Radico Khaitan Q2 Results: Profit Jumps 66% as Premium Brands Carry the Quarter (October 27, 2026)

The Radico Khaitan Q2 results tell a simple story: the company is selling fewer cheap bottles and a lot more expensive ones, and the profit line loves it. Standalone net profit for July-September rose 66.1% year-on-year to ₹230.9 crore, from ₹139.0 crore, according to the maker of Magic Moments and 8PM’s Q2 FY27 earnings presentation filed with NSE. Revenue grew far more slowly, which is exactly why the margin story matters here.

Radico Khaitan Q2 results: the key numbers

All figures below are standalone and compare the September 2026 quarter with the same quarter of FY26, as per the presentation:

• Net revenue from operations rose 16.8% to ₹1,745.1 crore, from ₹1,493.9 crore.
• Gross profit grew 28.6% to ₹838.4 crore, and the gross margin widened 440 basis points to 48.0%.
• EBITDA jumped 51.0% to ₹356.5 crore. The EBITDA margin expanded 462 basis points to 20.4%, from 15.8%.
• Profit before tax rose 65.1% to ₹307.7 crore, and basic EPS came in at ₹17.23, against ₹10.38.
• Against the June quarter, profit was up a more modest 2.2% (from ₹226.0 crore). For the first half, profit rose 67.8% to ₹456.9 crore.

Moneycontrol reported consolidated net profit of ₹232.34 crore, up 66.5% from ₹139.55 crore, so the two sets of books tell much the same story.

Premium brands did the heavy lifting

Volumes in the Prestige & Above segment, the company’s pricier brands, rose 35.8% to 5.28 million cases from 3.89 million. They now make up 53.7% of Radico’s own volume, up from 43.6% a year ago. In value terms the shift is sharper still: premium net revenue grew 38.6% to ₹996.0 crore and accounted for 77.1% of IMFL revenue, against 68.6% last year.

Vodka was the star. The vodka portfolio grew 49% to 2.96 million cases, and the company says Magic Moments holds around 60% of India’s vodka market. Managing Director Abhishek Khaitan said vodka’s share of the IMFL industry has risen to 6.3% in Q2 FY27.

The cheaper end went the other way. Regular & Others volume fell 9.7% to 4.55 million cases. The company blamed a high base after a change in the route-to-market in Andhra Pradesh, along with policy changes in Maharashtra and Karnataka. Total volume, including royalty brands, still rose 7.2% to a record 10.02 million cases.

Fewer regular cases, far more premium ones, and a 462 bps jump in EBITDA margin. That is the whole quarter in one line.

Costs, debt and guidance

Grain prices are rising, and Radico tried to get ahead of them by stocking up on raw material, which helped it through the quarter but pushed up working capital. Advertising and sales promotion spend was 6.6% of IMFL sales, against 6.1% a year ago; the company expects to keep it in a 6-8% range.

Net debt stood at ₹175.4 crore on September 30, ₹68.7 crore lower than at the end of March, and the presentation says the company expects to be net-debt free during the second half of FY27. Management raised its FY27 guidance for Prestige & Above volume growth to 30% and reiterated an EBITDA margin of around 20%.

On the leadership side, CFO Dilip Banthiya has been elevated to Executive Director and CFO, and Saket Somani becomes Deputy CFO, both effective October 28, according to Moneycontrol.

How the stock reacted

The market took it calmly. Per Moneycontrol, Radico Khaitan opened at ₹4,198.40 on the BSE against a previous close of ₹4,200 and settled at ₹4,275, up 1.79% on October 27. We read that as a sign that strong premiumisation was already expected; the real test is whether margins hold near 20% if grain costs keep climbing once the stockpile runs down.

For more from the season, see our Tata Consumer Q2 results report and the Q2 FY27 earnings roundup. If gross margin and EBITDA margin still blur together for you, our guide on how to analyse quarterly results walks through it.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.