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
| ₹ 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) |
| ₹ 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 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Beverage alcohol | 12,467 | 95.8 |
| Sports | 545 | 4.2 |
| Total, before eliminations | 13,012 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED ◆ | 1,01,138 | 52.6 | 11.29 | 37.5 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 58,503 | 70.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · United Spirits to attend JPMorgan and Anand Rathi investor conferences | board shareholder meetings | low | — | — |
| 3 Sept 2026 · United Spirits gets Leader ESG rating with score of 75 for 2026 | business updates | medium | — | — |
| 3 Sept 2026 · United Spirits gets ESG score of 75, classified as Leader for 2026 | business updates | medium | — | — |
| 31 Aug 2026 · United Spirits to attend UBS India Summit 2026 on Sept 10-11 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · United Spirits ESG rating upgraded to 'Strong' by CRISIL | general | low | — | — |
| 25 Aug 2026 · United Spirits to participate in Elara India Dialogue 2026 conference | board shareholder meetings | low | — | — |
| 21 Aug 2026 · FSSAI revokes order on United Spirits whisky products | regulatory legal | high | — | — |
| 21 Aug 2026 · FSSAI revokes order on United Spirits whisky products | compliance | minimal | — | — |
| 19 Aug 2026 · FSSAI revokes June 2026 order on Baramati unit product | compliance | minimal | — | — |
| 18 Aug 2026 · Newspaper notice on SEBI special window for physical share dematerialisation | compliance | minimal | — | — |
| 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 |
| 17.64 |
| 57.8 |
| 18.2 |
| 22.1 |
| 15.1 |
| 6.0 |
| UNITED BREWERIES LTD | 33,182 | 83.9 | 7.33 | 37.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 17,790 | 81.2 | 10.55 | 33.3 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,916 | — | 4.33 | 70.3 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,917 | 41.8 | 6.57 | 26.7 | 15.3 | 17.5 | 18.3 | 17.3 |
| GLOBUS SPIRITS LTD | 2,443 | 20.6 | 2.24 | 10.9 | 8.4 | 8.5 | 16.7 | 6.9 |
| G M BREWERIES LTD | 2,077 | 22.6 | 1.93 | 9.8 | 14.5 | 19.0 | — | 6.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 52.6 | 23.8 | 19 of 24 | 22% |
| P/B | 11.3 | 2.2 | 24 of 25 | 4% |
| 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 | 101138 | 858 | 1 of 26 | 100% |
| 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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
