Radico Khaitan shares increased by 0.91% to ₹2,996.40 in early trading on Thursday, despite facing a court injunction prohibiting the use of the “KASHMYR” vodka brand due to a trademark dispute with Piccadily Agro Industries Limited. The stock opened at ₹2,969.40 and peaked at ₹3,037.80 during the trading session.
On September 23, the District Court of Karnal issued an interim injunction against Radico Khaitan, preventing the company from manufacturing, selling, advertising, or using the “KASHMYR” mark after determining it was deceptively similar to Piccadily’s registered trademarks “CASHMIR” and “CASHMERE.” This injunction is effective until the final ruling in the commercial suit filed by Piccadily in July 2025, applying to Radico Khaitan, its subsidiaries, and its associates.
Shares of Piccadily Agro Industries rose by 0.72% to ₹719.50 during early trading, reaching a high of ₹722.05. The company informed stock exchanges about the litigation on Wednesday, clarifying that the legal proceedings would not have financial implications.
The dispute centers on vodka products in the luxury segment, with Piccadily registering “CASHMERE” in 2015 and “CASHMIR” in 2023. The company launched its first luxury vodka marketed under the CASHMIR brand in May 2025. Subsequently, Radico Khaitan introduced its KASHMYR vodka in July 2025 at a similar price point, prompting Piccadily to argue that the phonetic similarities caused consumer confusion.
Despite these legal challenges, brokerage firm Jefferies affirmed its Buy rating on Radico Khaitan, setting a target price of ₹3,590, citing strong growth momentum following a successful first quarter. The brokerage emphasized that the impact of Maharashtra’s recent tax hike would be limited and noted various growth opportunities across the company’s portfolio.
Radico Khaitan currently has a market capitalization of ₹40,120 crore, while Piccadily Agro Industries is valued at ₹6,836 crore. The case remains under judicial consideration, with both companies expected to provide updates on significant developments as the litigation continues.
Published on September 25, 2025.
