Cryptic crossword clue
Katy‘s conference tipple? 5

The most common and most likely answer to this crossword clue is the 5 letter word PERRY

I've seen this crossword clue in Independent
P
E
R
R
Y

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The straight part
We know that "Katy/conference tipple?" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case katy/conference tipple? = perry.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does PERRY mean?

PERRY noun
  1. A fermented alcoholic beverage made from pears; somewhat analogous to cider.

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