Mukul Agrawal signals exit this multibagger stock after nearly 9x rall; is it still a buy?

Mukul Mahavir Agrawal sells Radico Khaitan shares: Seasoned Dalal Street investor Mukul Mahavir Agrawal has signaled a potential exit from Radico Khaitan counter, after reaping nearly 9 times returns from the counter in nearly 6 years. His name was missing from key shareholders list of Radico Khaitan for June 2026 quarter.

According to the data from Trendlyne, Agrawal's name appeared in the key shareholder's list of Radico Khaitan in December 2020 quarter. He owned 1,400,083 equity shares, or 1.05 per cent stake in the company back then, which was kept unchanged until March 2026 quarter. However, it stake slipped below a per cent in June 2026 quarter, signaling his potential exit from it.

To recall, shares of Radico Khaitan have delivered a 875 per cent return to investors from its level around Rs 400 on September 30, 2020 to Rs 3,900 on June 30, 2026. The stock settled at Rs 4,347.15 on Friday, commanding a total market capitalization more than Rs 58,000 crore. The stock hit its 52-week high at Rs 4,494.75 on Thursday, July 30, 2026.

Radico Khaitan Q1 results
Radico Khaitan reported a 76 per cent jump in its net profit on a year-on-year (YoY) to Rs 229.6 crore, while its revenue increased 11.8 per cent YoY to Rs 1,683.7 crore for the quarter ended on June 30, 2026. Ebitda soared more than 50.9 per cent YoY to Rs 348.1 crore, while margins expanded to 536 basis points to 20.7 per cent for Q1FY26.

Its total volume hit a record-high quarterly volume of 10 million cases, a 2.8 per cent YoY growth on a yearly basis. Prestige & Above  (P&A) category volumes grew by 35.8 per cent YoY to 5.22 million cases, driven by strong structural for premium brands. Magic Moments vodka sales scaled up with a 43 per cent YoY increase, reaching 3.25 million cases. It reduced net debt by Rs 138 crore.

Radico Khaitan Target Price
Radico Khaitan is expected to maintain strong growth, driven by continued premiumisation and robust demand for its Prestige & Above (P&A) portfolio. Management has raised P&A volume growth guidance to over 25%, while the luxury portfolio is projected to grow around 25 per cent in FY27 after a strong FY26, said Systematix Institutional Equities.

Although the regular liquor segment may face headwinds from policy changes and a high base, the new Made-in-Maharashtra Liquor brand should provide support. Margin expansion is likely through premiumisation, easing raw material costs and the India–UK FTA. The company is expected to become net debt-free in Q2FY27, supporting a continued 'Buy' rating, it added with a target price of Rs 4,912.

Radico continues to execute well on its long-term premiumisation strategy, with the premium portfolio materially outperforming the broader industry while driving higher profitability and return ratios. The expansion of premium categories, alongside continued investments in brand building, manufacturing capabilities and distribution, should sustain superior medium-term earnings growth, said Equirus Securities.

"We remain constructive on RDCK’s growth outlook, supported by strong brand equity, an expanding premium portfolio and an improving balance sheet. However, following the recent share-price outperformance, valuations capture much of the medium-term earnings upside. We revise our rating to 'Add' (from 'Long"), with a Septermber 2027 target price of Rs 4,573," it added.

Radico has delivered stellar operating performance, significantly outperforming both our estimates and street expectations. P&A volumes exceeded estimates, reflecting the strength and consistency of execution. Despite elevated glass bottle and other packaging material costs, gross margin expanded owing to richer product mix and softer ENA prices which flowed through the EBITDA, said 360 One Capital.

Radico Khaitan has delivered another quarter of shining performance with a massive beat of 322 bps, posting an industry-leading EBITDA margin of 20.7 per cent. Karnataka as well as Tamil Nadu privatisation and UK FTA are likely to provide further tailwinds to RDCK’s fundamental performance, said Choice Institutional Equties, it added with an 'add' rating with a target price of Rs 4,820.

Radico's Q1 profitability outperformed both our and consensus estimates, driven by robust growth in its premium portfolio and margin expansion. Revenue growth was led by strong volume growth in the P&A segment. Magic Moments sustained its momentum, led by flavored launches, while After Dark blue whisky was launched in premium packaging, said Antique Stock Broking.

"Radico aims to be net debt-free by 2QFY27. We expect profitability improvement to sustain, driven by continued premiumisation, reducing debt levels, and operating leverage. We increase FY27-28 estimates by 4-5 per cent and maintain 'buy' recommendation valuing the stock at 55 times P/E on H1FY29 estimates with a revised target of Rs 5,222," it added.