Investor Presentation FY2026
UNITDSPR · price
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United Spirits (USL) reported FY26 NSV growth of 7.6% (10.9% excl. Andhra Pradesh and Maharashtra disruptions) and P&A NSV growth of 8.6% (11.3% excl. AP & MH). Gross margin stood at 46.4% with EBITDA margin of 18.4%, while free cash flow reached INR 1,374 Cr and ROCE improved to 28.4%. The company highlighted Black & White becoming India's #1 Scotch brand, McDowell's transformation underway, and portfolio expansion including Tequila (Don Julio) and premium gin offerings. Management targets sustained double-digit profitable growth leveraging India's favorable demographics (~100mn+ LDA consumers in 5 years), premiumization trends, and India-UK FTA benefits. The multi-year supply agility program is nearing completion at 88% progress, with productivity offsetting 93% of inflation. The company contributed INR 49,032 Cr to economic impact and INR 20,417 Cr in taxes, supporting 6,49,000 jobs.
Strong operational execution with margin expansion and cash generation signals USL is well-positioned to capture India's spirits growth opportunity. The McDowell's transformation and continued premiumization should support pricing power and profitability, making the stock attractive for long-term investors.