External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Achieving new highs, upgrading to a high-conviction BUY: We conducted comprehensive channel checks across India to assess underlying demand trends and based on these findings, we upgrade Radico Khaitan to BUY from ADD, with a TP of Rs 2,300 (Dec-26 EPS) and upgrade our target multiple from 45x to 52x.</li><li>We move Radico to the high conviction buy list as it is expected to deliver revenue/EBITDA/PAT CAGRs of 15%/ 25%/ 33% respectively over FY24-27, given the following: (1) favourable policy interventions in high salience states of Karnataka/AP -  reduction in excise duties (Karnataka) and new liquor policy favouring private players (Andhra Pradesh)</li><li>(2) improved salience from high-margin luxury/premium segment, as management doubles the malt capacity</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Achieving new highs, upgrading to a high-conviction BUY: We conducted comprehensive channel checks across India to assess underlying demand trends and based on these findings, we upgrade Radico Khaitan to BUY from ADD, with a TP of Rs 2,300 (Dec-26 EPS) and upgrade our target multiple from 45x to 52x.We move Radico to the high conviction buy list as it is expected to deliver revenue/EBITDA/PAT CAGRs of 15%/ 25%/ 33% respectively over FY24-27, given the following: (1) favourable policy interventions in high salience states of Karnataka/AP -  reduction in excise duties (Karnataka) and new liquor policy favouring private players (Andhra Pradesh)(2) improved salience from high-margin luxury/premium segment, as management doubles the malt capacityContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Radico Khaitan: Say Cheers! Celebrations to Grow Louder. Upgrade to BUY