Analysts/Institutional Investor Meet/Con. Call Updates

RKL/SX/2026-27/80 November 3, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeeboy Towers Exchange Plaza, 5th Floor, Plot no. C/1, Dalal Street G Block, Bandra-Kurla Complex, Bandra (E) Mumbai- 400001 Mumbai- 400051 Scrip Code: 532497 Symbol: RADICO Subject : Transcript of Earnings Conference Call. Ref. : Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Dear Sir/Madam, In continuation of our letter no. RKL/SX/2026-27/69 dated October 14, 2026, and pursuant to Regulation 30 of the Listing Regulations, please find enclosed herewith the transcript of Earnings Conference Call held with Analysts and Investors on October 28, 2026, for the Unaudited Financial Results of the Company for the Quarter and Half Year ended September 30, 2026. The transcript is also being disseminated on the Company's website at https://www.radicokhaitan.com/investor-relations This is for your information and records. Thanking You, For Radico Khaitan Limited Dinesh Kumar Gupta Executive Vice President - Legal & Company Secretary Encl.: as above Email Id: investor@radico.co.in RADICO KHAITAN LIMITED Corporate Office: Plot No. J-l, Block B-1, Mohan Co-op. Industrial area Mathura Road, New Delhi-110044 Ph: (91-11) 4097 5444/555 Registered Office: Rampur Distillery, Bareilly Road, Rampur-244901 (UP.) Phones: 0595-2350601/2, 0595-2350009 E-mail: info@radico.co.in, website: www.radicokhaitan.com CIN No.: L26941UP1983PLC027278 P age | 0 Radico Khaitan Limited (BSE: 532497; NSE: RADICO) Second Quarter and Half Year FY2027 Earnings Conference call October 28, 2026 Management Participants: Mr. Abhishek Khaitan, Managing Director Mr. Dilip Banthiya, Executive Director and CFO Mr. Sanjeev Banga, President – International Business Mr. Sudhir Upadhyay, Chief Sales Officer Mr. Saket Somani, Deputy Chief Financial Officer Presentation: Moderator: Ladies and gentlemen, good day, and welcome to Radico Khaitan Limited Q2 FY27 Earnings Conference Call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on the touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ashutosh Joytiraditya from ICICI Securities Limited. Thank you, and over to you, sir. Before we begin our presentation, I would like to remind you that some of the statements made in today’s conference call may be forward-looking in nature and may involve risks and uncertainties. Kindly refer to the last slide of our earnings presentation for the detailed disclaimer. Ashutosh Joytiraditya: Thank you, Anam. Hello, and good afternoon, everyone, present on the call. On behalf of ICICI Securities, I welcome you to Radico Khaitan Limited's Q2 FY27 Earnings Call. I would like to thank the management for giving this opportunity of hosting the call. From the management, we have Mr. Abhishek Khaitan – Managing Director, Mr. Dilip Banthiya – Executive Director & Chief Financial Officer, Mr. Sanjeev Banga - President, International Business, Mr. Sudhir Upadhyay - Chief Sales Officer, and Mr. Saket Somani, Deputy Chief Financial Officer. I will now hand the call over to Mr. Abhishek for an opening remarks. Thank you, and over to you, sir. Abhishek Khaitan: Good afternoon, ladies and gentlemen, and thank you for joining us on Radico Khaitan's Q2 FY27 Earnings Conference Call. The second quarter of FY27 has been the strongest in our history with record volume, revenue and profitability. During the quarter, IMFL volume stood at over 10 million cases, revenue at Rs. 1,746 crores and EBITDA at Rs. 356 crores, with an EBITDA margin of 20.4%. Two quarters in, the consistency of this delivery gives us great confidence in the year ahead. 1 | Pag e Q2 FY2027 Earnings Call Transcript Premiumization remains at the heart of this performance. Our Prestige & Above portfolio grew 36% in volume during the quarter, well ahead of the industry and continues to enrich our mix with every passing quarter. In vodka, the structural shift we have spoken about is gathering pace, with the category’s share of IMFL reaching 6.3% in Q2. Flavours are driving this change, and Magic Moments is shaping it. In August, we launched Magic Moments Aam Panna, bringing a nostalgic flavour cherished in every Indian household into a contemporary format, supported by a digital-first campaign. Consumer response has been encouraging and tertiary offtake across the Magic Moments family remains healthy. In whisky, After Dark's modern new look is resonating well in the largest segment of the market, and we are extending it to more states. 8PM Premium Black whisky continues to gain momentum and market share, while Royal Ranthambore continues to perform well across civil and CSD channels. Our luxury portfolio, including Rampur Indian Single Malt, Jaisalmer Indian Craft Gin and Virasat Indian Single Malt continue to receive an exceptional response from connoisseurs in India and abroad and we are steadily taking Virasat to new states. Brand advocacy remains central to this effort. During the quarter, we continue to focus on advocacy sessions in the on-trade, supported by curated consumer experiences, key account partnership and premium shops in shop formats at retail. The policy environment across key states continues to be progressive and supportive, and we see this as a meaningful tailwind for organized premium-led players like Radico in the years ahead. Internationally, we also became the first Indian spirits company to be present across 4 major U.K. airports, a proud moment for the Indian whisky in the home of Scotch and we continue to progress towards our target of 100 travel retail outlets in the times to come. At the same time, the global environment has turned increasingly volatile. We are seeing continued volatility in the raw material and packaging costs. We are managing this through sharper procurement, value engineering, our integrated manufacturing platform and a richer product mix. These levers give us the resilience to stay on the course. 2 | Pag e Q2 FY2027 Earnings Call Transcript Looking ahead, we have upgraded our Prestige & Above volume growth to 30% in FY27, and we remain confident of sustaining an EBITDA margin of around 20% for the year. Before I close, an important update on our leadership. Effective today, Dilip Banthiya joins the Board as Executive Director and CFO, bringing his deep financial, capital allocations and alcobev industry experience to the Board. Saket Somani has been elevated to Deputy CFO with an expanded mandate across strategy, financial planning, Investor Relations and digital transformation. These elevations reflect our belief in nurturing talent from within. As we enter the festive season, I would like to wish you all and your families a very happy and prosperous Diwali. With that, I would now like to hand over the call to our Executive Director and CFO, Dilip Banthiya, for a detailed review of our financial and operational performance. Thank you. Dilip Banthiya: Thank you, Abhishek. Thank you, everyone, for joining us on this call today. Before I begin, I would like to thank the Board for their confidence in me. The momentum we built in the first quarter was sustained through Q2 with strong volume growth, higher profitability and improved returns. Our performance reflects the resilience of our business model, driven by premiumization, operating leverage and persistent focus on disciplined execution, even as the input cost environment has turned more volatile. During Q2 FY27, we delivered a strong all-round performance, with total IMFL volumes of over 10 million cases, reflecting a 7% year-on- year growth. The Pres [Showing first 8,000 characters — download PDF for full document]