Questions across 3 calls

Nitin Awasthi

InCred Research

Radico Khaitan Limited

Radico Khaitan Limited CC-May26.pdf · 2026-05-07

Hello, sir. One, I would like to know given that MML is right now established in Maharashtra and stabilizing and you have a JV there which is allowing you to participate within that industry and you have already lined up some pretty eye-catching products and given that the competitors within said segment would not always be backed by large companies such as yours, given that, do you expect the JV in Maharashtra to take a substantial portion of this increasing market?

Yes, that is definitely there. I have seen the products within the range and of course there is no debate that your products stand out across the line in that category. And given that this distribution strength you have and backing of the main company, th e growth of course there is going to be substantially high if the entity stabilizes. Now here, given that the growth is going to be coming from this segment and that is the market you are aiming at, is there more investments going to be made in the JV?

Radico Khaitan Limited CC-Jan26.pdf · 2026-01-23

Hello, sir. A broader question from my side. About a decade ago, if you would sit down with any liquor company which would have aspiration and ask about the end goal, asset acquisition, at the end, finally, you would end up with a distillery in Scotland b eing a must for any company in India and Indian company to do well. However, over a period of time, we saw Japanese whisky is doing very well with Japanese malts and of course, Indian malts itself doing very well. Then it seemed like that Sco ttish distillation and malt unit was no more a requirement for Indian brands or Indian companies to succeed. Is there a misread in this assumption of mine or is that a very, very big requirement still even after the success of Indian malts?

Understood, sir. Thanks to this phenomenon that has taken place in the last decade within Japan, in India, would probably be the reason for the supply or the glut being there increasing in Scotland, having the pressure on the prices of the said malts because they had naming rights on their malt. They were the only guys who could call it scotch, nobody else could. Everything else was still called malt. Since because of that reason, it would be the reason of the price correction that these guys would have seen. So the current move, if any, should be seen as an opportunistic move rather than the play of Scottish malts still being the premium brand to go to, is that understanding correct?

Balrampur Chini Mills Limited

Balrampur Chini Mills Limited CC-Nov25.pdf · 2025-11-12

Just wanted to understand something on the dynamics of the politics which is going on right now. You alluded to the fact that Indian sugarcane prices are miles ahead, and which is a fact, not only for sugarcane, but for some other crops also, that we are completely broken from the international market, and what you call sugarcane or other feedstocks have gone haywire because of Government interventions. And I do not see Government having the capability of reducing the prices going ahead. So, there has to be steps taken to increase the profitability without dropping the prices. One such step which seems possible is that the UPML route, which is the UP made liquor route, being pushed by the UP Government so that the sugar mills can hold on to their molasses. One, do you think that is something which can happen? Number two, if that happens or does not happen, apart from that, with the current rate of SAP at INR 400 per quintal, your production cost of sugar as a product would be close to INR 39 per kg?

Understood, sir.