Radico Khaitan Ltd

“Radico Khaitan is a credible beneficiary of India's multi-decade spirits premiumization story, with a clean balance sheet, a differentiated premium asset in Rampur Single Malt, and an improving earnings trajectory — but at 82.8x trailing P/E it is priced for flawless execution of a thesis that still carries real regulatory, competitive, and execution risks; the probability-weighted return from current levels is insufficient to justify initiating a position, and the right posture is to track for a 35-40% correction to the INR 1900-2200 range before building a position.”