Liquor stocks in India tend to trade at premium valuations on account of the limited basket of such stocks in the listed space and the perception of the business being recession-proof. United Spirits Ltd. (USL) is a compelling structural play on India's liquor industry on account of favourable demographics and low per capita consumption. Robust market share (23 per cent of spirits volume in FY21) and turnaround benefits ensuing from management control of Diageo are added positives.