United Spirits: Market Initiation Brief Nomura has issued a **Buy** rating for United Spirits, signaling a positive outlook based on structural industry shifts and internal strategic execution. The brokerage highlights a developing sector upcycle characterized by strong premiumisation tailwinds and a softening regulatory landscape. The growth thesis centers on an innovation-led expansion strategy. Analysts expect this approach to drive significant margin expansion and healthy earnings growth. Current entry points offer notable valuation comfort as the company scales its high-margin portfolio. Key financial expectations include a projected revenue CAGR of **12%** over the next three fiscal years. EBITDA margins are anticipated to expand by **250 basis points**, supported by a more favorable raw material cost environment and a shift toward luxury labels. United Spirits remains well-positioned to capitalize on the increasing discretionary spend within the Indian spirits market. With institutional coverage initiated, the stock is flagged for its potential to deliver consistent double-digit returns as operational efficiencies materialize.