Radico Khaitan reports ‘record’ Q1
Indian spirits company Radico Khaitan saw first-quarter (Q1) sales soar by a third, marking its best quarterly performance to date.
Compared to the same period last year, net sales from operations during the three months ending 30 June 2025 grew by 32.5% to ₹1.5 billion crore (US$17.1 million).
The company’s total Indian-made foreign liquor (IMFL) volume rose from 7.07m cases to 9.72m cases in Q1, representing a 37.5% increase compared to the same period in 2024.
Radico’s ‘Prestige and Above’ segment increased by 40.8% in Q1, while the ‘Regular and Other’ division soared by 52.1%.
The firm’s total comprehensive income skyrocketed by 74.5% during the quarter.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 55.6% to ₹230.7m crore (US$26,314,262).
Dr Lalit Khaitan, chairman and managing director of Radico Khaitan, commented on the performance: “Building on the strong momentum from the second half of last year, Radico Khaitan delivered a standout performance in Q1 FY2026. We continued to make significant progress on our premiumisation journey, with our premium portfolio driving robust revenue growth.”
He noted that the results marked the company’s highest quarterly volumes, net sales and EBITDA to date, which he attributed to a “stable raw material environment and a favourable product mix”.
Khaitan noted that the company would focus on “sustainable, profitable, and volume-led growth in the medium term” by focusing on its core premium brands and the “expanding distribution of its recent premium and luxury launches”.
The ‘record’ results come after nine quarters of decline, with regular volumes returning to a strong growth trajectory in the third quarter. This increase was supported by a change in the route to market in Andhra Pradesh.
‘Transformative phase’
Abhishek Khaitan, managing director of Radico Khaitan, said: “FY2026 marks a transformative phase in Radico Khaitan’s journey, as we took a bold step into the fast-growing super-premium whisky segment with the launch of Morpheus Super Premium Whisky. Another significant milestone is the introduction of The Spirit of Kashmyr, a luxury vodka crafted with the ambition to become a leading global brand.
“As the year unfolds, we remain confident in sustaining strong topline growth. With a broadly stable raw material environment and continued premiumisation, we are well-positioned to deliver margin expansion and further net debt reduction. The Indian alco-bev industry is evolving into a lifestyle-led category, driven by rising affluence and shifting consumer preferences.
Abhishek believes the company is “well-positioned to lead the next phase of growth, supported by its diversified portfolio, strong innovation pipeline, and growing presence in premium and luxury segments”.
Radico Khaitan is one of Indian’s biggest spirits producers. In addition to Morpheus whisky and Kashmyr vodka, the company’s portfolio includes brands such as Rampur Indian single malt, Sangam World Malt Whisky, and Jaisalmer craft gin.
Last year, the company partnered with distribution platform Bemakers to enhance its European business.
Earlier this year, Radico Khaitan withdrew its new single malt whisky, Trikal, following sensitivity concerns over the brand’s name and packaging.
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