Radico Khaitan

₹1735.4 -4.6 | 0.3%

WEBSITE BSE:532497 NSE : RADICOKHAIT 26 Jul, 16:01

Market Cap ₹23213 Cr.

Stock P/E 88.5

P/B 9.5

Current Price ₹1735.4

Book Value ₹ 181.9

Face Value 2

52W High ₹1882.1

Dividend Yield 0.17%

52W Low ₹ 1141

Edit Ratio

Radico Khaitan Research see more...

Radico Khaitan Limited

Overview Inc. Year: 1983Industry: Breweries & Distilleries

Radico Khaitan Ltd manufactures alcohol and alcoholic merchandise. The Company operates thru the segment of liquor and associated merchandise. It offers diverse brands of Whisky, along with 8PM Whisky, Royal Whytehall Whisky and After Dark Whisky; Rum, consisting of Contessa Rum and 8PM Bermuda Rum; Brandy, which include Old Admiral Brandy, 8PM Excellency Brandy and Morpheus Brandy; Vodka, which include Magic Moments Vodka, Magic Moments Remix Vodka and Verve, and Ready to Drink, along with Electra. It produces high neutral alcohol from molasses, as well as grain. It produces aged grain spirit, as well as matured malt spirit and malt spirit. It has over 33 bottling gadgets spanning across the country, of which over five belong to it and over 28 are settlement bottling units. Its Rampur Distillery manufactures diverse brands of Indian-made overseas liquor (IMFL) and country liquor. It operates over three distilleries and one joint undertaking with general potential of over a hundred and fifty million liters.

Radico Khaitan Share Price

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Peer Comparison

Radico Khaitan Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	3297	3224	3184	3019	3166	3375	4023	3715	4246	3895
Other Income	2	2	4	1	3	1	1	1	5	2
Total Income	3299	3227	3188	3020	3169	3377	4024	3716	4251	3897
Total Expenditure	3178	3145	3091	2928	3069	3296	3904	3594	4103	3772
Operating Profit	121	82	97	91	100	80	121	122	148	125
Interest	3	2	3	4	6	9	12	12	18	17
Depreciation	17	16	17	17	17	20	24	26	32	32
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	101	63	77	70	76	51	84	83	98	77
Provision for Tax	24	17	19	18	19	14	21	21	24	20
Profit After Tax	77	46	58	52	57	37	63	62	74	57
Adjustments	3	4	4	3	4	5	5	3	1	-3
Profit After Adjustments	79	50	62	54	61	43	68	65	75	54
Adjusted Earnings Per Share	5.9	3.8	4.6	4.1	4.6	3.2	5.1	4.8	5.6	4

Radico Khaitan Profit & Loss

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	1652	1680	1823	2097	2427	2399	2868	3143	4119	15879
Other Income	39	21	30	13	13	15	13	15	12	9
Total Income	1691	1700	1853	2110	2440	2413	2881	3158	4131	15888
Total Expenditure	1464	1469	1556	1746	2059	1990	2471	2790	3616	15373
Operating Profit	227	231	297	364	381	423	410	368	515	516
Interest	85	81	69	36	32	22	13	22	60	59
Depreciation	43	42	41	42	53	54	65	71	114	114
Exceptional Income / Expenses	0	0	0	0	-24	0	0	0	0	0
Profit Before Tax	103	109	188	286	273	347	332	291	348	342
Provision for Tax	25	29	64	98	45	83	83	70	86	86
Profit After Tax	78	80	124	188	228	264	249	220	262	256
Adjustments	0	0	0	6	2	13	15	0	0	6
Profit After Adjustments	78	80	124	194	229	277	263	220	262	262
Adjusted Earnings Per Share	5.9	6	9.3	14.6	17.2	20.8	19.7	16.5	19.6	19.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	31%	20%	14%	0%
Operating Profit CAGR	40%	7%	7%	0%
PAT CAGR	19%	-0%	7%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	27%	27%	42%	33%
ROE Average	11%	12%	13%	13%
ROCE Average	13%	14%	15%	15%

Radico Khaitan Balance Sheet

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	977	1044	1157	1336	1543	1793	2027	2208	2440
Minority's Interest	0	0	0	0	0	0	0	0	0
Borrowings	196	103	34	22	2	0	5	287	290
Other Non-Current Liabilities	63	78	103	115	95	102	96	123	153
Total Current Liabilities	1089	1009	951	779	843	882	896	1101	1212
Total Liabilities	2325	2234	2246	2251	2483	2778	3024	3719	4095
Fixed Assets	729	704	685	714	743	810	821	1234	1700
Other Non-Current Assets	285	367	321	312	317	280	349	613	316
Total Current Assets	1311	1164	1239	1225	1422	1688	1854	1872	2079
Total Assets	2325	2234	2246	2251	2483	2778	3024	3719	4095

Radico Khaitan Cash Flow

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	-293	-335	-314	-312	8	10	121	101	122
Cash Flow from Operating Activities	-36	252	316	309	60	370	222	239	183
Cash Flow from Investing Activities	81	3	-21	-7	-67	-76	-108	-705	-242
Cash Flow from Financing Activities	-87	-234	-293	-226	9	-183	-134	487	24
Net Cash Inflow / Outflow	-42	21	2	76	2	111	-20	21	-36
Closing Cash & Cash Equivalent	-335	-314	-312	-236	10	121	101	122	86

Radico Khaitan Ratios

#	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	5.87	6.03	9.3	14.55	17.16	20.75	19.69	16.48	19.61
CEPS(Rs)	9.12	9.16	12.37	17.28	20.97	23.83	23.45	21.79	28.11
DPS(Rs)	0.8	0.8	1	1.2	2	2.4	3	3	3
Book NAV/Share(Rs)	73.42	78.42	86.75	100.09	115.53	134.22	151.53	164.86	181.95
Core EBITDA Margin(%)	4.39	4.33	4.26	4.35	3.91	3.89	3.18	2.77	3.25
EBIT Margin(%)	4.41	3.9	4.09	3.99	3.23	3.52	2.77	2.46	2.64
Pre Tax Margin(%)	2.42	2.24	2.99	3.55	2.9	3.3	2.66	2.28	2.25
PAT Margin (%)	1.83	1.65	1.98	2.33	2.42	2.52	1.99	1.73	1.69
Cash Profit Margin (%)	2.84	2.5	2.63	2.86	2.97	3.03	2.51	2.29	2.43
ROA(%)	4.69	3.52	5.53	8.36	9.61	10.05	8.57	6.54	6.71
ROE(%)	13.57	7.94	11.27	15.09	15.81	15.86	13.02	10.42	11.31
ROCE(%)	13.45	10.04	14.28	18.8	16.85	18.42	16.11	12.23	13.42
Receivable days	32.65	46.3	36.5	28.8	28.38	26.42	21.27	22.62	21.24
Inventory Days	14.86	21.26	17.58	15.19	14.22	15	15.01	17.93	17.62
Payable days	92.5	122.18	148.12	171.18	142.19	151.77	107.92	103.52	72.47
PER(x)	16.28	22.82	35.61	27.16	15.57	27.03	45.05	72.46	88.05
Price/Book(x)	1.3	1.75	3.82	3.95	2.31	4.18	5.86	7.25	9.49
Dividend Yield(%)	0.84	0.58	0.3	0.3	0.75	0.43	0.34	0.25	0.17
EV/Net Sales(x)	1.34	1.56	2.73	2.67	1.63	3.18	4.16	5.26	5.76
EV/Core EBITDA(x)	9.78	11.3	16.79	15.36	10.36	18.04	29.13	44.91	46.02
Net Sales Growth(%)	169.15	1.7	8.5	15.04	15.74	-1.16	19.56	9.58	31.05
EBIT Growth(%)	96.2	0.61	35.17	25.43	-5.28	21.25	-6.59	-9.22	30.31
PAT Growth(%)	72.69	2.59	54.63	51.71	20.97	16.24	-6.02	-11.34	18.98
EPS Growth(%)	32.06	2.59	54.32	56.49	17.92	20.92	-5.1	-16.29	18.94
Debt/Equity(x)	0.98	0.77	0.51	0.25	0.26	0.15	0.09	0.32	0.3
Current Ratio(x)	1.2	1.15	1.3	1.57	1.69	1.91	2.07	1.7	1.72
Quick Ratio(x)	0.95	0.86	0.98	1.11	1.24	1.36	1.47	1.05	1.07
Interest Cover(x)	2.22	2.35	3.74	8.97	9.55	16.54	25.83	13.93	6.84
Total Debt/Mcap(x)	0.75	0.44	0.13	0.06	0.11	0.04	0.02	0.04	0.03

Radico Khaitan Shareholding Pattern

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	40.27	40.27	40.27	40.27	40.27	40.27	40.26	40.26	40.26	40.26
FII	19.28	18.35	18.86	18.93	18.63	18.26	18.19	19.01	18.58	18.82
DII	19.24	20.26	22.85	23.23	23.52	23.77	23.93	23.99	24.71	24.48
Public	21.21	21.13	18.01	17.57	17.58	17.71	17.62	16.74	16.45	16.44
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	5.38	5.38	5.38	5.38	5.38	5.38	5.38	5.38	5.38	5.38
FII	2.58	2.45	2.52	2.53	2.49	2.44	2.43	2.54	2.48	2.52
DII	2.57	2.71	3.05	3.1	3.14	3.18	3.2	3.21	3.3	3.27
Public	2.84	2.82	2.41	2.35	2.35	2.37	2.36	2.24	2.2	2.2
Others	0	0	0	0	0	0	0	0	0	0
Total	13.37	13.37	13.37	13.37	13.37	13.37	13.37	13.37	13.37	13.37

Pros

Debtor days have improved from 103.52 to 72.47days.
Company is almost debt free.

Cons

Promoter holding is low: 40.26%.
Company has a low return on equity of 12% over the last 3 years.
Stock is trading at 9.5 times its book value.
The company has delivered a poor profit growth of 6% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.