Sharekhan's research report on Radico Khaitan
Radico Khaitan Limited (RKL) delivered good performance in Q3FY25 with volume-led revenue growth of ~12% y-o-y and OPM improving 191 bps y-o-y to 14.2%, leading to 27% y-o-y PAT growth. Prestige & Above (P&A) brands posted 18% y-o-y volume growth. Management expects over 15% volume growth trajectory in P&A to continue going ahead. Management expects the inflationary scenario for ENA and grains to improve going forward. Eyes 100-125 bps y-o-y expansion in OPM every year, largely led by product mix and backward integration.
Outlook
The stock trades at 84x/55x/43x its FY25E/FY26E/FY27E earnings, respectively. We retain a Buy with a revised PT of Rs. 2,760.
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