Radico Khaitan's Rampur and Sangam Whiskies Enter Four Major UK Airports

Market snapshot: Radico Khaitan has expanded its global travel retail footprint by securing entry for its premium whisky brands—Rampur Indian Single Malt (including Double Cask, Asava, and Barrel Blush expressions) and Sangam World Malt—across the duty-free networks of four major UK airports. The company becomes the first Indian spirits maker to establish a presence across these prominent hubs: London Heathrow, London Gatwick, Manchester, and Birmingham.

Data Snapshot

• Radico Khaitan became the first Indian spirits company to enter duty-free shops across Heathrow, Gatwick, Manchester, and Birmingham airports.
• The four newly entered UK airports collectively handled over 170 million passengers in 2025, providing massive global brand visibility.
• Radico Khaitan's Prestige & Above portfolio contributed 70.3% of the company's total Indian Made Foreign Liquor (IMFL) value in FY26.
• The company reported Q1 FY27 revenue of ₹1,684 crore and an EBITDA of ₹348 crore, driven by a 36% YoY volume growth in its Prestige & Above portfolio.

What's Changed

• Entry into UK's premier aviation hubs (Heathrow, Gatwick, Manchester, Birmingham), scaling up from prior focus on domestic and regional travel retail.
• The Prestige & Above portfolio continues to drive value, representing 70.3% of total IMFL value in FY26 compared to earlier fiscal periods where popular brands dominated.
• Expansion of Global Travel Retail footprint towards a target of exceeding 100 international duty-free locations, up from 63 locations as of August 2026.

Key Takeaways

• Radico Khaitan enters the duty-free segment of four major UK airports, which collectively handle more than 170 million passengers annually.
• The company is introducing high-end expressions, including Rampur Double Cask, Rampur Asava, Rampur Barrel Blush, and Sangam World Malt.
• This international expansion supports the corporate shift towards premiumisation, with the Prestige & Above segment contributing 70.3% of FY26 IMFL sales value.
• The brand equity gained in high-traffic UK airports is expected to enhance international volume growth, which is a key corporate target for FY27.

SAHI Perspective

Radico Khaitan's strategic entry into premier UK airports demonstrates a clear shift from volume-driven local sales to high-margin global premiumisation. By securing presence in duty-free zones that see massive international passenger traffic, the company is positioning its luxury single-malt whiskies directly against established global players. This not only builds brand equity among high-spending international travelers but also aligns with its robust domestic performance where the premium Prestige & Above segment grew by 36% YoY in volume during Q1 FY27.

Market Implications

The move boosts Radico's export credentials and showcases its competitive strength in established whisky markets like the UK. Successfully scaling its Global Travel Retail channel to high-visibility hubs helps the company command higher average selling prices, ultimately supporting its target to expand EBITDA margins and move towards becoming net debt-free during FY27.

Trading Signals

Market Bias: Bullish

Strong operational progress in global travel retail, tapping into hubs with over 170 million annual passengers, which validates the high-margin premiumisation strategy. This aligns with stellar Q1 FY27 results where EBITDA margins reached 20.7% on the back of 36% volume growth in the Prestige & Above portfolio.

Overweight: Breweries & Distilleries, Premium Consumer Goods

Trigger Factors:

• Monthly/quarterly export volume updates and premium portfolio sales contributions.
• Progress on the target to achieve net debt-free status during FY27.
• FTAs and bilateral trade agreements affecting export duties on spirits between India and key markets.

Time Horizon: Medium-term (3-12 months)

Industry Context

The Indian premium spirits sector is witnessing a structural shift, characterized by a rapid surge in global appreciation for Indian single malts and craft spirits. Brands like Rampur have consistently won international accolades, helping Indian distillers premiumise their portfolio. This transition is critical for Indian IMFL players who are seeking to offset volatile local grain and extra neutral alcohol costs by scaling high-margin, dollar-earning export channels.

Key Risks to Watch

• Geopolitical or macroeconomic factors that could damp international travel and airport retail footfall.
• Intense competition from legacy Scotch and global single-malt brands in UK duty-free shops.
• Fluctuations in raw material costs, specifically grain and packaging materials, potentially impacting operating margins.

Recent Developments

In Q1 FY27, Radico Khaitan reported highest-ever quarterly volume of 10 million cases, driven by a 36% volume growth in its Prestige & Above segment. Net sales for FY26 reached approximately ₹6,050 crore, up from ₹2,399 crore in FY21. Additionally, as of August 2026, the company's global travel retail footprint expanded to 63 locations, keeping it on track toward its target of 100 duty-free locations globally.

Closing Insight

Debuting luxury brands in the backyard of traditional Scotch is a bold validation of Indian craftsmanship. By anchoring its presence in four major UK travel hubs, Radico Khaitan is turning premiumisation into a structural global growth driver.

High Performance Trading with SAHI.