Mainly on valuation grounds. Radico has started performing well & continuously gaining market share in the recent years and is still available at half the valuations of its marquee peers. Rerating is ongoing in Radico while Derating is ongoing in the other two. The divergence is visible in the last 5 years.
United Breweries & United Spirits have purportedly better brands, however, Radico still was able to take away market share, which is commendable. I was hooked to its story after reading about Abhishek Khaitan in The Consolidators book.
Invested about an year back.