NSE: UNITDSPR · BSE: 532432
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Beverage alcohol (96%), Sports (4%). Premiumizing branded spirits business exposed to state excise and policy shifts; sports franchise classified as discontinued
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 31,062 | 27,815 | 26,018 | 27,276 | 27,816 |
| EBITDA (ex other income) | 1,443 | 1,593 | 1,984 | 2,178 | 2,195 |
| margin % | 4.6 | 5.7 | 7.6 | 8.0 | 7.9 |
| Owners' profit | 829 | 1,136 | 1,408 | 1,582 | 1,838 |
| EPS, as reported (₹) | 11.68 | 16.01 | 19.83 | 22.28 | 25.89 |
| ROE % · ROCE % | 16.6 · 23.2 | 18.8 · 22.5 | 19.8 · 26.3 | 19.5 · 26.2 | 20.5 · 24.7 |
| Debt / equity (x) | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 977 | 615 | 1,118 | 1,947 | 1,459 |
| Capex | (134) | (137) | (98) | (162) | (181) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,672 | 7,732 | 6,634 | 6,295 | 7,199 | 7,942 | 6,855 | 6,122 |
| Profit before tax | 462 | 483 | 543 | 577 | 625 | 541 | 703 | 319 |
| Net profit | 341 | 335 | 421 | 417 | 464 | 418 | 539 | 463 |
| EPS (₹) | 4.80 | 4.72 | 5.93 | 5.87 | 6.53 | 5.88 | 7.59 | 6.52 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Beverage alcohol | 12,467 | 95.8 |
| Sports | 545 | 4.2 |
| Total, before eliminations | 13,012 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED ◆ | 89,211 | 46.4 | 9.96 | 33.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 55,582 | 66.6 | 16.76 | 54.9 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 31,387 | 79.3 | 6.93 | 35.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,588 | 89.4 | 11.62 | 36.5 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,448 | — | 4.17 | 68.1 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,604 | 39.6 | 6.22 | 25.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,209 | 6.7 | 0.75 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,143 | 18.1 | 1.97 | 9.8 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 46.4 | 31.2 | 14 of 21 | 35% |
| P/B | 10.0 | 1.9 | 23 of 25 | 8% |
| ROCE | 23.1 | 3.7 | 2 of 26 | 96% |
| ROE | 20.5 | 5.6 | 2 of 25 | 96% |
| Debt / Equity | 0.0 | 0.5 | 2 of 25 | 96% |
| EBITDA margin | 6.9 | 6.4 | 9 of 23 | 64% |
| Revenue growth | (2.8) | 10.2 | 16 of 22 | 29% |
| Profit growth | 10.9 | 6.1 | 11 of 23 | 55% |
| Market cap | 89211 | 726 | 1 of 26 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · United Spirits tightens insider trading controls | ownership changes | low | — | — |
| 28 Oct 2026 · United Spirits announces General Counsel succession | management changes | medium | — | — |
| 28 Oct 2026 · Q2 FY27 sales rise 2.8%; EBITDA and profit after tax decline | compliance | low | — | — |
| 28 Oct 2026 · Q2 revenue falls 2.6% as quarterly profit slips | results | high | — | — |
| 28 Oct 2026 · Q2 revenue down 2.6% and profit down 7.8% on consolidated basis | results | medium | — | — |
| 17 Oct 2026 · DRI searches United Spirits offices under Customs Act, no impact stated | general | low | — | — |
| 14 Oct 2026 · Notice on SEBI Special Window for physical shares transfer and demat | compliance | minimal | — | — |
| 12 Oct 2026 · United Spirits to host Q2FY27 earnings call on 29 October | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Board meeting on 28 October 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 9 Oct 2026 · Independent Director V K Viswanathan ends second term; Narayan K Seshadri appointed new Chairperson | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.