Radico Khaitan , one of India's largest homegrown alcobev companies, has marked significant milestones in its product portfolio with two notable developments.

New Flavor Launch in Magic Moments Range

Radico Khaitan has introduced a new Jamun SpicyMint flavor in its Magic Moments product range. The company is initially launching the product in Uttar Pradesh with plans for broader expansion. This new flavor targets young consumers with its unique flavor combination, showcasing the company's commitment to innovation and meeting evolving consumer preferences.

Completion of Rampur Jugalbandi Series

Radico Khaitan has completed its premium Rampur Jugalbandi Series with the launch of the final two editions. The unveiling took place at the TFWA World Exhibition in Cannes, completing the eight-part limited-edition collection of Indian Single Malts that has been captivating whisky enthusiasts worldwide since 2022.

The Grand Finale: Expressions #7 and #8

The culmination of the Rampur Jugalbandi Series introduces two distinctive expressions:

1. Rampur Jugalbandi #7 (Ex-Bourbon & Mizunara Cask): This expression is a harmonious blend of American warmth and Japanese elegance, showcasing Indian craftsmanship. It offers a silky and layered experience with notes of tropical fruits, vanilla, honeycomb, sandalwood, green tea, and cherry blossom, concluding with a long, oriental finish.

2. Rampur Jugalbandi #8 (Ex-Bourbon & Sherry PX Cask): Described as bold and indulgent, this whisky exudes luxury with opulent layers of dried fruits, fig jam, dark chocolate, orange peel, and warm spices. It presents a velvety, full-bodied palate with a long, warm, and indulgent finish.

A Symphony of Flavors

The Jugalbandi series, inspired by the Indian classical art form where two soloists create magic together, has been a journey of pairing contrasting casks to achieve perfect harmony. Each expression in the series has been crafted at the iconic Rampur Distillery, Asia's oldest and largest, with over 80 years of heritage.

Sanjeev Banga, President of International Business at Radico Khaitan, commented on the achievement: "Our vision has always been to take India's finest to the world. The Jugalbandi series represents that spirit, and with the final editions unveiled at TFWA Cannes, we are proud to present the pinnacle of this remarkable journey."

Global Recognition and Availability

The completion of the Rampur Jugalbandi Series underscores Radico Khaitan's commitment to producing premium Indian single malts that stand toe-to-toe with global standards. As the company continues to expand its international presence, these final editions showcase the depth and elegance that have defined the Jugalbandi journey.

Kunal Madan, Sr. VP of International Business, added: "Every Jugalbandi release has been about creating harmony between two casks. With #7 and #8, we bring this symphony to a close, reflecting the depth and elegance of Rampur Indian Single Malt."

Whisky enthusiasts and collectors can look forward to the release of Rampur Jugalbandi #7 and #8 in select international markets and Global Travel Retail.

About Radico Khaitan

Radico Khaitan, formerly known as Rampur Distillery Company, has been a cornerstone in the Indian spirits industry since 1943. The company has grown from a bulk spirits supplier to a major player in the Indian Made Foreign Liquor (IMFL) market, with a diverse portfolio of organically developed brands. Radico Khaitan's commitment to quality and innovation is evident in its range of products, which includes the Rampur Indian Single Malt Whiskies, Magic Moments Vodka, and Jaisalmer Indian Craft Gin, among others.

With distilleries in Rampur, Sitapur, and a joint venture in Aurangabad, Maharashtra, Radico Khaitan boasts a total owned capacity of 321 million litres and operates 44 bottling units across India. The company's global footprint extends to over 100 countries, solidifying its position as one of the largest exporters of alcoholic beverages from India.

As Radico Khaitan continues to push the boundaries of Indian whisky craftsmanship and expand its product range, these recent developments stand as a testament to the company's dedication to excellence and its ambition to cater to diverse consumer preferences both in India and on the world stage.

Radico Khaitan , a prominent player in the Indian spirits industry, saw its shares climb 0.91% to ₹2,996.40 despite facing a legal setback regarding its KASHMYR vodka brand. The company has been hit with a court injunction that restricts the use of the KASHMYR brand name, highlighting the intensifying competition in the luxury vodka market.

Court Injunction Details

The District Court of Karnal has granted an interim injunction to Piccadily Agro Industries on September 23, finding the KASHMYR brand name deceptively similar to Piccadily's registered trademarks CASHMIR and CASHMERE. This legal action puts a temporary halt to Radico Khaitan's activities related to the KASHMYR brand, including:

• Manufacturing
• Selling
• Advertising
• Using the KASHMYR mark

The injunction is set to remain in effect until the final adjudication in July 2025, potentially impacting Radico Khaitan's plans for this product line.

Market Reaction

Despite the legal challenge, the market response to Radico Khaitan has been positive:

Luxury Vodka Market Competition

The trademark dispute underscores the fierce competition in the luxury vodka segment:

• Piccadily launched CASHMIR vodka in May 2025
• Radico Khaitan introduced KASHMYR in July 2025
• Both products were positioned at similar price points, indicating direct competition in the premium vodka market

Analyst Perspective

Jefferies, a prominent financial services company, has maintained a positive outlook on Radico Khaitan:

• Rating: Buy
• Target price: ₹3,590.00
• Rationale: Strong growth momentum in the company's overall business

The maintained buy rating suggests that analysts believe the company's fundamentals remain strong despite the ongoing trademark dispute.

Conclusion

While the court injunction presents a challenge for Radico Khaitan's KASHMYR vodka brand, the company's share price performance indicates that investors remain confident in its overall business prospects. The legal battle between Radico Khaitan and Piccadily Agro Industries highlights the importance of trademark protection in the competitive spirits industry. As the case progresses towards its final adjudication in July 2025, market participants will be closely watching for any impacts on Radico Khaitan's premium vodka strategy and overall market position.