Radico Khaitan has released the transcript of its earnings conference call for analysts and investors, held on May 7, 2026, covering the audited financial results for the quarter and financial year ended March 31, 2026. The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, in continuation of the company's earlier communication dated April 29, 2026. The transcript is accessible on the company's official website at https://radicokhaitan.com/investor-relations/ . The intimation was signed by Dinesh Kumar Gupta, Senior Vice President – Legal & Company Secretary, and submitted to both BSE Limited and the National Stock Exchange of India Limited.

FY26 Financial Achievements

FY26 marked an inflection point for Radico Khaitan, with the business delivering strong performance supported by disciplined execution, a richer portfolio mix, and a continued focus on value-led growth. The company crossed two key milestones during the year, with net revenue exceeding INR 6,000 crores and EBITDA crossing INR 1,000 crores. The luxury portfolio delivered INR 475 crores in sales value, in line with stated guidance.

Q4 FY26 Operational Highlights

During Q4 FY26, total IMFL volume stood at 9.52 million cases, reflecting a 4% increase on a year-on-year basis. The Prestige & Above category recorded 28% volume growth in the quarter. Gross margin during the quarter was 48%, representing an expansion of 450 basis points year-on-year and 150 basis points sequentially. EBITDA margin during the quarter stood at 19%, expanding 565 basis points year-on-year, described by management as the highest-ever EBITDA margin. Net debt reduced by INR 329 crores during the year, driven by improved profitability and cash flow generation. Regular volume degrowth during the quarter was attributed to a higher base in Q4 FY25 following the change in route to market in Andhra Pradesh and the impact of policy changes in Maharashtra and Karnataka.

Brand Performance Highlights

Several key brands delivered strong performance during FY26. Magic Moments Vodka achieved 21% volume growth during the year, reaching 8.6 million cases and approximately INR 1,500 crores in sales value, with Q4 registering 28% year-on-year growth. New flavour innovations including the Flavours of India category — Jamun, Mango, and Thandai — contributed to this momentum, with management planning further national rollout. Royal Ranthambore Whisky grew over 50% during the year, driven by strong demand across civil and CSD channels. After Dark Whisky recorded over 60% growth, crossing 3.1 million cases. The 8PM Premium Black repackaging, executed in the second half of the year, contributed to approximately 60% growth in the latest quarter. Recently launched luxury brands, Rampur 1943 Virasat Indian Single Malt and The Spirit of Kashmyr Luxury Vodka, are currently present in 10 states with a target to expand to 20 states.

FY27 Guidance: Volume & Business Growth

For FY27, management outlined distinct growth expectations across business segments. The Prestige & Above portfolio volume is projected to grow by 20%, while the luxury portfolio is expected to sustain 25% value growth from the INR 475 crores base. The regular segment is expected to deliver volume growth of 3% to 5%, and the non-IMFL business is anticipated to grow at 7% to 8%. Management confirmed that approximately 60% to 65% of bottling is outsourced through lease arrangements, with 30% to 35% handled in-house, and that capacity is not a constraint for growth. Capex guidance for FY27 is in the range of INR 150 crores to INR 175 crores, directed largely toward internal capacity expansion and optimization. On new product launches, management indicated plans to introduce more flavours in the Magic family under the Flavours of India category, and a Tequila launch under D'YAVOL Spirits toward the end of the year.

Margin Expansion & Profitability Outlook

EBITDA margin is projected to expand by 125 basis points for the full year FY27 on an annualized basis. Management indicated that price increases in seven to eight states would contribute approximately 60 basis points, while product premiumisation and operating leverage are expected to contribute over 200 basis points. This expansion is guided to be inclusive of potential benefits from the India-UK Free Trade Agreement as well as potential headwinds from commodity costs. The IMFL business margin for the full year was approximately 20% to 21%, while the non-IMFL business margin stood at around 9%. Management noted that glass prices increased by around 15% in the last month, a factor that has been factored into cost projections. Power and fuel at both Sitapur and Rampur plants are 90% biofuel-driven, providing insulation from LPG supply risks. Marketing expenses are guided to remain in the range of 6% to 8% of revenue, consistent with prior policy.

Capital Structure, Dividend Policy & Strategic Priorities

Management confirmed that the company is on track to become debt-free in H1 FY27. The Board has articulated a dividend policy with a minimum payout of 20% of profit after tax, reflecting confidence in the cash generation capability of the business. On capital allocation, management stated a preference for organic growth over acquisitions, noting that inorganic opportunities are currently ruled out. Any investment opportunity would need to deliver more than 20% to 25% ROCE to be considered. On the international business front, Radico Khaitan is currently present in 50-plus airports globally, with a target to cross 100 airports. The Maharashtra RNV joint venture, launched a couple of months prior to the call, is targeting approximately 10% market share in the MML category and was described as self-sufficient without requiring further investment. In Uttar Pradesh, management confirmed that Radico Khaitan holds the No. 1 position with a combined UPML and UPCL market share of approximately 24% to 25%.

Earnings Call Details & Regulatory Compliance

The key details of the disclosure are summarised below:

Source: None/Company/INE944F01028/0c9fad2186b34135.pdf

Radico Khaitan has notified the stock exchanges of two scheduled one-on-one investor meetings in May 2026, pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure, dated May 08, 2026, was filed by Senior Vice President – Legal & Company Secretary, Dinesh Kumar Gupta, on behalf of the company.

Upcoming Investor Meeting Schedule

The company's senior management is set to interact with institutional investors across two separate sessions. The details of the scheduled meetings are as follows:

Key Disclosures and Conditions

Radico Khaitan has provided the following clarifications in connection with the scheduled meetings:

• The company does not intend to discuss any Unpublished Price Sensitive Information during the meetings.
• The schedule is subject to changes due to any exigencies on the part of the investor(s) or the company.

The presentation to be made during the meetings is available on the company's website. The disclosure has also been made available on the investor relations section of the company's official website at https://radicokhaitan.com/investor-relations/ .

Regulatory Compliance

The intimation has been filed in accordance with Regulation 30 of the SEBI Listing Regulations, which mandates listed companies to disclose details of investor meetings involving senior management. The filing underscores the company's commitment to timely and transparent communication with market participants and regulatory bodies.