Thank you. Good afternoon, everyone.

We would like to thank Radico Khaitan's management for providing DAM Capital with the opportunity to host Q3 FY26 earnings call. We have with us senior leadership team from Radico Khaitan: Mr.

Abhishek Khaitan, Managing Director; Mr. Dilip Banthiya, CFO; and Mr.

Sanjeev Banga, President, International Business. I hand over the call to Mr.

Abhishek Khaitan for his opening remarks. Over to you, sir.

Good afternoon, ladies and gentlemen. Wishing everyone a very, very Happy New Year, and thank you for joining us on Radico Khaitan's Q3 FY26 earnings conference call.

The third quarter represents a defining phase of acceleration for Radico Khaitan, where strategic clarity, portfolio depth, and execution excellence have translated into tangible outcomes. The Indian spirit sector continues to build strong momentum, led by premiumization and evolving consumer aspirations.

We have converted these structural tailwinds into our highest ever quarterly performance, with volumes of 9.75 million cases, net revenue of ₹1,547 crores, and EBITDA of ₹265 crores. These results reflect the strength and quality of our business model.

Our performance was led by a premium and luxury focused portfolio, supported by a benign raw material environment and strong operating leverage. This translated into meaningful margin expansion and a sharp improvement in return ratios, marking a clear inflection point in the sustainability and predictability of our earnings.

On the brand front, our recent launches are seeing strong early traction, validating the depth of our consumer insights and disciplined innovation and approach. The launch of Rampur 1943 Virasat Indian single malt marks a defining milestone in our journey of building world-class luxury Indian spirits.

The brand carries forward the soul of Rampur Distillery, an institution with legacy since 1943, where tradition and innovation come together to create whiskies of depth, warmth, and character. Rooted in heritage and craftsmanship, and shaped by modern aspiration, it is positioned to set the new benchmarks in the category.

Alongside this, our broader premium portfolio continues to scale steadily across key markets, supported by sharper execution and increasing consumer pull. Royal Ranthambore whisky delivered an outstanding performance with over 50% growth in Q3, driven by strong demand across both civil and CSD channels.

Magic Moments vodka continued its strong growth trajectory with 18% volume growth during quarter three and crossed ₹1,050 crores of sales in the nine-month period. This performance was led by the recent flavor innovations.

After Dark whisky continued to deliver strong performance, recording 40% growth year-on-year in the quarter, crossing 2.4 million cases volume in the nine months. 8PM Premium Black, where we unveiled the new packaging earlier this year, has started gaining strong momentum.

This brand will also be a key driver of our premium volumes going forward. We are seeing broad-based strength across our premium brands, driven by strategic price positioning and sharper execution.

This balanced performance across categories is enhancing brand equity while providing greater stability and consistency to our overall portfolio. The on-trade channel continues to be a strategic priority for us.

As consumption increasingly shifts towards experiences and brand-led choices, we are deepening our partnership with key outlets and influencers. Strong brand advocacy in the on-trade is improving visibility, accelerating trials, and strengthening long-term consumer franchise across premium segments.

I am also pleased to share that during the quarter, Rampur Indian single malt became the only Indian spirits brand to be served on Air India first and business class on international flights. This is a moment of pride for us as an Indian brand carrying Indian craftsmanship, heritage, and excellence to global consumers, and a strong validation of the growing stature of Indian spirits on the world stage.

Looking ahead, our confidence is supported by strong forward visibility, a robust balance sheet, a stable cost environment, improving mix, and a pipeline of brands and extensions that align well with evolving consumer preferences. We remain focused on disciplined growth, capital efficiency, and building brands that endure, with a differentiated portfolio, an execution-driven organization, and a clear premiumization-led strategy.

We are well-positioned to sustain momentum and deliver consistent, profitable growth in the next quarter and the year ahead. With that, I would now like to hand over the call to our CFO, Dilip Banthiya, for a detailed review of our financial and operational performance.

Thank you. Over to you, Dilip.

Thank you, Abhishek. Thank you, everyone, for joining us on this call today.

Quarter three of FY26 was a strong quarter. Encouraging operating performance translating into higher profitability and improved return ratios.

The results reflect the combined impact of premiumization, scale benefits, input cost stability, and disciplined financial management. During the quarter, we delivered a strong all-round performance with highest ever total IMFL volume of 9.75 million cases, reflecting 16.7% year-on-year growth.

Prestige & Above category, excluding the royalty brand, continued its steady upward trajectory, recording 26% volume growth and 29% value growth, with realization improving by 2.8% on year-on-year basis. Our regular category volume grew by 33% in the quarter.

The change in route-to-market in Andhra Pradesh was key driver of this robust, supported by agile execution, strengthened brand availability. Our performance in Andhra Pradesh has been encouraging, with our market share increasing over 15% in Q3 of last year to 26% in the quarter gone by, making us the leading player in the state.

On profitability front, gross margin during the quarter was 46.9%, representing a 350 basis point expansion on year-on-year basis, 290 basis point expansion on quarter-on-quarter basis. Gross margin improved on YoY basis due to improved raw material scenario coupled with ongoing premiumization.

Raw material accounted for 225 basis point of gross margin expansion during the quarter as compared to last year Q3. We remain optimistic that ENA and grain prices will stay stable to favorable in near term, providing continued margin support.

Our A&P investment were at 6.9% of IMFL revenue compared to 5.5% in Q3 of FY25. While quarterly variation are expected due to the campaign timing, we continue to guide for A&P spending in the range of 6% to 8% to sustain strong brand visibility and growth.

EBITDA margin expanded by 300 basis point on year-on-year basis to 17.2%. Turning to the balance sheet, net debt reduced by ₹209 crores since March '25, driven by improved profitability.

Our balance sheet remains strong, and we are on track to become debt-free by FY27. Board of Directors has approved setting up 100% wholly owned subsidiary of the company in Scotland.

This is in line with our strategy of investing in our malt capabilities. Radico Khaitan is one of the largest importer of blended malt spirit, and this step is towards securing access to the matured malt supply chain for distillation and maturation in the cost-effective manner.

Capital allocation continues to be prudent and selective. Our ongoing capex are largely directed toward maintenance capex and essential capacity optimization.

Looking ahead, while we remain mindful of external volatility, the current cost environment, operating leverage benefits, and financial discipline, providing comfort on margin sustainability and cash flow generation. Our focus remain on improving profitability, strengthening the balance sheet, and enhancing returns.

With this, now we open the line for Q&A. Thank you.

Congrats on great performance. Apart from Andhra market, where you highlighted market share gains and very strong absolute performance, my question is, which other markets either you have grown faster than the company average, which other states, and you have gained market share?

Either of these where you think you have gained market share or clearly the growth is faster than the company average. See,

I think our growth has come from basically everywhere except Maharashtra. More than that, the major states where we have grown would be Andhra, Uttar Pradesh, Telangana, then Rajasthan, MP, Haryana.

These would be the markets where we have grown faster.

On two specific states which you mentioned, in UP, if you could comment if in the country liquor, is there any increase in competition? Second, in Telangana, some other companies have mentioned that in Q3 there was some adverse impact of route-to-market change.

Have you also seen in these two markets? Both are different questions.

One in UP, if any competition increased, and Telangana, if any route-to-market change.

As far as UP, the country liquor segment goes, see, there's competition everywhere, but Radico, we have got the highest volume and highest market share as far as the country liquor segment goes. To the second question about Telangana, there was a lottery which was done in the month of December.

October-November the sales was slow, but December it was a bumper sale for everyone. It was a net-net everything that had to be done in December.

Entire quarter, how was it in Telangana?

Entire quarter would be—

It was in high single.

It was a high single-digit growth. About 5% to 6%, yeah.

Understood. Now, last question, we are seeing most of the liquor companies see good expansion in gross margins, which is a good development.

In the past, if we see such good periods of gross margin expansion, have you seen some of the players become a bit more competitive, a bit more focus on market share? I understand ad spends everyone will see an increase, that's not a problem.

From a pricing perspective, is there a risk that in some markets some players might become more aggressive? See,

eventually we have seen because we feel alcohol is more of a luxury product. It's more of a brand.

By cutting prices, brands are not built. As far as Radico is concerned, we don't chase volumes.

We always prefer to build brands, which always pays off in the longer run. We're not seeing any kind of such activities.

Sure.

Thanks. That's all from my side.

Thank you.

Yeah. Hi, good evening and congratulations on excellent results again.

I just had three questions. One was, on 8PM Black.

This has been a brand that did extremely well for us, and then we saw it slow down a little bit last year. Seems to have, kind of picked up in terms of growth again.

If you could just kind of highlight, any changes that you made in in in the brand, whether packaging, blend. Is it just increased distribution expansion?

Just an outlook for, do you see increased market share gains in that price point segment now? You also have After Dark there.

Just just some sense on 8PM 8PM Premium Black and its trajectory. Thanks.

That's my first question. See, 8PM Harit,

8PM Premium Black, we have gone for a packaging change, which gradually we have extended to all the states now. In fact, last quarter the brand did extremely well.

It grew by 40% and overall we've been plus this year. I think now it's back into a growth trajectory.

As as far as After Dark goes, which is in the After Dark goes, it has grown very well. For the quarter, we've grown again at 40% and for the entire year, it's up by 80%.

I think both the brands are on the right trajectories right now.

Got it. The second thing was on the Scotland subsidiary.

Could you just explain a little bit about how this helps in terms of your procurement and what benefits you get out of this as well as is there any investment required just now?

Harit, as you know that we are the largest importer of the matured malt spirit from Scotland. As we are working and our focus is the malt-based alcohol and malt-based whiskies.

This is the first step in that direction, as we are procuring more and more matured malt spirit. There are various options available, which can be buying of fresh malt there, maturing it there, exchanging the malt, and if need be, then in future investing in malt.

I think as the period goes by, but this is a right direction for the company. Since our usages are increasing every year, we feel fit that we should have investment into that part of the world.

Will it be any incremental initial investment required there or you're just going to figure this out as time progresses?

I think we're actually starting very small way, but in due course of time as value creations happen, we will look at that. Being 100% subsidiary, and in ODI route we don't have any issue.

As time will come, we will come out with our distinct strategy, what we want to do with that.

Got it. Correct.

Last question was on, we've seen a host of new initiatives in P&A in the last six to 12 months. When we look at the next say 12 to 15 months going forward, apart from the D'YAVOL investment and likely outcome of that over the next few months, quarters, whenever that happens, do we see that it's going to be more investment in what we've done so far over the last six, 12 months, because we've done a lot, and trying to kind of expand distribution for these new initiatives, focus there, or you think there is at least in the next 12, 15 months there is more scope for filling white spaces, adding new variants and stuff like that?

My short question is, is it kind of consolidation and distribution expansion for our recent new initiatives is the way to look at kind of P&A over the next 12, 15 months rather than a host of new things which we have done over the last six months?

Harit, it's a very good question. If you see in the last two to three years, the kind of brands we have launched starting from our latest two brands, which are Virasat Indian single malt, our Spirit of Kashmir vodka, then even Kohinoor rum and Sangam, Morpheus.

The Morpheus whisky, I think these are very powerful brands and if I see them five years down the line, these would be really, really big brands, hopefully. I think the time is where Radico with its distribution might, next two years we are going to take it to all India and concentrate on the building part of these brands, because these all brands are apart from Morpheus, they are in the luxury space and we feel there's a huge potential which we can harness what we did with our Jaisalmer Indian Craft Gin, which now commands more than 50% of market share in the luxury gin space.

I think what you have rightly said, this is the consolidation apart from the D'YAVOL portfolio. We are going to spread and focus on our distribution on this.

Fantastic. Wish you all the best in the journey.

Thank you.

Thank you, Harit.

Hello, sir. Congrats on a great set of numbers.

I've seen Royal Ranthambore being available here in gymkhanas and as an on-trade kind of exercise. Could you throw some more color on what we are doing as part of increasing our on-trade and what is the current percentage of on-trade versus off-trade?

See,

if you see about a year and a half back in our con-call, we had said that the thing which we have to really work hard is on our on-trade part because now we've got the luxury brand. In fact, in the last 1.5 years we have really beefed up our on-trade team.

We have recruited from all the institution, etc. We would be having close to about 50 to 70 people on the on-trade side and we have addressed each of the bars, clubs, and everything, because I think that is where the future of these luxury brands are there.

What we are seeing, there is a huge visibility which we have achieved. Even in the airports, if you see 70%, 80% of the outlets carry our brand now.

I think on-trade we have worked very hard and we have got great results there.

Okay. Thank you.

Percentage of

on-trade would be about close to 6% to 7% of our total sales now, yeah.

Okay, 6% to 7%. That's great.

There were also offers. Do we plan on continuing with offers, and is these offers like buy one get one included in our A&P or is that above revenue line?

No, it's a part of our A&P. On-trade has a lot many activities.

You have DJ nights, we have loads of activities, then the happy hours, then there's also the visibility part and everything, it is all a part of the A&P.

Okay. Thank you so much.

I'll get back in the line.

Congratulations on the set of numbers, sir. I would like to know the update on the tequila category.

What kind of margins are we looking at and what kind of revenues can be expected in the coming quarters?

As tequila is a high-margin business, but the volumes, it will take time because it's a growing category in India. The margins will be quite healthy in that.

Okay. Any numbers that you would like to put on?

No,

we would not like to comment on the margin number for the tequila

as yet. Fine.

Congratulations and thank you.

Congratulations, sir, for a great set of numbers. Sir, there is a news, sir, specifically came in the leading newspapers that alcohol companies are facing issues in collections in Telangana and also some operational challenges after this new excise policy.

Obviously, the second one is not new in Maharashtra. Telangana, there is a collection issues and the government is not releasing money.

Is there any improvement? Can you just throw some light how the things are panning out?

See,

the collection issue has been going on for the last two years. In fact, in the last 1-2 months, we've got payment out of the old outstanding.

Hopefully, the entire old outstanding should be cleared within a month. I think we are quite hopeful things should improve.

Okay. Maharashtra, sir, after this new excise change, the country liquor is getting tractions and premium ones are getting some issues.

Is there any normalization of the stuff?

What has happened in Maharashtra is they have introduced this Maharashtra-made liquor, MML, which can be catered by only the local companies whoever Maharashtrian as a partner or a ownership or in origin. What has happened is the MRPs have been raised from the regular range to ₹200 plus for a nip bottle.

The industry in the Q3 has declined by close to about 20%. The Maharashtra-made liquor is slowly gaining pace.

I think total market size of Maharashtra will be about 2.4 million cases per month, which is down to about 1.8 million cases. Maharashtra-made liquor is right now 4 to 5 lakh cases now.

Okay. Sir.

Thank you. Thanks for the clarification.

Wishing you all the best.

Thanks for the opportunity. I would like to continue with the previous participant question.

I just wanted to have some clarity around what is our stance with respect to the court allowing all the companies can participate in MML? Are we also looking to participate under our JV?

That's the first question.

Actually, actually, in this month only, we're going to launch our MML through our joint venture, that is R&B, and we should be in the market in the month of this month onwards.

That's heartening to know. Second question pertains to with respect to the raw material setting.

First is around the Scotch prices. Are they inflationary, or how we are placed with the Scotch price for sourcing?

Yeah. I don't know about inflationary because if you see all the articles, it is saying that there is a sea of Scotch which is available in Scotland.

There's a glut. I think we are seeing a price decline, in fact, in the Scotch prices.

There is enough of Scotch which is there. We are seeing softening of prices.

Sure. This is good.

Just wanted to have some perspective around this banqueting market, where we have wedding, parties, corporate events. How material is this segment for the overall alcohol spirit sector, and how we are placed in this segment since we have the full portfolio available with us now?

As I told earlier, the same question was asked, this is one of our key focus areas now, and in the last 1.5 years we have really beefed up our team. We are addressing this part of the segment since we have our portfolio, and we've got substantial gains from it.

More is that you have to be seen in these banquets, these parties, etc., which create a brand. I think this is one of the biggest focus areas of Radico right now.

How material would be the contribution for the industry?

See, I won't say the contribution, as I said, on-trade combining these banquets, etc., would be in the range of about 7% to 8%. More than the volumes, it's more the imagery and more the being visible or being seen at these places and sampling.

This is good. My last question pertains to this luxury portfolio.

Will you be able to quantify what is the salience of revenue for the nine months? Thank you.

See, for the full year, last year we were 340, and this year we should be close to about ₹500 crores here in revenue terms.

Okay. Thanks a lot and all the very best.

Congratulations, sir, on a very strong set of numbers. My first question was on Andhra.

You have done really well. Out-performed, increased your market share sequentially, and which is I believe has been driven by brandy.

Getting into the next year, how do you see the overall scenario there? Because market share gains have been very consistent and has been going up.

How do you see that market growing for you in the sense that because sustaining that kind of growth on this kind of base would be challenging. How do you see that?

See, Andhra has been a very good market for us as of now. What we are seeing that the premium side of the portfolio has started now increasing in the last 2-3 months, which we feel that should gain traction, which should be very good for Radico.

As far as the brandy goes, where we have a lion's share at the regular segment, I think going forward, we'd be happy if we can maintain our market share and participate how the industry grows there.

Okay. In case of your debt levels, those have been coming down consistently.

Over what period do you plan to repay majority of that?

See, our debt is hardly anything which is left now. That is least of our concerns.

I think the kind of cash flow the company is throwing, by next year, FY27, we have to be debt-free.

Great. Third question is you have now created a subsidiary in Scotland.

Acquisition of Scottish breweries, or the distilleries, all of that would be a part of this, right? Because there are a lot of Scottish breweries, distilleries there which could be on the block.

Obviously, those would be your target this thing, right?

See, as Dilip was saying that we are the largest buyers of Scotch and our premium portfolio is growing, the need of the Scotch is going to go up. Also, we are seeing a decrease in the prices of Scotch because there's an oversupply, a lot of distilleries are getting closed.

That's why we've created a subsidiary so that we'd be evaluating, but we are not in a hurry or we are not doing that. We have taken an enabling thing by making company, whether we mature malt out there, we buy directly, or is there something which is available at a very, very good price, which has the inventory of Scotch, not brand, we can look at it.

As of now, nothing is on the cards.

Yeah. Sir.

Thanks. That's it from my side.

Congrats again.

Good evening, everyone, and congratulation on a very strong numbers, sir. Sir, just a couple of things from my side.

In terms of the P&A volume growth, if I look at, there has been consistent kind of a strong delivery despite we have seen other players have not kind of seen this sort of a growth rate. Any color about the market where you have seen ahead of what kind of reporting the number, to get a sense about which of the markets we are kind of gaining shares?

That's first question. Then second question is on the margin side.

To answer your first question, already we've answered. The same question was asked where we said that we've seen market share increases compared to the competition in states like Uttar Pradesh, Rajasthan, MP, Haryana, Telangana, all these places.

Sure, sir.

What was your next question?

Sir, my next question was on the margin side. This quarter we have seen both gross margin and EBITDA margin has seen plus 300 sort of a kind of expansion.

What is the outlook on the gross margin side and the EBITDA margin side for next year? Also, in terms of margins, how mix is playing the role and how much RM cost is being supported this quarter, sir, if you have any breakup?

The gross margin in this quarter has improved by 350 basis point. It is largely on the back of the softer raw material scenario where we have had an improvement in margin of around 225 basis point.

The product premiumization and product mix has been 125 basis point margin improvement. As far as the EBITDA margin is concerned, again, 100 to 110, where there is a operating leverage and other things is also playing a key role now.

100 to 125 basis point is on account of that, and 200 basis point is roughly on account of the raw material improvement. On sequential basis, however, the product premiumization has played a key role, and there also the margin has improved by more than 250 basis point.

The 200 basis point is on account of the product premiumization and 50-60 basis point is on account of the raw material softening.

Sir, any comments on the outlook side?

We see the scenario of raw material to benign to stable. I think the upward trajectory, as we guided earlier also, that in next two years we are going to improve our margin on the basis of our product profile and premiumization happening by 125 basis each for next two years, thereby to go to late teen kind of margin.

Sure, sir. That's all from my side.

Hi, sir. Thanks for taking my question.

Sir, what have been the trends on the export front in nine months? What is exports as a percentage of sales and by how much has it grown over the last nine months?

As a percentage of the overall business, the volume is about 6% and on revenue is about 10%. We've been having a steady growth in our export business, both in terms of the luxury portfolio as well as the regular portfolio.

We're also focusing a lot on the global travel retail, and that's a key market expansion or channel expansion that we foresee in the coming years.

Got it. Sir, what has been the growth in revenues in the last nine months in exports?

It's been consistent. We're happy with that.

Got it, sir. What's the composition of exports, sir, in terms of the contribution of P&A to the overall exports revenue?

We give a composite, it is 7.5% by value and 5% by volume. P&A would be about 80% of the portfolio would be P&A in exports.

Got it. 80% of portfolio is P&A.

Got it. Thank you, sir.

That's all from my side.

Hello, sir. A broader question from my side about a decade ago if you would sit down with any liquor company which would have aspirations and ask about the end goal as an acquisition, at the end finally you would end up with a distillery in Scotland being a must for any company in India, an Indian company to do well.

However, over a period of time, we saw Japanese whiskies doing very well with Japanese malts, and of course, Indian malts itself doing very well. Then it seemed like the Scottish distillation and malt unit was no more a requirement for Indian brands or Indian companies to succeed.

Is there a misread in this assumption of mine, or is that a very, very big requirement still, even after the success of Indian malts?

This is a interesting question you have. Earlier, if you would say that the wines, if you talk about wines, it would be only France.

Now you see wines coming from all the regions across the globe. In fact, new-age wines are somewhere much better than maybe the old-age wines.

Same thing like even the malts, if you see, earlier it was the Scottish malts. Now the Japanese malts are more expensive than the Scottish malts.

In fact, Indian malts are becoming more expensive than even the Scottish malts as of now. I think the trend is changing, and more importantly is people across the globe, people in India want a different taste and a different experience.

Malt has its unique character, where every country has a different kind of palate to their malt. I think it's now kind of a global phenomenon, and you no longer have to be in Scotland to have the right malt.

Understood, sir. Would this be, thanks to this phenomenon that has taken place in the last decade in Japan, in India, would probably be the reason for the supply or the glut being there increasing in Scotland, having the pressure on the prices of the said malts?

Because they had naming rights, right, on their malt. They were the only guys who could call it Scotch, nobody else could.

Everything else was still called malt. Because of that reason, would be the reason of the price correction that these guys would have seen?

The current move, if any, should be seen as a opportunistic move rather than the play of Scottish malt still being the premium brand to go to. Is that understanding correct?

See, it's a yes and a no. To some extent, 100% what you're seeing is right.

The malt from India, malt from Japanese, Japanese malt, even Taiwan. A lot of countries, they have got their own malt.

Japanese and Indian malt have really done well. Second is there is a slowdown in US and Europe, and China, which has further added pain to the Scotch industry.

I think it's a combination of all the activities, where it's a great opportunity, because for the existing brands when you're using X kind of malt, you get that price advantage.

Understood, sir. Got it.

Thank you.

Good evening, sir. Congratulations on a excellent set of numbers.

My question is till now Radico has developed all the brands in-house across different categories within the spirits segment. For tequila, you have taken a markedly different approach in terms of how to tap the market.

What are the reasons driving us? If you could throw some light on that.

Radico has created all the brands organically. Even in tequila, it will be our brand, which will be created organically, bottled in Mexico.

I think in Radico, we are following the same policy, because we know the art of creating brands and we always prefer to build versus buy. I think we are following the same thing in the tequila also.

Sir. As per the press release, it shows that Radico will be holding a 47.5% stake.

Is there some other arrangement for the brand ownership, or that would be also 47.5% only currently?

This is a joint venture between Radico Khaitan 47.5%, 47.5% is with Shah Rukh and his associates, and 5% is with Nikhil Kamath.

All right, sir. Thank you.

Thanks for the follow-up. My question was on Morpheus whisky.

I believe it is now available across eight states. How has been the initial response to it?

To follow it up, you would be also registering it with the CSD at some point in time. When do you see that?

What are the plans with that?

As far as Morpheus goes, it is right now at the seeding stage and the initial response what we are getting is quite positive. We have priced it higher than the leading brand.

It's a higher price point, which Radico has always done with all its brands. I think the response what we are getting from the market is encouraging.

It will take time, because as we said, we do not chase volumes. We let the brand grow on its own.

We feel that it has a good potential. As far as the CSD goes, it's still a long way off to get into CSD, because they have a lot of criteria about the number of years it has to be in the civil market, cases, then it takes one year to come in.

I think there's still a lot of time left for it to enter the CSD.

Sir. Thanks.

That's it from my side.

Hello, sir. Thanks for taking my question.

Sir, I had two questions. One was, wanted to understand what

would Sir, can you speak a little louder? Mr.

Thakur, could you please speak a little louder? Thanks.

Hello? Yeah.

I had two questions. First was, wanted to understand more on the contribution kind of run rate that we have from the super-premium and the luxury segment.

I remember the last time, a few quarters back, you had indicated that the run rate was roughly about ₹400 to ₹500 CR on annual basis for the super-premium and the luxury brands. What it would be now if you can share some details around the same?

Actually, we've already told in our call that we expect it to be close to 500 for the coming year, which last year was ₹340 crores.

Okay. The second part I wanted to also understand a bit more on what would be the policy for the cash we would be generating post the debt repayment?

How would we be utilizing this cash, and how would we be in terms of distribution of this cash as well, if you can share some insights into that as well?

I think depending on the board's decision, but I think mostly it will be used for dividend payout.

Understood. Quite helpful.

Thank you, sir.

In the closing, we want to say that this quarter underscore the strength and momentum of Radico Khaitan business model. Record operating performance, expanding margins, improving returns, and strong cash generation highlights the quality and durability of our growth.

With the differentiated portfolio and disciplined financial execution and robust balance sheet, we are well-positioned to sustain this momentum and continue to deliver consistent, profitable growth. We remain highly confident in the road ahead and committed to creating long-term value for our shareholders.

Thank you for joining us this call today. Look forward to connect with you next quarter.

Thank you.