Seasoned Dalal Street investor Mukul Mahavir Agrawal appears to have divested his entire stake in Radico Khaitan, signaling a significant exit after nearly six years. His name was notably absent from the key shareholders list for the June 2026 quarter, following a period where he held 1.05% of the company's equity shares, totaling 1,400,083 units, from December 2020 through March 2026.
This strategic move comes after Agrawal reaped an impressive 875% return on his investment. Radico Khaitan shares surged from approximately Rs 400 on September 30, 2020, to Rs 3,900 by June 30, 2026. The stock closed recently at Rs 4,347.15, boasting a market capitalization exceeding Rs 58,000 crore, and hit its 52-week high of Rs 4,494.75 just days prior.
Strong Q1 FY26 Performance for Radico Khaitan
Radico Khaitan reported robust financial results for the quarter ended June 30, 2026 (Q1 FY26), demonstrating strong growth across key metrics:
- Net Profit: Soared 76% year-on-year (YoY) to Rs 229.6 crore.
- Revenue: Increased 11.8% YoY to Rs 1,683.7 crore.
- EBITDA: Grew over 50.9% YoY to Rs 348.1 crore, with margins expanding by 536 basis points to 20.7%.
- Total Volume: Reached a record 10 million cases, a 2.8% YoY increase.
- Prestige & Above (P&A) Segment: Volumes jumped 35.8% YoY to 5.22 million cases, driven by strong demand for premium brands.
- Magic Moments Vodka: Sales surged 43% YoY, reaching 3.25 million cases.
- Debt Reduction: The company successfully reduced its net debt by Rs 138 crore.
Analyst Outlook and Target Prices
Despite Mukul Agrawal's exit, several institutional brokerages maintain a positive outlook on Radico Khaitan, citing its premiumization strategy and improving financials.
Systematix Institutional Equities noted, "Radico Khaitan is expected to maintain strong growth, driven by continued premiumisation and robust demand for its Prestige & Above (P&A) portfolio. Management has raised P&A volume growth guidance to over 25%, while the luxury portfolio is projected to grow around 25 per cent in FY27." They reiterated a 'Buy' rating with a target price of Rs 4,912.
Equirus Securities revised their rating to 'Add' from 'Long', with a September 2027 target price of Rs 4,573. They stated, "We remain constructive on RDCK’s growth outlook, supported by strong brand equity, an expanding premium portfolio and an improving balance sheet. However, following the recent share-price outperformance, valuations capture much of the medium-term earnings upside."
360 One Capital praised the company's "stellar operating performance," while Choice Institutional Equities highlighted an "industry-leading EBITDA margin of 20.7 per cent" and an 'Add' rating with a target of Rs 4,820. Antique Stock Broking, maintaining a 'Buy' recommendation, raised their FY27-28 estimates and set a revised target of Rs 5,222, anticipating Radico to be net debt-free by Q2FY27.
The consensus among analysts suggests that Radico Khaitan's focus on premium categories, combined with easing raw material costs and strategic investments, will continue to drive profitability and sustained medium-term earnings growth.