Radico Khaitan

** HDFC Securities starts coverage of India's alcoholic beverages sector, saying it is entering a decade of structural change, driven by regulatory shifts, demographics and premiumization

** Rates Radico Khaitan RADC.NS, United Spirits UNSP.NS and Tilaknagar Industries TILK.NS with "Buy"; PTs at 5,300 rupees, 1,750 rupees and 700 rupees, respectively

** Starts Allied Blenders and Distillers ALLE.NS with "Add", PT at 685 rupees; United Breweries UBBW.NS with "Reduce", PT at 1,325 rupees

** Sees UNSP benefiting from Indian spirits growth and parent Diageo's DGE.L premium global portfolio

** Says RADC's enhanced execution will continue to get regulatory support; potential market openings in Bihar and Tamil Nadu state could support growth and margins

** Expects TILK to accelerate premium-and-above innovation and brand investment, aided by debt repayment

** Says ALLE needs to diversify growth beyond a single brand

** Remains cautious on UBBW due to competition, regulatory hurdles and supply rebalancing

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

Radico Khaitan scheduled a one-on-one interaction between its senior management and GIC for September 7, 2026. The company said it did not intend to discuss unpublished price-sensitive information, and the presentation for the meeting was available on its website. The interaction followed investor meetings with Schonfeld Strategic Advisors and Old Mutual South Africa in late August. Radico Khaitan reported net revenue of ₹6,050 crore for the financial year ended March 2026.

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Radico Khaitan's senior management is scheduled to hold one-on-one meetings with global institutional investors in Hong Kong on 10 and 11 August. Participants include Capital Research Global Investors, Invesco, Schroders, RBC Global Asset Management, Neuberger Berman and a range of Asia-focused funds, and the company said no unpublished price sensitive information would be discussed. The meetings follow the company's Q1 FY27 results on 28 July and the earnings call the following day, when Radico reported a record EBITDA margin of 20.7% and raised its premium-and-above volume growth guidance to 25%. Premium-and-above now accounts for roughly 75% of the company's sales value, with the luxury portfolio at ₹475 crore in FY26.

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July 28 (Reuters) - Radico Khaitan Ltd RADC.NS:

• RADICO KHAITAN Q1 CONSOL NET PROFIT 2.3 BILLION RUPEES

• RADICO KHAITAN Q1 CONSOL REVENUE FROM OPERATIONS 58.68 BILLION RUPEES

Source text: [ID:]

Further company coverage: RADC.NS

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** Shares of India's Radico Khaitan RADC.NS jump 4.26% to 4,057.10 rupees

** Stock marks its biggest intraday pct gain since November 20, 2025

** Company says flagship vodka brand Magic Moments sold 3.25 million cases in Q1 FY27, up 43% y/y, sustaining a run rate of 1 million cases a month

** The company says India's vodka category remains underpenetrated, highlighting significant long-term growth potential despite strong recent volume growth

** RADC rated "buy" on average by 20 analysts, median PT at 3789.50 rupees, according to LSEG-compiled data

** YTD, Radico stock up 23.21%

(Reporting by Surbhi Misra in Bengaluru)

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By Praveen Paramasivam and Chandini Monnappa

CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.

The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.

"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.

Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.

Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.

"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.

Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.

"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.

Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.

Consumers are feeling the squeeze.

"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.

BELT-TIGHTENING MODE

With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.

Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.

"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.

Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.

RESETTING SUPPLY CHAINS

Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.

Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.

Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.

Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.

"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand ​Zudio.

($1 = 94.9450 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)

(([email protected];))

By Devika Madhusudhanan Nair

May 15 (Reuters) - India's Allied Blenders and Distillers ALLE.NS is betting on premium spirits to drive future growth as demand remains resilient despite inflationary pressures stemming from the Middle East war, a top executive said on Friday.

Strong double-digit growth in the Prestige & Above (P&A) portfolio and its rising share in overall sales value are underscoring the firm's strategy of prioritising profitability over mass volumes, Managing Director Alok Gupta said.

"The mix shift is structural...the bulk of our future volume and value growth will come from Premium & Above and luxury segments," he said.

The P&A portfolio, which includes brands such as Millionaire Spirits and ICONiQ White, now accounts for about 47% of volumes and 58% of sales value.

Earlier this month, peer Radico Khaitan RADC.NS said consumers were drinking less overall, but were opting for more expensive and refined spirits. Allied Blenders, too, has not seen any change in consumption, particularly in its higher‑margin premium and luxury segments, Gupta said.

The company, maker of the Officer's Choice whiskey brand, expects overall EBITDA margins to expand by 300 basis points by fiscal year 2028. For fiscal 2026, margins rose to 14.4% from 12.7% a year earlier.

War-linked disruptions in March and early April delayed shipments to key Middle Eastern markets and depleted distributor inventories, though demand remained intact, the MD said, adding supplies are resuming, with restocking likely by June or July.

While short-term cost pressures persist, margins could remain steady if raw material prices ease, he said.

On Thursday, Allied Blenders reported a 48% drop in net profit to 409.7 million rupees ($4.27 million), hit by a one-time charge of 3.4 million rupees.

Net export revenue rose 14.1% to 2.35 billion rupees in fiscal 2026 from 2.06 billion rupees a year earlier.

($1 = 95.9650 Indian rupees)

(Reporting by Devika Nair in Bengaluru; writing by Chandini Monnappa; Editing by Sonia Cheema)

(([email protected];))

** Shares of India's Radico Khaitan RADC.NS up 3.05% 3,459.7 rupees

** Liquor maker resumed exports to the Gulf, an important market for premium spirits, after a period in which shipments were disrupted by regional conflict, president of Radico's international business, Sanjeev Banga told Reuters

** Co posted a profit of 1.79 billion rupees ($18.91 million)in Q4, up 94.9% Y/Y

** Revenue from operations rose 15.5% to 51.82 billion rupees in Q4

** Shares of RADC closed at 3,357.2 rupees, up 0.55% after Q4 results

** RADC rated "buy" on avg by 19 analysts; median PT: 3,519 rupees- LSEG data

** YTD stock up 1.78%

($1 = 94.6800 Indian rupees)

(Reporting by Devika Nair in Bengaluru)

(([email protected];))

May 6 (Reuters) - Radico Khaitan Ltd RADC.NS:

• RADICO KHAITAN Q4 CONSOL NET PROFIT 1.79 BILLION RUPEES

• RADICO KHAITAN Q4 CONSOL REVENUE FROM OPERATIONS 51.82 BILLION RUPEES

• RADICO KHAITAN DECLARES DIVIDEND OF 9 RUPEESPER SHARE

Source text: ID:nnAZN4SUG8W

Further company coverage: RADC.NS

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March 6 (Reuters) - India's southern state of Karnataka plans to scrap government-administered price controls on alcoholic beverages from April 2026, a major relaxation for beer and liquor makers who have for decades required government approval to sell their products.

The state also plans to introduce an alcohol-in-beverage (AIB) based excise duty structure that taxes alcohol based on its strength and reduce pricing slabs to eight from 16, while allowing producers to decide prices.

(Reporting by Chandini Monnappa in Bengaluru)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

By Praveen Paramasivam

Jan 23 (Reuters) - Indian liquor company Radico Khaitan RADC.NS expects fiscal 2027 revenue growth to be largely above analysts' estimates, banking on sustained demand for its higher-priced spirits, a top executive said.

The maker of Jaisalmer and Rampur brands expects net revenue to rise 13%–15% in fiscal 2027, the company told Reuters.

Analysts, on average, were projecting a 13.7% rise in revenue, according to estimates compiled by LSEG.

Radico Khaitan reported a 62% jump in third-quarter profit on Thursday.

Managing Director Abhishek Khaitan said on Thursday he expects sales volume in the company's "prestige and above" business, which makes up roughly half of its total revenue, to climb over 15%.

The company expects its more affordable "regular and others" range to grow in the mid-single digit percentage range in fiscal 2027.

India's consumer demand remains split, with affluent buyers continuing to spend despite broader pressure, supporting sales at premium-focused companies such as liquor makers and jewellers.

Demand for premium liquor is outpacing cheaper brands as younger consumers shift toward higher-end drinks even while drinking less often than older generations, the managing director added.

"People want to spend on good things in life (post‑COVID)," Abhishek Khaitan said on Thursday.

The company is looking to diversify export markets as U.S. tariffs weigh on Indian shipments. Exports make up about a tenth of revenue in its core Indian-made foreign liquor business, which sells to more than 100 countries.

It built inventory in the United States ahead of the tariff rollout and has enough stock to cover the current quarter.

"We are obviously focusing more on (other) markets in case the tariffs don't go down in the United States," Sanjeev Banga, president of the company's international business, said.

($1 = 91.6100 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Nivedita Bhattacharjee)

(([email protected]; +91 867-525-3569;))

** Shares of Radico Khaitan RADC.NS up 5.3% at 2,984 rupees; on course to rise most in a session since February 20, 2025

** The company, home to Rampur, Jaisalmer and Magic Moments brands, posted a 62% rise in Dec-qtr profit to 1.55 billion rupees ($16.9 million)

** Rev from ops rose 22% to 54.24 billion rupees, led by a 26% volume growth in its "prestige and above" segment

** More than 807,000 shares traded, 2.2x their 30-day moving avg

** Analysts' avg rating is "buy" and median PT is 3,575 rupees, ~20% higher than current level - data compiled by LSEG

** RADC rose 26.6% in 2025

($1 = 91.6520 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

Sept 24 (Reuters) - Piccadily Agro Industries Ltd PICA.NS:

• FILES SUIT AGAINST RADICO KHAITAN FOR TRADEMARK INFRINGEMENT

• RADICO KHAITAN RESTRAINED BY COURT FROM USING 'KASHMYR' MARK

Source text: ID:nBSE1XLYRZ

Further company coverage: PICA.NS

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By Chandini Monnappa and Hritam Mukherjee

Aug 12 (Reuters) - Radico Khaitan RADC.NS, the maker of "Magic Moments" vodka, will invest up to $4.56 million and team up with Bollywood actor Shah Rukh Khan and Zerodha co-founder Nikhil Kamath to launch a premium tequila brand, marking its foray into the category.

The Indian liquor maker, known for premium offerings such as Rampur Indian Single Malt and Jaisalmer Indian Craft Gin, will roll out the brand D'YAVOL Añejo — a premium spirit made from agave and aged about two years in wine casks.

D'YAVOL, a luxury brand founded in 2022 by Shah Rukh Khan's son Aryan Khan, along with Leti Blagoeva and Bunty Singh, is headquartered in Amsterdam and offers vodka, blended malt Scotch whisky and premium streetwear.

D'YAVOL Añejo is set to launch by December and depending on state excise duty, will be priced between 20,000 rupees ($228.21) and 30,000 rupees, Radico Khaitan Managing Director Abhishek Khaitan told Reuters on Tuesday.

The launch comes as affluent Indians increasingly splurge on everything from luxury dining to premium alcohol, housing and cars. Alcohol sales in the country, according to data from analytics firm Crisil, are projected to grow as much as 10% to $61.35 billion in fiscal 2026.

Tequila is one of the fastest growing segments globally and India is catching on very fast. The market size in the country is about 300,000 cases, out of which 15% is the Añejo (Spanish word meaning 'aged') category, Khaitan said.

"We believe that in the next five years, tequila can reach a volume of about a million cases in India plus global market, so I think it was a great opportunity," he said.

Under the partnership, Radico Khaitan and Shah Rukh Khan's family will each hold a 47.5% stake in the venture, while Kamath will own 5%.

The deal also underscores the fierce competition in mass and premium liquor segments. Just three weeks ago, peer Tilaknagar Industries TILK.NS bought the "Imperial Blue" whisky brand from Pernod Ricard PERP.PA for $486 million.

($1 = 87.6370 Indian rupees)

(Reporting by Chandini Monnappa and Hritam Mukherjee in Bengaluru; Editing by Shilpi Majumdar)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Feb 20 (Reuters) - Radico Khaitan Ltd RADC.NS:

• TO INTRODUCE ROYAL RANTHAMBORE WHISKY IN CANTEEN STORES DEPARTMENT

• AIMS FOR 10% MARKET SHARE IN CSD SCOTCH WHISKY SEGMENT OVER THE NEXT YEAR

Source text: ID:nBSE6YzN0j

Further company coverage: RADC.NS

(([email protected];;))

Jan 29 (Reuters) - Radico Khaitan Ltd RADC.NS:

• RADICO KHAITAN DEC-QUARTER CONSOL NET PROFIT 954.9 MILLION RUPEES

• RADICO KHAITAN DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 44.41 BILLION RUPEES

Source text: [ID:]

Further company coverage: RADC.NS

(([email protected];))

By Aditya Kalra

NEW DELHI, Jan 6 (Reuters) - Indian antitrust investigators raided Pernod Ricard's office in December after finding the French liquor giant colluded with a state's retailers to promote its whisky brand and ignore a rival's, according to a government document seen by Reuters.

In the biggest liquor sector crackdown in recent years, Pernod's office in southern Telangana state was raided in December by Competition Commission of India (CCI) officers. The case was triggered by a 2022 complaint by Indian rival Radico Khaitan RADC.NS, which accused Pernod of colluding with retailers not to stock a Radico whisky brand.

The investigation and the raids are the latest regulatory and legal challenge for Pernod in India, its biggest market globally by volume. Pernod is contesting a $250 million India tax demand for allegedly undervaluing imports and also faces an investigation into violations of New Delhi city's liquor policy.

In the latest CCI complaint, Radico in its submissions had relied on an undated and unsigned business agreement that promised some retailers "special discounts" if they did not sell Radico's brand, but the investigators have found Pernod was behind the arrangement, the government document shows.

Ahead of the December raid, CCI's investigation unit found the alleged anti-competitive agreement was "facilitated and coordinated" by Pernod India, according to the document detailing initial findings of the investigation unit.

Pernod further made incentive payments to retailers to promote its brand through an agent, a local marketing agency in Hyderabad city, the document added.

"Incentive to retail licensees were being paid by Pernod ... through its agent," said the document, contents of which Reuters is the first to report.

Pernod PERP.PA, maker of brands such as Chivas Regal, did not respond to Reuters queries. After the December raids, it told Reuters it complied with Indian laws and was cooperating with the authorities.

The CCI did not respond on Monday, and as per its policy, keeps details of raids and investigations of collusion cases confidential. The ongoing investigation may take several months to complete and Pernod can challenge its findings.

In a separate New Delhi city, federal investigators accused Pernod of similar practices, accusing it of offering financial support to New city retailers in exchange for ensuring 35% of stock in their shops is Pernod's. The company has repeatedly denied any wrongdoing.

In the Telangana CCI case, it is alleged Pernod asked some retailers to achieve a 70% market share for its brand, earning discounts and royalties for doing so.

The December raids were aimed at collecting evidence, such as meeting records or copies of agreements, that may help the CCI investigation unit develop its case, according to the government document.

If found guilty, Pernod Ricard India may be liable to a penalty amounting to up to three times its profit for each year during which the collusion took place, or 10% of its turnover for each year of wrongdoing, whichever is higher.

Pernod's 2023-24 India sales were $3.1 billion.

(Reporting by Aditya Kalra
Editing by Bernadette Baum)

((Email: [email protected]; X: @adityakalra;))

By Aditya Kalra

NEW DELHI, Dec 19 (Reuters) - India's antitrust body has raided offices of alcohol giants Pernod Ricard PERP.PA and Anheuser-Busch InBev ABI.BR as it investigates allegations of price collusion with retailers in a southern state, sources familiar with the matter said.

Wednesday's surprise raids by the Competition Commission of India (CCI) targeted the offices in the city of Hyderabad, and some retailers in nearby Telangana state, the five sources said, for one of the biggest such recent crackdowns in the industry.

The sources spoke on condition of anonymity as they were not authorised to speak to the media.

Pernod, maker of brands like Chivas Regal, did not immediately respond to a request for comment.

In a statement, InBev, which makes Budweiser, said, "While we cannot comment on the specifics, we take antitrust compliance very seriously. We are working together in collaboration with the authorities".

The CCI did not immediately respond to a request for comment on the matter.

(Reporting by Aditya Kalra; Additional reporting by Aditi Shah; Editing by Clarence Fernandez)

((Email: [email protected]; X: @adityakalra;))

** Shares of Radico Khaitan RADC.NS rises nearly 10% to a record high of 2,524 rupees in early trade

** Stock trims some gains to last trade 5% higher

** Stock top gainer on the Nifty FMCG index .NIFTYFMCG, which is up 1.6%

** "Magic Moments" vodka-maker posts 24% rise in second-quarter profit on increasing demand for its premium alcohol

** RADC marks busiest week in 5 weeks, with over 2 mln shares traded

** Analysts' avg rating on stock is "strong buy" vs "buy" on peer United Spirits UNSP.NS

** Their median PT on RADC is 2,000 rupees - LSEG

** Stock up 47% YTD vs 4% rise in Nifty FMCG index

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

Oct 24 (Reuters) - Radico Khaitan Ltd RADC.NS:

• RADICO KHAITAN Q2 CONSOL NET PROFIT 806.6 MILLION RUPEES

• RADICO KHAITAN Q2 CONSOL REVENUE FROM OPERATIONS 39.07 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: RADC.NS

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** Shares of Radico Khaitan RADC.NS, an alcohol and alcoholic products maker, rise as much as 8.7% to record high of 1,975.8 rupees

** Stock top gainer on Nifty FMCG index .NIFTYFMCG, which is down 0.09%

** Reuters could not immediately ascertain the reason for the move

** More than 2.3 mln shares change hands, 10.2 x its 30-day avg

** Eight analysts covering the stock have a "buy" rating on avg; median PT 1,996 rupees - LSEG data

** Stock up 17% so far this year vs a 11% gain in FMCG index

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of Radico Khaitan RADC.NS rise 2.9% to 1,718 rupees

** Stock top gainer on Nifty FMCG index .NIFTYFMCG, which is up 0.14%

** The 'Magic Moments' vodka maker reported a 13% surge in Q1 consol net profit on strong demand for premium alcohol

** Co saw 14.3% Y/Y volume growth in its prestige and above category

** Analysts covering RADC has "Buy" rating on stock, same as rival United Spirits UNSP.NS, while United Breweries UBBW.NS rated "Hold"

** Median PT for RADC is 1,917.5 rupees - LSEG data

** Stock up 8% so far this year vs a ~10% gain in Nifty FMCG index

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of United Spirits UNSP.NS up 5.7% to a record high of 1,407.5 rupees; top percentage gainer on Nifty FMCG index .NIFTYFMCG, which is down 0.5%

** Co reported Q1 profit above estimates on Tuesday, helped by strong demand for its premium alcohol brands

** UNSP eyes busiest trading session since late-May, with over 4.3 mln shares traded

** Analysts' avg rating on stock is "Hold", in-line with United Breweries UBBW.NS, while Radico Khaitan RADC.NS is rated "Buy" - LSEG data

** Including session's gains, UNSP is up ~26% YTD vs ~14% rise in UBBW and 4% jump in RADC

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

July 18 (Reuters) - Radico Khaitan Ltd RADC.NS:

• RADICO KHAITAN - MAGIC MOMENTS MUSIC STUDIO COLLABORATES WITH SAREGAMA

Source text for Eikon: ID:nBSE3j9C0S

Further company coverage: RADC.NS

(([email protected];))

Adds fresh analyst comments; updates shares

By Kashish Tandon

BENGALURU, July 2 (Reuters) - Shares of Allied Blenders and Distillers ALLE.NS rose nearly 13% in debut trade on Tuesday, in line with analysts' expectations for the Indian whisky manufacturer, which makes the 'Officer's Choice' and 'Sterling Reserve' brands of whiskies.

The stock listed at 320 rupees on the National Stock Exchange, a 14% premium to its offer price of 281 rupees, before surrendering some gains. The benchmark Nifty 50 .NSEI was flat.

India's $33 billion spirits market is crowded, currently dominated by Diageo-owned United Spirits and France's Pernod Ricard PERP.PA, which makes the popular 'Chivas Regal' whisky.

Allied Blenders' listing valued the company at 77.38 billion rupees (nearly $927 million). United Spirits, which makes the 'Johnnie Walker' brand of whisky, is the larger rival, valued at $11 billion.

Even if the shares listed at a premium, the valuations will not sustain as the stock is highly overvalued, analysts said.

Allied's price-to-earnings ratio of 4,014 is way ahead of its larger peers United Spirits UNSP.NS and Radico Khaitan RADC.NS with P/E ratios at 73 and 96, respectively.

The premium listing is because there is liquidity in the market and investors are looking for new stock ideas, said Karan Taurani of Elara Capital.

The company's initial public offering, at 23 times the shares on offer, was also significantly lower than recent IPOs in June which were oversubscribed by around a hundred times.

The absence of big names as part of anchor investors in the offering and stretched valuations were among the reasons for a subdued response to the IPO, said Kranthi Bathini, director of equity strategy at Wealthmills.

($1 = 83.5075 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Janane Venkatraman )

(([email protected]; 8800437922;))

By Kashish Tandon

BENGALURU, June 27 (Reuters) - Indian whisky maker Allied Blenders and Distillers' ALLE.NS $180-million IPO was oversubscribed on Thursday but fell short of the blowout demand for recent issues amid concerns about its growth prospects in an increasingly competitive liquor market.

The IPO, the first by an alcohol company since Sula Vineyards' SULA.NS in 2022, received bids for 924.9 million shares, worth up to $3.12 billion and about 23 times the 39.4 million shares on offer, exchange data showed.

In contrast, all the four previous IPOs on the main exchange this month, including engineering firm DEE Development Engineers DEEV.NS, were oversubscribed by around hundred times.

Most of the bids came in the final hours of bidding on Thursday, with institutional buyers bidding for 50 times the shares allotted, while retail investors bid for about four times the allotment.

Allied Blenders, which sells 'Officer's Choice' and 'Sterling Reserve' whisky, is going public in a booming Indian IPO market.

A total of 129 companies have raised $4.32 billion in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an all-time high on the prospect of healthy economic growth.

Allied Blenders faces stiff competition in India's $33 billion spirits market, including from Radico Khaitan's RADC.NS 'Rampur Whisky' and Diageo-owned United Spirits' UNSP.NS 'Johnnie Walker' and 'Black Dog'.

The company's share of the premium portfolio is relatively lower than its peers, meaning its growth rates may not be that strong, said Karan Taurani, an analyst at Elara Capital.

Taurani does not expect the stock to rise much when it makes its market debut.

Allied Blenders ranked third in terms of whisky sales in India in fiscal 2023, according to its prospectus, trailing United Spirits and 'Chivas Regal'-maker Pernod Ricard PERP.PA.

Its core profit (EBITDA) margin is also less peers', Taurani noted.

Anchor investors, including domestic mutual funds, had already subscribed to shares worth 4.5 billion rupees.

The offer included a fresh issue worth 10 billion rupees, while co-chairperson Bina Chhabria and vice chairperson Resham Chhabria Hemdev were seeking to up to 5 billion rupees in stock.

($1 = 83.5850 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D'Souza)

(([email protected]; 8800437922;))

** India's blue-chips NSE Nifty 50 .NSEI and S&P BSE Sensex .BSESN reverse early losses to trade 0.2%-0.25% higher

** 27 stocks in the 50-member NSEI trading in the green at midday

** Top NSEI pct boost Sun Pharma SUN.NS up 2%, after it said its drug showed significant weight loss efficacy

** Six out of the thirteen major sub-indexes trade higher on the day

** Consumer stocks .NIFTYFMCG rise 0.8%, Radico Khaitan RADC.NS up 2.4%, extending gains from last week amid concerns of a plant being impounded at rival Som Distilleries SDB.NS

** More domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 reverse courses, last up 0.1% and 0.3% respectively

** Small- and mid-caps had shed 1% earlier in the day after weekend report market regulator investigating allegations of "front-running" at Quant Mutual Fund, an active investor in the said segments

** SEBI probe on Quant Mutual Fund is a sentiment negative for the markets, two analysts say

** Sixteen of the top 20 holdings of Quant's small-cap holdings, in terms of ownership of outstanding shares, log losses

** Quant had said on Sunday that it is responding to regulator's enquiries

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Shares of India's Som Distilleries and Breweries SDB.NS off ~1% on the day and have tumbled 10.4% so far this week

** Stock set for their worst week since late Dec 2022

** A report that Som employed child labour at a distillery sparked police probe and authority threat to impound plant

** Beer and spirits maker SDB says plant is run by associate pvt firm; adds no govt dept has taken action on the company

** Rampur single malt maker Radico Khaitan's RADC.NS nearly 5% jump this week is the most among Som's rivals

** Kingfisher beer maker United Breweries UBBW.NS has fallen 1.2% this week

** Johnnie Walker whiskey maker United Spirits UNSP.NS is little unchanged

(Reporting by Hritam Mukherjee in Bengaluru)

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Updates with analyst comment, closing levels

** Som Distilleries SDB.NS closed ~2% lower on the day, taking losses to ~9% in 3 sessions

** Slide started after police started probe into Som over allegations of employing children at a distillery, which Som says is run by its "associate private limited company"

** Authorities plan to impound the distillery, suspend manufacturing license of the plant in Madhya Pradhesh state

** Som, which makes Hunter and Woodpecker beer as well as spirits, says no govt dept has taken action on the company

** Som's loss is a likely gain for United Breweries and local brands, says Elara Capital analyst Karan Taurani

** In past three days Kingfisher beer maker United Breweries' stock UBBW.NS has dropped ~1%

** Johnnie Walker whiskey maker United Spirits UNSP.NS is about flat, while fellow whiskey maker Piccadily Agro PICA.BO has shed ~3% in that period

** Biggest gainer is Radico Khaitan RADC.NS, which makes Rampur single malt and Jaisalmer gin; stock has risen ~4%

(Reporting by Nandan Mandayam and Hritam Mukherjee in Bengaluru)

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May 20 (Reuters) - Radico Khaitan Ltd RADC.NS:

• MAGIC MOMENTS VODKA SELLS 6.3 MILLION CASES IN FY2024

• MAGIC MOMENTS FAMILY ACHIEVES SALES VALUE OF 10 BILLION RUPEES

Source text for Eikon: ID:nBSEc1wHGT

Further company coverage: RADC.NS

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