Radico Khaitan Ltd
RADICORadico Khaitan Ltd's earnings have outrun its stock. EPS grew +74.8% in a year against a +52.2% 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 (19 weeks in) while the P/E sits at the 73rd 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.
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 ₹4,368, in a confirmed uptrend and 19 weeks into that stage. That is +20.4% against its own 200-day average. It sits at 86% of a 52-week range of ₹2,623 to ₹4,650. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 28 straight weeks.
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹4,368 it trades +20.4% versus its 200-day average and sits at 86% of its 52-week range (₹2,623–₹4,650).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +4,270% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 28 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.
Story check
Radico Khaitan Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: PEAK_MARGIN_VALUE_TRAP. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. Radico's premiumisation and earnings delivery are substantial, but a 98th-percentile operating margin makes the 87.4x trailing PE a PEAK_MARGIN_VALUE_TRAP if margins mean-revert.
From the numbers. The deterministic cycle verdict is PEAK_MARGIN_VALUE_TRAP. Trailing PE is 87.4x and reported OPM is 20.7%, which the cycle engine places at the 98th percentile against normalized OPM of 14.7%. The engine estimates…
From the price. Price stage 2, week 19 — above its 200-day line, relative strength rising.
From the research. Radico's premiumisation and earnings delivery are substantial, but a 98th-percentile operating margin makes the 87.4x trailing PE a PEAK_MARGIN_VALUE_TRAP if margins mean-revert.
🚨 Where they disagree. The deterministic cycle verdict is PEAK_MARGIN_VALUE_TRAP. Trailing PE is 87.4x and reported OPM is 20.7%, which the cycle engine places at the 98th percentile against normalized OPM of 14.7%. The engine estimates normalized EPS of ₹39.83, normalized PE of 116.5x and a 99th-percentile normalized valuation. The earnings-driven PE contraction is favorable only if peak margins are retained; otherwise the apparent trailing PE understates valuation risk.
What is proven. Radico's premiumisation and earnings delivery are substantial, but a 98th-percentile operating margin makes the 87.4x trailing PE a PEAK_MARGIN_VALUE_TRAP if margins mean-revert.
What is not proven yet. A sustained operating-margin decline toward the normalized 14.7% level, P&A volume growth below 15% YoY, or failure to reach net debt-free status by Q2 FY27 would invalidate the operating and valuation assumptions.
🚨 What would change our mind. A sustained operating-margin decline toward the normalized 14.7% level, P&A volume growth below 15% YoY, or failure to reach net debt-free status by Q2 FY27 would invalidate the operating and valuation assumptions.
Layer 1 read, 22 August 2026 — KEEP. Superb execution, but all the profit growth is margin — and the margin is at a ten-year high with sales slowing. Radico is doing what it said it would: premium volumes grew 36% while the whole spirits market grew 3%, Magic Moments sold 3.3 million cases with value up 51%, and the company should be debt-free by the September quarter. But look at where the 75.6% profit jump came from — sales rose only 11.8% while operating profit rose 50.4%, so the entire gain is a wider margin, and that margin at 20.7% is higher than in 98 of the last 100 quarters against a normal level of 14.7%. Sales growth has also slowed every quarter for a year (+33.9%, +19.6%, +15.3%, +11.8%), so when the margin stops widening the earnings growth falls back toward 12% — against a share price that needs roughly 36% a year to work.
What would change Layer 1’s mind. The verdict flips DOWN if consolidated EBITDA margin prints below 20% in Q2 FY27 while Prestige-and-Above volume growth falls under 25% — that is the timeline own falsification and it would mean the margin has begun its mean-reversion toward 14.7% with no volume engine to replace it. It flips UP to P1 only if quarterly revenue growth re-accelerates back above 20% year on year while margin merely HOLDS at 20% — proving the next leg is volume-and-mix led rather than another margin squeeze, which…
🚨 Layer 2 read, 22 August 2026 — DROP. The business is winning, but the sector evidence says those wins are already over-priced. Premium volumes and debt reduction are real, and Karnataka policy helps demand. But the sector's q4 risk directly names Radico's peak margin and rich multiple, matching the ⚠ normalised valuation warning. Social remains positive, yet its own caution says premium valuations need delivery, so it cannot offset this direct risk.
What would change Layer 2’s mind. Re-advance only if operating margin holds near management's guided level while the earnings multiple compresses materially, or if earnings re-accelerate without further margin expansion; a December-quarter margin failure would confirm the DROP.
The test written in advance. A sustained operating-margin decline toward the normalized 14.7% level, P&A volume growth below 15% YoY, or failure to reach net debt-free status by Q2 FY27 would invalidate the operating and valuation assumptions. — the thesis as written as stated by the next result.
The test written in advance. PEAK_MARGIN_VALUE_TRAP — PEAK_MARGIN_VALUE_TRAP OPM, gross-margin, pricing and input-cost progression versus the 20.0% FY27 EBITDA-margin guidance. by the next result.
The test written in advance. Management consistency — Management consistency Any revision to P&A, luxury, margin or net-debt guidance. by the next result.
What the company does. 1. Q1 FY27 revenue was ₹1,684 Cr (+11.8% YoY), PAT was ₹230 Cr (+75.6%), and reported OPM was 21%. 2. P&A volume grew 36.0% YoY and Magic Moments delivered 3.3 million cases, but the cycle engine estimates 20.7% OPM is at the 98th percentile of its own history. 3. Trailing PE is 87.4x; at the normalized 14.7% OPM, normalized PE is 116.5x at the 99th percentile, so earnings and margins must hold for returns to avoid the value trap.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Prestige & Above premiumisation | in play | — | P&A volume grew 36.0% YoY in Q1 FY27 while total IMFL volume grew 3.0% YoY. | P&A volume growth slows materially and pricing or mix no longer offsets input-cost pressure. |
| Vodka category and Magic Moments | in play | — | Magic Moments delivered 3.3 million cases, 43.0% volume growth and 51.0% value growth in Q1 FY27. | Consumer demand for flavored vodka fades or competitors take share. |
| Deleveraging | in play | — | Net debt declined ₹138 Cr since March 2026 and management expects net debt-free status by Q2 FY27. | Cash generation weakens or material debt-funded expansion is initiated. |
| Luxury portfolio rollout | in play | — | Management targets 25.0% FY27 luxury-sales growth from the approximately ₹475 Cr FY26 base. | Route-to-market expansion stalls or luxury demand does not support the planned realization. |
| Captive ENA and energy position | in play | — | Combined captive ENA requirement is 28-30 crore litres against 33 crore litres produced. | Grain and packing-cost inflation exceed available price and mix offsets. |
🚨 What the surface reading misses. The surface reading is: FY26 revenue increased 24.7% YoY. The research reads it further: Revenue growth supports the premiumisation narrative but does not by itself prove that peak margins are durable.
🚨 What the surface reading misses. The surface reading is: FY26 PAT increased 74.6% YoY. The research reads it further: PAT growth materially exceeded revenue growth, making the margin and interest-cost contribution central to sustainability.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
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.
Why this happened. The P&A portfolio is the main growth driver. The benefit must be assessed alongside the 98th-percentile OPM, since part of the current earnings uplift may not persist through a normal input-cost and mix cycle.
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.
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.
FY26-Q4. revenue ₹1,504 Cr and profit ₹179 Cr as reported.
FY27-Q1. revenue ₹1,684 Cr and profit ₹230 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
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-Q4. revenue ₹1,504 Cr and profit ₹179 Cr as reported.
FY27-Q1. revenue ₹1,684 Cr and profit ₹230 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
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%.
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.
FY26-Q4. revenue ₹1,504 Cr and profit ₹179 Cr as reported.
FY27-Q1. revenue ₹1,684 Cr and profit ₹230 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
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.
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.
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.
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.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
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.
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.
Why this happened. The interest expense line fell from ₹22 Cr in Q4 FY25 to ₹12 Cr in Q1 FY27. The full earnings effect depends on continued cash conversion and no material capital-allocation change.
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.
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.
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.
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 82.4× P/E, at the pricey end of its own range (73rd percentile). Its long-run median P/E is 53.6×, measured across 9.0 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 82.4× is at the pricey end of its own range (73rd percentile), against a long-run median of 53.6× measured over 9.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +74.8% against a +52.2% 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.
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.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| 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 | +52.2% | +51.5% | +36.9% | +44.7% |
4-Factor Sector Score
78.1/100 — rank 1 of 14 in Alcoholic Beverages · 100% evidence confidence
Radico Khaitan Ltd scores 78.1 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: 30.8 + 21 + 7 + 19.3 = 78.1. 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.
Said versus delivered
What Radico Khaitan Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
P&A Volume Growth Guidance Raised · 29 July 2026. In both the January 2026 and May 2026 calls, management guided to 20% FY27 volume growth for the Prestige & Above portfolio. In the July 2026 call, management raised the guidance to 25% or more, a material 5 percentage-point increase, citing strong momentum but without clearly quantifying the changed assumptions supporting the upgrade.
Non-IMFL Margin Outlook Increased Without a Clear Reconciliation · 29 July 2026. In May 2026, management indicated that the non-IMFL business would generate a full-year margin in the range of 9%. In July 2026, management described 11% to 11.5% as the current margin and said that 11% levels were sustainable, implying a material upward change to the stated margin outlook without clarifying whether this reflects a temporary quarterly benefit or a revised full-year expectation.
🚨 Luxury Portfolio Revenue Target Miss Framed as On-Track · 7 May 2026. Both prior calls explicitly guided Rs. 500 crores as the FY26 luxury portfolio revenue target, with management in Oct 2025 stating they were 'well in target' and Jan 2026 reaffirming the figure. The May 2026 full-year review reported Rs. 475 crores - a Rs. 25 crore shortfall below this repeatedly cited threshold - yet management described the outcome as 'in line with our guidance' without acknowledging the miss or explaining the variance.
Regular H2 FY26 Double-Digit Growth Guidance vs. Q4 De-Growth · 7 May 2026. In the Oct 2025 call, management guided double-digit regular category growth for H2 FY26 while simultaneously discussing a 20-25% Maharashtra industry volume decline in that same session, indicating the guidance was made with full visibility into existing headwinds. The May 2026 call reported Q4 FY26 regular volume de-growth and attributed it to the high Andhra Pradesh base and Maharashtra and Karnataka policy changes - factors that were substantially visible when the Oct 2025 H2 guidance was provided.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Radico Khaitan Ltdthis pageRADICO | 78.1/100Favorable setup100% evidence | LEADER | 30.8/35 Revenue 19.3% · PAT 76.4% · OPM change 6 pp 100% evidence | 21.0/25 ROCE 24.2% · OPM 21% 100% evidence | 7.0/20 P/E 82.4× · PEG 1.91 100% evidence | 19.3/20 RS sector 37.9% · RS bench 31.2% · 1Y 56.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 30.8 + 21 + 7 + 19.3 = 78.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Piccadily Agro Industries LtdPICCADIL | 64.8/100Mixed-positive evidence87% evidence | BREAKING OUT | 24.8/35 Revenue 28.5% · PAT 30.6% · OPM change -1 pp 100% evidence | 15.4/25 ROCE 18% · OPM 17% 100% evidence | 12.2/20 P/E 42.2× · PEG 1.38 65% evidence | 12.4/20 RS sector 4.3% · RS bench -0.9% · 1Y 0.3%8 of 10 weeks ahead 70% evidence |
| Exact sum: 24.8 + 15.4 + 12.2 + 12.4 = 64.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3G M Breweries LtdGMBREW | 63.1/100Mixed-positive evidence80% evidence | TURNING | 28.4/35 Revenue 21.3% · PAT 30% · OPM change 4 pp 95% evidence | 15.9/25 ROCE 18% · OPM 23% 95% evidence | 11.0/20 P/E 15.1× · PEG — 15% evidence | 7.8/20 RS sector -0.3% · RS bench -5.7% · 1Y 31.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 28.4 + 15.9 + 11 + 7.8 = 63.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4United Spirits LtdUNITDSPR | 58.9/100Mixed-positive evidence100% evidence | BREAKING OUT | 15.3/35 Revenue 3.1% · PAT 24.4% · OPM change -5 pp 100% evidence | 19.4/25 ROCE 26.4% · OPM 16% 100% evidence | 7.9/20 P/E 54.8× · PEG 3.12 100% evidence | 16.3/20 RS sector 8.2% · RS bench 2.7% · 1Y 6.3%9 of 12 weeks ahead 100% evidence |
| Exact sum: 15.3 + 19.4 + 7.9 + 16.3 = 58.9 · Decision use: Price leads the evidence: RS versus the benchmark is 2.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5IFB Agro Industries LtdIFBAGRO | 57.3/100Mixed-positive evidence74% evidence | ASLEEP | 27.6/35 Revenue 38.9% · PAT 90.3% · OPM change 1 pp 95% evidence | 11.7/25 ROCE 12.7% · OPM 8% 95% evidence | 11.3/20 P/E 13.9× · PEG — 15% evidence | 6.7/20 RS sector -7% · RS bench -15% · 1Y 12.4%4 of 10 weeks ahead 70% evidence |
| Exact sum: 27.6 + 11.7 + 11.3 + 6.7 = 57.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7% and the one-year return is 12.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 6Globus Spirits LtdGLOBUSSPR | 55.0/100Mixed-positive evidence83% evidence | BASING | 27.4/35 Revenue 7.9% · PAT 100% · OPM change 2 pp 100% evidence | 8.9/25 ROCE 11.2% · OPM 10% 100% evidence | 10.5/20 P/E 26.3× · PEG — 15% evidence | 8.2/20 RS sector -6.5% · RS bench -11.7% · 1Y -22.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 27.4 + 8.9 + 10.5 + 8.2 = 55 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7India Glycols LtdINDIAGLYCO | 52.8/100Mixed-positive evidence100% evidence | BASING | 21.2/35 Revenue 12% · PAT 29.9% · OPM change 1 pp 100% evidence | 13.3/25 ROCE 12.4% · OPM 15% 100% evidence | 13.3/20 P/E 6.2× · PEG 0.16 100% evidence | 5.0/20 RS sector -62.5% · RS bench 40.2% · 1Y -64.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 21.2 + 13.3 + 13.3 + 5 = 52.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Tilaknagar Industries LtdTI | 46.8/100Mixed-negative evidence85% evidence | BREAKING OUT | 9.0/35 Revenue 100% · PAT -80% · OPM change -7 pp 100% evidence | 11.4/25 ROCE 11.8% · OPM 16% 80% evidence | 7.3/20 P/E 57.2× · PEG — 50% evidence | 19.1/20 RS sector 20.5% · RS bench 14.3% · 1Y 13.5%5 of 12 weeks ahead 100% evidence |
| Exact sum: 9 + 11.4 + 7.3 + 19.1 = 46.8 · Decision use: Price leads the evidence: RS versus the benchmark is 14.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Allied Blenders & Distillers LtdABDL | 45.8/100Mixed-negative evidence93% evidence | ASLEEP | 14.3/35 Revenue 8% · PAT -12.5% · OPM change 0 pp 100% evidence | 14.7/25 ROCE 18.4% · OPM 12% 100% evidence | 4.0/20 P/E 79.3× · PEG 4.13 65% evidence | 12.8/20 RS sector 19.6% · RS bench 13.2% · 1Y 26.3%8 of 12 weeks ahead 100% evidence |
| Exact sum: 14.3 + 14.7 + 4 + 12.8 = 45.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Jagatjit Industries LtdJAGAJITIND | 42.7/100Mixed-negative evidence61% evidence | BREAKING OUT | 20.7/35 Revenue -29.9% · PAT 100% · OPM change 7.4 pp 71% evidence | 4.8/25 ROCE 10.5% · OPM 0.4% 76% evidence | 9.3/20 P/E 60.3× · PEG — 15% evidence | 7.9/20 RS sector -15.4% · RS bench 1% · 1Y -19.7%6 of 11 weeks ahead 70% evidence |
| Exact sum: 20.7 + 4.8 + 9.3 + 7.9 = 42.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Associated Alcohols & Breweries LtdASALCBR | 41.3/100Mixed-negative evidence81% evidence | BASING | 8.5/35 Revenue -5.3% · PAT -4.6% · OPM change -3 pp 95% evidence | 14.3/25 ROCE 18% · OPM 11% 95% evidence | 14.1/20 P/E 16.4× · PEG — 50% evidence | 4.4/20 RS sector -20.9% · RS bench -21% · 1Y -32.6%1 of 10 weeks ahead 70% evidence |
| Exact sum: 8.5 + 14.3 + 14.1 + 4.4 = 41.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 12Sula Vineyards LtdSULA | 31.9/100Adverse evidence81% evidence | ASLEEP | 7.8/35 Revenue -1.6% · PAT -56.9% · OPM change -2 pp 95% evidence | 10.6/25 ROCE 7.5% · OPM 14.7% 95% evidence | 10.1/20 P/E 44.4× · PEG — 50% evidence | 3.4/20 RS sector -29.5% · RS bench -26.5% · 1Y -45.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 7.8 + 10.6 + 10.1 + 3.4 = 31.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13United Breweries LtdUBL | 31.2/100Adverse evidence83% evidence | ASLEEP | 8.4/35 Revenue 1.5% · PAT -12.8% · OPM change -2 pp 100% evidence | 8.4/25 ROCE 10.7% · OPM 9% 100% evidence | 8.5/20 P/E 96.1× · PEG — 15% evidence | 5.9/20 RS sector -12.1% · RS bench -16.9% · 1Y -31.2%0 of 12 weeks ahead 100% evidence |
| Exact sum: 8.4 + 8.4 + 8.5 + 5.9 = 31.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Som Distilleries & Breweries LtdSDBL | 22.5/100Adverse evidence77% evidence | BASING | 3.1/35 Revenue -33.5% · PAT -80% · OPM change -7.7 pp 95% evidence | 3.3/25 ROCE 5.7% · OPM 5.6% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 6.1/20 RS sector -17.7% · RS bench -22.8% · 1Y -48.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 3.1 + 3.3 + 10 + 6.1 = 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.
Frequently asked questions
What is Radico Khaitan Ltd's share price today?
Radico Khaitan Ltd trades at ₹4,368, +52.2% over the past year. The company is valued at ₹58,525 Cr. The stock sits at 86% of its 52-week range of ₹2,623–₹4,650, +20.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 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 11 September 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 11 September 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 11 September 2026.
What is Radico Khaitan Ltd's market cap?
Radico Khaitan Ltd's market capitalisation is ₹58,525 Cr at a share price of ₹4,368. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Radico Khaitan Ltd's P/E ratio?
Radico Khaitan Ltd trades at a P/E of 82.4×, at the 73rd percentile of its own 9-year range, against a long-run median of 53.6×. This is a comparison with the stock's own history, not a value call — as of 11 September 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 11 September 2026.
Is Radico Khaitan Ltd overvalued?
On its own history, Radico Khaitan Ltd looks expensive: its P/E of 82.4× sits at the 73rd percentile of its 9-year range (long-run median 53.6×). 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 11 September 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 11 September 2026.
How is Radico Khaitan Ltd performing?
Radico Khaitan Ltd is in a confirmed uptrend, 19 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 28 weeks. This describes what the data did, not a rating. — as of 11 September 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 11 September 2026.
Is Radico Khaitan Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +20.4% versus its 200-day average and at 86% 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 11 September 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 28 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +4,270% against the NIFTY 500's +267% — ahead of the index over the full window. — as of 11 September 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 ₹4,368, the price is in a confirmed uptrend 19 weeks in. Its P/E of 82.4× sits at the 73rd percentile of its own 9-year range. — as of 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 11 September 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 +52.2% 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 11 September 2026.
Not SEBI Registered !! Not Investment advice !!