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Model Note · UNITED SPIRITS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UNITED SPIRITS LIMITED Discounted cash flow · base FY26
UNITED SPIRITS LIMITED
Value per share, this model₹306
CMP 2026-09-10₹1,395.00
Difference(78.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of UNITED SPIRITS LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
2% a year
FY26 2.0% · 5-yr CAGR 0.3%
EBITDA margin
7.9%
FY26 7.9% · 5-yr average 6.8%
Depreciation · capex, % of revenue
1% · 0.7%, fading to 1.2× depreciation
FY26 1.0% · 0.7%
Working capital, % of added revenue · tax
14% · 22.9%
51 working-capital days · effective 22.9%
Discount rate
11.00%
1-yr beta 0.83
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(853) · ₹0 · ₹0 cr
FY26 net debt ₹(853) cr
Shares
72.50 crore
72.50 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
27,816
28,372
28,940
29,519
30,109
30,711
growth %
2.0
2.0
2.0
2.0
2.0
2.0
EBITDA
2,195
2,241
2,286
2,332
2,379
2,426
Depreciation
(289)
(284)
(289)
(295)
(301)
(307)
NOPAT
1,470
1,509
1,540
1,570
1,602
1,634
less capex
(181)
(199)
(239)
(280)
(324)
(369)
less working-capital build
—
(78)
(79)
(81)
(83)
(84)
Free cash flow to firm
—
1,517
1,511
1,504
1,497
1,488
Present value
1,440
1,292
1,159
1,039
930
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · UNITED SPIRITS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,859
PV of the terminal value (73% of EV)
15,454
Enterprise value
21,313
less net debt
853
less non-controlling interest
0
add non-operating investments
0
Equity value
22,166
÷ 72.50 crore shares
₹306
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
315
336
362
393
432
10.5%
293
310
331
356
387
11.0%
274
288
306
326
351
11.5%
257
270
284
301
321
12.0%
242
253
266
280
297
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
