External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Radico Khaitan Limited (RKL) delivered good performance in Q3FY25 with volume-led revenue growth of ~12% y-o-y and OPM improving 191 bps y-o-y to 14.2%, leading to 27% y-o-y PAT growth.</li><li>Prestige &amp; Above (P&amp;A) brands posted 18% y-o-y volume growth.</li><li>Management expects over 15% volume growth trajectory in P&amp;A to continue going ahead.</li></ul>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.

Radico Khaitan Limited (RKL) delivered good performance in Q3FY25 with volume-led revenue growth of ~12% y-o-y and OPM improving 191 bps y-o-y to 14.2%, leading to 27% y-o-y PAT growth.Prestige &amp; Above (P&amp;A) brands posted 18% y-o-y volume growth.Management expects over 15% volume growth trajectory in P&amp;A to continue going ahead.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.

Radico Khaitan Ltd - Good Q3; Momentum to Continue

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

<ul><li>Radico Khaitan Limited (RKL), earlier known as Rampur Distillery, commenced its operation in 1943.</li><li>Over the years, RKL has evolved from being just a distiller of spirits for other brands to a leading Indian-made Foreign Liquor (IMFL) company.</li><li>RKL started its own brands in 1998 with the launch of 8PM Whisky subsequently expanded its brand portfolio organically. </li></ul>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.

Radico Khaitan Limited (RKL), earlier known as Rampur Distillery, commenced its operation in 1943.Over the years, RKL has evolved from being just a distiller of spirits for other brands to a leading Indian-made Foreign Liquor (IMFL) company.RKL started its own brands in 1998 with the launch of 8PM Whisky subsequently expanded its brand portfolio organically. 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.

Axis Punch: Radico Khaitan Ltd - 16th January, 2025

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Spirits brands continued growing through premium products, while brewers faced weaker demand due to heavy rains and pricing issues in some states.</li>
<li>India’s liquor market is expanding quickly, but uneven state rules and taxes are creating two separate growth paths- premium spirits rising, mass beer struggling.</li>
<li>The winning strategy is to move up the value chain and manage state regulations well. Premium brands with strong presence across states look best positioned ahead.</li>
</ul>


Spirits brands continued growing through premium products, while brewers faced weaker demand due to heavy rains and pricing issues in some states.
India’s liquor market is expanding quickly, but uneven state rules and taxes are creating two separate growth paths- premium spirits rising, mass beer struggling.
The winning strategy is to move up the value chain and manage state regulations well. Premium brands with strong presence across states look best positioned ahead.


Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Groww IPO - Peer Comp and Thoughts on Valuation

India

Radico Khaitan Ltd. produces and distributes branded liquor.   The Company operates molasses and grain distilleries and produces whiskey, rum, brandy, and vodka.  Radico also produces country liquor and extra neutral alcohol.

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Radico Khaitan (RDCK IN)

Radico Khaitan Ltd - Good Q3; Momentum to Continue

Radico Khaitan Limited (RKL) delivered good performance in Q3FY25 with volume-led revenue growth of ~12% y-o-y and OPM improving 191 bps y-o-y to...

Sharekhan

Axis Punch: Radico Khaitan Ltd - 16th January, 2025

Over the years, RKL has evolved from being just a distiller of spirits for other brands to a leading Indian-made Foreign Liquor (IMFL) company.

Axis Direct

Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...

Sudarshan Bhandari

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

Groww IPO - Peer Comp and Thoughts on Valuation

Groww is looking to raise around US$747m in its India IPO. In this note, we talk about the peer comp and implied valuations in the price range.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Radico Khaitan Ltd - Good Q3; Momentum to Continue

Radico Khaitan Limited (RKL) delivered good performance in Q3FY25 with volume-led revenue growth of ~12% y-o-y and OPM improving 191 bps y-o-y to...

Sharekhan

Axis Punch: Radico Khaitan Ltd - 16th January, 2025

Over the years, RKL has evolved from being just a distiller of spirits for other brands to a leading Indian-made Foreign Liquor (IMFL) company.

Axis Direct

Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

​Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...

Sudarshan Bhandari

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

Groww IPO - Peer Comp and Thoughts on Valuation

Groww is looking to raise around US$747m in its India IPO. In this note, we talk about the peer comp and implied valuations in the price range.

Akshat Shah

Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...