Radico Khaitan Eyes 20% Premium Volume Growth in FY27

The vodka surge matters because white spirits carry higher margins than brown spirits, and the mix shift gives Radico a pricing lever even when grain costs rise. Magic Moments sold more than one million cases every month in the April–June quarter. That run rate, if sustained, would push vodka to a larger share of the company's total case volume, currently 36.62 million cases in FY26 with prestige-and-above brands at 16.7 million cases (45.6% of volume but 70.3% of IMFL revenue).

Khaitan also addressed the product pipeline. The company recently launched Rampur 1943 Virasat, a single malt priced between ₹3,500 and ₹4,000 per bottle, to fill the entry-level gap in the Indian single malt market. The Rampur range now has nine expressions, from ₹8,500 to ₹5 lakh, and is the only Indian single malt served on Air India international flights. “With this, we are trying to cater to the entire spectrum of the Indian single malt,” he said.

Exports contribute 8% of total sales, with presence in 100 countries and 63 duty-free outlets. Khaitan aims to double the duty-free count to 100. “Our exports are getting quite robust. There is this intrigue or mystique about the Indian brands, especially the single malts, which is really taking the foreign consumers,” he said.

On capital spending, Khaitan said the company has no major capex plan for FY27. Run-rate spending will be ₹150–175 crore, with ₹50–60 crore for maintenance and the rest for malt maturation, facilities and barrels.