Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Radico Khaitan Ltd

RADICO
Alcoholic Beverages

Radico Khaitan Ltd's earnings have outrun its stock. EPS grew +74.8% in a year against a +52.9% price move.

Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding.

The price is in a confirmed uptrend (13 weeks in) while the P/E sits at the 74th percentile of its own 9-year range. Underneath, the last four quarters read improving — profit +75.6% year on year, and 105% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Consistent
fundamental trajectory, 12 quarters
Price
₹4,341
+52.9% 1Y
P/E
81.8×
74th pctile
of its own 9-year range
Revenue (Jun 26)
₹1,684 Cr
+11.8% YoY
Profit (Jun 26)
₹230 Cr
+75.6% YoY
Operating margin
21.0%
+6.0 pp YoY
ROCE
24%
FY26
ROIC
19.4%
vs WACC 12.0% → +7.4 pp
Cash conversion
105%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Radico Khaitan Ltd trades at ₹4,341, in a confirmed uptrend and 13 weeks into that stage. That is +31.3% against its own 200-day average. It sits at 100% of a 52-week range of ₹2,623 to ₹4,341. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 22 straight weeks.

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹4,341 it trades +31.3% versus its 200-day average and sits at 100% of its 52-week range (₹2,623–₹4,341).

Jul 26: ₹4,341 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+31.3% versus the 200-day line, week 13 of stage 2
Price50-day avg200-day avg
S2S4S2₹4,596₹3,671₹2,746₹1,820₹895₹4,341₹3,306Jul 23May 24Feb 25Nov 25Jul 26
S2S4S2₹4,596₹3,671₹2,746₹1,820₹895₹4,341₹3,306Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (549 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +4,243% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 22 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Radico Khaitan Ltd trades at 81.8× P/E, at the pricey end of its own range (74th percentile). Its long-run median P/E is 53.1×, measured across 8.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 81.8× is at the pricey end of its own range (74th percentile), against a long-run median of 53.1× measured over 8.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 81.8× vs a 53.1× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 8.9-year window; loss-period spikes above 108× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (74th percentile)
P/EMedianEPS (TTM) (quarterly)
115.1×₹57.388.1×₹43.061.1×₹28.734.2×₹14.37.2×₹0.0×81.80×₹53Sep 17Dec 19Mar 22Jun 24Jul 26
115.1×₹57.388.1×₹43.061.1×₹28.734.2×₹14.37.2×₹0.0×81.80×₹53Sep 17Mar 22Jul 26
PEG 1.25 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
1.9×1.5×1.2×0.8×0.5××1.25×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
1.9×1.5×1.2×0.8×0.5××1.25×Q1 FY22Q2 FY24Q4 FY26
P/E
81.8×
74th percentile of 9y
PEG
2.23
as reported

Why the multiple sits where it does: over the past year annual EPS moved +74.8% against a +52.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +36.9%/yr price move, ~+19.3%/yr came from earnings growth and ~+17.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Radico Khaitan Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 25.8% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue +24.7% in FY26, profit +74.6% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
198%325%145%234%91%142%38%50%−16%−42%%%24.7%74.6%FY16FY21FY26
198%325%145%234%91%142%38%50%−16%−42%%%24.7%74.6%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue stabilising, profit accelerating
RevenueProfitEPS
32%83%28%60%23%36%18%13%13%−10%%%19.3%76.4%76.3%Sep 23Dec 24Jun 26
32%83%28%60%23%36%18%13%13%−10%%%19.3%76.4%76.3%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
27%23%20%16%13%%25.8%Sep 23Mar 24Dec 24Sep 25Jun 26
27%23%20%16%13%%25.8%Sep 23Dec 24Jun 26
Revenue growth
Steady high
latest +19.3% · span +14.0% to +31.1%
Profit growth
Rising
latest +76.4% · span −3.3% to +76.4%
EPS growth
Rising
latest +76.3% · span −3.6% to +76.3%
ROCE
Rising
latest 25.8% · span 13.6%–25.8%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+24.7%+24.4%+20.5%+13.9%
Profit+74.6%+40.0%+16.9%+22.7%
EPS+74.8%+39.9%+16.8%+22.6%
Share price+52.9%+46.2%+36.9%+47.3%
Revenue YoY (Jun 26)
+11.8%
latest quarter vs a year ago
Profit YoY (Jun 26)
+75.6%
latest quarter vs a year ago
Revenue 10y
13.9%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

78.6/100 — rank 1 of 14 in Alcoholic Beverages · 100% evidence confidence

Radico Khaitan Ltd scores 78.6 out of 100 against the 14 companies it is compared with in Alcoholic Beverages, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 31.2 + 20.6 + 7.2 + 19.6 = 78.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Radico Khaitan Ltd reported ₹1,684 Cr of revenue in the Jun 26 quarter, +11.8% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.9% a year. The last full year, FY26, came in at ₹6,037 Cr. The last four reported quarters add to ₹6,229 Cr.

FY26 revenue came in at ₹6,037 Cr (+24.7% on the year), capping 10 years at 13.9% compound. The latest quarter (Jun 26) printed ₹1,684 Cr, +11.8% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹6,037 Cr (+24.7% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
13.9% a year over 10 years
RevenueYoY growth
6.5k198%4.9k145%3.3k91%1.6k38%0−16%₹ Cr%₹6,03724.7%FY16FY21FY26
6.5k198%4.9k145%3.3k91%1.6k38%0−16%₹ Cr%₹6,03724.7%FY16FY21FY26
Jun 26: ₹1,684 Cr (+11.8% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
1.8k49%1.4k39%90929%45519%08.7%₹ Cr%₹1,68411.8%Sep 23Dec 24Jun 26
1.8k49%1.4k39%90929%45519%08.7%₹ Cr%₹1,68411.8%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +20.1% growth against the decade's 13.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +19.3% over the last 4 quarters against +20.3%/yr over the last 8 — stabilising; TTM profit +76.4% vs +61.8%/yr — accelerating.

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Radico Khaitan Ltd's operating margin is 21.0% in the Jun 26 quarter, +6.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 11.0% to 17.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 21.0%, +6.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0%–17.0%, and FY26's 17.0% is the top of that band — a record year.

Why the margin moved: operating margin went +5.3 pp year on year while gross margin went +6.1 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 17.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a 11.0–17.0% band over 13 years
operating marginYoY change (pp)
17%3.5%16%1.7%14%0.0%12%−1.7%11%−3.5%%%17%3%FY06FY20FY26
17%3.5%16%1.7%14%0.0%12%−1.7%11%−3.5%%%17%3%FY06FY20FY26
Jun 26: 21.0% operating margin (+6.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
22%6.5%19%4.7%16%3.0%13%1.3%10%−0.5%%%21%6%Sep 23Dec 24Jun 26
22%6.5%19%4.7%16%3.0%13%1.3%10%−0.5%%%21%6%Sep 23Dec 24Jun 26
07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Radico Khaitan Ltd earned ₹230 Cr of net profit in the Jun 26 quarter, +75.6% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹604 Cr. The 10-year compound rate is 22.7%. That is 13.7% of the quarter's revenue. The same quarter a year earlier earned ₹131 Cr.

Jun 26 profit was ₹230 Cr, +75.6% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹604 Cr (+74.6%), and the 10-year compound rate is 22.7%.

FY26 profit ₹604 Cr (+74.6% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
22.7% a year over 10 years
Net profitYoY growth
65282%48956%32629%1632.8%0−24%₹ Cr%₹60474.6%FY16FY21FY26
65282%48956%32629%1632.8%0−24%₹ Cr%₹60474.6%FY16FY21FY26
Jun 26: ₹230 Cr (+75.6% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Net profit (quarterly)YoY growth
248101%18677%12452%6228%03.6%₹ Cr%₹23075.6%Sep 23Dec 24Jun 26
248101%18677%12452%6228%03.6%₹ Cr%₹23075.6%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +11.8% and the margin +6.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +76.5% vs revenue +20.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 105% of Radico Khaitan Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹743 Cr of operating cash against ₹604 Cr of profit. After ₹305 Cr of capital spending, ₹438 Cr was left as free cash.

FY26: operating cash of ₹743 Cr against reported profit of ₹604 Cr, leaving free cash of ₹438 Cr after ₹305 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 105% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹743 Cr vs profit ₹604 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
105% of 3-year profit arrived as cash
Operating cashNet profitFree cash
846473101−272−645₹ Cr₹743₹604₹438FY16FY21FY26
846473101−272−645₹ Cr₹743₹604₹438FY16FY21FY26
FY26: CFO = 123% of profit (three-year rate 105%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
328%227%127%27%−74%%123%FY16FY21FY26
328%227%127%27%−74%%123%FY16FY21FY26

Why conversion sits at 105%: the cash cycle tightened 62 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Radico Khaitan Ltd's cash conversion cycle runs 177 days in FY26, down from 239 days in FY21. Capital spending ran ₹832 Cr over the last 3 years. At FY26 sales of ₹6,037 Cr each day of that cycle holds about ₹16.5 Cr, so roughly ₹2,928 Cr sits inside the business at any moment.

FY26: debtors at 72 days, inventory at 221 days — roughly 7.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 177 days, tighter than FY21's 239.

The full loop: cash goes out to suppliers and production on day 0; stock waits 221 days to sell; customers pay about 72 days after that; and suppliers themselves are paid at 117 days — netting out to the 177-day cycle.

In money terms: at FY26 sales of ₹6,037 Cr, each day of the cycle holds about ₹16.5 Cr — so the 177-day loop keeps roughly ₹2,928 Cr sitting inside the business at any moment.

FY26: a 177-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−62 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
36326516871−27days177d221d72d117dFY06FY17FY20FY23FY26
36326516871−27days177d221d72d117dFY06FY20FY26

On the investment side: capital spending of ₹832 Cr over the last 3 fiscal years against ₹407 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹76.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹305 Cr, work-in-progress ₹76.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
8436334222110₹ Cr₹305₹76FY07FY18FY21FY23FY26
8436334222110₹ Cr₹305₹76FY07FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Radico Khaitan Ltd earns a ROCE of 24% in FY26. That is up from a trough of 10% in FY17. Return on invested capital clears the cost of that capital by +7.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.0% net margin on 1.21× asset turns.

FY26 ROCE is 24%, recovered from a FY17 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 10.0% net margin × 1.21× asset turns × 1.51× balance-sheet leverage ≈ 18.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 19.4% − 12.0% = a +7.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 24% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 11-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY17's 10%
ROCEROIC (annual)WACC
25%21%16%12%7.4%%24%18.2%FY07FY21FY26
25%21%16%12%7.4%%24%18.2%FY07FY21FY26
Q4 FY26: ROCE 24.0% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
25%21%17%12%7.8%%24%16.4%Q1 FY24Q2 FY25Q4 FY26
25%21%17%12%7.8%%24%16.4%Q1 FY24Q2 FY25Q4 FY26
11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Radico Khaitan Ltd carries total debt of ₹498 Cr against shareholder equity of ₹3,316 Cr as of Mar 26, a debt-to-equity of 0.15 — effectively unlevered. On the annual view that ratio went from 0.10 in FY22 to 0.15 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹498 Cr against shareholder equity of ₹3,316 Cr — a debt-to-equity of 0.15. On the annual view, debt-to-equity went from 0.10 (FY22) to 0.15 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹498 Cr at 0.15× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
8830.36×6630.29×4420.22×2210.15×00.08×₹ Cr×₹4980.15×FY22FY24FY26
8830.36×6630.29×4420.22×2210.15×00.08×₹ Cr×₹4980.15×FY22FY24FY26
Mar 26: debt ₹498 Cr, debt-to-equity 0.15 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
9750.40×7310.33×4880.27×2440.20×00.13×₹ Cr×₹4980.15×Jun 23Sep 24Mar 26
9750.40×7310.33×4880.27×2440.20×00.13×₹ Cr×₹4980.15×Jun 23Sep 24Mar 26
12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 3.6 points of Radico Khaitan Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 28.1% of the company. Foreign institutions moved −0.6 points over the same window, to 18.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +3.6 points over 8 quarters to 28.1%; Foreign institutions: −0.6 points over 8 quarters to 18.2%; Promoters: −0.1 points over 8 quarters to 40.2%.

Why the register moved: domestic institutions drove it (+3.6 points), absorbed on the other side by foreign institutions (−0.6 points) — steady accumulation by institutions reading the same numbers this page reads.

Fiscal-year ends: promoters −0.1 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
42%35%28%20%13%%40.2%17.6%27.4%14.8%Mar 24Mar 25Mar 26
42%35%28%20%13%%40.2%17.6%27.4%14.8%Mar 24Mar 25Mar 26
Domestic institutions added 3.6 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
42%35%27%19%11%%40.2%18.2%28.1%13.5%Jun 23Dec 24Jun 26
42%35%27%19%11%%40.2%18.2%28.1%13.5%Jun 23Dec 24Jun 26
13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Radico Khaitan Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

14 · Related companies · Alcoholic Beverages
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Radico Khaitan Ltdthis pageRADICO 78.6/100Favorable setup100% evidence LEADER 31.2/35 Revenue 19.3% · PAT 76.4% · OPM change 6 pp 100% evidence 20.6/25 ROCE 24.2% · OPM 21% 100% evidence 7.2/20 P/E 81.8× · PEG 1.91 100% evidence 19.6/20 RS sector 35.4% · RS bench 34.6% · 1Y 60.6%12 of 12 weeks ahead 100% evidence
Exact sum: 31.2 + 20.6 + 7.2 + 19.6 = 78.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2G M Breweries LtdGMBREW 69.3/100Favorable setup74% evidence ASLEEP 28.7/35 Revenue 21.3% · PAT 30% · OPM change 4 pp 95% evidence 15.6/25 ROCE 18% · OPM 23% 95% evidence 11.5/20 P/E 14.9× · PEG — 15% evidence 13.5/20 RS sector 37.3% · RS bench -7.1% · 1Y 25.4%0 of 10 weeks ahead 70% evidence
Exact sum: 28.7 + 15.6 + 11.5 + 13.5 = 69.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Piccadily Agro Industries LtdPICCADIL 64.3/100Mixed-positive evidence83% evidence TURNING 22.7/35 Revenue 26.8% · PAT 34% · OPM change -5 pp 88% evidence 16.3/25 ROCE 18% · OPM 21% 100% evidence 11.0/20 P/E 52.6× · PEG 1.75 65% evidence 14.3/20 RS sector 4.3% · RS bench 18.3% · 1Y 20.8%3 of 10 weeks ahead 70% evidence
Exact sum: 22.7 + 16.3 + 11 + 14.3 = 64.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4India Glycols LtdINDIAGLYCO 63.9/100Mixed-positive evidence96% evidence BREAKING OUT 20.1/35 Revenue 11.7% · PAT 26.8% · OPM change 0 pp 88% evidence 15.9/25 ROCE 12.4% · OPM 17% 100% evidence 12.3/20 P/E 26.3× · PEG 0.77 100% evidence 15.6/20 RS sector 17.8% · RS bench 17.1% · 1Y 32.9%9 of 12 weeks ahead 100% evidence
Exact sum: 20.1 + 15.9 + 12.3 + 15.6 = 63.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5United Spirits LtdUNITDSPR 60.0/100Mixed-positive evidence100% evidence BREAKING OUT 15.5/35 Revenue 3.1% · PAT 24.4% · OPM change -5 pp 100% evidence 18.7/25 ROCE 26.4% · OPM 16% 100% evidence 9.0/20 P/E 59.5× · PEG 3.12 100% evidence 16.8/20 RS sector 11% · RS bench 10.3% · 1Y 15.8%3 of 12 weeks ahead 100% evidence
Exact sum: 15.5 + 18.7 + 9 + 16.8 = 60 · Decision use: Price leads the evidence: RS versus the benchmark is 10.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6IFB Agro Industries LtdIFBAGRO 58.5/100Mixed-positive evidence74% evidence TURNING 28.1/35 Revenue 38.9% · PAT 90.3% · OPM change 1 pp 95% evidence 11.6/25 ROCE 12.7% · OPM 8% 95% evidence 11.3/20 P/E 15.4× · PEG — 15% evidence 7.5/20 RS sector -7% · RS bench -6.2% · 1Y 20.8%10 of 10 weeks ahead 70% evidence
Exact sum: 28.1 + 11.6 + 11.3 + 7.5 = 58.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Globus Spirits LtdGLOBUSSPR 50.0/100Mixed-positive evidence83% evidence ASLEEP 27.8/35 Revenue 7.9% · PAT 100% · OPM change 2 pp 100% evidence 8.6/25 ROCE 11.4% · OPM 10% 100% evidence 10.8/20 P/E 25.6× · PEG — 15% evidence 2.8/20 RS sector -11.5% · RS bench -12.4% · 1Y -29%0 of 12 weeks ahead 100% evidence
Exact sum: 27.8 + 8.6 + 10.8 + 2.8 = 50 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.5% and the one-year return is -29%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8Allied Blenders & Distillers LtdABDL 48.4/100Mixed-negative evidence93% evidence LEADER 14.4/35 Revenue 8% · PAT -12.5% · OPM change 0 pp 100% evidence 14.4/25 ROCE 18.4% · OPM 12% 100% evidence 4.2/20 P/E 77.7× · PEG 4.13 65% evidence 15.4/20 RS sector 11.1% · RS bench 10.1% · 1Y 34.7%12 of 12 weeks ahead 100% evidence
Exact sum: 14.4 + 14.4 + 4.2 + 15.4 = 48.4 · Decision use: Price leads the evidence: RS versus the benchmark is 10.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9Associated Alcohols & Breweries LtdASALCBR 40.9/100Mixed-negative evidence81% evidence ASLEEP 9.2/35 Revenue -5.3% · PAT -4.6% · OPM change -3 pp 95% evidence 14.0/25 ROCE 18% · OPM 11% 95% evidence 13.3/20 P/E 18.5× · PEG — 50% evidence 4.4/20 RS sector -20.9% · RS bench -17% · 1Y -30.2%3 of 10 weeks ahead 70% evidence
Exact sum: 9.2 + 14 + 13.3 + 4.4 = 40.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10Tilaknagar Industries LtdTI 37.5/100Mixed-negative evidence85% evidence ASLEEP 9.3/35 Revenue 100% · PAT -80% · OPM change -7 pp 100% evidence 11.0/25 ROCE 11.8% · OPM 16% 80% evidence 8.3/20 P/E 50.9× · PEG — 50% evidence 8.9/20 RS sector 1.5% · RS bench 0.8% · 1Y -6.5%0 of 12 weeks ahead 100% evidence
Exact sum: 9.3 + 11 + 8.3 + 8.9 = 37.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Sula Vineyards LtdSULA 34.9/100Adverse evidence77% evidence ASLEEP 9.2/35 Revenue -4% · PAT -63.5% · OPM change -2.1 pp 83% evidence 11.3/25 ROCE 7.5% · OPM 20.6% 95% evidence 10.2/20 P/E 53.2× · PEG — 50% evidence 4.2/20 RS sector -29.5% · RS bench -16.4% · 1Y -41.8%0 of 10 weeks ahead 70% evidence
Exact sum: 9.2 + 11.3 + 10.2 + 4.2 = 34.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12United Breweries LtdUBL 34.2/100Adverse evidence79% evidence BASING 11.5/35 Revenue 3.6% · PAT -6.8% · OPM change -2 pp 88% evidence 6.3/25 ROCE 10.7% · OPM 6% 100% evidence 8.5/20 P/E 110× · PEG — 15% evidence 7.9/20 RS sector -11.4% · RS bench -12.2% · 1Y -30.2%0 of 12 weeks ahead 100% evidence
Exact sum: 11.5 + 6.3 + 8.5 + 7.9 = 34.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Jagatjit Industries LtdJAGAJITIND 33.6/100Thin evidence · provisional58% evidence TURNING 14.5/35 Revenue -48.3% · PAT 100% · OPM change -8 pp 62% evidence 5.1/25 ROCE 10.5% · OPM -13% 76% evidence 9.4/20 P/E 60.1× · PEG — 15% evidence 4.6/20 RS sector -15.4% · RS bench -17.4% · 1Y -34.4%2 of 11 weeks ahead 70% evidence
Exact sum: 14.5 + 5.1 + 9.4 + 4.6 = 33.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14Som Distilleries & Breweries LtdSDBL 22.5/100Adverse evidence70% evidence ASLEEP 5.2/35 Revenue -14.8% · PAT -80% · OPM change -36 pp 83% evidence 5.6/25 ROCE 5.7% · OPM -24% 95% evidence 8.7/20 P/E 105× · PEG — 15% evidence 3.0/20 RS sector -36.3% · RS bench -28.9% · 1Y -54.3%2 of 10 weeks ahead 70% evidence
Exact sum: 5.2 + 5.6 + 8.7 + 3 = 22.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is Radico Khaitan Ltd's share price today?

Radico Khaitan Ltd trades at ₹4,341, +52.9% over the past year. The company is valued at ₹58,159 Cr. The stock sits at 100% of its 52-week range of ₹2,623–₹4,341, +31.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 31 July 2026.

What were Radico Khaitan Ltd's latest quarterly results?

Radico Khaitan Ltd reported revenue of ₹1,684 Cr and net profit of ₹230 Cr for the Jun 26 quarter. Revenue rose 11.8% and profit rose 75.6% year on year. Earnings per share were ₹17.14. The operating margin was 21.0%, 6.0 pp higher than a year earlier. — as of 31 July 2026.

What is Radico Khaitan Ltd's revenue?

Radico Khaitan Ltd reported revenue of ₹1,684 Cr in the Jun 26 quarter, +11.8% year on year. For the full FY26 fiscal year, revenue was ₹6,037 Cr (+24.7%). Over the last 10 years revenue compounded at 13.9% a year. — as of 31 July 2026.

What is Radico Khaitan Ltd's profit?

Radico Khaitan Ltd earned ₹230 Cr of net profit in the Jun 26 quarter, +75.6% year on year — the 12th straight quarter of growth. Full-year FY26 profit was ₹604 Cr. The operating margin ran 21.0% in the latest quarter. — as of 31 July 2026.

What is Radico Khaitan Ltd's market cap?

Radico Khaitan Ltd's market capitalisation is ₹58,159 Cr at a share price of ₹4,341. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Radico Khaitan Ltd's P/E ratio?

Radico Khaitan Ltd trades at a P/E of 81.8×, at the 74th percentile of its own 9-year range, against a long-run median of 53.1×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Radico Khaitan Ltd pay a dividend?

Yes — Radico Khaitan Ltd's dividend payout was 20% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.

Is Radico Khaitan Ltd overvalued?

On its own history, Radico Khaitan Ltd looks expensive against its own history: its P/E of 81.8× sits at the 74th percentile of its 9-year range (long-run median 53.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 31 July 2026.

Is Radico Khaitan Ltd growing?

Yes — Radico Khaitan Ltd is growing: latest-quarter revenue +11.8% year on year, profit +75.6%, and the margin +6.0 pp at 21.0%. The 10-year compound rates are 13.9% (revenue) and 22.7% (profit). The earnings engine currently reads: improving — as of 31 July 2026.

How is Radico Khaitan Ltd performing?

Radico Khaitan Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 11.8% and profit rose 75.6% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 22 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Radico Khaitan Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 25.8% and holding. The read comes from the last 12 quarters of growth (revenue growth +19.3% latest, profit growth +76.4% latest, eps growth +76.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Radico Khaitan Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +31.3% versus its 200-day average and at 100% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is Radico Khaitan Ltd beating the market?

On recent form, yes — Radico Khaitan Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 22 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +4,243% against the NIFTY 500's +276% — ahead of the index over the full window. — as of 31 July 2026.

Will Radico Khaitan Ltd's share price go up?

This page publishes no price forecast for Radico Khaitan Ltd. What it measures instead: the share price is ₹4,341, the price is in a confirmed uptrend 13 weeks in. Its P/E of 81.8× sits at the 74th percentile of its own 9-year range. — as of 31 July 2026.

Who owns Radico Khaitan Ltd?

Promoters hold 40.2% of Radico Khaitan Ltd, foreign institutions 18.2%, domestic institutions 28.1% and the public 13.5% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.6 points over 8 quarters. — as of 31 July 2026.

Does Radico Khaitan Ltd have too much debt?

No — Radico Khaitan Ltd's debt-to-equity is 0.15, and operating profit covers the interest bill 16×. FY26 borrowings were ₹498 Cr against equity of ₹3,316 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.

What is Radico Khaitan Ltd's capex?

Radico Khaitan Ltd spent ₹832 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹305 Cr, with ₹76.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is Radico Khaitan Ltd's cash flow?

Radico Khaitan Ltd generated ₹743 Cr of operating cash flow in FY26 and ₹438 Cr of free cash flow after ₹305 Cr of capital spending. Reported profit that year was ₹604 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is Radico Khaitan Ltd's profit real cash?

Yes — over the last 3 fiscal years, 105% of Radico Khaitan Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹743 Cr against reported profit of ₹604 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.

Where is Radico Khaitan Ltd in its business cycle?

Radico Khaitan Ltd's FY26 operating margin was 17.0%, against a 13-year band of 11.0%–17.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 21.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the Radico Khaitan Ltd story?

Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is Radico Khaitan Ltd a stock worth studying right now?

This is not investment advice. The machine read: Radico Khaitan Ltd's earnings have outrun its stock. EPS grew +74.8% in a year against a +52.9% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

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