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Corporate Presentation | March 2025 Radico Khaitan Ltd. (BSE: 532497; NSE: RADICO) Q3 FY2026 Earnings Presentation T aking India to the World
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Earnings Presentation | Q3 FY2026 Performance Highlights – Q3 FY2026 Best ever quarter on all key metrics – volume, top line, profitability Gross Profit Increased 29.2% to ` 719.4 Crore Total Comprehensive Income** Increased 61.1% to ` 153.7 Crore EBITDA Increased 44.9% to ` 265.4 Crore Total IMFL Volume* Increased 16.7% to 9.75 Million Cases Prestige & Above Volume Increased 25.9% to 4.62 Million Cases Regular & Others Volume Increased 32.7% to 4.70 Million Cases Revenue from Operations (Net) Increased 19.5% to ` 1,546.7 Crore Net Debt ` 365.0 Crore Reduction of ` 208.5 Crore vs. March 2025 * Including brands on Royalty ** Including an exceptional charge of ` 9.56 Cr on account of the change due to the New Labour Code
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Earnings Presentation | Q3 FY2026 3 Management Perspectives Commenting on the results and performance, Dr. Lalit Khaitan, Chairman & Managing Director said: “The Indian spirits sector continues to exhibit strong momentum, underpinned by steady demand and an accelerating shift towards premiumization, trends that were clearly visible during the festive quarter. Q3 FY26 marked a remarkable step-up in Radico Khaitan’s performance, translating favorable consumer trends into the best-ever quarterly results across all key parameters. Driven by a premium-led portfolio, a stable raw material environment and enhanced operating leverage, we delivered meaningful margin expansion and stronger return ratios. Our sustained focus on brand-building, premium positioning and cost discipline is now clearly reflected in a step-change in the quality of earnings. Backed by a strong balance sheet and a differentiated brand portfolio, we remain well positioned to capitalize on the structural growth opportunities in the Indian spirits industry.” Commenting on the results and performance, Mr. Abhishek Khaitan, Managing Director said: “Radico Khaitan’s quarterly performance underscores the power of purposeful brand-building and execution at scale, enabled by the passion, ownership and execution excellence of our teams across the organization. Our recent premium and luxury launches are gaining early momentum, reaffirming the depth of our consumer insights and our ability to build differentiated, aspirational brands. Rampur 1943 Virasat Indian Single Malt marks a defining milestone in our journey of creating world-class luxury Indian spirits, seamlessly blending heritage, craftsmanship and modern aspiration to set new benchmarks in its category. We are accelerating our presence in the On-Trade Channel, where premium consumption and strong brand advocacy among trade partners and influencers are deepening consumer engagement and long-term brand equity. With clarity of strategy and conviction in our capabilities, we remain firmly focused on building luxury Indian spirit brands and scaling them globally for sustained long term growth.”
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Earnings Presentation | Q3 FY2026 4 Q3 FY2026 Performance Highlights Delivered highest ever quarterly volume: Prestige & Above volume has grown 3x since Q3 FY19 5.66 6.45 6.49 6.98 6.99 7.25 8.36 9.75 1.57 1.90 2.00 2.27 2.59 3.11 3.67 4.62 Q1 FY2019 Q2 FY2019 Q3 FY2019 Q4 FY2019 Q1 FY2020 Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 Volume (mn cases) Total Volume Prestige & Above Volume Total Volume including brands on Royalty
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Earnings Presentation | Q3 FY2026 5 Q3 FY2026 Performance Highlights …Translating into highest ever quarterly Net Sales and EBITDA 553 648 684 757 792 1,161 1,294 1,547 Q1 FY2019 Q2 FY2019 Q3 FY2019 Q4 FY2019 Q1 FY2020 Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 Net Sales EBITDA 95 102 124 119 96 142 183 265 Q1 FY2019 Q2 FY2019 Q3 FY2019 Q4 FY2019 Q1 FY2020 Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 ` Crore Net Sales EBITDA
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Earnings Presentation | Q3 FY2026 22% 17% 0% 5% 10% 15% 20% 25% Q1 FY2019 Q2 FY2019 Q3 FY2019 Q4 FY2019 Q1 FY2020 Q2 FY2020 Q3 FY2020 Q4 FY2020 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 ROCE (%) EBITDA Margin (%) 6 Q3 FY2026 Performance Highlights Premiumization coupled with the raw materials tailwinds has led to higher profitability and stronger return ratios Post-covid, premiumization trend picked up, leading to EBITDA margin expansion. ENA capacity expansion – Rampur dual feed and Sitapur greenfield projects. This coincided with the inflation cycle. Global supply chain disruption post-covid, coupled with geopolitical uncertainty induced a hyper-inflation cycle resulting in significant margin compression. The situation started to normalise towards the end of FY2025 leading to raw material tailwinds in FY2026. Ongoing premiumization coupled with a stable raw material scenario has led to significant margin expansion, and stronger return ratios. 1 2 3 4 ROCE = LTM EBIT Average Capital Employed (Equity + Gross Debt)
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Earnings Presentation | Q3 FY2026 7 Key Operating Metrics Revenue Break up (` Crore) IMFL (A) 1,139.7 893.1 27.6% 1,047.5 8.8% 3,256.8 2,402.6 35.6% Prestige & Above 838.3 647.9 29.4% 718.4 16.7% 2,270.0 1,725.5 31.6% Regular & Others 295.2 229.4 28.7% 322.8 (8.6)% 967.9 642.3 50.7% Others 6.2 15.8 6.2 19.0 34.8 Non IMFL (B) 407.0 401.1 1.5% 446.5 (8.8)% 1,289.9 1,144.5 12.7% Revenue from Operations (Net) (A+B) 1,546.7 1,294.2 19.5% 1,493.9 3.5% 4,546.7 3,547.0 28.2% Prestige & Above as % of Total IMFL Revenue 73.6% 72.5% 68.6% 69.7% 71.8% IMFL as % of Total Revenue from Operations 73.7% 69.0% 70.1% 71.6% 67.7% Q3 y-o-y Q2 q-o-q Nine Month y-o-y FY2026 FY2025 Growth (%) FY2026 Growth (%) FY2026 FY2025 Growth (%) Operational Performance (Million Cases) Prestige & Above 4.62 3.67 25.9% 3.89 18.7% 12.35 9.59 28.7% Regular & Others 4.70 3.54 32.7% 5.04 (6.8)% 15.16 9.91 53.0% Total Own Volume 9.32 7.21 29.3% 8.93 4.3% 27.51 19.50 41.1% Prestige & Above as % of Total Own Volume 49.6% 50.9% 43.6% 44.9% 49.2% Royalty Brands 0.43 1.15 0.42 1.31 2.70 Total Volume 9.75 8.36 16.7% 9.34 4.3% 28.82 22.21 29.8% Above financials are on Standalone basis
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Earnings Presentation | Q3 FY2026 8 Key Financial Metrics Above financials are on Standalone basis * Including an exceptional charge of ` 9.56 Cr on account of the change due to the New Labour Code Q3 y-o-y Q2 q-o-q Nine Month y-o-y Financial Performance (` Crore) FY2026 FY2025 Growth (%) FY2026 Growth (%) FY2026 FY2025 Growth (%) Revenue from Operations (Gross) 5,423.8 4,440.9 22.1% 5,056.7 7.3% 15,794.1 12,613.1 25.2% Revenue from Operations (Net) 1,546.7 1,294.2 19.5% 1,493.9 3.5% 4,546.7 3,547.1 28.2% Gross Profit 719.4 556.8 29.2% 652.0 10.3% 2,019.0 1,510.4 33.7% Gross Margin (%) 46.5% 43.0% 43.6% 44.4% 42.6% EBITDA 265.4 183.2 44.9% 236.1 12.4% 732.2 493.8 48.3% EBITDA Margin (%) 17.2% 14.2% 15.8% 16.1% 13.9% Profit Before Tax 206.6 129.9 59.0% 186.3 10.9% 570.6 343.1 66.3% Total Comprehensive Income* 153.7 95.4 61.1% 137.8 11.5% 423.8 252.8 67.6% Total Comprehensive Income Margin (%) 9.9% 7.4% 9.2% 9.3% 7.1% Basic EPS (`) 11.59 7.18 61.5% 10.38 11.7% 31.93 19.03 67.8%
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Earnings Presentation | Q3 FY2026 9 Key Financial Metrics Q3 y-o-y Q2 q-o-q Nine Month y-o-y (` Crore) FY2026 FY2025 Growth (%) FY2026 Growth (%) FY2026 FY2025 Growth (%) Revenue from Operations (Gross) 5,423.8 4,440.9 22.1% 5,056.7 7.3% 15,794.1 12,613.1 25.2% Revenue from Operations (Net) 1,546.7 1,294.2 19.5% 1,493.9 3.5% 4,546.7 3,547.1 28.2% Other Income 2.6 1.1 141.1% 2.4 10.2% 9.6 3.5 177.5% Income from Operations 1,549.4 1,295.3 19.6% 1,496.3 3.5% 4,556.3 3,550.5 28.3% Cost of Goods Sold 827.4 737.4 12.2% 841.9 (1.7)% 2,527.7 2,036.7 24.1% Employee Benefit 69.7 62.9 10.8% 58.5 19.0% 183.4 164.6 11.4% Selling & Distribution 175.8 121.8 44.4% 154.3 14.0% 476.9 326.9 45.9% Depreciation 37.2 35.6 4.4% 37.4 (0.5)% 110.8 104.2 6.4% Interest 16.4 19.5 (15.8)% 16.3 0.9% 48.6 52.3 (7.0)% Other Operating Expenses 206.7 188.2 9.8% 201.5 2.5% 621.7 522.8 18.9% Total Expenses 1,333.2 1,165.4 14.4% 1,310.0 1.8% 3,969.2 3,207.4 23.8% Profit Before Exceptional Item & Tax 216.2 129.9 66.4% 186.3 16.0% 587.1 343.1 71.1% Exceptional Items* (9.6) 0.0 0.0 (16.6) 0.0 Profit Before Tax 206.6 129.9 59.0% 186.3 10.9% 570.6 343.1 66.3% Current Tax 51.0 31.5 43.8 137.0 84.0 Deferred Tax 0.6 2.4 3.6 6.2 4.7 Net Profit 155.1 96.0 61.6% 139.0 11.6% 427.4 254.5 67.9% Net Income Margin (%) 10.0% 7.4% 9.3% 9.4% 7.2% Other Comprehensive Expenses / (Income) 1.3 0.6 1.1 3.6 1.7 Total Comprehensive Income 153.7 95.4 61.1% 137.8 11.5% 423.8 252.8 67.6% Total Comprehensive Income Margin (%) 9.9% 7.4% 9.2% 9.3% 7.1% * Q3 FY26: exceptional charge of ` 9.56 Cr on account of the change due to the New Labour Code
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Earnings Presentation | Q3 FY2026 10 Performance Discussion Q3 FY2026 Highlights As of December 31, 2025 ` Crore Comment Total Debt 457.9 Including Term Loans of ` 163.6 Cr (reduction in TL of ` 126.4 Cr since March 31, 2025) Cash & Cash Equivalents (92.9) Net Debt 365.0 Reduction in Net Debt of ` 208.5 Cr since March 31, 2025 o Revenue from Operations (Net) grew by 19.5% y-o-y. Total IMFL volume* increased 16.7% whereas Prestige & Above category volume grew 25.9%. After 9 quarters of degrowth, Regular volumes had returned to sharp growth trajectory in Q3 FY25. The momentum continued in FY26. Change in the route-to-market in Andhra Pradesh contributed to the regular volume growth to a large extent. Prestige & Above net revenue growth was 29.4% compared to Q3 FY25. o Non-IMFL revenue growth was 1.5% due to lower Bulk alcohol sales compared to Q3 FY25. o Gross Margin during the quarter was 46.5%, representing a 350 bps expansion Y-o-Y and 290 bps expansion Q-o-Q. Gross Margin improved on Y-o-Y basis due to a relatively benign raw material scenario coupled with ongoing premiumization. We remain optimistic that the pricing scenario for ENA and grains will remain stable to benign in the near term. Raw material accounted for 225 bps of gross margin expansion during the quarter. o The Company’s strategy is to continue to make prudent marketing investments over existing core brands and new launches to sustain the growth and market share. During Q3 FY2026, A&SP was 6.9% of IMFL sales compared to 5.5% in Q3 FY2025. On a quarterly basis, the amount may vary but we expect to maintain A&SP spend around 6% to 8% of our IMFL revenues to be able to drive the sales momentum. o Q3 FY26 included an exceptional charge of ` 9.56 Cr on account of the changes due to the New Labour Code. * Including brands on Royalty
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Earnings Presentation | Q3 FY2026 11 Branding & Marketing Rampur Indian Single Malt in Air India (First Class and Business Class) International Flights
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Earnings Presentation | Q3 FY2026 12 Branding & Marketing Rampur Lounge at Musaafer, NYC
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Earnings Presentation | Q3 FY2026 Best-in-Class Luxury Portfolio After the success of Rampur and Jaisalmer, further strengthened the Indi-lux portfolio over the past five years FY2022 FY2023 FY2024 FY2025 FY2026 The most expensive Indian whisky at the entry level scotch segment; priced higher than the competition A confluence of the finest malts sourced from traditional European origins as well as from the New World A disciplined journey from selective brands to a comprehensive, world-class Indian luxury spirits portfolio The crown jewel of luxury rums – triple aged in American Oak Barrels, followed by further maturation in Cognac XO and Vermouth casks Another core expression from the House of Rampur, reflecting our distinctive maturation techniques Luxury vodka with with an aspiration to transform into a leading global brand; A new age single malt carrying forward the legacy of Rampur Distillery
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Earnings Presentation | Q3 FY2026 14 Brand Performance Rampur Indian Single Malt Whisky • Eight expressions (Select, PX Sherry, Signature Reserve, Double Cask, Asava, Trigun, Jugalbandi, Barrel Blush) • Available in around 50 countries and 35 travel retail • Rampur Double Cask available in 19 states in India and Asava in 13 states Recent Awards: Rampur Double Cask • Gold Medal Winner at The Spirits Business World Whisky Masters, 2025 • World’s 50 Most Admired Whiskies by Drinks International • Gold Medal Winner at Eurasia Spirits Drinks, 2024 • Gold Medal Winner at London Spirit Competition, 2024 • Gold Medal Winner at Barleycorn Awards, 2024 Recent Awards: Rampur Asava • Gold in The Fifty Best World Whisky Tasting 2025 • Gold in London Spirit Competition, 2024 • Gold Medal at Bartender’s Brand Award, 2024 • Wine Enthusiast named Rampur Asava as one of the Top 10 Single Malts in the World, 2023 • Double Gold at Barleycorn Award, 2023 and named as the Best World Whisky Recent Awards: Rampur Select • World’s 50 Most Admired Whiskies by Drinks International • Top 100 Spirits of 2023 by Wine Enthusiast • Double Gold at The Fifty Best World Whisky, 2023
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Earnings Presentation | Q3 FY2026 15 Brand Performance Jaisalmer Indian Craft Gin • Contains 11 botanicals/herbs, out of which 7 are from all parts of India • Available in around 40 countries and 30+ travel retail; 22 states in India & 50% market share of the luxury gin space • Jaisalmer Gold has 18 botanicals including saffron; Now available in 7 states Recent Awards • Gold Medal Winner at The London Spirits Competition, 2025 • Double Gold Medal Winner at The Fifty Best Gin, 2025 • Double Gold Medal Winner at the Barleycorn Awards, 2024 • Gold Medal Winner at Eurasia Spirits Drinks, 2024 Sangam World Malt Whisky • “Sangam” is derived from the Hindi word meaning "confluence," which symbolizes the seamless blend of Eastern tradition and Western whisky-making expertise • Meticulous fusion of premium malts sourced from Europe and the New World • Available in around 40 countries; 12 states in India Recent Awards • Spirit of the Year – India at the 2025 Bartender Spirits Awards • Gold Medal Winner at Barleycorn Awards, 2024 • Gold Medal at the Beverage Tasting Institute, BTI Luxury Spirits Award, 2023
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Earnings Presentation | Q3 FY2026 16 Brand Performance Royal Ranthambore Heritage Collection Whisky • Crafted from different bespoke Blended Malt Scotch from various regions of Scotland. Scotch grain is also blended to harmonize the Whisky • Signed an endorsement deal with Bollywood star, Saif Ali Khan • Available in 23 states in India and we will continue to expand the width of distribution; Market share of 10% in CSD during the month of December 2025 Recent Awards • Gold at Monde Selection Awards 2025; International High-Quality Trophy at Monde Selection Awards 2024 • Gold at The Fifty Best World Whisky, 2023 The Spirit of Kashmyr, Luxury Vodka • Crafted with Pampore saffron, renowned as the world’s finest, this spirit redefines luxury. It is blended with Himalayan spring water, sourced from pristine mountain glaciers • Distilled from the finest grain, nurtured in the fertile soils of the Kashmir valley, and refined through diamond filters for enhanced purity and exceptional smoothness • This is a unique opportunity to address the luxury vodka space, long dominated by imported brands, with an authentic, world-class Indian offering • Currently available in 8 states with launch planned in 4 more states by the end FY2026; It is also available in UAE, Africa with Australia and UK being planned by the end of the month The Spirit of Kashmyr Born from the Valley, Crafted with Soul (Campaign Video)
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Earnings Presentation | Q3 FY2026 17 Brand Performance Morpheus Super Premium Brandy • With over 60% market share, Morpheus is India’s largest selling premium brandy. Morpheus’ fruity and floral top notes combine with sweet and heavy bodied traces of matured wood, vanilla and raisin to provide a truly exquisite aftertaste • Crafted by our master blenders, Morpheus Blue is perfection in a bottle, created for the most deserving of dreamers. Named after the Greek God of Dreams, it provides an exotic experience to the premium brandy lovers • Achieved 1.2 million case volume in FY2025 Recent Awards • Morpheus Blue XO Brandy – Grand Gold at Monde Selection 2025 • Morpheus XO Premium Brandy – Gold at Monde Selection 2025 Morpheus Rare Luxury Whisky • A strategic extension of our premium portfolio, entering the high-growth super-premium whisky segment. Building on the formidable brand equity of Morpheus Brandy, India’s largest super-premium brandy, this new brand represents a bold step forward in the Company’s ambition to lead across categories • Crafted with imported Scotch malts and fine Indian grain spirits, and aged in Bourbon barrels, Morpheus Whisky delivers a smooth, full-bodied experience with a distinctive fruity-floral character • This launch reflects our continued focus on premiumization, innovation, and capturing the evolving preferences of a new generation of consumers • Currently available in 8 states with launch planned in 4 more states by the end FY2026
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Earnings Presentation | Q3 FY2026 18 Brand Performance Magic Moments Vodka • Continues to gain market share; accounts for 60% of the overall vodka market share; Crossed 7 million case sales in FY25 • Partnered with Saregama, India’s leading music label to launch an innovative new music series titled ‘Magic Moments Music Studio’; Launched a trendy pocket pack • Launched Magic Moments Flavors of India, a vibrant new range of flavored vodkas that celebrate the essence, culture, and taste of India, with Jamun SpicyMint, Alphonso Mango and Thandaai flavors 8PM Premium Black Whisky • Available in 24 states and we will continue to expand the width of distribution; building strong traction • As part of our premiumization strategy, we introduced a bold new look for 8PM Premium Black Whisky, reflecting evolving consumer preferences while retaining the brand’s distinctive character • Received Gold at Monte Selection Awards 2025; International High-Quality Trophy at Monde Selection Awards 2024 (for achieving Gold/ Grand Gold for three consecutive years) After Dark Blue Whisky • Re-launched After Dark Blue Whisky in a refreshed and more contemporary format during FY2023 • After registering 50% volume growth in FY2024, it crossed a major milestone in FY2025 with 1.9 million cases sold, marking over 100% year-on-year growth, and officially became the eighth brand to enter the prestigious Millionaire’s Club • Available in 20 states and we will continue to expand the width of distribution
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Earnings Presentation | Q3 FY2026 This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Radico Khaitan’s future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. Radico Khaitan undertakes no obligation to publicly revise any forward-looking statements to reflect future / likely events or circumstances. For further information, please contact: Saket Somani Senior Vice President, Finance & Strategy somanis@radico.co.in +91 973 196 6789 Q3 FY2026 Earnings Call Details Date: Friday, January 23, 2026 | Time: 4:00 PM IST Universal Access: +91 22 6280 1384, +91 22 7115 8285 Pre-Register to avoid wait time and Express Join with Diamond Pass Disclaimer
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Radico Khaitan Limited (CIN: L26941UP1983PLC027278) J-I, Block B-I, Mohan Co-operative Industrial Area, Mathura Road, New Delhi-110044 Ph.: +91-11-4097 5400/5500 Fax: +91-11-4167 8841/42 www.radicokhaitan.com