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HDFC Securities Institutional Equities
Domestic brokerage firm HDFC Securities Institutional Equities has initiated coverage on Radico Khaitan, United Spirits and Tilaknagar Industries with Buy ratings, Allied Blenders with Add, and United Breweries with Reduce.
The brokerage sees upto 29% in Tilaknagar, United Spirits with 18%, followed by Radico Khaitan with 16%, Allied Blenders with 12% and the lowest United Breweries with 4% potential upside.
Key risks to the brokerage's positive sector stance include any material inflationary headwinds or regressive policy changes across major volume states.
According to the brokerage, India's alcoholic beverages industry is entering a decade of structural transformation, supported by favourable regulatory shifts in key states, strong demographic momentum, accelerating premiumization and a clear move toward more professional execution.
At a time when global spirits markets show signs of fatigue, India remains the most resilient and fastest‑growing market, driven by rising incomes, a young consumer base and a rapidly expanding aspirational middle class.
With competitive barriers gradually narrowing, brands with the strongest consumer resonance and ability to interpret evolving taste preferences are positioned to lead.
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