How are you adapting your strategies to changing consumer preferences?
With our flagship vodka, Magic Moments, we have achieved remarkable success in India, where it is the best-selling brand. Globally, it ranks seventh. While white spirits account for 25 per cent of the global liquor market, their share in India is only 4 per cent. White spirits here are more popular among women and younger consumers. While we are already leading in this market, we anticipate a shift from traditional dark spirits to white. We have introduced several innovations, including 10 flavours in Magic Moments, an upscale Verve line with five flavours, and the premium Magic Moments Dazzle. We hold more than a 50 per cent share of the vodka market in India.
How do you define the company’s 'Prestige & Above' segment?
We have three segments – Regular, Prestige & Above (P&A) and Luxury. In the past three decades, Radico has concentrated in the P&A category. The Magic brand falls under this category, followed by Morpheus brandy (market share of 58 per cent), Royal Ranthambore whiskey, 8PM Premium Black whiskey, and After Dark whiskey. In our luxury segment, we have Rampur single malt. Currently, it is under allocation as the demand is higher than the supply. Recently, we also launched the Indian Craft Jaisalmer gin in the luxury segment.
How do you see the company’s performance in FY25?
The year 2024-25 should be a good one, as we expect the premium brands to grow by 14-15 per cent. Our Sitapur plant is running at full capacity. Our capex is comfortable and we have enough for the next 5-6 years.
Which brand under the company’s portfolio would deliver strong performance in the coming quarters?
Rampur, Jaisalmer, Magic Moments, and Royal Ramthabore are good to make a mark. We have seen a lot of traction in the segment, as the industry is moving towards premiumisation. There is a huge demand for these brands.
How do you stay competitive in the domestic single-malt market?
Our Rampur single-malt carries a price that is twice as much as all other single-malt brands in the market. Rampur has created a different position for itself. Our cheapest range starts from Rs 8,500 and goes up to Rs 5 lakh, while other single-malts cost about Rs 5,000 a bottle. So, the price positioning is one. Also, the Indian single-malt category has just started. With the entry of new players and other factors, the category will expand and everyone will have their own space.
How do you plan to strengthen your portfolio in domestic and international markets?
We are set to unveil Jaisalmer Gold gin in India in the second quarter of 2024-25. To accommodate a Rs 4,000-5,000 price range, we will introduce Sangam World Malt whiskey, an established product in international markets, by September 2025. The Spirit of Victory 1999 pure malt whisky has already made its mark in Uttar Pradesh, and plans are afoot for an expansion into 10 additional states. We also plan to launch a brown liquor category in the next one or two years. It will be a unique category. There are two or three exciting products in the pipeline.
 "Abhishek Khaitan, MD, Radico Khaitan")