Synopsis: Radico Khaitan and United Spirits both garnered a strong investor interest after reporting their Q2 FY26 results.
Radico Khaitan and United Spirits, India’s two major alcohol producers, have unveiled their ”Q2 FY26” figures, and the investors are extremely keen to know which company performed better. Both had a robust showing; however, one was noticeably ahead. To figure out which company had a better quarter in terms of revenue, profit, and growth, we can just quickly compare the two big players.
Q2 Highlights
Radico Khaitan has reported a total revenue from operations of Rs 1,494 crore in Q2 FY26, a growth of 34 percent as compared to Rs 1,116 crore in Q2 FY25. However, on a quarter-on-quarter basis, it declined marginally by 0.8 percent from Rs 1,506 crore.
On the other hand, United Spirits reported a total revenue from operations of Rs 3,173 crore in Q2 FY26, a growth of 12 percent as compared to Rs 2,844 crore in Q2 FY25. Additionally, on a quarter-on-quarter basis, it grew by 5 percent from Rs 3,021 crore.
Radico Khaitan reported an EBITDA of Rs 236 crore in Q2 FY26, representing a 45 percent growth compared to Rs 162 crore in Q2 FY25. Additionally, on a quarter-on-quarter basis, it grew slightly by 2.4 percent to Rs 231 crore. Also, EBITDA margins increased by 130 bps during the same period (YoY).
On the other hand, United Spirits reported an EBITDA of Rs 659 crore in Q2 FY26, representing a 32 percent growth compared to Rs 500 crore in Q2 FY25. Additionally, on a quarter-on-quarter basis, it grew slightly by 3 percent from Rs 638 crore. Also, EBITDA margins increased by 300 bps during the same period (YoY).
Regarding Radico Khaitan’s profitability, it reported a net profit of Rs 139 crore in Q2 FY26, representing a 69 percent growth compared to Rs 82.2 crore in Q2 FY25. Additionally, on a quarter-on-quarter basis, it grew slightly by 4 percent from Rs 133 crore.
United Spirits reported a net profit of Rs 464 crore in Q2 FY26, representing a 36 percent growth compared to Rs 341 crore in Q2 FY25. Additionally, on a quarter-on-quarter basis, it grew by 11 percent from Rs 417 crore.
Volume Highlights
In Q2 FY26, Radio Khaitan delivered a strong 38 percent year-on-year growth in total volume, reaching 9.34 million cases as compared to 6.78 million cases in Q2 FY25. The growth was driven by a sharp 80 percent growth in the ‘Regular & Others’ category and a 22 percent growth in the ‘Prestige & Above’ segment, which contributed 5.04 million and 3.89 million cases, respectively.
On the other hand, United Spirits delivered a poor 7.7 percent year-on-year growth in total volume, reaching 16.60 million cases as compared to 15.41 million cases in Q2 FY25. The growth was driven by a 6.1 percent growth in the ‘Popular’ category and an 8 percent growth in the ‘Prestige & Above’ segment, which contributed 2.70 million and 13.90 million cases, respectively.
Among the two major alcohol majors, Radico Khaitan showed stronger growth momentum in Q2 FY26. It outperformed United Spirits in revenue, EBITDA, profit, and volume growth on a year-on-year basis. While United Spirits remains larger in scale, Radico’s sharper profit and volume jump show it’s gaining ground faster in the premium and regular segments.
Written by Satyajeet Mukherjee
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