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.

Radico Khaitan , a prominent Indian Made Foreign Liquor (IMFL) manufacturer, experienced a slight dip in its share price despite receiving international acclaim for its Rampur Indian Single Malt whisky. The company's stock traded 0.19% lower at ₹2,847.20 on the latest trading day, even as its flagship product made its debut on the prestigious World's 50 Most Admired Whiskies list.

Market Performance

The stock opened at ₹2,852.50 and reached an intraday high of ₹2,876.40 before settling lower. Trading volume stood at 0.49 lakh shares, with a total turnover of ₹13.85 crores. Despite the day's decline, the stock has shown strong performance overall, with its 52-week high recorded at ₹2,940.00.

Global Recognition

Rampur Indian Single Malt whisky, Radico Khaitan's premium offering, has been included in the World's 50 Most Admired Whiskies list by Drinks International Magazine. This marks the brand's first appearance in this globally respected ranking, which is a significant achievement for an Indian whisky.

The ranking evaluates whiskies based on several criteria:

• Quality
• Consistency
• Price-to-quality ratio
• Branding strength

The assessment is based on insights from global experts and trade professionals across 100 bars worldwide, making it a comprehensive and prestigious recognition in the spirits industry.

Management's Perspective

Abhishek Khaitan, Managing Director of Radico Khaitan, attributed this recognition to the company's global strategy. He emphasized their focus on authenticity and premiumisation, which has evidently resonated with international connoisseurs and industry experts.

Company Overview

Radico Khaitan, established in 1943, has grown to become one of India's largest IMFL manufacturers. The company operates distilleries in three locations:

1. Rampur
2. Sitapur
3. Aurangabad

Demonstrating its global reach, Radico Khaitan exports its products to over 100 countries, solidifying its position in the international spirits market.

Investor Implications

While the global recognition of Rampur whisky is a positive development for Radico Khaitan, the immediate market reaction appears muted. Investors may be taking a measured approach, balancing the long-term potential of such accolades against short-term market dynamics.

The inclusion of Rampur whisky in the World's 50 Most Admired Whiskies list could potentially strengthen the brand's position in the premium spirits segment, both domestically and internationally. This recognition may contribute to enhanced brand value and could potentially support future growth in the premium category.

As Radico Khaitan continues to focus on its premiumisation strategy and global expansion, investors will likely keep a close eye on how these efforts translate into financial performance in the coming quarters.