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Radico Khaitan reported strong Q2 FY26 performance, with total IMFL volume up 38% YoY to 0.93 Cr cases. Prestige & Above (P&A) volume grew 22%, and value increased 24%, driven by robust growth in Magic Moments Vodka and After Dark whisky. Market share in Andhra Pradesh surged from 10% to 30%, boosting regular category volume by 80%. Gross margin was stable at 43.6%, and EBITDA margin expanded to 15.8%. Net debt reduced by Rs. 146 crore, with a target to be debt-free by FY27. Management is confident of surpassing 20% overall volume growth for the full year, emphasizing premiumization and new product launches.