The potential upside for United Spirits lies in its strong volume growth and potential earnings growth of 12% to 15% in the future. The positive impact of the UK Free Trade Agreement (FTA) has not been fully factored in yet. In terms of the wine industry, there is expected to be strong volume growth, particularly in metro cities, with an overall growth rate of 12% to 15%. The FTA could lead to a decrease in the price of bottled scotch, boosting sales for United Spirits.