Ladies and gentlemen, you've been connected to Radico Khaitan Limited Q2 FY2026 Earnings Conference Call. Please stay connected. The call will begin shortly. Ladies and gentlemen, you've been connected to Radico Khaitan Limited Q2 FY2026 Earnings Conference Call. Please stay connected. The call will begin shortly. Ladies and gentlemen, good day and welcome to Radico Khaitan Limited Q2 FY2026 Earnings Conference Call hosted by DAM Capital Advisors. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjay Manian. Thank you, and over to you, sir. Thank you. Good afternoon everyone. We would like to thank Radico Khaitan's management team for providing DAM Capital Advisors with the opportunity to host Q2 FY2026 earnings call. We have with us senior leadership team from Radico Khaitan, Mr. Abhishek Khaitan, Managing Director, Mr. Amar Sinha, Chief Operating Officer, Mr. Dilip Banthiya, Chief Financial Officer, and Mr. Sanjeev Banga, President, International Business. I hand over the call to Mr. Abhishek Khaitan for his opening remarks. Over to you, sir. Good afternoon ladies and gentlemen. Thank you for joining us on our Q2 FY2026 results conference call. Second quarter sustained the strong growth momentum we have seen over recent quarters, reaffirming the success of our premiumization strategy and disciplined execution. Building on a solid first quarter, our brands continue to witness robust consumer traction across all markets, delivering an impressive 37.8% volume growth with the Prestige and Above segment growing by 21.7%, recording highest ever quarterly P& A volume. Magic Moments vodka maintained its strong growth trajectory with nearly 20% volume growth, achieving sales of around 2 million cases during the quarter. Strengthening the Magic Moments portfolio, we introduced Jamun Spicy Mint under the Flavors of India range, following the overwhelming response to Alfonso Mango and Thandai. This new variant further reinforces the brand's commitment to promoting India's vibrant spirit through bold homegrown innovation. After Dark whisky continued to deliver remarkable performance, recording 115% growth year- on- year in the first half. Last year it did volume of 1.9 million cases and in the first half it has crossed 1.5 million cases. The brand has expanded its footprint to 18 states, reinforcing its national presence and bringing the brand closer to consumers across the country. With sustained marketing investments, we expect this momentum to continue the coming quarters. Royal Ranthambore whisky also delivered an outstanding performance with 67% growth in Q2 driven by strong demand across both civil and CSD channels. The brand achieved a 10% market share in the CSD segment during September 2025, underscoring its growing acceptance and strong consumer resonance. Jaisalmer Super Premium whisky is now available in three states and initial response to the brand has been very encouraging. Though we are priced at higher than peers' brands in the same segment, we plan to take it to 10 states during FY2026. Our new age luxury vodka, the Spirit of Cashmere, India's first homegrown brand in this category, continues to gain traction. Designed to meet the rising demand for culturally rooted premium experiences, it is now available in seven states with early consumer feedback being extremely encouraging. In the luxury segment, Rampur Indian Single Malt, Sangam World Malt, and Jaisalmer Indian Craft Gin continue to deliver robust performances. This is supported by our focused efforts to expand presence across both off trade and on trade channels. While the global trade environment presented short term challenges for exports, our robust domestic portfolio continues to demonstrate the strength and agility of our business model. As Indian consumer aspirations evolve and regulatory reform advances, we are well positioned to capitalize on the opportunities ahead. Our innovation led approach, balanced portfolio, and sharp focus on premiumization continue to lay the foundation for sustainable growth and value creation. Looking ahead, we remain confident of delivering strong double digit growth in the prestige and above category. Enhanced profitability and a continuous focus on cash flow generation all contributing to long term value for our shareholders. With that I would now like to hand over the call to our CFO Dilip Banthiya for a detailed review of our operational and financial performance. Thank you. Over to you Dilip. Thank you Abhishek. Thank you everyone for joining us on this call today. During quarter two of FY2026 we delivered a strong all round performance with total IMFL volume of 9.34 million cases reflecting a 38% year- on- year growth. This is clear validation of the strength and balance of our portfolio. Prestige and above category continued steady upward trajectory recording at 22% volume growth and 24% value growth with realization improving by 2.1% on year- on- year basis. Our regular category volume grew sharply by 80% in the quarter after nine quarters of de growth. This segment returned to a strong growth path starting from quarter three of last year and the momentum has continued in the first half of FY2026. The change in route to market in Andhra Pradesh was a key driver of this rebound, supported by our agile execution and strengthened brand availability. Our performance in Andhra Pradesh has been particularly encouraging, with our market share increasing from 10% in the first half of last year to approximately 30% in quarter two of 2026, making us the leading player in the state on the profitability front. Gross margin stood at 43.6%, flat on a year-on-year basis and up from 43% in quarter one of financial year 2026. The stability in margin reflects a benign raw material environment and our disciplined cost management. Even as the mix tilted toward the regular segment this quarter, we remain optimistic that ENA and grain prices will stay stable to favorable for the rest of financial year 2026, providing continued margin support. Our AANSP investment was at 6.1% of IMFL revenue compared to 5.6% in the first quarter of FY2025. While quarterly variations are expected due to the campaign timing, we continue to guide for ANSP spending in the range of 6%- 8% to sustain strong brand visibility and growth. EBITDA margin expanded by 126 basis points on a year-on-year basis to 15.8%, reflecting operating leverage benefits. Turning to the balance sheet, net debt reduced by INR 146 crore since March 2025, driven by improved profitability and tighter working capital management. The sequential increase versus June 2025 was mainly on account of dividend payout and acquisition of stake in D'Yavol Spirits. Our balance sheet remains strong. We are well on track to become debt free by FY2027. With this, we'll now open the lines for questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Harit Kapoor from Investec. Please proceed. Yeah, good evening. Can you hear me? Yes. Yeah, yeah. Please go ahead. Harit. Yeah. Hi. Hi. Good evening everyone. Just a couple of questions from Mayim. On the P&A side again, the last couple of quarters, the trajectory has actually accelerated. If you can just talk about in the first half this year, where the, which are the brands which have kind of driven this growth, 1 in growth, which are because if you look at in absolute volumes also, you've seen a dramatic jump up, 40% and 22%. Andhra is not a very large P&A market. That it's really happening from core markets, core brands. If you could just talk a little bit about which are the key brands that are driving this upward. That's my first question. Yeah. First of all, what is most important is that the P&A segment is largely being driven by brands like Magic Moments, which is seeing a huge growth. It's growing at about 20%. The best part about the Magic Moments family is that in FY2024, we did 6 million. FY2025, we did 7 million. This year, the rate at which it is growing, we feel that we will be adding another million. Our vision is over the next three years to see Magic come up to 10 million cases. The Royal Ranthambore brand has grown by 67% plus in Q2, which is a huge growth. This brand, despite its premium positioning, was the largest selling Scotch whiskey, has gained traction and acceptance by the consumers in India and quite a few markets overseas as well. Royal Ranthambore, Magic Moments and then After Dark. After Dark is a brand which, like Abhishek mentioned, in FY2025, we did 1.9 million cases. This year we have already in the first half done 1.5 million cases. This is a huge segment of 75 million cases. Our ambition to take this forward, get dominant market share continues. These are three most important brands that are driving the growth. Above all this, this is all going to be fueled by the fact that we've launched luxury products in the last. In fact, six new brands have been launched in Q2, which is Morpheus whiskey, the Spirit of Cashmere, two variants, Natural and Saffron, and then Flavors of India in the Magic Moments category, which is Mango, Thandai and Jamun. Six new products have been launched in Q2 which will fuel this growth that is already reflected in the results. Coupled with all this, we have also launched eight new SKUs in the Prestige Upwards, Semi, Luxury, and Luxury, which are the small SKUs of Rampur Double Cask, Sangam World Malt, Spirit of Victory, Magic Moments, Pink Vodka, and After Dark Blue Celebration Pack and Pocket Pack. These are all small packs that are going to fuel the consumer trial of our prestige and above brands. This is going to therefore reflect in the times ahead in terms of growth. Great, fantastic. The second question was on the super premium portfolio. I think last year you mentioned an INR 340 crore number for the full year and this year you had a target of INR 500 crores. Just wanted to know, obviously H2 is typically higher for the business overall, but do you think you're on track to hit this INR 500 crore kind of target? Like Amar said, our Royal Ranthambore, Jaisalmer, Sangam, all brands are growing and I think we are well in target to achieve the INR 500 crores. Fantastic. Those are my two questions. I'll come back in the queue. Thank you. Yeah. Thank you. The next question is from the line of Anuj from Antique Stock Broking. Please proceed. Hi team, good afternoon. Congratulations on a great set of numbers. Just one question from my side. During 1Q the management had highlighted there's been an improvement in working capital on account of Uttar Pradesh's reforms. When I was looking at the balance sheet, that translates to roughly a 15 days- 20 days improvement. Would we see further improvement of the working capital? Working capital is improved. As you said, in Uttar Pradesh it has. We have unlocked value because of the duty being now funded by the wholesaler. It's a cyclical thing. Sometimes the stocking of raw material happens, sometimes this thing. As I said, the first half the debt reduction has been lower than what it was in Q1 of this year, mainly on account of two large payments, which is one is investment and the other is dividend. I see that working capital management, we are very, very conscious about, and we allocate the resources as per the requirement of the market. We will continue to reduce our debt in H2. Also, you will see further dissolution of our loans. We are confident about it. I was more specifically on the working capital. Could you quantify the benefits that is coming from the Uttar Pradesh's reform? Benefit out of working capital? Yeah, the benefit is reflected in the interest. The point is the working. As we said, we can't talk quarter on quarter basis, but definitely by next quarter and next year, this company will be debt free with the free cash flow. Thank you. Thank you. The next question is from the line of Abneesh Roy from Nuvama. Please proceed. Yeah, thanks. Congratulations on very good numbers. My first question is on Andhra. First, how has been the growth? Other players are also talking very positively on the Andhra market and first year has been great. If you could talk about industry growth rate in second year, do you expect again strong growth even in second year given first year generally it's opening up? Obviously you're starting from almost negligible base. A related question is you said you claimed leadership position in Andhra. Specific things, what has helped in that market? First of all, I want to, which we have earlier also mentioned, you know, a lot of states in India are contemplating following the UP excise model. What does it mean? It means retail should be free and left to the consumer to choose what he wants to buy. The great thing that has been done by the Andhra government is that they opened up the retail to private. They made brands available at the shelf and the consumer is free to choose products at different price points. Radico Khaitan has obviously gained from this policy. Like we are strong in UP, we have also become strong in Andhra Pradesh primarily because of availability as a national company, lot of marketing activities. This growth that has happened in Andhra is likely to sustain in the year ahead as well because we are aware that the government is progressively looking at how to improve upon the existing policy. We feel that this growth will continue and our brands will continue to flourish more so in the premium segments. Second is your growth has been extremely commendable. You have been extremely successful in new launches, new brand. Specific question is in terms of overall market, white spirit seems to be growing faster. Is there any formal study that the youth and the women, they are taking more towards the white spirit and within white spirits, I'm sure you must have gained share given such a strong performance and in the overall spirits. Also if you could discuss white spirits, how much is the gain in market share in the last few years? Okay, this is a question that I would have loved somebody to ask. First of all, it's very important for us to mention that just about three years back the white spirits vodka market was less than 2% of the IMFL industry. With all the activations, all the marketing that we've done around white spirits, today it is in excess of 4% of the total IMFL spirits market. That's one, two. Magic Moments has achieved an incredible market share of 85% in the white spirits market. As we have continued to grow this market, continue our marketing initiatives, smaller brands have left the space and the Gen Z especially have now taken to Magic Moments as an all-time drink. That means even the female clientele is also joining this race. Magic Moments is the brand of the future in white spirits and we continue to dominate it with a formidable market share of 85%. We will continue to upgrade, we will continue to upgrade the offerings in the Magic Moments series like we have done with the Flavors of India. Your last quick question. Now coming to a difficult state for the industry. Maharashtra, what we have picked up and the beer company confirmed this, that there is a double-digit volume growth for the BLME and similar mid-teens kind of a decline for the spirit industry. If you could talk about Maharashtra for the industry and for you, how things have been and any update on Maharashtra, any policy development for that. Maharashtra, you're right that the spirits industry has actually taken a beating in the last three, four months, primarily because the consumer price of the brands has shifted upwards by INR 80- INR 100 a bottle, the small size bottle. Having said that, whenever there is such a change in the consumer price, the consumer takes its own time to settle with the price and the choice of brands. It is too early for us to comment on the fate of the Maharashtra alcohol space. I think we need at least two, three months more for the policy to settle down and then the brands will find its place and how much. The industry in Maharashtra has declined by 25% and we have also degrown in Maharashtra by about 20%. That's right. Industry has declined by 25%. We have degrown by 20%. Understood. I had earlier asked ex of Andhra what would be your growth? Did you give that number? It is double-digit. More than double-digit except Andhra. Sure. Okay. Thanks. That's all from my side. Thank you. Thank you. The next question is from the line of Yash Sonthalia from Edelweiss Financial Services. Please proceed. Hi. Hi team. Thanks for taking my question and congratulations for good set of numbers. Am I audible? Yes. Yeah, you are audible. First question is related to the glass bottling expense. Basically, like we all know, it has grown a lot in 2025 because of the industry reasons. What is our understanding? Some of the capacities are coming back in the industries and things are expected to normalize. I wanted your sense on the same. See, the glass capacity in India is actually more than the demand as of now because there are some of the larger players whose capacities were not being used right now. The glass prices, glass bottle prices have also remained stable. With more capacities coming into play, I think the industry is going to see favorable position as far as price and demand is concerned. Are we expecting our cost to decline or remain maintained from here on? We are at this point of time not taking into consideration. However, as Amar said, it is a commodity, so it is a demand and supply. Once the supply increases with the large players increasing their capacity utilization, should be a impact on softer side. Understood. Just want the clarity, like you were mentioning, Andhra Pradesh, we used to have 10% market share. What is it right now? Sorry, I was not able to hear it clearly. It's approximately 30% in H1. Got it. Thank you. Thank you sir, and best of luck for upcoming quarters. Thank you. The next question is from the line of Rehan Saiyyed from Trina Asset Management. Please proceed. Yeah, good evening and thank you for giving me the opportunity. Like my majority of questions I will answer. I am left with only one question regarding your SO team with the Sitapur distillery now fully at the instance. What is the current utilization level and how has this facility become contributing to our gross margin improvement or cost efficiency in the premium segment? Like if we are expecting some margin improvement in coming quarters and by coming year. First of all, at the time of our taking this decision of putting a greenfield project at Sitapur, we said that it is our strategic investment. Since we are growing 20%+ in our P&A portfolio, the alcohol being used in that is mostly the grain based and in most of our product at the top end of the product we use our own grain. This grain requirement for branded business was the compelling reason for putting at Sitapur distillery. Secondly, malt maturation and all that is also part of it which is our main focus area for future. Sitapur distillery is completely stabilized. We are operating the distillery at 95% of the capacity and it's running well. Since it is a backward integrated for our branded business, it is helping us to grow our branded business. As you've seen in first half, our branded business have grown by 38%. We continue to see an upward moment in our branded business. In three, four years time I think we will be fully utilizing the Sitapur capacity for our own branded business. I think it is a very, very valuable investment and strategic investment by us. Okay, any and any margin guidance you have to give. Pardon? Margin guidance? I'm asking any margin guidance you have to put here. The margin guidance has been. We've already guided that in the current fiscal we should see 150 basis point increase in the margin. In the next two years we expect the margin to increase by 125 basis points year on year thereby to reach late teens after two years. Yeah, okay. Okay. Fair enough and good luck. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Sanjay Manian from DAM Capital Advisors. Please proceed. Hi sir, just a few questions specifically on the ENA part. Given the fact such a high growth has been taking place in the volumes, now you think that we would require one more round of CapEx if we continue to maintain the entire ENA requirement captive, and if yes, then which major states you would see the ENA requirement will be higher so you might set up capacity over there. Actually, we did this CapEx on our distillation capacity after over a decade and we had this 350 kL plant, 400 which is running, this thing installed at 350. The point is that we don't require any more CapEx for our distillation for another five, six years. We don't think and it is not on our drawing board. Right. What kind of benefit we get from this CapEx versus a player who does not have the captive requirement, I believe now the availability of grains, whether it is broken rice or for that matter, you know, other maize and all that for ethanol specifically, requirement is high. I'm sure the cost for broken rice and, you know, the other major raw material is quite low. What's your outlook on both these things as far as the advantage of capacity like Sitapur? The most important objective of setting Sitapur is for our premium brands because we source all the spirit of our premium brands from Rampur, Sitapur, and RNV. That is why if you see the Radico Khaitan's ENA growth is very high. That is, I think, one of the most strategic advantages for us. Definitely, like I think build versus own, it would be a margin of about INR 56 at this point, about INR 67 a liter at this point of time. If grain price is softer further, it can optimally be at INR 8-9. Right sir? Right sir. Lastly sir, on our luxury portfolio, you have guided earlier that we would be able to do INR 500 crore kind of a revenue this year. The kind of growth we are witnessing, would you like to give some number for next year or, for that matter, if you also can elaborate a bit which are the major states or sort of cities where we are witnessing the very high growth in the luxury portfolio. See, if you see our, like first of all, we are quite confident that we should achieve the INR 500 crore figure in this year. From last year it was INR 340 crore and INR 500 crore this year. Once we achieve the INR 500 crore, then we'll think about our next target. Our first aim was to touch INR 500 crore and actually the luxury portfolio is going all over, starting like Jaisalmer. Indian craft gin is growing in every state. It's having a good growth. Even our Sangam World Malt has started growing from a small base and it started, now we have spread it also across many geographies. Plus, as Amar said earlier, what we've done is we have taken out the smaller SKUs for both Rampur, Sangam, and Jaisalmer, which is fueling their growth. Royal Ranthambore, I think, is showing an exceptional growth. It is the only Indian whiskey which is priced even INR 100 higher than the bottled in India Scotch, and that has seen a growth of 67%, and that growth is coming from every state. It's Pan India. Perfect sir, perfect. Thank you. Thank you very much and all the best. Thank you. The next question is from the line of Aditya Soman from CLSA. Please proceed. Hi, good evening. Two questions. Firstly, on the P&A brands, you indicated obviously Magic Moments, After Dark, and Royal Ranthambore and Morpheus doing very well. Can you give us a sense of what the price index for each of these would be? Let's say I'm assuming Magic Moments to be 100. How does that price index play out at a broad level or at a company realization level? I understand it will be different state by state. Secondly, in terms of the revenue contribution of each of these brands or volume of each of these brands, if you can give a sense, last quarter, if I remember, you mentioned 250,000 cases for Royal Ranthambore doubling. Can we again get a sense of the scale? As far as the price index is concerned, actually, it starts with the After Dark, which is the deluxe category. If it's 100, then you see the luxuries are 50- 100x, and Royal Ranthambore will be 25- 30x of the contribution level. Basically, the price index is from our point of view because state to state have different excise structures and system, but our contribution, we can have that metrics. What is the second question? The second question was just the revenue or volume salience, which are way of these brands. After Dark, you mentioned we actually have a bouquet of brands, Vijay, where we disclose that the P&A category, which is the deluxe and above, constitute around 44% of our volume and 68% of our value in the branded business. That has a composite of all Magic Moments, Morpheus, luxury, semi-luxury, and all these portfolio. Understand, and can you give us any sense of what the scale of, let's say, something like Royal Ranthambore would be given that? I mean, while the absolute volume is obviously much smaller, it is a big contributor to revenue already. This is something around luxury is close to 9%- 10% of our total revenue, and Royal Ranthambore is a reasonable part of that and continues to grow at a very, very fast pace. All right, very clear. Thank you. That's it for me. Thank you. The next question is from the line of Kaustubh of ICICI Securities. Please proceed. Good evening sir. Thanks for the opportunity. Your voice is not very clear. Please speak a little closer to the mic please. Just a second. Yeah. Is it better sir? Yeah, little better. Yeah. Speak please. Yeah. So congrats for set of numbers. Most of my questions have been answered. I have one question on your regular category. For the last three quarters we have been seeing this category has been delivering around 5- 5.4 million cases kind of a volume, which improved from around 2- 3 million cases which were in the earlier quarters. Should we expect this particular segment volumes to stabilize at around 5 million cases, so quarter three, most of this stabilization would happen and from there we should expect regular kind of a growth in this segment of around 7- 8% which you alluded for. Yes, the impact of the Andhra Pradesh which has come in the first half but the momentum is continuing. I think as we guided that this year we will be growing 20% plus in the H2 also on the P&A category and still we are confident to deliver double digit growth on R in spite of a base which is equalized in H2 in the regular category as well. Overall growth has already been also guided by us that this year we are going to grow 20% plus on the overall volume including P&A and regular. I think the growth momentum continues there. Yeah, consistency is there. No, from the point of view just wanted to understand that whatever benefit because of the change in route to market strategy would be there in FY26, from FY27 it would be a normalized growth in regular category. Is it fair to assume? Yes, you're right since the policy change happened in the second half of last year when we had 10% market share, today we had 30% market share. While in the second half base normalizes, we will still have the gain of the market share. Next year onward it will be a normal growth that we had earlier guided. Sure sir. Thanks. My second question is on the market share itself. In Andhra Pradesh this is exceptional mainly because of the fact that there was a change in the policy. In some of the others where you have a strong base, how is the market share shaping up in the states? Since you have launched a lot of products in most of the categories or under the various segments, is this helping you to gain market share in the states where you already have a presence? Let me tell you, overall market share of Radico Khaitan in the Alcobev space is on the increase. We've grown by almost 200 basis points primarily because of our premiumization drive. This growth is broad based across states and geographies. I think as the premium brands and the luxury brands continue to strengthen, the market shares will also see an improvement. Thank you sir. Thanks for that. Thank you. The next question is from the line of Pankaj Kumar from Kotak Securities. Please proceed. Yeah, thanks for taking my question. Most of my questions been answered. Sir, just one question on this non IMFL revenue. We have seen traction in the last few quarters and of course there's a bulk almost. Do we see this kind of trend continuing in the coming quarters? The non IMFL, it constitutes two major parts. One is the country liquor oblique UPML and another is bulk spirit sales. Sometimes because of the cyclicality of this thing and stocking, the sales of the bulk spirits in the quarter to quarter can change. However, we have guided that our non IMFL sale is going to be remaining in a range of INR 400- 425 crores per quarter. At the same time, in the CL also, though the brand, still our brands are having a good franchise and the industry is growing 3- 4% whereas we are growing 12- 13%. If the industry grows to 8, 9% and all that, we will continue to have double-digit growth. Okay. Sir, my second last question is we have seen the RTM benefit from UP. Going ahead, do you see similar kind of opportunity from any other states where probably any change in this RTM will have this kind of growth, abnormal growth? Maybe comment on that. I think UP has shown the way to most of the states on how to increase the revenues to make the policy very easy and accessible. The two major states which can see these changes would be Delhi for sure and Bihar. We are also all hoping that it should open up after the election. I think these two would be game-changing states for us and for the industry. Yeah. Okay, thank you. Thank you. The next question is from the line of Kunal Shah from Jefferies. Please proceed. Hi, good evening everyone and thank you for the opportunity. Excellent numbers I must say. My first question is just wanted to get an industry context on Bihar. Right. While there are expectations of things opening up possibly, can you give us a sense of how big the market used to be, let's say seven, eight years back from an IMFL standpoint and what would have been your market share at that point in time? Just size us for us to size up the opportunity if that happens. I think 10 years back Bihar would be about 10- 12 million cases market that time. It's a large market. Also, right now if you see Bihar emulates what is being drunk in Uttar Pradesh. I think it can be a very big opportunity once Bihar opens up. Bihar traditionally has been a huge consumer of vodka. I think once it opens up it will be a very interesting market. Understood. Any sense that you can give of how big would your business have been back in the day if possible? We were relatively large in Bihar at that time. We did not have all our premium portfolio but our Magic Moments and 8PM used to sell a lot. Understood, understood. That's very clear. The second question is, one price point or let's say segment within whiskey where I think there's a large opportunity is this entire Royal Stag, Royal Challenge where you have 8PM Premium. That brand hasn't done much in the last few years in our understanding. Any thoughts on what you can do here or how do you plan to play this price point specifically? The Royal Stag segment is pretty large. It's about 55- 60 million cases segment. In fact, 8PM Black was affected because of route to market and excise policy changes in a few states like Jharkhand, Assam, and Andhra Pradesh earlier. Now we see the brand growing once again and we are very hopeful that this brand with the new variants that are going to be launched in the same category will fuel the growth in the years ahead. Very, very hopeful of this segment. Understood, understood. The last question was on the luxury portfolio. Given that you had added quite a bit of capacity on the malt side, five years ago you'll have quite a bit of matured liquid which will flow in in the coming years. Any plans on what do you, do you think Rampur would be enough to absorb all of it or how do you think of using that supply to ramp up? Look, we have a plan to address the malt and Rampur definitely is growing but there'll be more offerings which will be coming very soon in the single malt category. I think that's all from my side. Thank you. Thank you. The next question is from the line of Abhishek Gulati from Edge Wealth. Please proceed. Hi, good evening everyone. My first question is how is the Ready to Drink segment doing for us and how much it accounts for our revenue and overall how this trend is shaping up in India. Let us say that we test marketed the Ready to Drink segment with Magic Moments vodka cocktail in about two, three states. We got a good response. What we observed was that the traction for Magic Moments vodka among the Gen Z was so high that we felt there could have been a slip in the volumes with vodka cocktail and the vodka brand. We prefer to taper it off and lie dormant right now. Overall, the demand of those are like bit growing in India. So far I have read the growth of that category. What's your view on it? See, as of now what our views are very clear. Our hands are absolutely full with all our premium portfolio. In the RTD your margins are not high because you do not have that price elasticity. I think what we are addressing now, the luxury segment, et cetera, our focus of Radico is there on those segments. Understood. Are we revising our 20% volume guidance for the full year as we have a superb growth in this quarter. Are we considering to revise it? See, as we say we don't want to revise the guidance but we are very very sure of surpassing 20%. Just last question if I can ask, in the people that you mentioned upcoming premium brands. What are in the pipeline for like that would be margin accretive as well. See, we have plans of like as I said the single malt is there. Then also we'll be entering into the tequila in our joint ventures. These are the things which are in the pipeline plus also spreading the geographical thing of our luxury brand life. Understood. That's it from mine. Thank you. Thank you. The next question is from the line of Anjali Bajaj from N. D. Investment. Please proceed. Good afternoon sir. Thank you for giving me the opportunity. Congratulations for good set of numbers. My first question is given the extraordinary surge in regular and other volume primarily. Attributed to shift in route to market. In Andhra Pradesh, how does management assess the sustainability of this high volume growth rate in the regular assessment segment for the second half of the financial year 2026? We have just mentioned or answered to one of the earlier participants that we had a 10% market share in Andhra Pradesh last year and today we have a 30%. Even though the base normalizes, we will continue to see the benefits of higher market share. The growth in regular will continue to be strong in the second half, maybe not as much as we saw in the first half, but it will be still very strong. Thank you. Thank you. Thank you. Due to time constraint, that was the last question. I now hand the conference over to the management for the closing comments. Over to you, sir. As we move forward, our focus remains on accelerating the premium and luxury growth while driving greater efficiency across operations. With disciplined capital allocation and prudent financial management, we are well positioned to strengthen our profitability, generate free cash flow, and create enduring value for our shareholders. Thanks for joining us on the call today, and we look forward to connecting with you again next quarter. Thank you. Thank you. On behalf of DAM Capital Advisors Private Limited, that concludes this conference. Thank you for joining us and you may now disconnect your line.