United Spirits Ltd.

“United Spirits is one of India's finest consumer franchises — dominant brand portfolio, asset-light model, structurally expanding margins, and a 15-20 year premiumisation runway — but at 57x trailing earnings the base-case 10-year return is only ~12% CAGR with near-zero margin of safety; the business deserves a watchlist position with a buy target in the 35-42x forward P/E range (~INR 950-1,100), while existing holders should hold but not add at current prices.”