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Radico Khaitan Limited (RADICO) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹548B (≈ $5.8B) · ISIN INE944F01028

What is Radico Khaitan Limited really worth?

RK Radico Khaitan Limited RADICO · NSE
Price₹4,494
Fair Value₹1,705
Upside−62.1%
Quality69/100

A solid business, but trading 164% above our fair value of ₹1,705.

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Strengths

Healthy Growth (revenue 5y +20.3 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 8.8% net margin
!Mixed vs. peers (8/14)
!Moderate moat 59/100
!Evidence only medium, so the estimate is less certain
!Weak on dividend: 2 out of 100
Evidence: Medium Range ₹953.66 – ₹2,262

Fair value as of: Aug 27, 2026

From 26 valuation models · updated 9 days ago

Fair value updated Aug 27, 2026, revised from ₹947.44 to ₹1,705 (+80.0%) since Aug 13, 2026. Share price −1.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹2,262). The favourable scenario is already priced in.
  • Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹953.66 to ₹2,262) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

₹4,733 ₹540.49 Fair Value ₹1,705 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range ₹540.49 – ₹4,733 · fair‑value band ₹953.66 – ₹2,262 · the ₹4,494 price screens above the ₹1,705 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Radico Khaitan Limited (RADICO) currently trades at ₹4,494, while our model-based Fair Value estimate is ₹1,705, implying the stock looks roughly 163.5% overvalued today. The Quality Score stands at 69/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of ₹1,123 per share, and 0 of the 26 models we run sit above the ₹4,494 price. Bear case: the Economic Profit group reads lowest at ₹436.76, and 26 of the 26 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Radico Khaitan Limited generated revenue of ₹58.5B at a net margin of 8.8%. Revenue grew 19.5% year over year. It earns a return on equity of 16.5%. Net debt stands at ₹4.1B. Fundamentals as of Aug 27, 2026

Our scenario range runs from ₹953.66 (bear case) to ₹2,262 (bull case); at ₹4,494, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 80% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −4% fair-value upside, at −62%, RADICO screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹19.47 per share, which is 1.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (₹68.75 to ₹1,669). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹501.94 ₹985.38 ₹1,985 75
EPV ₹503.55 ₹591.50 ₹669.67 74
Growth DCF ₹493.20 ₹942.40 ₹1,793 74
All 26 models by family
DCF Models
FCF DCF ₹501.94 ₹985.38 ₹1,985 75
Owner Earnings ₹563.83 ₹1,130 ₹2,232 72
5Y Revenue Exit ₹490.20 ₹918.34 ₹1,522 70
5Y EBITDA Exit ₹647.25 ₹1,259 ₹2,060 73
5Y P/E Exit ₹625.39 ₹1,211 ₹1,914 69
10Y Revenue Exit ₹473.50 ₹897.37 ₹1,597 64
10Y EBITDA Exit ₹600.29 ₹1,160 ₹2,081 65
10Y P/E Exit ₹585.15 ₹1,123 ₹1,949 61
Earnings-Based
Graham-Dodd ₹306.79 ₹1,669 ₹2,315 63
Lynch FV ₹463.30 ₹661.86 ₹860.41 61
PEG = 1.0 ₹463.30 ₹661.86 ₹860.41 57
EPV ₹503.55 ₹591.50 ₹669.67 74
Dividend Discount
Gordon GGM ₹38.44 ₹83.93 ₹141.21 65
DDM Multi-Stage ₹38.44 ₹68.75 ₹87.47 66
Multiples
P/E Multiple ₹710.58 ₹947.44 ₹1,184 63
P/S Multiple ₹541.90 ₹722.53 ₹903.17 58
P/B Multiple ₹575.23 ₹766.98 ₹958.72 55
EV/EBIT ₹831.64 ₹1,107 ₹1,383 66
EV/EBITDA ₹748.54 ₹996.32 ₹1,244 67
EV/Revenue ₹479.37 ₹682.58 ₹885.79 53
Asset-Based
NCAV (Graham) ₹123.74 ₹165.81 ₹247.48 54
Growth DCF
Growth DCF ₹493.20 ₹942.40 ₹1,793 74
Rev-Margin DCF ₹490.20 ₹901.24 ₹1,461 71
Economic Profit
Residual Income ₹315.21 ₹436.76 ₹2,096 64
ROIC Compounder ₹594.87 ₹837.96 ₹1,172 71
Growth Earnings
Growth-Adj P/E ₹676.69 ₹966.70 ₹1,257 67

Widest divergence: DCF Models (₹1,123) versus Dividend Discount (₹68.75). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 99.8
P/S ratio 9.97 P/E × margin
EPS (TTM) ₹45.03 price ÷ EPS = P/E 99.8
Dividend yield 0.1% payout 11.4%
Net margin 10.0% FY2026
Return on equity 16.5% TTM
More key figures
Profitability
Return on assets (EBIT) 29.4% avg 5y
Operating margin 14.9% TTM
Growth
Revenue (TTM) ₹58.5B TTM
Revenue growth (YoY) +19.5% 3y avg +24.4%
EPS growth (YoY) +62.1%
Balance sheet & cash flow
Free cash flow ₹4.6B FY2026
Net debt ₹4.1B FY2026 · ≈ 0.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 68 · Market factors (momentum, volatility) 91

Profitability 73
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 46
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 95
Price trend over the last 3–12 months (market factor)
52W Momentum 99
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Radico Khaitan Limited engages in the manufacture and trading of Indian made foreign liquor (IMFL) and country liquor in India, the United States, and internationally. It provides IMFL products in various categories of whisky, brandy, rum, gin, vodka, and liqueurs. The company also provides bottling services to other spirit manufacturers.

Full company description

Radico Khaitan Limited engages in the manufacture and trading of Indian made foreign liquor (IMFL) and country liquor in India, the United States, and internationally. It provides IMFL products in various categories of whisky, brandy, rum, gin, vodka, and liqueurs. The company also provides bottling services to other spirit manufacturers. It offers its products to state government, state-owned corporation, canteen stores department, private distributors, and retailers in open market. The company was formerly known as Rampur Distillery Company. Radico Khaitan Limited was founded in 1943 and is based in New Delhi, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Radico Khaitan Limited reported revenue of ₹60.5B in FY2026 versus ₹28.7B in FY2022, a compound +20.5%/yr. Reported net income was ₹6.0B in FY2026, compounding +23.1%/yr from FY2022.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹60.5B
Latest YoY
+24.7%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+24.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.3%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.4%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+18.1% (18.0 + 0.1)
Revenue +20.5%/yr
FY22 ₹28.7B
FY23 ₹31.4B
FY24 ₹41.2B
FY25 ₹48.5B
FY26 ₹60.5B
Net income +23.1%/yr
FY22 ₹2.6B
FY23 ₹2.2B
FY24 ₹2.6B
FY25 ₹3.5B
FY26 ₹6.0B
Character of growth · EPS growth decomposed (2015-2026) +20.5 % p.a.
Revenue per share +13.4 %

of which total revenue +13.5 % · buybacks/dilution +0.0 %

EBIT margin −2.6 %
Tax rate −0.1 %
Residual (interest, one-offs) +9.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

RADICO screens 164% overvalued. Compare with Kweichow Moutai Co →

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Cite: Fair Value Calculator (2026). "Radico Khaitan Limited Fair Value". https://www.fairvalue-calculator.com/stock/RADICO

Peer Group

Beverages - Wineries & Distilleries · 94 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 69 · Top 25%
Fair Value upside −62% · Bottom 25%
Return on equity (TTM) 17% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 15% · Above median
Revenue growth 20% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper

P/E (TTM) 99.8× · Pricier than 75% of peers
P/B 16.53× · Pricier than 75% of peers
P/S (TTM) 9.37× · Pricier than 75% of peers
P/FCF 1.3× · Cheaper than median
EV/EBITDA 60.4× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 15
FUTURE98 · sector 0
PAST66 · sector 19
HEALTH100 · sector 95
DIVIDEND2 · sector 60

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

Similar stocks

10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Kweichow Moutai Co 600519 ¥1,303 ¥1,238 −5%
Diageo plc DEO $92.99 $73.29 −21%
Wuliangye Yibin Co 000858 ¥71.89 ¥48.44 −33%
Shanxi Xinghuacun Fen Wine Factory Co 600809 ¥116.39 ¥185.80 +60%
Pernod Ricard SA RI €63.20 €76.13 +20%
Luzhou Laojiao Co 000568 ¥84.50 ¥149.17 +77%
Brown-Forman Corporation BFA $28.72 $27.69 −4%
United Spirits Limited UNITDSPR ₹1,528 ₹285.39 −81%
Thai Beverage Public Company Y92 0.4650 SGD 0.7000 SGD +51%
Jiangsu Yanghe Distillery Co 002304 ¥39.59 ¥27.82 −30%

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Frequently asked questions

Is Radico Khaitan Limited (RADICO) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of ₹1,705 versus a price of ₹4,494, about −62% upside (overvalued).
What is the fair value of RADICO?
Our model-based fair value for Radico Khaitan Limited is ₹1,705 (as of Aug 27, 2026), built from audited fundamentals. The current price: ₹4,494.
What is the quality score of RADICO?
Radico Khaitan Limited has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Radico Khaitan Limited (RADICO)?
Radico Khaitan Limited reported trailing-twelve-month revenue of about ₹58.5B (latest available figure, as of Aug 27, 2026).
What is the net profit margin of RADICO?
The net profit margin of Radico Khaitan Limited is about 8.8%, meaning it keeps roughly 8.8% of revenue as net income. Based on the latest reported figures.
Does Radico Khaitan Limited pay a dividend?
Radico Khaitan Limited currently shows a dividend yield of about 0.11% relative to its recent price (as of Aug 27, 2026).
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