Radico Khaitan is among the oldest and one of the largest manufacturers of Indian Made Foreign Liquor (IMFL) in India with impressive mid market brands which have a special appeal in the mass consumption market. Radico Khaitan is one of the largest providers of branded IMFL to the Canteen Stores Department (CSD), which has significant business barriers to entry. Track record in recent times particularly during FY 21 a Covid hit year has been impressive and return ratios are improving. We have an over weight rating due to reasonable valuations and secular growth momentum due to our country’s demographics. Corporate governance is a risk factor but that has been priced – 03-06-2021 Price: 645.75 Rating: Over Weight Recommendation: Buy
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