Radico Khaitan Q2 FY27: consolidated PAT up 66% YoY to ₹232 Cr as margins hold near 21%

Radico Khaitan's Q2 FY27 (quarter ended September 30, 2026) consolidated results show profit growth decisively outpacing revenue: consolidated PAT rose 66.5% YoY to ₹232.3 Cr (from ₹139.6 Cr) on revenue from operations of ₹5,582.7 Cr, up 10.4% YoY. Sequentially, revenue dipped 4.9% versus Q1 FY27's ₹5,867.7 Cr — a seasonal pattern typical for alcobev names moving from the summer-heavy Q1 into the monsoon-affected Q2 — while PAT still edged up 1.2% QoQ, holding near Q1's ₹229.6 Cr. Consolidated is the primary basis here; standalone PAT of ₹230.9 Cr is within 1% of the consolidated number, so the two tell the same story this quarter. Profitability held up because the margin didn't erode with the softer top line. Stripping excise duty (₹3,837.6 Cr) out of gross revenue gives net revenue of ₹1,745.1 Cr, and EBITDA — PBT before JV share and exceptional items (₹307.7 Cr) plus finance costs (₹11.4 Cr) and D&A (₹43.2 Cr) — works out to ₹362.3 Cr, a margin of roughly 20.8%. That's essentially flat with Q1's reported 20.7% "record" margin, meaning the margin gave nothing back sequentially despite the revenue dip. No exceptional items appear in either the current or year-ago quarter column, standalone or consolidated, so both the YoY and QoQ growth rates are clean, organic comparisons — no one-off adjustment is needed this quarter. Against the pre-result preview — which flagged a ₹1,700-1,750 Cr net-of-excise revenue band, 19-21% EBITDA margin and ₹220-250 Cr consolidated PAT as the on-plan bar — the quarter lands inline, printing near the top of the net-revenue band and mid-to-upper range on margin and PAT; sell-side coverage (ICICI Securities, Motilal Oswal, Jefferies, Investec, Systematix), uniformly rated BUY on a sustained-premiumization thesis with targets of ₹4,500-5,100, gets no reason here to revisit those calls. Against management's own August concall guidance, the ~20% EBITDA margin target is met, but "debt-free by Q2 FY27" is not: standalone borrowings stand at ₹247.1 Cr (down from ₹313.3 Cr at March 2026) against cash and bank balances of ₹71.7 Cr, leaving the company still net-debt positive. The filing carries no segment disclosure (single-segment company under Ind-AS 108), so the P&A volume-growth (>25% target) and luxury-segment (25% value growth) guidance lines can't be checked from this statement alone. The quarter's other board-level developments — UK airport retail expansion (September 28) and the Magic Moments Aam Panna Vodka launch (August 20) — are portfolio and distribution-breadth moves that don't show up directly in this P&L.