Buy Manpasand Beverages; target of Rs 900: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Manpasand Beverages

Overall revenue grew 28.6% to INR 2,672m (est. of INR 3,272m) in 4QFY17 from INR 2,078m in 4QFY16. The topline had an impact of INR 400mn on account of INDAS adjustment. EBITDA margin shrunk 120bp from 20.6% in 4QFY16 to 19.4% (est. of 18.5%) in 4QFY17, as other expenses increased significantly due to higher ad spends (7.2% of sales in FY17 v/s 6.5% in FY16, majority of which were incurred in 4QFY17).

Outlook

We largely maintain our estimates, and expect sales/PAT CAGR of 39%/54% over FY17-19E. We value the stock at P/E of 30x FY19E EPS, with a TP of INR 900 (17% upside) and maintain Buy rating.

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