CLSA on USL ; Upgrade to O-P, TP Rs 1432

Reported 10.5% P&A sales growth ex-Maharashtra in 1HFY27, with management confident of an acceleration in 2H; build in 15% P&A growth for 2HFY27. Gross margin improved sequentially, aided by favourable mix and India-UK FTA benefits, partly offset by inflation, and management expects GM to hold in 2H Upgrade as see an improving longer-term growth backdrop, supported by FTA benefits, accelerating white spirits, favourable state policies, continued premiumisation and Maharashtra headwinds now largely behind

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