Transcript of Earnings Conference Call held on July 29, 2026

RKL/SX/2026-27/48 August 05, 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 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Dear Sir/Madam, In continuation to our letter no. RKL/SX/2026-27/38 dated July 17, 2026 and pursuant to Regulation 30 of the Listing Regulations, please find enclosed herewith the Transcript of Earnings Conference Call for Analysts and Investors held on July 29, 2026, for Quarter ended June 30, 2026. The transcript is also being disseminated on the Company's website at https://radicokhaitan.com/investor-relations/ This is for your information and records. Thanking You, For Radico Khaitan Limited Dinesh Kumar Gupta Senior Vice President - Legal & Company Secretary Email Id: investor@radico.co.in Encl.: as above 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 ag e | 0 Radico Khaitan Limited (BSE: 532497; NSE: RADICO) First Quarter FY2027 Earnings Conference call July 29, 2026 Management Participants: Mr. Abhishek Khaitan, Managing Director Mr. Dilip Banthiya, Chief Financial Officer Mr. Sanjeev Banga, President – International Business Mr. Sudhir Upadhyay, Chief Sales Officer Presentation: Moderator: Ladies and gentlemen, good day, and welcome to the Radico Khaitan Limited Q1 FY27 Earnings Call. 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 your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manoj Menon. 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. Manoj Menon: Hi, everyone. It's a wonderful good evening to all of you. Today, we have with us Mr. Abhishek Khaitan - Managing Director; Mr. Dilip Banthiya - Chief Financial Officer; Mr. Sanjeev Banga - President of International Business; and Mr. Sudhir Upadhyay - Chief Sales Officer, all representing Radico. Now I would like to hand over the call to Mr. Abhishek Khaitan for his 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 Q1 FY27 Earnings Conference Call. We are pleased to report another strong quarter carrying forward the momentum from FY2026. During Q1 FY27, we reported highest ever quarterly volume of 10 million cases, revenue of Rs. 1,684 crores and EBITDA of Rs. 348 crores. Our performance was driven by the continued success of our premiumization strategy with our P&A portfolio delivering 36% volume growth during the quarter and significantly outpacing the industry. Despite a dynamic global environment, marked by geopolitical uncertainties and supply chain challenges, we expanded our operating margins through a richer product mix, disciplined cost management and continued operational excellence. 1 | P age Q1 FY2027 Earnings Call Transcript The quarter was also a strong demonstration of our ability to translate strategy into execution. Alongside robust business performance, we expanded the distribution of our luxury portfolio, strengthened brand advocacy through consumer experiences, significantly enhanced our on-trade presence and forged strategic partnerships that will support long-term brand equity. These initiatives reinforce our confidence that the investments we continue to make behind our brands are creating a stronger and more sustainable platform for future growth. Turning to our brand portfolio, we believe India's vodka category has entered a multiyear structural growth phase, driven by changing consumer preferences, favorable demographics, premiumization and evolving consumption occasions. India's vodka category has grown at over 20% CAGR between FY22 and FY26, significantly ahead of broader IMFL growth. While vodka accounts for nearly 28% of the global spirits market, its share in the Indian IMFL industry has increased from 4.6% in Q1 FY26 to 6.1% in Q1 FY27. This highlights the accelerating pace of category development and the significant headroom that remains. Magic Moments continues to lead the category with over 60% market share and an even stronger position in its core price segment. The brand delivered a landmark performance during the quarter with 3.25 million cases at a growth rate of 43% year-on-year. In value terms, the growth was 51%, indicating a strong premiumization trend. The performance was driven by strong consumer acceptance and our flavor-led innovation strategy. Flavored vodka today accounts for 75% of our volumes, up from 65% last year. Vodka also offers attractive unit economics supported by lower production costs and significant premiumization potential, making it one of the most attractive long-term growth categories within the Indian Alcobev industry. Going forward, we will continue to focus on new flavor innovation to drive the industry and sustain strong growth in our portfolio. Across our broad premium portfolio, Royal Ranthambore, 8PM Premium Black and After Dark Blue continue to build strong consumer traction, each supported by differentiated brand building initiatives. The limited edition Royal Ranthambore Pack has been well received with its storytelling around India's six legendary tigers, strengthening 2 | P age Q1 FY2027 Earnings Call Transcript the brand's premium positioning while supporting wildlife conservation. 8PM Premium Black gained further momentum during the quarter, supported by its partnership with Sunrisers Hyderabad in the recent IPL season. Improved brand visibility and strong consumer acceptance contributed to a healthy increase in market share in key markets. The recently introduced contemporary packaging for After Dark whiskey is expected to further enhance the brand's premium appeal and support market share gains in the largest whisky segment of the industry. Looking ahead, we expect our P&A portfolio to deliver over 25% volume growth during FY27, supported by a robust innovation pipeline, expanding distribution and favorable industry trends. With premium brands accounting for an increasing share of our business, we remain confident of sustaining EBITDA margin of around 20% for FY27 while continuing to invest behind our brands and strengthen our long-term competitive position. With that, I would now like to hand over the call to our CFO, Dilip Banthiya, for a detailed review of our financial and operational performance. Thank you, everyone, and over to you, Dilip. Dilip Banthiya: Thank you, Abhishek. Thank you, everyone, for joining us on this call today. FY2027 has started with strong financial momentum as we continue to deliver higher profitability, margin expansion, improved returns and strong cash generation. Our performance is a testament to the strength of our business model, driven by premiumization, operating leverage, input cost stability and a persistent focus on disciplined execution and capital allocation. During Q1 FY27, we delivered a strong all-round performance with total IMFL volume of 10 [Showing first 8,000 characters — download PDF for full document]