Nicky Henderson landed his fourth Smurfit Kappa Champion Hurdle at the Cheltenham Festival - but not with favourite Binocular, who could finish only third behind stablemate Punjabi.
Binocular travelled well all the way for Tony McCoy, but Celestial Halo and Punjabi proved tough rivals out in front.
McCoy asked for everything after the last but could never quite get on terms with the 22-1 winner.
Osana set a fierce gallop up front under new jockey Andrew McNamara, but he was joined by Hardy Eustace and Celestial Halo at the halfway stage.
Ruby Walsh seemed to be happy to take up the running on last year's Triumph Hurdle winner Celestial Halo - but he looked a sitting duck for Punjabi and Binocular, the 6-4 favourite.
Third home last year, Punjabi was not that fluent at the last.
But when Geraghty asked for everything, he responded in kind to win by a neck from Celestial Halo, with Binocular a head away in third.
Crack Away Jack flew home for fourth.
Geraghty said: "Happy days. A great performance. I thought I had Ruby well covered turning in. He ran on really well, he was all out, it was a great performance.
'I tipped a Nicky Henderson one-two. There was one in between but it's brilliant. It's my first winner for Nicky at Cheltenham, as well.'
Henderson added: 'It takes you back. Those great days of (three-time Champion Hurdle winner) See You Then were very special and it's nice to be back with horses that can do this sort of thing.
"Punjabi has always been a very talented horse and Barry gets on very well with him.
'Both of mine have run tremendous races. It's very special to see them both there with Celestial Halo in between them. You think you have two chances and you've still got one to beat - a great race.'
1 Punjabi (B J Geraghty) 22-1
2 Celestial Halo (R Walsh) 17-2
3 Binocular (A P McCoy) 6-4 Fav
23 ran
Also: 16-1 Crack Away Jack 4th
