Radico Khaitan, Allied Blenders shares get Jefferies’ ‘Buy’ rating; up to 25% upside seen; Should you buy?

Global brokerage Jefferies initiated coverage on three Indian alcohol beverage stocks, assigning Buy ratings to Radico Khaitan and Allied Blenders with price targets of ₹4,500 and ₹780 (up to 25% upside), while maintaining Hold on United Spirits with a target of ₹1,560. The brokerage expects the Indian alcobev industry to remain the fastest-growing globally, with premiumisation as the key driver and Prestige & Above segment volume growth of about 12% versus estimated industry growth of 5%. Radico Khaitan is the preferred pick with an estimated 22% EPS CAGR over FY26 to FY29, while Allied Blenders is forecast to deliver 30% EPS CAGR and over 300 basis points margin expansion in the same period.