High barriers to entry, inelastic demand, and long-term consumption play; coupled with transformation of UNSP viz. premiumisation, cost control and de-leveraging attracts investors. We believe in this. UNSP is on track to deliver the guided low-teens revenue growth and mid-high teens EBITDA margin. United Spirits (UNSPs) 4QFY19 was in-line but weak. This is led by subdued revenue growth and increase in RM costs. Long-term industry opportunity is attractive. 20% price correction in trailing year makes the valuation attractive (45/34x FY20/21E). Maintain estimates and BUY with TP of Rs 650 (+20%) @ 40x FY21E EPS.