Radico Khaitan Limited · NSE:RADICO
Radico Khaitan — Investor Presentation (May 2026)
68 slides from Radico Khaitan's investor presentation, May 28, 2026
Slide 1: Stock exchange filing cover letter
RKL/SX/2026-27/17 May 28, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeeboy Towers, Exchange Plaza, 5th Floor, Plot no. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Scrip Code: 532497 Scrip code: RADICO Subject : Investor Pres
Slide 2: Radico Khaitan Ltd. Investor Presentation Taking India to the World
Radico Khaitan Ltd. (BSE: 532497; NSE: RADICO) Investor Presentation May 2026 Taking India to the World
Slide 3: Indian, Dare
INDIAN, DARE
Slide 4: Index
Index 2 1. Industry dynamics 2 9 2. Company overview 9 12 3. Strategic direction 12 13 4. Brand portfolio and marketing 13 61 5. Financial performance 61
Slide 5: India Macroeconomic Context
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 Transformation of consumption profile segment Driver 2 – Rapid Urbanization Growth of rural
Slide 6: India Consumer Story
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 India's consumption growth (in nominal terms) outpaced China, consumer markets in the world (US$ trillion) US and Germany (in US$ terms) 18.6 2013
Slide 7: Spirits Industry in 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) 4.1% Industry Industry 4.9% 9.5% 68.8% 8.9% 74.7% CAGR: 5.1% CAGR: 13.4% 12.0% 63.8% 66.6% 11.5% 8.8% Whisk
Slide 8: Spirits Industry in India
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 Indi
Slide 9: Continued Strong Prestige & Above brands growth
Continued Strong Prestige & Above brands growth Prestige & Above brands have grown at a CAGR of 21% since FY2021 45.6% 46.1% 45.6% 37.5% 38.3 Prestige & Above as % of Total Volume 30.8% 31.4 29.0% 29.1% Volume (mn cases) 28.2 28.7 26.4 24.3 22.3 19.9 18.2 17.2 16.7 15.8 15.6 15.2 13.4 13.0 11.3 9.4
Slide 10: Continued Strong Prestige & Above brands growth
Continued Strong Prestige & Above brands growth Leading to a sustainable improvement in the realization per case Realisation (Rs./case) 1,801 1,834 1,717 1,600 1,510 1,547 1,180 1,181 1,128 991 864 890 626 634 649 634 603 606 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Prestige & Above* Regular & Othe
Slide 11: Company Overview
Company Overview Largest Indian IMFL Company Strategically limiting 80+ years of interstate taxes and experience in 1943 spirits making. One 323 One of the largest 44 transport costs. Five own, 39 contract Year of of the most Million liters spirits manufacturers Bottling Incorporation units and roya
Slide 12: Manufacturing and Distribution Platform
Manufacturing and Distribution Platform Strong backward integration to secure quality long term raw material supply Pan India manufacturing platform to cater to customer needs Location Distilleries Molasses Grain Malt Total Capacity (million litres) Rampur 6 19.3 82.5* 4.6 106.4 Sitapur 1 NA 108.9 N
Slide 13: Global Presence
Global Presence Significant progress in building the brand equity in the overseas markets 8% FY2026 IMFL Sales Value Split 92% Exports Domestic Exports to over 100 countries across the world
Slide 14: Strategic Growth Drivers
Strategic Growth Drivers Focus on developing brands, building scale and driving a profitable growth 1. A strong and growing premium product portfolio driven by consumer preferences 2. Successful launches in the luxury space with Indian single malt and Indian craft gin 3. Robust brand equity, with we
Slide 15: Brand Portfolio
Brand Portfolio Most brands launched in the last fifteen years have been in the premium category The Legacy Platform for Brand Creation Premiumization Luxury Brands (1943 – 1996) (1998 – 2006) (2006 onwards) (2016 onwards) o 1943: The Rampur Distillery o Started the branded IMFL o After creating bra
Slide 16: The Millionaires' Club – Global Rankings 2025
The Millionaires’ Club – Global Rankings 2025 Some of the top brands of Radico Khaitan are leading brands globally Magic 8PM Premium Morpheus After Dark 1965 Spirit of Old Admiral Moments 8PM Whisky Contessa Rum Black Whisky Brandy Whisky Victory Rum Brandy Vodka 4th Fastest 1st Fastest 3rd Fastest
Slide 17: Brand Portfolio
Brand Portfolio Broad choice for consumers with focus on premium brands Indicative MRP Whisky Rum Brandy Vodka Gin A blue and pink bottle with white text AI-generated content may be A bottle of liquor with a blue label incorrect. Description automatically generated A bottle of alcohol next to a box
Slide 18: Best-in-Class Luxury Portfolio
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 A confluence of The crown jewel Another core Luxury vodka with expensive Indian the finest malts of luxury rums –
Slide 19: Rampur Indian Single Malt
Rampur Indian Single Malt Price ladder: Breaking the pricing barrier
Slide 20: Rampur Indian Single Malt
Rampur Indian Single Malt In Air India (First Class and Business Class) International Flights Investor Presentation | May 2026 18
Slide 21: Rampur Indian Single Malt
Rampur Indian Single Malt A Salute to the Royal Heritage Select Expressions o Rampur Double Cask: Matured in hand-picked American Bourbon barrels and European Oak Sherry casks o Eight expressions (Select, PX Sherry, Signature Reserve, Double Cask, Asava, Trigun, Jugalbandi, Barrel Blush) o Available
Slide 22: The Pursuit of Perfection
THE PURSUIT OF PERFECTION This Limited Edition Whisky was put to age peacefully in American Standard Oak Barrels for an extended period of time, withering many Indian Summers. These four unique casks, handpicked and reserved for the Master Maker, were then transferred in specially selected PX Sherry
Slide 23: Rampur Barrel Blush
RAMPUR INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED BARREL BLUSH Sensory Lnpressions Nose: Balanced aroma of tropical fruits, floral, smooth malty tones and oaky notes from double oak-wood barrels. Delicate vanilla notes from American white oak complemented by rich caramel, toffee, dried dark fruits
Slide 24: Award Winning Rampur Select
AWARD WINNING COCOLLECTIONc# Indulge in the rich Indian heritage and enduring traditions of the Maharajas. Aged in the foothills of Himalayas, this exquisite whisky is the Kohinoor of Single Malts. This beautiful nectar is a winner of many international awards including the Double Gold Medal San Fra
Slide 25: Rampur Trigun Cask
RAMPUR INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED TRIPLE | RJGUN cask ‘An amalgamation of fruity aromas and smoothness ‘topped with irresistible crispiness coming from a balanced maturation in three different casks. TAUUL / Harmony of Three QO¢ TASTING NOTES NOSE: Tropical fruity notes with hints
Slide 26: Rampur Jugalbandi #1
RAMPUR INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED JUGALBANDI #1 Avelvet of tropical fruity notes from American Bourbon Barrels and an array of dark dried and complex spiciness from Moscatel Casks MOSCATEL CASK Firyicy, ee ae MPUR NOSE Fruity top notes of lychee, mango and hint of banana as the cas
Slide 27: Rampur Jugalbandi #2
INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED JUGALBANDI #2 A magical duet of tropical fruity notes from American Bourbon Barrels and aroma of sweet baked apple from Calvados Casks. cAWADOS CASK Finig,, a medley of aromas NOSE The cask lends sweet and spicy malt notes, adding depth to the aroma and b
Slide 28: Rampur Jugalbandi #3
RAMPUR INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED JUGALBANDI #3 juxurious euphony of sweetness and spice from American Bourbon Barrels and a smooth, velvety aria with hints of sweet plum cake from Port Casks. RAMPUR port CASK MATURED, NOSE The intense tropical fruity top notes that evolve into a h
Slide 29: Rampur Jugalbandi #4
RAMPUR _JUGALBANDI #4 ming melody of fruity, floral glory from American “ pourbon Barrels and spicy malty magie from Indian Pale Ale Casks. _ yeAC cask AMT NOSE An intense tropical fruity note with a ripe juicy apple and ahint of mango. The Indian Pale Ale cask sings in a sweet malty undertone with
Slide 30: Rampur Jugalbandi #5
INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED _JUGALBANDI #5 melody begins in American Bourbon Barrels, ness and spice from Tokaji Wine Casks. xoKAl CASK MATURED a medley of womas NOSE A crescendo of fruity notes begins with classic Rampur aromas of apricot, peach, and ripe mango, accompanied by hint
Slide 31: Rampur Jugalbandi #6
INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED JUGALBANDI # symphony of flavors unfolds in the emt American Bourbon Barrels, accompanied by a lavish palett f floral and citrusy notes from Madeira Wine Casks. ADEIRA CASK MATURE, a medley of aromas NOSE A tropical overture introduces classic Rampur arom
Slide 32: Rampur Jugalbandi #7
INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED JUGALBANDI #/ armony unfo mpur Singl American Bourbon Barrels, then finds refined depth in Japanese Mizunara oak flalt matures ir NARA CASK MATy, OE lly of wom Rep NOSE ‘Tropical fruits and soft florals lead, with vanilla, honeycomb, and orchard notes. Mi
Slide 33: Rampur Jugalbandi #8
INDIAN SINGLE MALT WHISKY NON-CHILL FILTERED JUGALBANDI #8 A rich harmony begins in American Bourbon Barrels, then deepens in velvety Pedro Ximénez Sherry casks. > SHERRY CASK MATURE medley of aroma NOSE Soft vanilla, tropical fruit, floral honey, and toasted coconut lead from the Bourbon cask. PX s
Slide 34: Sangam World Malt Whisky
WORLD MALT WHISKY NON-CHILL FILTERED A MELANGE OF MALTS MASTERFULLY WEAVED TOGETHER CRAFTING AN EXCEPTIONAL EXPERIENCE. NOSE Sangam offers a hint of tropical fruits such as lychee, green apple, pears and apricot. Followed by delicate notes of citrus and floral tones of rose and heather. The sweet ro
Slide 35: Welcome to Heritage – Ruby Port Finish
WELCOME TO T 6 eritage RUBY PORT FINIS!i
Slide 36: Introducing Ankahi Zaffran Spiced Liqueur
’ ‘ qd & w Re 2 ie) INTRODUCING ANKAHI ZAFFRAN SPICED LIQUEUR In the heart of India's diverse and ancient landscapes lie stories waiting to be discovered. From the verdant valleys of Kashmir comes a masterpiece that captures the essence of these untold tales - Ankahi Zaffran Spiced Liqueur. Crafted
Slide 37: Kohinoor Reserve
He Radwo KOHINOOR RESERVE SPIRIT OF EXCELLENCE
Slide 38: Jaisalmer Indian Craft Gin
A yellow text on a white background Description automatically generated Jaisalmer Indian Craft Gin The Royalty Awaits o A triple-distilled neutral grain spirit, it is re-distilled in a traditional copper pot still, with its recipe handcrafted in a time-honoured way. o Derived from the ancient Indian
Slide 39: Jaisalmer Indian Craft Gin
JAISALMER INDIAN CRAFT GIN a million tales on a GOLDEN a) )AISALMER CANVAS Cee a ‘The Indian wisdom of ancient herk including finest quality Juniper Berri infused with 18 handpicked botanicals . Coriander from Jaisalm Nagpur Orange Peel, Darjeeling Green Tea, Liquorice, Lemongrass. Bay Leaves, Gandh
Slide 40: Investor Presentation | May 2026
Investor Presentation | May 2026
Slide 41: The Spirit of Kashmyr
soninihe ihelaas ‘The Spirit 0! KaRheRye is pire iNBgonca « Boxi6d inte Bro refined expressions. ya 4 ie HS es The magikiof Yes A Bom in the Himalayas, The Spirit of Kashmnyr is pure indulgence bottied into tWar =. <rofines: SRaressions. The mag Bort in the Hitralayes, ‘The Spirit of Kashmyn is pure
Slide 42: Royal Ranthambore
A yellow text on a white background Description automatically generated Royal Ranthambore Heritage Collection-Royal Crafted Whisky • Blended Malt Scotch & Scotch Grain from Malted Barley: Crafted from different bespoke Blended Malt Scotch from various regions of Scotland. Scotch grain is also blende
Slide 43: Royal Ranthambore
Royal Ranthambore Heritage Collection-Royal Crafted Whisky Tasting Notes: Visual/Colour: Golden hue complemented by tint of amber Nose/Aroma: Warm and intense malty aromas make their presence felt followed by sweet floral notes and hints of citrus. At the end subtle forest honey and spicy dried frui
Slide 44: Investor Presentation | May 2026
Investor Presentation | May 2026
Slide 45: Introducing Morpheus Rare Luxury Whisky
Introducing MORPHEUS — RARE — LUXURY WHISKY
Slide 46: Morpheus Rare Luxury Whisky
Morpheus Rare Luxury Whisky 44 Addressing portfolio gap targeted at the fast-growing super-premium whisky segment Blend Fruity floral elegance - Aged in Bourbon barrels, this masterful blend of imported Scotch Malts and Indian grain spirits invokes signature fruity attributes. Color Amber gold. Nose
Slide 47: Magic Moments Dazzle Vodka
A yellow text on a white background Description automatically generated Magic Moments Dazzle Vodka Razzle with the Magic of Dazzle The 7 stage filtration process Single Grain Rice Vodka Gold Silver • Filters: Carbon, Silver, Platinum and Gold • Filters: Carbon, Silver and Platinum • A delightful ble
Slide 48: Magic Moments Verve Vodka
A yellow text on a white background Description automatically generated Magic Moments Verve Vodka The Smooth Blend of Sophistication o Verve super-premium vodka is refined through a slow five-stage filtration process, using silver and platinum filters that ensure purity till the last drop. A high-en
Slide 49: Spirit of Excellence
SPIRIT OF EXCELLENCE W A MOEA Flayours of India y | x cAtphonso Mango ST oF Us MO ur a OEHETON
Slide 50: Magic Moments Vodka
A yellow text on a white background Description automatically generated Magic Moments Vodka Make Every Moment a Magic Moment o Launched in 2006, Magic Moments is India’s largest premium vodka brand with around 60% market share (~85% in the relevant segment). o The magic of every party begins here. M
Slide 51: Morpheus Super Premium Brandy
A yellow text on a white background Description automatically generated Morpheus Super Premium Brandy Dare to Dream Morpheus Blue XO Brandy o It takes one sip of Morpheus Blue to understand that not all brandies are created equal. Crafted by our master blenders, Morpheus Blue is perfection in a bott
Slide 52: 8PM Premium Black: Bold New Look
8PM Premium Black: Bold New Look
Slide 53: Investor Presentation | May 2026
Investor Presentation | May 2026
Slide 54: International Key Account Presence
A yellow text on a white background Description automatically generated International Key Account Presence Dubai USA UK Singapore Investor Presentation | May 2026 Above list is illustrative and not exhaustive 52
Slide 55: Digital Marketing – Overview
Digital Marketing – Overview Reach Impressions Engagements/Views Followers 650 900 600 2.5 Million Million Million Million Across multiple digital media platforms such as YouTube, Meta, Spotify, and more — covering 11 power brands (FY26) Investor Presentation | May 2026 53
Slide 56: Digital Marketing – Recent Campaigns
Digital Marketing – Recent Campaigns Rampur 1943 Virasat The Spirit Of Kashmyr Launch Rampur 1943 Virasat Indian Single Malt was successfully launched across key We launched The Spirit of Kashmyr Luxury Vodka with a visually immersive North Indian markets, beginning with UP, Haryana, and Delhi. The
Slide 57: Digital Marketing – Recent Campaigns
Digital Marketing – Recent Campaigns Rampur Distillery X Jim Murray Rampur 1943 Virasat x Jim Murray Three decades after his first visit, Jim Murray returned to Rampur Distillery, Rampur 1943 Virasat Indian Single Malt exemplifies a refined blend of heritage, marking its rise as a global symbol of I
Slide 58: Digital Marketing – Recent Campaigns
Digital Marketing – Recent Campaigns Magic Moments X Kriti Sanon Magic Moments x Terrible Tiny Tales Built strong emotional brand recall through culturally relevant, Magic Moments onboarded Kriti Sanon as its brand ambassador and authentic storytelling. The campaign featured 3 content films with dev
Slide 59: Global Travel Retail
Global Travel Retail Bangalore Duty Free Dubai Duty Free Dubai Duty Free Mumbai Duty Free - Arrival Investor Presentation | May 2026 57
Slide 60: Global Travel Retail
Global Travel Retail Mumbai Duty Free - Departure TFWA, Singapore Investor Presentation | May 2026 58
Slide 61: Global Travel Retail
Global Travel Retail Sharjah Duty Free Bahrain Duty Free Investor Presentation | May 2026 59
Slide 62: Global Travel Retail
Global Travel Retail Rampur Barell Blush Activation at Amathus, Airport Duty Free Departures, New Delhi The Whisky Show, London London Underground Metro, London Investor Presentation | May 2026 60
Slide 63: Robust Financial Performance
Robust Financial Performance Premiumization coupled with the raw materials tailwinds has led to higher profitability and stronger return ratios 771 25.1% 687 574 19.0% 244 Q4 FY2025 Q1 FY2019 Q2 FY2019 Q3 FY2019 Q4 FY2019 Q1 FY2020 Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY202
Slide 64: Robust Financial Performance
Robust Financial Performance A strong top line along with consistent improvement in profitability and return ratios Net Sales (Rs. Crore) EBITDA (Rs. Crore) and Margin (%) 17.0% 16.8% 6,050 14.0% 13.8% 12.3% 1,018 11.4% 4,851 4,119 668 2,868 3,143 507 2,399 408 403 358 FY2021 FY2022 FY2023 FY2024 FY
Slide 65: Robust Financial Performance
Robust Financial Performance Q4 y-o-y Q3 q-o-q Full Year y-o-y FY2026 FY2025 Growth (%) FY2026 Growth (%) FY2026 FY2025 Growth (%) Operational Performance (Million Cases) Prestige & Above 4.35 3.40 27.9% 4.62 (5.7)% 16.70 13.00 28.5% Regular & Others 4.75 5.29 (10.2)% 4.70 1.2% 19.92 15.21 31.0% Tot
Slide 66: Robust Financial Performance
Robust Financial Performance Q4 y-o-y Q3 q-o-q Full Year y-o-y Financial Performance (` Crore) FY2026 FY2025 Growth (%) FY2026 Growth (%) FY2026 FY2025 Growth (%) Revenue from Operations (Gross) 5,182.3 4,485.4 15.5% 5,423.8 (4.5)% 20,976.4 17,098.5 22.7% Revenue from Operations (Net) 1,503.7 1,304.
Slide 67: Disclaimer
Disclaimer This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Radico Khaitan’s future business developments and economic performance. W
Slide 68: Radico Khaitan Limited
Radico Khaitan Limited (CIN: L26941UP1983PLC027278) J-I, Block B-I, Mohan Co-operative Industrial Area, Mathura Road, New Delhi-110044 Ph.: +91-11-4097 5400/5500 Fax: +91-11-4167 8841/42 www.radicokhaitan.com