flexibility and greater control over production.

Investor Takeaway

Radico Khaitan’s latest investor presentation presents a company that is gradually transforming from a traditional Indian IMFL player into a premium and luxury spirits company with global ambitions.

The most important trend is the rapid growth of its Prestige & Above portfolio. In Q1 FY2027, premium volumes grew nearly 36%, while premium products contributed nearly 77% of IMFL revenue.

At the same time, the company delivered strong financial growth, with Q1 EBITDA rising 51% and comprehensive income increasing 71%.

The international opportunity is another important part of the story. Brands such as Rampur Indian Single Malt and Jaisalmer Indian Craft Gin are being developed as global Indian-origin luxury brands.

Overall, Radico Khaitan’s strategy can be summed up in three themes: premiumisation, brand building and globalisation.

If the company can continue increasing the contribution of premium and luxury brands while maintaining volume growth and margin expansion, these factors could remain important drivers of its long-term financial performance.

Note: The above analysis is based on information and management commentary contained in Radico Khaitan Limited’s August 2026 investor presentation. Forward-looking statements are subject to business, regulatory, economic and market risks. This article is for informational purposes only and should not be considered investment advice.