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Swing Capital

Radico Khaitan Ltd

NSE: RADICO BSE: 532497

Incorporated in the year 1943, Radico Khaitan is one of the most recognised IMFL (Indian Made Foreign Liquor) brands in India. [1]

₹3,469
52W: ₹2435 — ₹3695
PE 75.7 · Book ₹243 · +1328% vs book
Market Cap₹46,465 Cr
Stock P/E75.7Price to Earnings
ROCE24.6%Return on Capital
ROE20.7%Return on Equity
Div. Yield0.11%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company has been maintaining a healthy dividend payout of 17.1%

Weaknesses

  • −Stock is trading at 14.2 times its book value

Shareholding Pattern

Promoters40.2%
FIIs17.63%
DIIs27.35%
Public14.82%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters40.26%40.24%▼0.040.24%40.23%▼0.040.23%40.21%▼0.040.21%40.2%▼0.0
FIIs18.82%18.6%▼0.217.71%▼0.916.95%▼0.817.77%▲0.818%▲0.219.82%▲1.817.63%▼2.2
DIIs24.47%24.7%▲0.225.56%▲0.926.77%▲1.225.96%▼0.825.48%▼0.524.03%▼1.427.35%▲3.3
Public16.44%16.45%▲0.016.48%▲0.016.04%▼0.416.03%▼0.016.31%▲0.315.96%▼0.314.82%▼1.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,1611,0791,1371,1161,2941,3041,5061,4941,5471,504
Expenses1,0189569889531,1101,1261,2741,2561,2801,219
Operating Profit143123149163184178232238267284
OPM %12%11%13%15%14%14%15%16%17%19%
Net Profit745776829691133139155175
EPS ₹5.524.255.716.147.176.789.9610.3811.5813.08

AI Insights

Revenue Trend

Mar 2026 revenue at ₹6,050Cr, up 24.9% YoY. OPM at 17%.

Debt Position

Borrowings at ₹498Cr. Debt-to-equity ratio: 0.15x. Healthy balance sheet.

Capex Cycle

CWIP at ₹75Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 27.35% (+3.59pp change). FIIs: 17.63% (-0.63pp change). Promoters hold 40.2%.

Margin & Efficiency

ROCE improving from 11% (Mar 2015) to 25% (Mar 2026). Working capital days: 70.

Valuation

PE 75.7x with 24.6% ROCE. Price is 1328% above book value of ₹243. Dividend yield: 0.11%.

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