Radico Khaitan Q1: consolidated PAT jumps 76% YoY to ₹230 Cr on sharp margin expansion

Radico Khaitan opened FY27 with a profit-led beat. Consolidated net profit rose ~76% YoY to ₹229.6 Cr (₹230 Cr) on gross revenue of ₹5,867.7 Cr, up 10.4% YoY; on a net-of-excise basis sales were ~₹1,684 Cr, up ~12% YoY. The disproportionate jump in profit versus the modest topline is the whole story — this was margin, not volume-scale, driven. Adjusted for the ₹6.99 Cr exceptional loss in the year-ago base, PAT growth is ~+67%, still firmly strong. Standalone PAT was ₹226.0 Cr (+69% YoY, EPS ₹16.88); the ₹7.2 Cr joint-venture profit share (vs ₹0.8 Cr a year ago) lifts the consolidated figure a touch higher, so the two bases tell the same premiumisation story. The margin bridge is the key: estimated EBITDA rose to ~₹349 Cr from ~₹232 Cr, taking the EBITDA margin on net sales to roughly 20.7% from ~15.4% a year ago — a >500 bps expansion that already dwarfs management's full-year guidance of ~125 bps. Net profit margin on gross revenue expanded to 3.9% from 2.5% YoY (3.5% last quarter). The lift is consistent with the company's premium-led mix shift; Magic Moments Vodka alone clocked 3.25 million cases in the quarter, and the Prestige-&-Above/luxury push is where the operating leverage is showing up. Finance costs eased to ₹11.7 Cr from ₹15.9 Cr YoY, aiding the print and consistent with the stated goal of turning debt-free in H1 FY27. Against the Street, this is a beat on profitability: Equirus had modelled PAT of ~₹209 Cr and an EBITDA margin of ~19.1%; actual PAT of ₹230 Cr and a ~20.7% margin came in ahead, even as net sales (~₹1,684 Cr) landed a shade below the ₹1,731 Cr estimate. So the quarter confirms — and runs ahead of — the bullish, confident tone management struck on the Q4 concall, when it guided 20% Prestige-&-Above volume growth and 125 bps of FY27 margin expansion. The board approved the unaudited results today (July 28); the 42nd AGM is set for August 7 with the FY26 dividend on the docket. The QoQ optics (PAT +28%, revenue +13%) partly reflect the seasonally softer March quarter and are supporting detail, not the headline — the YoY margin story is what matters.