Radico Khaitan Ltdrecord Q2, EBITDA margin 20.4%, P&A volume +36%

Radico Khaitan's Q2 FY27 call, held on 28 October 2026, reported its strongest quarter: IMFL volume above 10 million cases, up 7%, revenue of ₹1,746 crore and EBITDA of ₹356 crore at a 20.4% margin, 462 basis points higher than a year earlier.

Prestige & Above volume grew 36% to a record 5.28 million cases while Regular brands fell about 15% on a high base and state policy changes. Gross margin was 48.0%, up 440 basis points on the year but down 109 on the quarter as packaging inflation cost about ₹27 crore and grain prices rose. Vodka reached 6.3% of industry volume, Karnataka premium volumes more than doubled, and the company is now in four UK airports. Management upgraded its FY27 Prestige & Above volume growth guide to 30% and kept the EBITDA margin goal near 20%, with luxury sales targeted to grow 25%.

It said the customs scrutiny of Scotch bulk imports is an industry matter with no change expected for Radico, the working capital build is temporary, and Dilip Banthiya joined the Board as Executive Director and CFO.