Indian Made Foreign Liquor (IMFL) / Spirits Manufacturing
Strategic Profile
Eight of its brands have achieved annual sales of over a million cases, making them widely consumed spirits. In Q1 FY2026, the company showcased remarkable financial performance, driven by record volumes and profitability, particularly in the premium and luxury segments; the anticipated UK-India Free Trade Agreement is poised to enhance growth prospects by reducing duties on bulk scotch, while the vodka market remains a stronghold, with the company commanding a 60% share.
Cyborg Score Rationale
Q3FY26 revenue was ₹1,547 crore with net profit of ₹155 crore and 17.3% margins. The stock rose 404% over 5 years, with a 17% annual EPS growth and total shareholder return (TSR) of 409%. Market leadership in India's growing spirits sector with strong premiumization momentum.
Top Insights
The company has 8 millionaire brands which are 8PM Whisky, Contessa Rum, Old Admiral Brandy, Magic Moments Vodka and 8PM Premium Black Whisky
Q3 FY26 marked a remarkable step-up in performance with best-ever quarterly results; driven by a premium-led portfolio, a stable raw material environment and enhanced operating leverage, the company delivered meaningful margin expansion
Radico targets 20-25% volume growth in FY26, driven by premiumisation, with its Prestige Above category expected to grow 15% over 2-3 years
Key launches like Rampur 1943 Virasat Indian Single Malt and strong growth in premium brands like Royal Ranthambore (+50%) and Magic Moments Vodka (+18%) highlight its strategic focus
Named Competitors
Johnnie Walker, Smirnoff — Global spirits leader with strong premium portfolio
Seagram's, Royal Challenge — International spirits company with diverse brand portfolio
Officer's Choice, Bagpiper — Major competitor in Indian spirits market
Recent Developments
(February 2026) Radico strengthens leadership team with Sudhir Upadhyay promoted to CSO and Kunal Madan to CMO; COO Amar Sinha resigns
(January 2026) Rampur achieves #4 ranking among world's top trending whiskies in Drinks International Report 2026
(Q3 FY26 / December 2025) Radico records best-ever quarterly performance with record 9.75M cases and highest profitability
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