Radico Khaitan Ltd
FMCG · NSE
52-week range
₹2,369 – ₹3,592
From 52w high
-3.2%
RSI (14)
69.8
vs SMA 50 / 200
↑ 50 · ↑ 200
Radico Khaitan (RADICO) is an FMCG-classified Indian spirits company trading at ₹3,480, up 37.4% over the past year and within 3.1% of its 52-week high. The company reported revenue of approximately ₹6,000 crore for FY26 with profit growing 76% to ₹600 crore, while carrying a debt-to-equity ratio of 20.94 — a structural feature that distinguishes it from most FMCG peers.
- ✓5-year revenue CAGR of 19.5% and earnings CAGR of 62.1% reflect sustained top-line expansion alongside accelerating profitability in a spirits sector driven by premiumisation.
- ✓Q4 FY26 profit of ₹179 crore was approximately double the prior-year quarter, with FY26 full-year profit of ₹600 crore representing 76% annual growth.
- ✓Price is above both the 50-DMA (₹2,933) and 200-DMA (₹2,977.95), with a 37.4% 1-year return, indicating sustained medium-term price momentum.
- ✓Forward PE of 49.5 is meaningfully below trailing PE of 77.0, implying the market expects significant near-term earnings improvement that would compress the multiple.
- ✗Debt-to-equity of 20.94 is substantially above typical FMCG norms; high leverage amplifies sensitivity to interest rate changes and revenue slowdowns.
- ✗FCF was positive in only 2 of the tracked years, indicating that reported earnings growth has not consistently translated into free cash generation — a key solvency consideration given the leverage level.
- ✗Quality score of 45 ranks 4th out of 6 FMCG peers, with NESTLEIND (61) and HINDUNILVR (58) showing considerably stronger composite business quality metrics.
- ✗ROE data is unavailable for the current period, and the persistence block records only 1 year of ROE above 15%, making it difficult to assess whether capital allocation efficiency has improved alongside profit growth.
- ·Radico Khaitan closed FY26 with ₹6,000 crore in revenue and ₹600 crore in profit (up 76% YoY), driven by premiumisation of its portfolio including brands Rampur and Jaisalmer — reported across multiple outlets in early May 2026.
- ·Motilal Oswal issued a note on April 20 with a stated target of ₹3,850, attributing it to the premium brand trajectory; the stock has since risen past ₹3,480 from levels prevailing at that note.
- ·RSI at 69.88 and a 3-month price gain of 25.76% reflect strong recent momentum; the nearest mapped support levels are ₹2,677.8 and ₹2,552.4, representing 23% and 27% below the current price respectively.
- ?Does the high debt-to-equity of 20.94 reflect structural working capital requirements of the spirits distribution model, or does it indicate capital allocation choices that could pressure margins if interest costs rise?
- ?Has the 62.1% earnings CAGR over 5 years been driven primarily by operating leverage on premiumisation, or by one-time margin expansion events that may not recur at the same rate?
- ?Given that FCF was positive in only 2 of the tracked years despite strong reported earnings, what explains the gap — capital expenditure cycles, working capital build, or differences in accrual accounting?
- ?How does Radico Khaitan's premium brand portfolio (Rampur, Jaisalmer) compare in volume growth and margin profile to the broader prestige spirits segment, and is the premiumisation thesis durable across economic cycles?
PE
77.0
Forward PE
49.5
ROE
—
Profit margin
+8.8%
D/E
20.94
Dividend yield
+0.1%
Quality score
45/100
ROE 5y above 15%
1/5 yrs
FCF 5y positive
2/5 yrs
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.Analysis generated 11 May 2026.