ICICI Direct has given Buy recommendation for Radico Khaitan recommended buy rating on the stock with a target price of Rs 1450 in its research repo with a target price of Rs. 1450 in its research report issued on Dec 24, 2021

ICICI Direct’s research report on Radico Khaitan

Radico Khaitan (earlier Rampur Distillery Company) is among the largest manufacturers of Indian made foreign liquor (IMFL) in India. The company is also a supplier of Indian made Indian liquor (IMIL) and bulk alcohol in India. IMFL segment comprises ~80% of consolidated revenues. The rest is contributed by IMIL and bulk alcohol • P&A volumes contribute 30% to overall IMFL volumes (rest is popular).

Outlook

We remain positive on the stock and maintain our BUY recommendation. We value the stock at Rs 1450 i.e. 38x P/E on FY24E EPS.

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