Radico Khaitan Q3FY26 (Consolidated) results

• Radico Khaitan’s (RKL’s) net revenue grew by 19.5% y-o-y to Rs. 1,547 crore, in line with our expectation of Rs. 1,541 crore. IMFL revenue grew by 27.6% y-o-y, while non-IMFL revenue grew by 1.5% y-o-y. Within the IMFL portfolio, P&A category reported 25.9% y-o-y volume growth, while regular & others category reported 32.7% y-o-y volume growth.
• Gross margin rose by 348 bps y-o-y to 46.5% and OPM increased by 306 bps y-o-y to 17.3% aided by stable raw material process, favourable mix and better operating efficiencies. OPM came in higher than our expectation of 16.1%.
• Operating profit grew by 45.2% y-o-y to Rs. 267 crore. This coupled with lower interest cost led to 69% y-o-y growth in the adjusted PAT to Rs. 162 crore. PAT beat our expectation of Rs. 147 crore.
• View: RKL posted strong performance in Q3FY26 led by volume growth, margin expansion and PAT growth. 

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore