Jefferies starts 'Buy' on Radico Khaitan, Allied Blenders; up to 25% upside on premiumisation play
Jefferies initiated coverage with 'Buy' on Radico Khaitan (TP ₹4,500) and Allied Blenders (TP ₹780), and 'Hold' on United Spirits (TP ₹1,560). The call hinges on premiumisation in India's alcoholic beverage market, with prestige-and-above driving 40% of profits on 10% of volumes and 30%+ EPS CAGR seen through FY26.
Jefferies initiated 'Buy' on Radico Khaitan and Allied Blenders with up to 25% upside, 'Hold' on United Spirits, citing premiumisation-led growth in India's fast-expanding alcoholic beverage market.
Why this matters
Reinforces Jefferies' bullish stance on Indian liquor with Radico Khaitan as top pick at ₹4,500, following prior backing of the sector and India-UK FTA tailwinds lifting Radico.
Retail-brand signals steady with 2,036 signals over the past 90 days.