India, Sept. 4 -- India's liquor market is changing as more people are choosing premium brands. As people earn more and their lifestyles change, they are willing to spend more on better and more expensive brands. This can help liquor companies earn better margins and build stronger brands.

But there is also a catch: if most of the growth comes from just one or two successful brands, the business can become too dependent on them. That is becoming an interesting question for Radico Khaitan. The company ended FY26 with net revenue of Rs. 6,050 crore and EBITDA of Rs. 1,018 crore. In Q1FY27, net revenue rose 11.8 percent YoY to Rs. 1,684 crore, while EBITDA jumped 50.9 percent to Rs. 348 crore. The numbers are strong, but underneath them, M...