Financially, Radico is entering a phase of strong operating leverage, with margin expansion, healthy cash flows, and a visible path to debt reduction by FY27.
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Systematix Report
We initiate coverage on Radico Khaitan Ltd. with a Buy rating and target price of Rs 3,473, valuing it at 58 times Sep 2027E earnings per share.
Radico Khaitan has successfully transitioned from a volume-driven liquor player into a brand-led premiumization story, underpinned by its-
deep backward integration in extra neutral alcohol,
diversified portfolio spanning multiple categories, and
consistent innovation in underpenetrated white spaces.
Radico is strategically placed to capture the structural shift in consumer demand towards premium spirits, backed by-
eight of its millionaire brands driving scale,
expanding presence across key states,
growing international footprint, and
rising share of P&A brands.
Financially, the company is entering a phase of strong operating leverage, with margin expansion, healthy cash flows, and a visible path to debt reduction by FY27.
We estimate 17.6%/ 25.8%/ 37.1% compound annual growth rate in revenue/ Ebitda/ adjusted PAT over FY25-FY28E, respectively.
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