Radico’s Magic Moments clocks 8 million cases with 60% market share; bets on flavours to drive next phase of growth
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Radico Khaitan’s flagship brand Magic Moments Vodka has crossed 8 million cases in annual sales, underlining a sharp uptick in consumer interest in vodka even as the category remains under-penetrated in India.
The milestone comes amid a broader shift in drinking preferences, with vodka emerging as one of the fastest-growing segments in the country. Magic Moments now commands around 60% of India’s vodka market and was ranked the sixth-largest vodka brand globally last year.
Magic Moments itself has grown from 7.1 million cases last year to over 8 million, and now holds around 60% share of India’s vodka market. It was ranked the sixth-largest vodka brand globally last year.
The company's revenue grew 19.5% YoY to ₹1,546.75 crore, with net profit surging over 61% to ₹154.93 crore Q3 FY26. EBITDA margins improved to 16.2% due to favourable raw material costs and premium portfolio growth.
It was trading at around ₹2,719, showing a slight decline of roughly 0.71% to 3% in intraday trading on March 18, 2026, following a recent rally.
Flavours power growth
A key driver of this growth has been the company’s push into differentiated flavours, particularly under its ‘Flavours of India’ range. Variants such as Jamun SpicyMint, Alphonso Mango and Thandaai have found traction among younger consumers looking for experimentation and localised tastes.
Abhishek Khaitan, managing director, Radico Khaitan, said the milestone reflects a larger shift in the spirits market. “It indicates a defining shift in India’s evolving spirits landscape,” he said.
Despite the recent growth, vodka still accounts for less than 4% of India’s spirits market, compared to 20–25% globally. That gap, Khaitan noted, leaves significant headroom for expansion.
“What we are witnessing today is a clear inflection point, with vodka emerging as one of the fastest-growing categories in the country,” he said, adding that the company is well positioned to “lead and shape this transformation” given its market share.
The company’s strategy has been anchored in product innovation and consumer engagement, spanning not just flavours but also positioning the brand through music, culture and lifestyle platforms.
Magic Moments operates across semi-premium and premium segments with sub-brands such as Remix, Verve and Dazzle, alongside its expanding flavour portfolio.
Radico Khaitan, one of India’s oldest IMFL makers, has also been leaning into premiumisation more broadly across its portfolio. With a total capacity of 321 million litres, 44 bottling units and exports to over 100 countries, the company is looking to strengthen its global footprint even as domestic demand evolves.
Khaitan said the ambition remains to scale Magic Moments into one of the leading vodka brands globally, riding on changing consumer preferences and continued innovation.