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Radico Khaitan | The contract distiller that built its own brands

2026.09.19

Article summary

Radico Khaitan is an Indian distilled spirits maker founded in 1943. For a long time it handled distillation and bottling for other companies' brands and supplied the military canteen stores (CSD), launching its own brands in the late 1990s. It built volume with the whisky "8PM" and the vodka "Magic Moments," and raises its average price with the single malt "Rampur" and the gin "Jaisalmer." It runs one of India's oldest malt distilleries. Consolidated revenue for FY2026 (year ended March 2026) was ₹6,037 crore (1 crore = 10 million rupees), up from ₹4,843 crore the prior year, a growth of nearly 25%. It exports to more than 100 countries. In India, alcohol falls under state jurisdiction, with manufacturing licenses, distribution, pricing, and retail formats all differing by state, a complexity that acts as a barrier to entry.

This article is based on what we could verify As of September 19, 2026 This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with ₹1 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.

Radico Khaitan, founded in 1943, is a distilled spirits maker with the whisky "8PM" and premium-tier "Rampur" and "Jaisalmer." It long handled distillation and bottling for other companies' brands before launching its own in the late 1990s.

Company profile

Item	Details
Legal name	Radico Khaitan Limited
Year founded	1943
Headquarters	New Delhi
Consolidated revenue	₹6,037 crore (FY2026, year ended March 2026; growth of nearly 25% year on year, about ¥105 billion). FY2025 was ₹4,843 crore
Main brands	8PM, Magic Moments (vodka), Rampur (single malt), Jaisalmer (gin), After Dark
Export	More than 100 countries (company disclosure)
Listing	Listed on the BSE and NSE

From contract work to its own brands

The company long handled distillation and bottling on contract for other companies' brands. It also supplied the military canteen stores (CSD) and remains a major player in that segment today. It had the equipment and know-how to produce but no product sold under its own name.

It launched its own brands in the late 1990s, building volume with the whisky "8PM" and the vodka "Magic Moments." On top of that, it raises its average price with the single malt "Rampur" and the gin "Jaisalmer." Owning one of India's oldest malt distilleries lends credibility in the premium tier.

Consolidated revenue for FY2026 (fiscal year ended March 2026) was ₹6,037 crore, up nearly 25% from ₹4,843 crore in FY2025. Exports reach more than 100 countries.

The barrier of different rules in every state

Alcohol in India falls under state jurisdiction, and manufacturing licenses, distribution, pricing, and even the format of stores allowed to sell it all differ by state. In some states the government monopolizes wholesale, while private companies handle it in others. States like Gujarat and Bihar maintain prohibition as a rule.

Selling alcohol nationwide requires setting up separate procedures and distribution in each state. This complexity acts as a barrier to entry and, at the same time, gives an advantage to established companies. What Radico Khaitan has built over more than 80 years is also the ability to operate these state-by-state systems.

Points for Japanese companies

Indian single malts have started to win recognition at international competitions. There's a way to view it as a competitor sitting on the same shelf as Japanese whisky, but more than that, it's worth seeing as a partner that knows how to make and distribute alcohol across an India where the rules differ by state.

When selling Japanese sake or whisky in India, import tariffs are high (with some states adding further taxes), and the retail price ends up several times higher than in Japan. Covering every state independently isn't realistic, so partnering with an existing maker or importer becomes the option. When approaching this, it's easier to make progress by narrowing the target to a few states first.