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Indian spirits maker known for brands like Magic Moments vodka and 8PM whisky, expanding into premium segments.
Indian spirits maker known for brands like Magic Moments vodka and 8PM whisky, expanding into premium segments.
Sells through state-by-state licensing and distribution systems, because liquor is regulated by each Indian state, so prices, taxes and shelf access are set locally. Profits come from moving customers from cheap mass-market bottles to pricier brands, a shift known as premiumisation. The Khaitan family controls it.
In one line: A smaller Indian Diageo/Constellation Brands.
Moat: narrow (brand, distribution). Established mass-market brands (Magic Moments, 8PM) with a growing premium play, but smaller scale than United Spirits.
Headquarters: New Delhi, India · Founded: 1943 · Employees: 2,302
Size Radico Khaitan (RADICO.NS) is an India Consumer Staples company (Beverages: Alcoholic) with a market value of $6.37B, the 177th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,515 on 6 Nov 2026.
Performance Over six months the shares gained 32.5%, against +0.1% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 15.7% over the last twelve months (peer median -2.8%); the operating margin is 16.9% (peer median 15.0%).
Valuation It trades at 66.7× forward earnings against a peer median of 18.4× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 45% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +25 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.1 points above its cost of capital (14.4% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹64.8B | ₹60.3B | ₹48.4B | ₹41.0B | ₹31.3B |
| Revenue growth | — | +25% | +18% | +31% | — |
| Gross profit | ₹26.8B | ₹18.6B | ₹13.1B | ₹10.9B | ₹8.14B |
| EBITDA | ₹12.6B | ₹9.99B | ₹6.69B | ₹5.06B | ₹3.56B |
| Net income | ₹7.96B | ₹6.04B | ₹3.46B | ₹2.62B | ₹2.20B |
| Free cash flow | n/a | ₹4.56B | ₹1.18B | -₹1.19B | -₹5.11B |
| Capital expenditure | n/a | ₹2.45B | ₹1.81B | ₹2.39B | ₹7.34B |
| Total debt | ₹3.94B | ₹7.99B | ₹7.50B | ₹8.18B | ₹7.54B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Radico Khaitan RADICO.NS | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% |
| United Spirits UNITDSPR.NS | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% |
| Allied Blenders and Distillers ABDL.NS | $2.10B | +24% | -20% | 11% | 63.5× | n/a |
| Tilaknagar Industries TI.NS | $1.27B | +3% | +150% | 10% | 50.4× | n/a |
| Globus Spirits GLOBUSSPR.NS | n/a | -38% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RADICO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | +10.8% | 3rd lowest of 21 |
| 6-month return | +32.5% | +0.1% | 3rd highest of 21 |
| Distance from 52-week high | -4.9% | -19.4% | 4th highest of 21 |
| Revenue growth (TTM) | +15.7% | -2.8% | highest of 20 |
| Operating margin | 16.9% | 15.0% | 5th highest of 20 |
| Forward P/E | 66.7× | 18.4× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 45.1% | 1.9% | most demanding of 16 |
| Growth delivered (Del g) | +20.5% | +3.4% | highest of 16 |
| Hurdle (Req g minus delivered) | +24.6 pp | -7.6 pp | 2nd most demanding of 16 |
| ROIC minus cost of capital | +6.1 pp | +1.3 pp | 8th highest of 20 |
| EV / EBITDA | 48.1× | 13.4× | most expensive of 14 |
| Net debt / EBITDA | 0.3× | 1.6× | 5th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| Tsingtao Brewery 600600.SS | China | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% | +3.4% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Treasury Wine Estates TWE.AX | Australia | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% | -0.4% |
| ZJLD 6979.HK | Hong Kong | $3.41B | -3% | -29% | 13% | 27.6× | n/a | n/a |
| Royal Unibrew A/S RBREW.CO | Denmark | $3.37B | +11% | +3% | 14% | 13.3× | -7.1% | +16.5% |
| United Breweries UBL.NS | India | $3.33B | -17% | +7% | 6% | 65.9× | n/a | n/a |
| Remy Cointreau RCO.PA | France | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% | -1.5% |