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Radico Khaitan Ltd. (BSE: 532497; NSE: RADICO) Q2 FY2027 Earnings Presentation October 27, 2026 T aking India to the World
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Earnings Presentation | Q1 FY2027 EBITDA Increased 51.0% to ` 356.5 Crore Total Comprehensive Income Increased 67.1% to ` 230.3 Crore EBITDA Margin Expanded 462 bps to 20.4% Total IMFL Volume* Increased 7.2% to 10.02 Million Cases Prestige & Above Volume Increased 35.8% to 5.28 Million Cases Revenue from Operations (Net) Increased 16.8% to ` 1,745.1 Crore Gross Profit Increased 28.6% to ` 838.4 Crore Net Debt ` 175.4 Crore Reduction of ` 68.7 Crore vs. March 2026 * Including Royalty volumes Q2 FY2027 Performance Highlights Another quarter with record performance: Highest ever volume, top line and profitability
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Achieving new highs: Delivered highest ever quarterly volume… 4 Q2 FY2027 Performance Highlights 5.2 5.8 6.0 6.5 7.2 7.0 6.8 9.3 10.0 1.5 1.6 1.7 1.9 2.3 2.8 3.2 3.9 5.3 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 Q4 FY2026 Q1 FY2027 Q2 FY2027 (million cases) Total Volume Prestige & Above Volume Earnings Presentation • Q2 FY2027
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…Translating into highest ever quarterly Net Sales and EBITDA 5 Q2 FY2027 Performance Highlights 518 570 630 701 761 925 1,116 1,494 1,745 91 86 107 111 90 121 162 236 356 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 Q4 FY2026 Q1 FY2027 Q2 FY2027 (` Crore) Net Sales EBITDA Earnings Presentation • Q2 FY2027
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Premiumization has led to higher profitability and stronger return ratios 6 Q2 FY2027 Performance Highlights 771 574 244 175 20.4% 29.4% 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 Q4 FY2026 Q1 FY2027 Q2 FY2027 Net Debt (Rs. Crore) EBITDA Margin (%) ROCE (%) Earnings Presentation • Q2 FY2027
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7 Management Commentary Commenting on the results and performance, Dr. Lalit Khaitan, Chairman and Managing Director said: “The second quarter reaffirms the consistency of our growth journey. Building on the milestone FY26 and an encouraging start to the year, Radico Khaitan has delivered another robust performance, taking H1 FY27 to record volume, revenue and profitability. This reflects years of patient investment in quality, organic brand building and an unwavering focus on premiumisation. As we scale, we are also strengthening our leadership team to support the next phase of growth with deeper capability and continuity. Premiumisation continues to define the Indian spirits industry. Rising aspirations, an evolving cocktail culture and the expanding hospitality sector are steadily drawing consumers towards brands built on quality, heritage and authenticity. Our Prestige & Above portfolio, now the principal engine of our growth, is capturing this shift, and we see it as a multi-year opportunity. The IMFL industry continues to benefit from strengthening structural tailwinds. In Karnataka, the rationalised duty framework is showing early signs of a healthier, more premium-friendly market. Tamil Nadu, the country’s largest market, is also sending encouraging signals. Such progressive steps widen the opportunity for organised, branded players and support the long-term formalisation of the industry. The global environment has turned increasingly volatile, with heightened uncertainty around input costs and supply chains. We are navigating this with agility, drawing on our integrated manufacturing platform, sharper procurement and a richer product mix. These levers give us the resilience to stay the course, and we remain confident of sustaining our EBITDA margin. India’s long-term consumption story remains intact, and Indian spirits are increasingly earning their place among the world’s finest. With a premium-led portfolio, deep manufacturing capabilities and a committed team, Radico Khaitan is well positioned to create long-term value for all our stakeholders.” Earnings Presentation • Q2 FY2027
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8 Management Commentary Commenting on the results and performance, Mr. Abhishek Khaitan, Managing Director said: “Our premium-first strategy has delivered another quarter of remarkable results. The Prestige & Above portfolio volume grew 36% in Q2, well ahead of the industry, and continued to enrich our mix. Vodka is in the midst of a multi-year structural shift, and its share of the IMFL industry has risen to 6.3% in Q2 FY27. Magic Moments is leading this change. Our flavour-led innovation is widening the category and drawing in a new generation of consumers, reinforcing the brand’s clear leadership. In whisky, the contemporary new look of After Dark Blue is resonating well in the largest segment of the market. 8PM Premium Black continues to gain momentum and market share in key states. Brand advocacy remains central to how we build our premium and luxury portfolio. We are deepening our on-trade presence through curated consumer experiences and key account partnerships, alongside sharper in-store visibility and growing digital engagement. Our luxury brands, including Rampur Indian Single Malt, Jaisalmer Indian Craft Gin and Virasat Indian Single Malt, continue to receive an exceptional response from connoisseurs in India and abroad. These investments are building enduring brand equity and stronger connections with today’s aspirational consumers. We are expanding our global footprint and Radico Khaitan is now the first Indian spirits company to be present across four major UK airports, a proud milestone for Indian spirits on the world stage. Building on around 70 travel retail outlets currently, we are steadily progressing towards our target of 100 in the coming years. Despite a challenging external environment, the momentum across our portfolio gives us confidence. We upgrade our Prestige & Above volume growth guidance to 30% and reiterate EBITDA margin guidance of around 20% for FY27. To support the next phase of growth, we have further strengthened our leadership team. Dilip Banthiya has been elevated to Executive Director & CFO, bringing deep financial expertise to the Board, and Saket Somani has been elevated to Deputy CFO. These elevations reflect our belief in nurturing talent from within and building a leadership bench for the long term.” Earnings Presentation • Q2 FY2027
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Recent Performance 9 Revenue Break up (` Crore) IMFL (A) 1,292.2 1,047.5 23.4% 1,262.5 2.3% 2,554.7 2,117.1 20.7% Prestige & Above 996.0 718.4 38.6% 970.0 2.7% 1,966.0 1,431.7 37.3% Regular & Others 292.7 322.8 (9.3)% 289.3 1.2% 581.9 672.7 (13.5)% Others 3.5 6.2 3.2 6.7 12.7 Non IMFL (B) 452.9 446.5 1.4% 422.2 7.3% 875.1 882.8 (0.9)% Revenue from Operations (Net) (A+B) 1,745.1 1,493.9 16.8% 1,684.7 3.6% 3,429.8 3,000.0 14.3% Prestige & Above as % of Total IMFL Revenue 77.1% 68.6% 76.8% 77.0% 67.6% IMFL as % of Total Revenue from Operations 74.0% 70.1% 74.9% 74.5% 70.6% Q2 y-o-y Q1 q-o-q Half Year y-o-y FY2027 FY2026 Growth (%) FY2027 Growth (%) FY2027 FY2026 Growth (%) Operational Performance (Million Cases) Prestige & Above 5.28 3.89 35.8% 5.22 1.2% 10.50 7.73 35.8% Regular & Others 4.55 5.04 (9.7)% 4.61 (1.1)% 9.16 10.46 (12.5)% Total Own Volume 9.83 8.93 10.1% 9.82 0.1% 19.66 18.19 8.0% Prestige & Above as % of Total Own Volume 53.7% 43.6% 53.1% 53.4% 42.5% Royalty Brands 0.18 0.42 0.17 0.36 0.87 Total Volume 10.02 9.34 7.2% 10.00 0.2% 20.01 19.07 5.0% Earnings Presentation • Q2 FY2027
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Recent Performance 10 Q2 y-o-y Q1 q-o-q Half Year y-o-y Financial Performance (` Crore) FY2027 FY2026 Growth (%) FY2027 Growth (%) FY2027 FY2026 Growth (%) Revenue from Operations (Gross) 5,582.7 5,056.7 10.4% 5,868.7 (4.9)% 11,451.4 10,370.2 10.4% Revenue from Operations (Net) 1,745.1 1,493.9 16.8% 1,684.7 3.6% 3,429.8 3,000.0 14.3% Gross Profit 838.4 652.0 28.6% 827.7 1.3% 1,666.2 1,299.7 28.2% Gross Margin (%) 48.0% 43.6% 49.1% 48.6% 43.3% EBITDA 356.5 236.1 51.0% 348.1 2.4% 704.6 466.8 50.9% EBITDA Margin (%) 20.4% 15.8% 20.7% 20.5% 15.6% Profit Before Tax * 307.7 186.3 65.1% 301.4 2.1% 609.1 364.0 67.4% Total Comprehensive Income * 230.3 137.8 67.1% 225.4 2.2% 455.7 270.1 68.7% Total Comprehensive Income Margin (%) 13.2% 9.2% 13.4% 13.3% 9.0% Basic EPS (`) 17.23 10.38 66.0% 16.88 2.1% 34.12 20.34 67.8% Above financials are on Standalone basis * Including exceptional charge of ` 6.99 Cr in Q1 FY26 on account of reassessment of House & Water Tax (FY2019-FY2025) Earnings Presentation • Q2 FY2027
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Recent Performance 11 Q2 y-o-y Q1 q-o-q Half Year y-o-y Financial Performance (` Crore) FY2027 FY2026 Growth (%) FY2027 Growth (%) FY2027 FY2026 Growth (%) Revenue from Operations (Gross) 5,582.7 5,056.7 10.4% 5,868.7 (4.9)% 11,451.4 10,370.2 10.4% Revenue from Operations (Net) 1,745.1 1,493.9 16.8% 1,684.7 3.6% 3,429.8 3,000.0 14.3% Other Income 5.0 2.4 113.2% 5.4 (6.0)% 10.4 7.0 48.4% Income from Operations 1,750.2 1,496.3 17.0% 1,690.0 3.6% 3,440.2 3,007.0 14.4% Cost of Goods Sold 906.7 841.9 7.7% 856.9 5.8% 1,763.6 1,700.3 3.7% Employee Benefit 66.2 58.7 12.9% 68.4 (3.2)% 134.7 114.0 18.1% Selling & Distribution 184.3 154.3 19.5% 180.1 2.3% 364.4 301.1 21.0% Depreciation 43.2 37.4 15.5% 41.2 4.7% 84.4 73.6 14.6% Interest 11.4 16.3 (29.9)% 11.7 (2.0)% 23.1 32.2 (28.4)% Other Operating Expenses 230.6 201.4 14.5% 230.3 0.1% 461.0 414.8 11.1% Total Expenses 1,442.4 1,310.0 10.1% 1,388.6 3.9% 2,831.1 2,636.0 7.4% Profit Before Exceptional Item & Tax 307.7 186.3 65.1% 301.4 2.1% 609.1 371.0 64.2% Exceptional Items* 0.0 0.0 0.0 0.0 (7.0) Profit Before Tax 307.7 186.3 65.1% 301.4 2.1% 609.1 364.0 67.4% Current Tax 74.5 43.8 78.2 152.7 86.0 Tax Adjustments for Earlier Years 0.0 0.0 0.0 0.0 Deferred Tax 2.3 3.6 (2.8) (0.5) 5.6 Net Profit 230.9 139.0 66.1% 226.0 2.2% 456.9 272.3 67.8% Net Income Margin (%) 13.2% 9.3% 13.4% 13.3% 9.1% Other Comprehensive Expenses / (Income) 0.6 1.1 0.6 1.2 2.2 Total Comprehensive Income 230.3 137.8 67.1% 225.4 2.2% 455.7 270.1 68.7% Total Comprehensive Income Margin (%) 13.2% 9.2% 13.4% 13.3% 9.0% Earnings Presentation • Q2 FY2027
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12 Performance Discussion Q2 FY2027 Highlights • Revenue from Operations (Net) grew by 16.8% y-o-y. Total IMFL volume* increased 7.2% whereas Prestige & Above category volume grew 35.8%. Premium volume growth was led by a 49% growth in the vodka portfolio which reached 2.96 million cases, supported by a strong growth in the whisky portfolio. Regular volume degrowth was due to a higher base of Q2 FY26 after the change in the route-to-market in the state of Andhra Pradesh, and the impact of the policy change in Maharashtra and Karnataka. Prestige & Above net revenue growth was 38.6% compared to Q2 FY26. • IMFL revenue growth was 23.4% Y-o-Y led by the premium portfolio. Non-IMFL revenue was 1.4% Y-o-Y. • Gross Margin during the quarter was 48.0%, representing a 440 bps expansion Y-o-Y. Despite the uncertain macro environment, we are confident of our margin trajectory in FY27. To mitigate the impact of increasing grain prices to a large extent, we had built up higher level of stocks which has supported us through Q2 FY27. This has resulted into higher working capital during the quarter. • 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 Q2 FY27, A&SP was 6.6% of IMFL sales compared to 6.1% in Q2 FY26. 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. As of September 30, 2026 ` Crore Comment Total Debt 247.1 Including Term Loans of ` 54.3 Cr (reduction in TL of ` 75.7 Cr since March 31, 2026) Cash & Cash Equivalents (71.7) Net Debt 175.4 Reduction in Net Debt of ` 68.7 Cr since March 31, 2026; Net Debt free during H2 FY2027 Earnings Presentation • Q2 FY2027
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Vodka Industry in India Represents a multi-year structural growth story 13 • In a multi-year structural growth phase, supported by changing consumer preferences, demographic tailwinds, premiumisation trends, evolving consumption occasions, rise in cocktails, nightlife, and social gatherings • India’s vodka penetration remains significantly below global level, highlighting long-term growth potential as Indian consumption converges with global trends: o Globally, 28% of the industry • Flavoured vodka account for 75% of the industry volume • Vodka volumes are estimated to have increased at a CAGR of over 20% between FY2022 and FY2026; growth accelerated further in last 3-4 quarters • Vodka growth is increasingly visible beyond metros, particularly in states such as Uttar Pradesh (19% of IMFL industry is now vodka), Rajasthan (12%), Madhya Pradesh (14%), etc. indicating broader category acceptance Magic Moments is the fifth largest vodka globally and the largest in India with ~60% market share 8.6 0 1 2 3 4 5 6 7 8 9 10 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Volume (million cases) Magic Moments Vodka launched Magic Moments Flavours launched Achieved a million case sales Verve launched Verve flavours launched Verve launched in new premium packaging Verve Cranberry and Lemon Lush launched Dazzle vodka launched Magic Moments Remix Pink launched Magic Moments Flavours of India launched 3.7% 4.5% 6.2% FY25 FY26 H1 FY27 Vodka as % of Total IMFL Industry in India Earnings Presentation • Q2 FY2027
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Best-in-Class Luxury Portfolio After the success of Rampur and Jaisalmer, further strengthened the Indi-lux portfolio over the past five years A disciplined journey from selective brands to a comprehensive, world-class Indian luxury spirits portfolio FY2022 A confluence of the finest malts sourced from traditional European origins as well as from the New World 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 an aspiration to transform into a leading global brand; A new age single malt carrying forward the legacy of Rampur Distillery FY2023 FY2024 FY2025 FY2026 The most expensive Indian whisky at the entry level scotch segment; priced higher than the competition 14Earnings Presentation • Q2 FY2027
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Retail In-Shop Visibility 15 Distinctive brand displays driving visibility, trial and premium recall Earnings Presentation • Q2 FY2027
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Global Travel Retail 16 London Heathrow Duty Free Dubai Duty Free Bahrain Duty Free Sharjah Duty Free Mumbai Duty Free Muscat Duty Free Currently present in 65+ travel retail stores across the world; Target reaching to 100 Earnings Presentation • Q2 FY2027 Delhi Duty Free
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India Consumption Story Rising incomes, favourable demographics and progressive state reforms are expanding the formal, branded spirits market. Premiumisation Prestige & Above volumes grew 36% in Q2, steadily enriching our mix and driving faster value growth. Brand Portfolio Eight millionaire brands and an award-winning luxury range, all built organically, leading across whisky, vodka, brandy, rum and gin. Integrated Platform Large distillation capacities, extensive bottling network and presence in over 100 countries give us scale, cost control and reach. Margin Expansion A richer mix and operating leverage have lifted EBITDA margin to around 20%, with healthy cash generation supporting returns. 17 Built for Premium Growth Earnings Presentation • Q2 FY2027
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Disclaimer 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. Q2 FY2027 Earnings Call Details Date: Wednesday, 28 October 2026 | Time: 3:00 PM IST Universal Access: +91 22 6280 1144; +91 22 7115 8045 Toll Free Numbers: Singapore 8001012045 Hong Kong 800964448 UK 08081011573 USA 18667462133 Pre-Register to avoid wait time and Express Join with Diamond Pass For further information, please contact: Saket Somani Deputy Chief Financial Officer somanis@radico.co.in +91 9731 96 6789 (M) Earnings Presentation • Q2 FY2027
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Radico Khaitan Limited (CIN: L26941UP1983PLC027278) Plot: 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