Buy LT Foods; target of Rs 500: Motilal Oswal

Buy

Motilal Oswal's research report on LT Foods

LT Foods (LTFOODS) reported a healthy quarter with revenue growth of 23.5% in 3QFY26, led by 35% YoY growth in Basmati and Other Specialty Rice (branded business volume up 15% YoY). Normalized growth was ~12%, excluding the Golden Star integration and US tariff-related price hikes, while volumes grew ~15% YoY. Meanwhile, Organic and RTC segments remained muted, declining 7% and remaining flat YoY in 3QFY26, respectively.

Outlook

We estimate a revenue/EBITDA/adj. PAT CAGR of 16%/18%/20% over FY25-28. We reiterate our BUY rating with a TP of INR500 (based on 17x FY28E EPS).

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