UNITED SPIRITS LIMITED

Sells branded alcoholic beverages in India through its beverage alcohol segment, which contributed 95.8% of segment revenue at ₹12,467 cr for the period ended 31 March 2026, with the Sports segment contributing the remaining 4.2% at ₹545 cr. The portfolio includes McDowell's No.1, Royal Challenge (which crossed 10 million cases on a trailing-twelve-month basis), Signature (a ₹1,000 cr NSV brand) and Smirnoff, which alone delivered roughly ₹250 cr NSV in Q1 FY27. The business is split into a Prestige & Above (P&A) tier, where NSV grew 10.1% in Q1 FY27, and a Popular tier that fell 17.5% on policy headwinds in Maharashtra and Karnataka. The Sports segment, which houses the RCB cricket franchise, has been classified as discontinued operations ahead of its sale, while the company is also consolidating manufacturing under a Supply Chain Agility Program that includes closing its Hyderabad/Malkajgiri unit (around 2% of FY26 revenue, approximately ₹599 cr). It has additionally taken a 10.08% stake in Nuvola Spirits (maker of craft liqueurs Mikiamo and Seoulmate) for about ₹2.69 cr. FY26 cost shape is dominated by other operating expenses (65.5% of revenue, with advertising and marketing reinvestment guided at 10.5-11% of net sales), followed by materials at 21.6% and employee costs at 2.3%.