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Radico Khaitan Ltd Stock Analysis

Mid Cap
Evaluated by 2426 users | BSE: 532497 | NSE: RADICO |
Breweries & Distilleries

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Radico Khaitan Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation
 Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on Capital Employed 9.5%9.72%9.26%9.01%8.26%7.3%9.51%12.69%14.8%14.46%-
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 1,1441,2581,4521,4881,6521,6801,8232,0972,4272,41811,440
Y-o-Y Gr. Rt.-10%15.4%2.5%11%1.7%8.5%15%15.7%-0.4%-
Adjusted EPS (Rs.) 5.696.576.596.626.716.059.114.2318.1220.2521.42
Y-o-Y Gr. Rt.-15.5%0.3%0.5%1.4%-9.8%50.4%56.4%27.3%11.8%-
Book Value per Share (Rs.) 49.6354.0758.0161.6572.3577.3585.6598.53113.85132.04136.42
Adjusted Net Profit 75.587.487.788.189.280.5121190242271286
Net Op. Cash Flow (Rs. Cr.) 142-66137250-3925231630959.7377-
Debt to Cash Flow from Ops 4.57-11.646.593.39-24.593.171.871.096.710.73-
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Radico Khaitan Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  10 yrs 5 yrs 3 yrs 1 yr
Net Sales 8.7%7.9%9.9%-0.4%
Adjusted EPS 15.2%24.7%30.6%11.8%
Book Value per Share 11.512.815.516
Share Price 24.5% 52.1% 47.5% 149.1%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on Equity (%) 11.4312.5111.6210.959.968.0811.1715.4517.0716.4715.96
Operating Profit Margin (%) 15.2315.9314.6313.1312.7312.6614.6616.8515.216.923.72
Net Profit Margin (%) 6.66.946.045.925.44.796.669.059.9711.192.5
Debt to Equity 0.991.071.171.0410.780.520.260.260.16-
Working Capital Days 16515714715411810075595555-
Cash Conversion Cycle 5142444426204-7-6-9-
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Entity Percentage Holding
Promoters 40.27%
Institutions 38.72%
Non-Institutions 21.00%
Pledged *4.554.554.554.553.530.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Past 10 year's financial track record analysis by Moneyworkds4me indicates that Radico Khaitan Ltd is a average quality company.

Radico Khaitan Ltd's earnings have grown by 24.7%, whereas share price has appreciated 52.1% CAGR over the past five years, indicating the company’s share price is likely overvalued. However, for specific investment actions please consult your investment advisor.

Radico Khaitan Ltd share price has appreciated 24.5% annually (CAGR) over the past ten years.

Past 10 years financial track record analysis and assessment of future prospects by Moneyworks4me indicates that Radico Khaitan Ltd is an average long term investment. However, you need to ensure you buy at a right price to earn good returns.

Radico Khaitan Limited (RKL) is one of the oldest and the largest manufacturers of Indian Made Foreign Liquor (IMFL) in India. Earlier known as Rampur Distillery, RKL commenced its operations in 1943, and over the years emerged as a major bulk spirits supplier and bottler to other spirit manufacturers.

Radico Khaitan Limited has come a long way in its exceptional journey of growth and brand creation to become one of

Radico Khaitan Limited (RKL) is one of the oldest and the largest manufacturers of Indian Made Foreign Liquor (IMFL) in India. Earlier known as Rampur Distillery, RKL commenced its operations in 1943, and over the years emerged as a major bulk spirits supplier and bottler to other spirit manufacturers.

Radico Khaitan Limited has come a long way in its exceptional journey of growth and brand creation to become one of the most admired liquor brands across India. It is one of the few companies in India to have developed its entire brand portfolio organically. With over 15 brands and their distinct variants, the rich history of 75 years continues to set the pace for today and shape the business outlook for tomorrow.

Radico Khaitan Limited is also one of the largest providers of branded IMFL to the Canteen Stores Department (CSD), which has significant business barriers to entry. The company has been successfully building its brand equity in international markets and currently exports its products to many countries.

Business Today Magazine, a leading business magazine from the India Today Group listed Radico Khaitan Limited among top 500 in the list of India’s most valuable companies.

Business area of the company

The company is engaged in the manufacturing and trading of alcoholic products such as Indian Made Foreign Liquor (IMFL), Alcohol, Country Liquor etc. The company has its presence in India as well as various other global markets.

Brands

Radico Khaitan’s four millionaire brands

  • 8PM whisky
  • Contessa rum
  • Old Admiral brandy
  • Magic Moments vodka
  • Magic Moments Verve
  • Magic Moments Electra
  • Rampur Indian Single Malt Whisky
  • Jaisalmer Indian Craft Gin
  • Morpheus XO Brandy
  • Morpheus Blue XO Premium Brandy
  • Regal Talons Premium Grain Whisky
  • Pluton Bay Rum
  • Whytehall Premium Brandy
  • Old Admiral Brandy

Awards

FY2018-19

  • Rated as the Best Gin produced out of Asia in 2019 at The Gin Guide Awards, the most respected honour for Gin in the world
  • Won double Gold Medal at the San Francisco World Spirits Competition in 2017 Whisky Advocate Magazine ranked it among the Top 20 Whiskies of the World at 5th position
  • Won Gold five times at the Global Monde Selection Awards in the calendar years - 2011, 2015, 2016, 2017 and 2018
  • Won Gold at the Global Monde Selection Awards in the calendar year 2019
  • Won Gold twice at the Global Monde Selection Awards in the calendar years - 2018 and 2019
  • Won Gold at the Global Monde Selection Awards in the calendar year 2019

FY2019-20

  • Won Grand Gold at the Global Monde Selection Awards in the calendar year 2020
  • Rated as the Best Gin produced out of Asia in 2019 at
  • The Gin Guide Awards, the most respected honour for Gin in the world
  • Gold Medal by The Fifty Best New York 2020
  • Scored 95 points in Ultimate Spirits Challenge 2020

Milestones

First phase (1943-1996)

  • The Rampur Distillery Company was established when it was a part of Khaitan family with a focus on distilling and bottling. The company manufactured high quality spirit for branded players and the armed forces’ canteen stores.
  • Gained significant experience as manufacturer of spirits and bottler for other companies.
  • Mr. Abhishek Khaitan, present Managing Director (MD) joined the family business and instilled the idea of creating own brands.

Second phase (1997-2006)

Established platform for the branded journey

  • Started the branded IMFL division and launched its first brand, 8PM whisky, becoming a millionaire brand within the first year of its launch.
  • Launched Old Admiral brandy in the regular category, became one of the leading brands in Canteen Stores Department (CSD).
  • Achieved sales volume of 10 million cases.
  • Made investment at the Rampur facility for creating a strong manufacturing platform for IMFL.
  • Developed a pan-India distribution and sales setup.

Third phase (2006-Present)

  • After creating brands in the high-volume regular categories, launched the first product in the premium category, Magic Moments vodka.
  • Launched Morpheus super premium brandy; Magic Moments became a millionaire brand.
  • Launched After Dark, a premium category whisky.
  • Launched Magic Moments Verve, a superpremium vodka followed by flavours of Verve.
  • Launched Electra, a premium ready-to-drink vodka-based cocktail.
  • Launched 1965- The Spirit of Victory premium rum, exclusively in CSD, commemorating India’s victory in the 1965 war; it built an emotional connect with the soldiers and the armed forces.
  • Launched Rampur Indian single malt luxury whisky.
  • Launched Regal Talons semi-deluxe whisky.
  • Launched Pluton Bay Premium rum.
  • Launched Jaisalmer, a luxury Indian craft gin, 8PM Premium Black whisky, and Morpheus Blue super premium brandy.
  • Launched newer expressions of Rampur Indian Single Malt - Rampur Sherry PX Finish and Rampur Double Cask.

Products launch timelines

  • 1981: Contessa XXX Rum (in CSD)
  • 1998: 8 PM Whisky
  • 2002: Old Admiral Brandy
  • 2004: Whytehall Whisky
  • 2006: Magic Moments Vodka
  • 2008: Magic Moments Remix Vodka (Flavoured)
  • 2009: Morpheus Premium Brandy
  • 2011: After Dark Fine Grain Whisky
  • 2012: Magic Moments Verve Vodka
  • 2013: Morpheus Blue Super Premium Brandy
  • 2014: Green Apple and Orange Flavours of Magic Moments Verve Vodka
  • 2015: Magic Moments Electra (Ready to Drink)
  • 2016: Rampur Indian Single Malt Whisky and Regal Talons Semi Delux Whisky
  • 2017: Pluton Bay Premium Rum and 1965 The Spirit of Victory Premium Rum
  • 2018: 8 PM Premium Black Whisky, Jaisalmer Indian Craft Gin and Whytehall Rare Premium Brandy
  • 2019: Launched select expressions of Rampur Indian Single Malt - Rampur PX Sherry and Rampur Double Cask.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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