Buy Manpasand Beverages; target of Rs 926: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Manpasand Beverages

Due to its seasonal nature, MANB’s business witnesses reduced stock at the channel end in the month of June every year. The destocking in June 2017 coincided with the implementation of GST, and thus, 1QFY18 had no major impact from GST transition. However, the rollout of GST delayed the supply of Mango Sip to distributors of Parle Products, which is now expected to commence in 2QFY18.

Outlook

We largely maintain our estimates, and expect sales/PAT CAGR of 46%/56% over FY17-19E. We believe that the company will benefit from its expanding distribution network, leading to better capacity utilization. We value the stock at P/E of 30x FY19E EPS, with a target price of INR 926 (15% upside). Maintain Buy.

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