Radico Khaitan : Investor Presentation May 2026
RKL/SX/2026-27/17 May 28, 2026
BSE Limited
Phiroze Jeejeeboy Towers, Dalal Street,
Mumbai - 400001
Scrip Code: 532497
National Stock Exchange of India Limited
Exchange Plaza, 5th Floor, Plot no. C/1,
G Block, Bandra-Kurla Complex, Bandra (E) Mumbai - 400051
Scrip code: RADICO
Subject : Investor Presentation
Ref. : Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
Dear Sir/Madam,
Pursuant to Regulation 30 of the Listing Regulations, please find enclosed herewith a copy of Investor Presentation titled "Taking India to the World".
This intimation is also being disseminated on the Company's website at http://www.radicokhaitan.com/investor-relations
This is for your information and records. Thanking You,
For Radico Khaitan Limited
Dinesh
Digitally signed by Dinesh Kumar Gupta
+05'30'
Kumar Gupta Date: 2026.05.28 15:15:09
Dinesh Kumar Gupta
Senior Vice President - Legal & Company Secretary
Email Id: investor@radico.co.in
Encl: as above
RADICO KHAITAN LIMITED
Corporate Office: Plot No. J-l, Block B-1, Mohan Co-op. Industrial area Mathura Road, New Delhi-110044
Ph: (91-11) 4097 5444/555
Registered Office: Rampur Distillery, Bareilly Road, Rampur-244901 (UP.) Phones: 0595-2350601/2, 0595-2350009
E-mail: info@radico.co.in, website: https://www.radicokhaitan.com CIN No.: L26941UP1983PLC027278
Radico Khaitan Ltd.
(BSE: 532497; NSE: RADICO)
Investor PresentationMay 2026
Taking India to the World
Index
Industry dynamics 2
Company overview 9
Strategic direction 12
Brand portfolio and marketing 13
Financial performance 61
India Macroeconomic Context
India remains one of the fastest growing economies globally with strong demographic dividend
Driver 1 - Income Growth
Middle-class expansion and emergence of a sizeable high-income segment
Transformation of consumption profile
Driver 2 - Rapid Urbanization
Dispersed urbanization and rural income growth
Growth of rural consumption and breakdown of the urban-rural
paradigm
Driver 3 - Favorable Demographics
A working age majority
A more aware and aspirational young millennials
Driver 4 - Technology and Innovation
Existing technology backbone
New technology and business model innovations
Driver 5 - Evolving Consumer Attitudes
Preferences led by lifestyle and premiumization in addition to necessities, health, and leisure
Alcobev becoming more acceptable socially
Investor Presentation | May 2026 3
India Consumer Story
India on track to become the world's third largest consumer market by 2026
Global consumption market - India remains one of the key consumer markets in the world (US$ trillion)
India's consumption growth (in nominal terms) outpaced China, US and Germany (in US$ terms)
India's income pyramid: population with annual gross income >US$10,000 could record the highest growth (CAGR) in the next 5 years
(Income brackets) More than US$ 10,000
US$ 5,000 - US$ 10,000
US$ 2,500 - US$ 5,000
US$ 1,500 - US$ 2,500
mn 12
25
79
128
Luxury Premium
mn 40
79
193
222
CAGR 17%
CAGR 13%
mn 88
146
251
222
Less than US$ 1,500
612
442
538
2010 2023 2028
Investor Presentation | May 2026 4
(2.0)%
Japan
Germany
US
China
India
1.0%
10 yr CAGR (2023)
5.0%
7.1%
7.2%
18.6
2013
2023
11.4
6.9
3.5
2.8
2.3
2
2.3
1.1
2.1
US
China
Japan
Germany
India
Spirits Industry in India
Strong premiumisation trend is expected to continue to be driven by favourable demographics
Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value)
12.0%
4.1%
2024:
63.8%
11.5%
4.9%
2029:
66.6%
Industry CAGR: 5.1%
Whisky: 5.9% |
Brandy: 1.6% |
Rum: 4.1% |
White Spirits: 9.1% |
10.5%
9.5% 68.8%
2024:
8.8%
7.6%
8.9% 74.7%
2029:
Industry CAGR: 13.4%
20.0%
400
million cases
17.0%
512
million cases
11.2%
Rs. 2,962
billion
Rs. 5,548
Whisky: 15.3% |
Brandy: 4.8% |
Rum: 9.5% |
White Spirits: 11.9% |
billion
Spirits sales in India is estimated to have crossed 400 million cases in CY2024, representing an increase of 2.8% over CY2023
During CY2024-29 period, IMFL sales volume is expected to grow at a CAGR of 5.1% and sales value at 13.4%
White spirits, Vodka and Gin, remain the fastest growing category in volume terms
2024-29 Growth
12.1%
8.4%
Single Malt
Blended Scotch
Indian Single Malt market is expected to see strong growth
2024 Growth 2024-29 Growth
11.2%
8.4%
14.6%
11.1%
Value
Volume
Value
Volume
Vodka industry growth indicates a strong premiumization trend
Source: Euromonitor International
Investor Presentation | May 2026 5
Spirits Industry in India
Strong structural growth drivers in place
Structural change towards premiumization
Progressive state excise policy framework
Increasing importance of liquor towards state revenues after the implementation of GST
Low per capital IMFL consumption of 2.5 liters in India
Country liquor represents an equally large market segment which is eventually expected to convert into IMFL
White spirits (vodka and craft gin) represent a large opportunity
Improved consumer shopping experience being a focus in the state policies
Focus on value engineering, including more sustainable alternative packaging options
Consumers are ready to experiment with experiences beyond the functional social benefits of alcohol
6
Continued Strong Prestige & Above brands growth
Prestige & Above brands have grown at a CAGR of 21% since FY2021
Prestige & Above as % of Total Volume
45.6% 46.1% 45.6%
Volume (mn cases)
29.0% 29.1% 30.8%
24.3
26.4
37.5%
28.2 28.7
31.4
38.3
7.1
17.2
6.5
15.8
22.3
8.1
18.2
9.4
15.6
11.3
13.4
13.0
15.2
16.7
19.9
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Prestige & Above* Regular & Others* Total** P&A %
Investor Presentation | May 2026
* Excluding Royalty brands for FY23 to FY26; ** Total including Royalty brands for FY23 to FY26 7
Continued Strong Prestige & Above brands growth
Leading to a sustainable improvement in the realization per case
Realisation (Rs./case)1,717
1,801 1,834
1,510 1,547 1,600
603
864
606
890
626
991
634
1,128
649
1,180
634
1,181
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Prestige & Above* Regular & Others* Total**
Investor Presentation | May 2026
* Excluding Royalty brands for FY23 to FY26; ** Total including Royalty brands for FY23 to FY26 8
Company Overview
Largest Indian IMFL Company
1943
Year of Incorporation
80+ years of experience in spirits making. One of the most recognized IMFL brands in India
323
Million liters
One of the largest spirits manufacturers
44
Bottling units
Strategically limiting interstate taxes and transport costs.
Five own, 39 contract and royalty bottling units spread across the country
100,000
Retailers
Strong distribution network. Sale through over 100,000 retail and
10,000 on premise outlets
FY2026 IMFL
Volume
38.3
million cases
Growth of 22% Y-o-Y; Prestige & Above brand contribution to IMFL volumes of 45.6%; 70.3% in value terms
FY2026
Net Revenue
6,050
(Rs. Crore)
Growth of 25% Y-o-Y; EBITDA margin of 16.8% of Net Sales
9
Manufacturing and Distribution Platform
Strong backward integration to secure quality long term raw material supply
Pan India manufacturing platform to cater to customer needs
Contract & Royalty Bottling Units (39)
Own Bottling Units (5) Distilleries (10)Printing Unit (3)
PET Plant (2)
Location | Distilleries | Molasses | Grain | Malt | Total |
Capacity (million litres) | |||||
Rampur | 6 | 19.3 | 82.5* | 4.6 | 106.4 |
Sitapur | 1 | NA | 108.9 | NA | 108.9 |
Aurangabad (Joint Venture) | 3 | 42.0 | 66.0 | NA | 108.0 |
Total | 10 | 61.3 | 257.4 | 4.6 | 323.3 |
* Dual feed plant which can operate both on molasses and grain
Investor Presentation | May 2026 10
Global Presence
Significant progress in building the brand equity in the overseas markets
8%
FY2026
IMFL Sales
Value Split
92%
Exports DomesticExports to over 100 countries across the world
Strategic Growth Drivers
Focus on developing brands, building scale and driving a profitable growth
A strong and growing premium product portfolio driven by consumer preferences
Successful launches in the luxury space with Indian single malt and Indian craft gin
Robust brand equity, with well-recognized products across various categories and segments of IMFL industry in India
Strategically located, well equipped quality driven manufacturing facilities
Technology-driven research and development capabilities, led by market insights and focused on innovation
Pan-India sales and distribution network with an efficient supply chain management system
Exports to over 100 countries, which provides access to a global scale
Value growth with focus on profitability, lean cost structure and strong cash flow generation
Experienced Board and Senior Management team, supported by committed and competent employees
Brand Portfolio
Most brands launched in the last fifteen years have been in the premium category
The Legacy (1943 - 1996)
Platform for Brand Creation (1998 - 2006)
Premiumization (2006 onwards)
Luxury Brands (2016 onwards)
1943: The Rampur Distillery Company was established
Manufactured high quality spirit for branded players and to the armed forces / canteen stores
Gained significant experience as manufacturer of spirits and bottler for other companies
1996: Mr. Abhishek Khaitan joined the family business and instilled the idea of creating own brands
Started the branded IMFL division and launched its first brand 8PM Whisky in 1998
8PM became a millionaire brand within the first year of its launch
Achieved sales volume of 10 Million cases volumes
Made investment at the Rampur facility for creating a strong manufacturing platform for IMFL
Developed strong marketing machinery; Established pan-India selling and distribution setup
After creating brands in the high-volume regular categories, launched the first product in the premium category, Magic Moments Vodka in 2006
Followed by Morpheus Super Premium Brandy, Magic Moments Verve Super Premium Vodka and other brands
2016: Launched Rampur Indian Single Malt luxury whisky
Followed by Jaisalmer Indian Craft Gin, Royal Ranthambore Whisky, Sangam World Malt, The Spirit of Kashmyr Luxury Vodka, Rampur 1943 Virasat Indian Single Malt, etc.
The Millionaires' Club - Global Rankings 2025
Some of the top brands of Radico Khaitan are leading brands globally
Magic Moments Vodka | 8PM Premium Black Whisky | Morpheus Brandy | After Dark Whisky | 1965 Spirit of Victory Rum | 8PM Whisky | Contessa Rum | Old Admiral Brandy |
6th Largest Vodka | 13th Largest Indian Whisky | 4th Fastest growing Brandy 10th Largest Brandy | 3rd Fastest growing Brand | 1st Fastest growing Rum 7th Largest Rum | 7th Largest Indian Whisky | 9th Largest Rum | 3rd Fastest growing Brandy 4th Largest Brandy |
Investor Presentation | May 2026 14
Brand Portfolio
Broad choice for consumers with focus on premium brands
Indicative MRP | Whisky | Rum | Brandy | Vodka | Gin |
Luxury (US$ 50+) | MS: 50% | ||||
Semi Luxury (US$ 15+) | MS: | ||||
Super Premium (US$ 10-15) | 60% | MS: | |||
Semi-Premium / Premium (US$ 8-10) | MS: 5% | 85% | |||
Deluxe (US$ 6-8) | CSD MS: 18% | ||||
Regular (<$US 6) | MS: 15% | CSD MS: 15% |
Investor Presentation | May 2026 Category Market Share 15
Best-in-Class Luxury Portfolio
After the success of Rampur and Jaisalmer, further strengthened the Indi-lux portfolio over the past five years
FY2022 FY2023 FY2024 FY2025 FY2026
The most expensive Indian whisky at the entry level scotch segment; priced higher than the competition
A confluence of the finest malts sourced from traditional European origins as well as from the New World
The crown jewel of luxury rums -triple aged in American Oak Barrels, followed by further maturation in Cognac XO and Vermouth casks
Another core expression from the House of Rampur, reflecting our distinctive maturation techniques
Luxury vodka with with an aspiration to transform into a leading global brand;
A new age single malt carrying forward the legacy of Rampur Distillery
Investor Presentation | May 2026
A disciplined journey from selective brands to a comprehensive, world-class Indian luxury spirits portfolioRampur Indian Single Malt
Price ladder: Breaking the pricing barrier
Rampur Indian Single Malt
In Air India (First Class and Business Class) International Flights
Investor Presentation | May 2026 18