Home-grown liquor major Radico Khaitan expects 20 per cent growth in its premium-and-above segment in the current financial year, expansion in white spirits and a margin rise of 120 basis points despite the short-term volatility in the raw material costs, according to its Managing Director Abhishek Khaitan.
The company, which owns Rampur Indian Single Malt, Jaisalmer Indian Craft Gin, Magic Moments Vodka, Morpheus Brandy, and 8 PM Whisky, is encouraged after its net sales crossed ₹6,000 crore in FY26, which it claims is the “highest-ever growth” with EBITDA breaching the ₹1,000 crore mark.
Outlining the outlook for FY27, Khaitan told PTI that he expects a growth of “20 per cent in premium volume” and “25 per cent value growth in the luxury”, along with margin expansion, despite all short-term volatility in raw material costs.
“We would see a 120 basis point margin expansion this year,” he said.
The company had achieved an Ebitda margin of close to 16.8 per cent last fiscal and expects this to expand by 125 basis points in FY27, driven largely by premiumisation and growth in white spirits.
Radico Khaitan’s luxury portfolio, comprising single malts and brands such as Royal Ranthambore, clocked a turnover of ₹475 crore last fiscal and is expected to grow 25 per cent over the next two to three years, Khaitan said.
It has recently launched a new expression, ‘Rampur 1943 Virasat ‘, an “affordable luxury” single malt priced between ₹3,500 and ₹4,000 a bottle (750 ml), to fill the entry-level gap in the segment and widen its consumer base.
“With this, we are trying to now cater to the entire spectrum of the Indian single malt,” he said.
Its Rampur Single Malt range, which has won several global accolades, priced between ₹8,500 and ₹5 lakh a bottle, now has nine expressions.
“We started with a very high-end price point of ₹8,500 and for eight years have been investing in our malt capacities… now that investment is bearing results,” Khaitan said, adding that Rampur is the only Indian single malt to partner with Air India across its international flights.
Its Luxury portfolio includes Rampur Indian Single Malt, Jaisalmer Gin, Kohinoor – Dark Rum, Virasat Indian Single Malt and Sangam World Malt.
In FY26, Radico Khaitan sold 36.62 million cases, where Prestige & Above stood at 16.7 million cases, contributing 45.6 per cent. It had contributed ₹3,063.7 crore, which is 70.3 per cent of Radico Khaitan’s total IMFL revenue.
Its Prestige & Above portfolio includes brands like After Dark, Magic Moments, Morpheus Brandy, and Royal Ranthambore.
Khaitan further said India is witnessing a structural shift towards white spirits, particularly vodka, a trend he described as significant for the industry.
While vodka accounts for 28 per cent of the global spirits market, its share in India was just 3 per cent until three years ago. This has since risen to 4.5 per cent last year and touched 6 per cent between April and June this year, he pointed out.
“This is a huge shift in the liquor industry… I think white spirits are the future,” Khaitan said, noting that younger consumers and women are the primary drivers of white spirit consumption in India’s relatively young population.
The company’s flagship Magic Moment Vodka, which holds close to 60 per cent market share in India’s vodka segment, sold more than a million cases every month between April and June, taking quarterly sales to about 3.3 million cases compared to 2.27 million cases a year earlier, a growth of over 45 per cent, Khaitan said.
Magic Moment is the fifth-largest-selling vodka brand globally, he said, adding that flavoured vodka, which accounts for 65-70 per cent of the Indian market, has been central to the company’s innovation strategy, with regional flavours such as mango, jamun and thandai, resonating strongly with younger consumers.
When asked about exports, Khaitan said the company derives about 8 per cent of its total sales value from overseas markets, with a presence in 100 countries and 63 duty-free outlets.
“We aim to increase this to 100 duty-free shops,” he said, adding that “our exports are getting quite robust. There is this intrigue or mystique about the Indian brands, especially the single malts, which is really taking the foreign consumers. The Indian brands are getting popular globally”.
Over capital expenditure, Khaitan said the company does not have a “significant capex plan” for FY27.
“So, on a run rate basis, it will be more like ₹150 to 175 crore, in which around 50-60 crore is maintenance capex. The rest goes into specific brand-related activities like malt maturation, facilities, and barrels,” said Khaitan.
