In this paper, we present a framework of experiments carried out during summer 2016 with Teledyne Optech Titan sensor to investigate multi-spectral (ms) lidar radiometry. A novel low-cost diffuse reflectance coating was adopted for creating radiometric targets. Comparability of reflectance values derived from ms lidar data to available spectral libraries is shown. The consistency of spectral vegetation indices (SVIs) through a variety of altitudes was investigated, and it is demonstrated that by filtering only single echoes it is possible to derive stable SVIs product. A practical approach to experimental atmospheric correction with non-constant extinction coefficient is discussed. Finally, a criterion is proposed for comparing different lidar acquisitions over vegetated areas.