### **Overview** Radico Khaitan Limited, established in 1943 as Rampur Distillery Company, is one of India’s oldest, largest, and most respected producers of Indian Made Foreign Liquor (IMFL). Over its 80+ year legacy, the company has transformed from a third-party distiller and bottler to a market-leading brand innovator with a strong domestic presence and rapidly expanding global footprint. Headquartered in Noida, the company is now a flagship of Indian luxury spirits, driven by a strategic focus on **premiumization, innovation, and global expansion**. --- ### **Core Strategy: Premium-First & Global Aspirations** Since the mid-2000s, Radico Khaitan has pursued a clear and consistent **premium-first strategy**, shifting its portfolio from volume-based to value-led growth. The company’s core strategic pillars include: - **Premiumization:** Targeting evolving consumer aspirations with a strong mix in Prestige & Above (P&A) and luxury categories. - **Organic Brand Development:** All brands are developed in-house, showcasing deep R&D and consumer insight capabilities. - **Backward Integration:** Fully integrated production via owned distilleries and bottling units to ensure quality control, cost efficiency, and scalability. - **Global Expansion:** Positioning Indian-made spirits as world-class through premium branding, award-winning products, and strategic partnerships. - **Sustainability & Debt Reduction:** Completed major capex projects and aims to be nearly debt-free by FY2026. --- ### **Financial & Operational Performance (FY2025)** As of FY2025 (ended June 2025), Radico Khaitan has posted strong financial growth, supported by rising premiumization. | Key Metric | FY2025 | |-----------|--------| | **Net Revenue** | ₹4,851 crore (18% YoY growth) | | **EBITDA Margin** | 13.8% | | **IMFL Production Capacity** | 321 million liters (doubled from 160 million) | | **Distillation Capacity** | 321.3 million liters annually (Rampur, Sitapur, Aurangabad JV) | | **Own Bottling Units** | 5; Contract/Royalty Units: 39 | | **Distribution Network** | 100,000+ retail & 10,000+ on-premise outlets across India | | **Exports** | Products in over 100 countries; export sales rising 10% YoY | The **Prestige & Above (P&A)** segment now accounts for **46.1% of volume** and **69.4% of value** in IMFL sales, underscoring the success of the premiumization journey. Luxury & Semi-Luxury brands are projected to achieve ₹500 crore in FY2026, up from ₹250 crore in 9MFY25. --- ### **Flagship Brands & Product Portfolio** Radico Khaitan's brand portfolio spans whisky, brandy, vodka, rum, and gin, with innovation concentrated in high-margin premium segments. #### **1. Vodka: Magic Moments – Market Leader** - **Market Share:** 60% in Indian vodka, ~90% in its premium segment. - **Sales:** Over 7 million cases in FY25 (₹1,000+ crore revenue). - **Innovation:** - “**Flavors of India**” range: Jamun SpicyMint, Alphonso Mango, Thandaai. - “**Remix Pink Vodka**” – flavored, colored, and targeted at youth. - Pocket-sized packs to enhance accessibility. - **Consumer Engagement:** Launched “Magic Moments Music Studio” with Saregama, generating over 30 million views. #### **2. Brandy: Morpheus – India’s #1 Premium Brandy** - **Sales:** 1.2 million cases in FY25; sold in 27 countries. - **Market Share:** >60% in India’s super-premium brandy segment. - **Morpheus Super Premium Whisky (launched May 2025):** - Blend of imported Scotch malts and Indian grain spirits. - Aged in bourbon barrels; priced ₹1,200–₹1,500. - Part of the #BeYourDream campaign targeting ambitious consumers. #### **3. Whisky: Diversified Portfolio with Strong Growth** - **8PM Premium Black Whisky:** - Available in 24 states; exceeded 3 million case sales. - Awarded **Gold at Monte Selection 2025**, and **3 consecutive Golds at Monde Selection**. - Rebranded packaging and “hipster” pack launched for youth appeal. - **After Dark Blue Whisky:** - **Grew 100% YoY in FY25**, selling 1.9 million cases. - Joined the “Millionaire’s Club” (8th brand), targeting young consumers. - Distribution expanded from 13 to 18 states; pocket pack launched. - **Royal Ranthambore Heritage Whisky:** - Over 100% growth in FY24; 55% growth in Q3 FY25. - Being introduced into **Canteen Stores Department (CSD)**—a major B2B channel. - Star-endorsed (Saif Ali Khan) to strengthen “Indi-Lux” (Indian Luxury) positioning. #### **4. Indian Single Malt & Craft Spirits** - **Rampur Indian Single Malt:** - Produced at India’s largest and oldest single malt distillery in the Himalayan foothills. - 8 expressions: Double Cask, Asava (first in the world finished in Indian Cabernet Sauvignon casks), PX Sherry, Trigun, Jugalbandi, Signature Reserve. - **Awards:** Double Gold at Barleycorn 2023; “Best World Single Malt.” - Available in **35+ countries**, travel retail, and 15 Indian states. - **Rampur Signature Reserve** (₹5 lakh super-luxury edition) launched for 75th anniversary. - **Jaisalmer Indian Craft Gin:** - Holds **50% market share** in India’s luxury gin segment. - Launched **Gold Edition** (saffron-infused, filtered through gold), priced ₹4,000–₹7,000. - Recognized as **world’s top 100 spirits and best Asian gin**. - Distributed in 30+ countries. #### **5. Rum: Legacy & Luxury** - **1965 Spirit of Victory Premium Rum:** - One of Radico’s seven “millionaire brands.” - 16% market share in Indian defence segment. - **Kohinoor Reserve Indian Dark Rum:** - Ultra-luxury product: Double-distilled molasses spirit, aged in American oak, Cognac XO, and Vermouth casks. - Priced at ~$50, rolled out globally in USA, UK, EU, and travel retail. - **Spirit of Victory 1999 Pure Malt Whisky:** - Tribute to Kargil War heroes. - Blend of Indian and global single malts; double-pot distilled. --- ### **Innovation & Diversification (2024–2025)** Radico has expanded aggressively into new formats and categories: - **Sangam World Malt Whisky:** A “culturally convergent” blend of Eastern and Western traditions; launched globally. Recognized for innovation. - **Ankahi Zaffran Spiced Liqueur:** Herbal liqueur with saffron, tulsi, cinnamon—launched at ProWein 2025 as part of luxury push. - **RTDs:** Magic Moments Vodka Cocktails (Cosmopolitan, Cola, Mojito) launched to attract Gen Z and casual drinkers. - **Flavored Extensions:** Jamun, Mango, Thandaai (vodka); Lemon Dash (rum) – tapping into Indian taste preferences. --- ### **Global Expansion & Joint Ventures** #### **D'YAVOL Spirits (Aug 2025)** A **landmark joint venture** launched with **Shah Rukh Khan, Aryan Khan, and Nikhil Kamath** to create premium, bottled-in-origin spirits with global appeal. - Focus: **Luxury Tequila** – Radico’s entry into a high-growth international spirits category. - Strategy: “**Taking India to the World**” while targeting next-gen global consumers. - Leverages Radico’s production expertise and partners' cultural influence. #### **Export Strategy** - Present in **100+ countries**, including USA, UK, EU, Australia, UAE, Singapore. - Strong presence in **global travel retail** (duty-free). - Key export brands: Rampur, Jaisalmer, Morpheus, Kohinoor. - **Partnership with MICHELIN Guide Dubai** to promote Rampur as a luxury dining pairing. --- ### **Manufacturing & Supply Chain** - **Pan-India Platform:** - 8 distilleries (Rampur, Sitapur, Aurangabad JV) with 321.3 million liters capacity. - **Sitapur Distillery (350 KLPD grain-based ENA):** Fully operational since FY2024; secures 6–7 years of captive alcohol supply. - Dual-feed (molasses + grain) at Rampur; shift toward 100% grain-based ENA for premium quality. - **Backward Integration:** - Self-sufficient in power (bio-fueled captive plants). - Own grain storage (25,000 MT), enhanced process efficiency. - 10,000-barrel maturation facility at Sitapur supports future single malt growth. --- ### **Marketing & Consumer Engagement** Radico employs a **multi-pronged engagement strategy**: - **Digital & Social Media:** Dedicated microsites, influencer campaigns (Nidhhi Agerwal for Morpheus), and AI-driven targeting. - **Music & Culture:** “Magic Moments Music Studio” with Saregama; 30.5M+ YouTube views. - **Nostalgia & Humor:** "8PM Time for Friends" campaign with Gabbar Thakur – 23.2M impressions. - **Sports & Patriotism:** “1971 War Chronicles” animated series; Spirit of Victory brand linked to national pride.