Academic Report By- Bharat Khandelwal
ONE PAGE PROFILE - RADICO KHAITAN LTD
Radico Khaitan, founded in 1943 and formerly known as Rampur Distillery, is one of India’s largest and
oldest producers of Indian Made Foreign Liquor (IMFL) with leading brands like 8PM Whisky and Magic
Moments Vodka. The company has evolved from a bulk spirits supplier to a major branded player, driven
by consistent innovation and operational excellence. With a strong presence across domestic and
international markets, Radico Khaitan’s extensive distribution network covers over 85 countries.
INR (Cr.)
Key Financial Metrics Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Share Price - 5yr
Total Sales 2,374.09 2,859.28 3,133.46 4,105.72 4,842.64 3500
Sales Growth (YOY) -1% 20% 10% 31% 18% 3000
Gross Profit Margins 42% 40% 31% 34% 32%
2500
EBITDA Margins 18% 14% 12% 13% 14%
2000
EBIT Margins 16% 12% 9% 10% 11%
1500
Net Margins 11% 9% 7% 6% 7%
Earnings Per Share (in Rs) 20.26 18.86 15.29 19.13 25.80 1000
EPS growth (YOY) 16% -7% -23% 20% 26% 500
Dividend Per Share (In Rs) 2.40 3.00 3.00 3.00 4.00 0
DPS Growth (YOY) 20% 25% 0% 0% 33% 2020 2021 2022 2023 2024 2025
Key Financial Ratios Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Volumes - 5yr
Price to Earnings 27.64x 47.07x 78.12x 90.33x 94.15x 10m
EV/EBITDA 17.80x 28.94x 45.08x 46.21x 48.88x
8m
EV/SALES 3.22x 4.18x 5.30x 5.80x 6.85x
Price to Book Value 4.24x 5.98x 7.42x 9.72x 12.08x 6m
Return on Equity 13% 12% 9% 10% 12%
4m
Return on Capital Employed 16% 15% 10% 12% 15%
Interest Coverage Ratio 15.02x 24.46x 12.39x 6.44x 7.13x 2m
Capital Turnover Ratio 1.35x 1.44x 1.46x 1.73x 1.80x
0m
Inventory Days 75 days 69 days 84 days 70 days 83 days
2020 2021 2022 2023 2024 2025
Debtor Turnover Ratio 3.40x 3.78x 3.80x 4.20x 4.10x
Top 10 Shareholder's Name N. Shares (in Lakhs) % Holding Market value (in Cr.) Shareholding Pattern
SAPPHIRE INTREX LIMITED 453.79 33.91 12,547.32
RAMPUR INTERNATIONAL LIMITED 52.54 3.93 1,452.75 Public 16.03%
NIPPON LIFE INDIA TRUSTEE LTD 45.45 3.4 1,256.78
KOTAK DEBT HYBRID 37.75 2.82 1,043.67 DIIs 25.96%
TATA DIVIDEND YIELD FUND 34.05 2.54 941.47
ADITYA BIRLA SUN LIFE TRUST 31.27 2.34 864.71 FIIs 17.77%
TIMF HOLDINGS 31.35 2.34 866.96
TATA AIA LIFE INSURANCE COMPANY 26.06 1.95 720.51 Promoter 40.23%
CLASSIC FINTREX PRIVATE LTD 25.76 1.92 712.29
0% 20% 40% 60%
HSBC AGGRESSIVE HYBRID FUND 25.07 1.87 693.05
Managerial Remuneration Designation Remuneration X of Median Salary Shareholding Pattern
Dr. Lalit Khaitan CMD 13.6 179.9:1 Share Price as on 9-9-25 2,765.00
Mr. Abhishek Khaitan MD 13.48 180.1:1 Number of shares O/S 13.38Cr
Mr. Krishan Pal Singh ED 1.32 17.6:1 Market Capitalisation 36,995.70Cr
Mr. Amar Singh ED 1.52 19:1 Less: Cash & Equivalents (57.15)
Mr. Dilip K. Banthiya CFO 3.16 42.3:1 Add: Total Debt 750.44
Mr. Dinesh Kumar Gupta CS 0.88 11.8:1 Enterprise Value 37,688.99
Recent Updates
1.) UK-India FTA led to reduced duty on bulk scotch imports, expected to benefit Radico’s cost structure significantly.
2.) Radico introduced The Spirit of Kashmyr luxury vodka to compete in premium and international markets.
3.) Radico reported highest-ever quarterly volume growth of 37.5% YoY in Q1 FY26, driven by premium portfolio demand.
4.) The company launched Morpheus Super Premium Whisky targeting the fast-growing super-premium segment.
5.)After Dark whisky is set to nearly double its volume in FY26, fueled by strong consumer response to its repositioning and rebranding.
