“Abneesh Roy is unambiguously bullish on the listed alcohol and beverages (alcobev) sector, specifically United Spirits, United Breweries, and Allied Blenders & Distillers, due to Karnataka's proposed deregulation. He expects this policy shift to drive market share gains for larger players by fostering innovation and marketing capabilities. Beer, particularly United Breweries, is poised for a sharp rebound heading into FY27, benefiting from content-based taxation making it relatively cheaper, a low base from FY26, and El Niño tailwinds. He is also constructive on spirits, anticipating competitive pricing and volume growth as companies prioritize market share, though he cautions that the 'devil lies in the detail' until the full policy document is released.”