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2025-10-15 05:54:53 pm | Source: Motilal Oswal Financial Services Ltd
Neutral United Spirits Ltd For Target Rs. 1,500 by Motilal Oswal Financial Services Ltd
Neutral United Spirits Ltd For Target Rs. 1,500 by Motilal Oswal Financial Services Ltd

* We model 6% volume growth and 7% revenue growth in P&A segment. The base is favourable for 2Q as 1QFY25 saw higher channel filling due to general elections.

* We model 5% volume growth and 7% revenue growth in popular segment.

* GM expected to be flat at 45.2% given stable input prices. EBITDA margin expected to inch up 70bp YoY, hit by high expenses during the quarter.

* The impact of Maharashtra’s import duty changes on lower to mid-prestige will be more visible in 2HFY26. However, upper prestige segment remains largely unaffected.

 

 

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