2026-01-10 04:52:05 pm | Source: Motilal Oswal Financial Services Ltd
Buy Radico Khaitan Ltd for the Target Rs. 3,550 by Motilal Oswal Financial Services Ltd
* We expect 18% revenue growth. In P&A, we model 18% volume growth and 20% revenue growth. In popular, we expect 40% volume growth and 43% growth in revenue.
* GM to expand 100bp YoY to 44% on benign RM prices. EBITDA margin expected to improve 210bp YoY to 16.3% led by GM and premiumization.
* Radico has mid-to-high single-digit revenue contribution from Maharashtra, so the impact of an increase in excise duty will be less compared to other branded players.
* The success of new launches will be a key monitorable for the company's performance.
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