ICICI Direct has given Buy recommendation for Globus Spirits with a target price of Rs. 1050 in its research report issued on Aug 11, 2021

ICICI Direct’s research report on Globus Spirits

Globus Spirits (GSL) is the largest grain based ENA manufacturer in India with a capacity of 160 million litre. The company is also a supplier of Indian made Indian liquor (IMIL) and premium IMFL in India. IMIL segment comprised ~42% of consolidated revenues, with the rest contributed by bulk alcohol (45%) and others (botting and by-products) Total 80% of IMIL sales occurs in Rajasthan (32-33% market share)

Outlook

We remain positive on the stock and maintain our BUY recommendation We value the stock at Rs 1050 i.e. 11x P/E on FY23E EPS

 

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